Document:

Unassociated Document

    

      BEAR
        STEARNS ASSET BACKED SECURITIES I LLC,

       

      Depositor

       

      EMC
        MORTGAGE CORPORATION,

       

      Sponsor
        and Company

       

      WELLS
        FARGO BANK, NATIONAL ASSOCIATION,

       

      Master
        Servicer and Securities Administrator

       

      and

       

      U.S.
        BANK
        NATIONAL ASSOCIATION,

       

      Trustee

       

      ____________________

       

      POOLING
        AND SERVICING AGREEMENT

       

      Dated
        as
        of April 1, 2006

       

      ________________________________________

       

      BEAR
        STEARNS ASSET BACKED SECURITIES I TRUST 2006-AC3

       

      ASSET-BACKED
        CERTIFICATES, SERIES 2006-AC3

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      TABLE
        OF CONTENTS

       

      

      
        	
                ARTICLE
                  I

                DEFINITIONS

                 

              
	
                Section
                  1.01

              	
                Defined
                  Terms.

              
	
                Section
                  1.02

              	
                Allocation
                  of Certain Interest Shortfalls.

                 

              
	
                ARTICLE
                  II

                CONVEYANCE
                  OF TRUST FUND REPRESENTATIONS AND WARRANTIES

                 

              
	
                Section
                  2.01

              	
                Conveyance
                  of Trust Fund.

              
	
                Section
                  2.02

              	
                Acceptance
                  of the Mortgage Loans.

              
	
                Section
                  2.03

              	
                Representations,
                  Warranties and Covenants of the Company, the Master Servicer 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

              	
                Conveyance
                  of the Subsequent Mortgage Loans.

                 

              
	
                ARTICLE
                  III

                ADMINISTRATION
                  AND SERVICING OF EMC MORTGAGE LOANS BY COMPANY

                 

              
	
                Section
                  3.01

              	
                The
                  Company.

              
	
                Section
                  3.02

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              
	
                Section
                  3.03

              	
                Subservicers.

              
	
                Section
                  3.04

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

              
	
                Section
                  3.05

              	
                Maintenance
                  of Hazard Insurance.

              
	
                Section
                  3.06

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  3.07

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies.

              
	
                Section
                  3.08

              	
                Fidelity
                  Bond, Errors and Omissions Insurance.

              
	
                Section
                  3.09

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

              
	
                Section
                  3.10

              	
                Servicing
                  Compensation.

              
	
                Section
                  3.11

              	
                REO
                  Property.

              
	
                Section
                  3.12

              	
                Liquidation
                  Reports.

              
	
                Section
                  3.13

              	
                Reserved.

              
	
                Section
                  3.14

              	
                Reserved.

              
	
                Section
                  3.15

              	
                Books
                  and Records.

                 

              
	
                ARTICLE
                  IV

                ADMINISTRATION
                  AND MASTER SERVICING OF MORTGAGE LOANS BY MASTER SERVICER

                 

              
	
                Section
                  4.01

              	
                Master
                  Servicer

              
	
                Section
                  4.02

              	
                REMIC-Related
                  Covenants

              
	
                Section
                  4.03

              	
                Monitoring
                  of Company and Servicer

              
	
                Section
                  4.04

              	
                Fidelity
                  Bond.

              
	
                Section
                  4.05

              	
                Power
                  to Act; Procedures

              
	
                Section
                  4.06

              	
                Due-on-Sale
                  Clauses; Assumption Agreements

              
	
                Section
                  4.07

              	
                Release
                  of Mortgage Files

              
	
                Section
                  4.08

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

              
	
                Section
                  4.09

              	
                Standard
                  Hazard Insurance and Flood Insurance Policies.

              
	
                Section
                  4.10

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  4.11

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies.

              
	
                Section
                  4.12

              	
                Trustee
                  to Retain Possession of Certain Insurance Policies and
                  Documents.

              
	
                Section
                  4.13

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                Section
                  4.14

              	
                Compensation
                  for the Master Servicer.

              
	
                Section
                  4.15

              	
                REO
                  Property.

              
	
                Section
                  4.16

              	
                Annual
                  Statement as to Compliance.

              
	
                Section
                  4.17

              	
                Assessments
                  of Compliance and Attestation Reports

              
	
                Section
                  4.18

              	
                Reports
                  Filed with Securities and Exchange Commission

              
	
                Section
                  4.19

              	
                UCC

              
	
                Section
                  4.20

              	
                Optional
                  Purchase of Certain Mortgage Loans.

                 

              
	
                ARTICLE
                  V

                ACCOUNTS

                 

              
	
                Section
                  5.01

              	
                Collection
                  of Mortgage Loan Payments; Protected Account.

              
	
                Section
                  5.02

              	
                Permitted
                  Withdrawals From the Protected Account.

              
	
                Section
                  5.03

              	
                Reports
                  to Master Servicer.

              
	
                Section
                  5.04

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

              
	
                Section
                  5.05

              	
                Servicer
                  Protected Accounts

              
	
                Section
                  5.06

              	
                Reserved

              
	
                Section
                  5.07

              	
                Reserved

              
	
                Section
                  5.08

              	
                Distribution
                  Account.

              
	
                Section
                  5.09

              	
                Permitted
                  Withdrawals and Transfers from the Distribution
                  Account.

              
	
                Section
                  5.10

              	
                Reserved.

              
	
                Section
                  5.11

              	
                Reserved.

              
	 	 
	
                ARTICLE
                  VI

                DISTRIBUTIONS
                  AND ADVANCES

                 

              
	
                Section
                  6.01

              	
                Advances.

              
	
                Section
                  6.02

              	
                Compensating
                  Interest Payments.

              
	
                Section
                  6.03

              	
                REMIC
                  Distributions.

              
	
                Section
                  6.04

              	
                Distributions.

              
	
                Section
                  6.05

              	
                Allocation
                  of Realized Losses.

              
	
                Section
                  6.06

              	
                Monthly
                  Statements to Certificateholders.

              
	
                Section
                  6.07

              	
                REMIC
                  Designations and REMIC I Distributions.

              
	
                Section
                  6.08

              	
                Net
                  WAC Reserve Fund.

              
	
                Section
                  6.09

              	
                Class
                  P Certificate Account

                 

              
	
                ARTICLE
                  VII

                THE
                  CERTIFICATES

                 

              
	
                Section
                  7.01

              	
                The
                  Certificates.

              
	
                Section
                  7.02

              	
                Certificate
                  Register; Registration of Transfer and Exchange of
                  Certificates.

              
	
                Section
                  7.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                Section
                  7.04

              	
                Persons
                  Deemed Owners.

              
	
                Section
                  7.05

              	
                Access
                  to List of Certificateholders’ Names and Addresses.

              
	
                Section
                  7.06

              	
                Book-Entry
                  Certificates.

              
	
                Section
                  7.07

              	
                Notices
                  to Depository.

              
	
                Section
                  7.08

              	
                Definitive
                  Certificates.

              
	
                Section
                  7.09

              	
                Maintenance
                  of Office or Agency.

                 

              
	
                ARTICLE
                  VIII

              
	
                THE
                  COMPANY AND THE MASTER SERVICER

                 

              
	
                Section
                  8.01

              	
                Liabilities
                  of the Depositor, the Company and the Master Servicer

              
	
                Section
                  8.02

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

              
	
                Section
                  8.03

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

              
	
                Section
                  8.04

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

              
	
                Section
                  8.05

              	
                Master
                  Servicer and Company Not to Resign

              
	
                Section
                  8.06

              	
                Successor
                  Master Servicer

              
	
                Section
                  8.07

              	
                Sale
                  and Assignment of Master Servicing

                 

              
	
                ARTICLE
                  IX

                DEFAULT;
                  TERMINATION OF MASTER SERVICER; TERMINATION OF COMPANY

                 

              
	
                Section
                  9.01

              	
                Events
                  of Default.

              
	
                Section
                  9.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                Section
                  9.03

              	
                Notification
                  to Certificateholders.

              
	
                Section
                  9.04

              	
                Waiver
                  of Defaults.

              
	
                Section
                  9.05

              	
                Company
                  Default.

              
	
                Section
                  9.06

              	
                Waiver
                  of Company Defaults.

                 

              
	
                ARTICLE
                  X

                CONCERNING
                  THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

                 

              
	
                Section
                  10.01

              	
                Duties
                  of Trustee and Securities Administrator.

              
	
                Section
                  10.02

              	
                Certain
                  Matters Affecting the Trustee and the Securities
                  Administrator.

              
	
                Section
                  10.03

              	
                Trustee
                  and Securities Administrator Not Liable for Certificates or Mortgage
                  Loans.

              
	
                Section
                  10.04

              	
                Trustee
                  and Securities Administrator May Own Certificates.

              
	
                Section
                  10.05

              	
                Trustee’s
                  and Securities Administrator’s Fees and Expenses.

              
	
                Section
                  10.06

              	
                Eligibility
                  Requirements for Trustee and Securities Administrator.

              
	
                Section
                  10.07

              	
                Insurance.

              
	
                Section
                  10.08

              	
                Resignation
                  and Removal of Trustee and Securities Administrator.

              
	
                Section
                  10.09

              	
                Successor
                  Trustee or Securities Administrator.

              
	
                Section
                  10.10

              	
                Merger
                  or Consolidation of Trustee or Securities
                  Administrator.

              
	
                Section
                  10.11

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                Section
                  10.12

              	
                Tax
                  Matters.

                 

              
	
                ARTICLE
                  XI

                TERMINATION

                 

              
	
                Section
                  11.01

              	
                Termination
                  upon Liquidation or Repurchase of all Mortgage Loans.

              
	
                Section
                  11.02

              	
                Final
                  Distribution on the Certificates.

              
	
                Section
                  11.03

              	
                Additional
                  Termination Requirements.

                 

              
	
                ARTICLE
                  XII

                MISCELLANEOUS
                  PROVISIONS

                 

              
	
                Section
                  12.01

              	
                Amendment.

              
	
                Section
                  12.02

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                Section
                  12.03

              	
                Governing
                  Law.

              
	
                Section
                  12.04

              	
                Intention
                  of Parties.

              
	
                Section
                  12.05

              	
                Notices.

              
	
                Section
                  12.06

              	
                Severability
                  of Provisions.

              
	
                Section
                  12.07

              	
                Assignment.

              
	
                Section
                  12.08

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                Section
                  12.09

              	
                Inspection
                  and Audit Rights

              
	
                Section
                  12.10

              	
                Certificates
                  Nonassessable and Fully Paid.

              
	 	 

      

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      

      
        	
                Exhibits

                 

              	 	 
	
                Exhibit
                  A-1

              	 	
                Form
                  of Class [__]-A-[1][2] Certificates

              
	
                Exhibit
                  A-2

              	 	
                Form
                  of Class M-[1][2][3] Certificates

              
	
                Exhibit
                  A-3

              	 	
                Form
                  of Class B-[1][2][3][4] Certificates

              
	
                Exhibit
                  A-4

              	 	
                Form
                  of Class C Certificates

              
	
                Exhibit
                  A-5

              	 	
                Form
                  of Class P Certificates

              
	
                Exhibit
                  A-6

              	 	
                Form
                  of Class R-[1][2][3] 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 Company Certification

              
	
                Exhibit
                  L

              	 	
                Form
                  of Mortgage Loan Purchase Agreement

              
	
                Exhibit
                  M

              	 	
                Class
                  I-A-1 Corridor Contract Confirmation

              
	
                Exhibit
                  N

              	 	
                Class
                  II-A-1 Corridor Contract Confirmation

              
	
                Exhibit
                  O

              	 	
                Servicing
                  Criteria to be Addressed in Assessment of Compliance 

              
	
                Exhibit
                  P

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

              
	
                Exhibit
                  Q

              	 	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  R-1 to R-8

              	 	
                Servicing
                  Agreements

              
	
                Exhibit
                  S-1 to S-8

              	 	
                Assignment,
                  Assumption and Recognition Agreements

              
	 	 	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

        POOLING
          AND SERVICING AGREEMENT, dated as of April 1, 2006, among BEAR STEARNS
          ASSET
          BACKED SECURITIES I LLC, a Delaware limited liability company, as depositor
          (the
“Depositor”), EMC MORTGAGE CORPORATION, a Delaware corporation, as seller (in
          such capacity, the “Sponsor”) and as company (in such capacity, the “Company”),
          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 U.S. BANK
          NATIONAL ASSOCIATION, a national banking association, as trustee (the
“Trustee”).

         

      

      PRELIMINARY
        STATEMENT

       

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

       

      REMIC
        I

       

      As
        provided herein, the Trustee will make an election to treat the segregated
        pool
        of assets consisting of the Mortgage Loans and certain other related assets
        subject to this Agreement (other than the Net WAC Reserve Fund, the Class
        A-1/A-2 Net WAC Reserve Account, the Class A-3/A-4 Net WAC Reserve Account
        and
        the two Corridor Contracts) 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 Certificates will represent the sole class of Residual
        Interests in REMIC I for purposes of the REMIC Provisions (as defined herein).
        The following table irrevocably sets forth the designation, the 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)

              
	
                AA

              	 	
                $
                  261,928,138.27 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                I-A-1

              	 	
                $
                  1,158,420.00 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                II-A-1

              	 	
                $
                  883,550.00 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                M-1

              	 	
                $
                  156,355.00 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                M-2

              	 	
                $
                  105,575.00 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                M-3

              	 	
                $
                  90,870.00 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                B-1

              	 	
                $
                  78,845.00 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                B-2

              	 	
                $
                  66,820.00 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                B-3

              	 	
                $
                  53,455.00 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                B-4

              	 	
                $
                  54,790.00 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                ZZ

              	 	
                $
                  2,696,792.21 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                P

              	 	
                $
                  100.00 

              	 	
                0.00%

              	 	
                May
                  25, 2036

              
	
                1-Sub

              	 	
                $
                  7,156.72 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                1-Grp

              	 	
                $
                  30,325.12 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                2-Sub

              	 	
                $
                  5,458.60 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                2-Grp

              	 	
                $
                  23,129.60 

              	 	
                Variable(2)

              	 	
                May
                  25, 2036

              
	
                XX

              	 	
                $
                  267,207,540.43 

              	 	
                Variable(2)

              	 	
                May
                  25, 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 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 Trustee will make an election to treat the segregated
        pool
        of assets consisting of the REMIC I Regular Interests as a REMIC for federal
        income tax purposes, and such segregated pool of assets will be designated
        as
“REMIC II.” The Class R-2 Certificates will represent the sole class of Residual
        Interests in REMIC II for purposes of the REMIC Provisions. The following
        table
        irrevocably sets forth the designation, the Uncertificated REMIC II Pass-Through
        Rate, the initial Uncertificated Principal Balance and, for purposes of
        satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible
        maturity date” for each of the REMIC II Regular Interests (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)

              
	
                I-A-1

              	 	
                $
                  231,684,000.00 

              	 	
                (2)

              	 	
                May
                  25, 2036

              
	
                II-A-1

              	 	
                $
                  176,710,000.00 

              	 	
                (2)

              	 	
                May
                  25, 2036

              
	
                M-1

              	 	
                $
                  31,271,000.00 

              	 	
                (2)

              	 	
                May
                  25, 2036

              
	
                M-2

              	 	
                $
                  21,115,000.00 

              	 	
                (2)

              	 	
                May
                  25, 2036

              
	
                M-3
                  

              	 	
                $
                  18,174,000.00 

              	 	
                (2)

              	 	
                May
                  25, 2036

              
	
                B-1

              	 	
                $
                  15,769,000.00 

              	 	
                (2)

              	 	
                May
                  25, 2036

              
	
                B-2

              	 	
                $
                  13,364,000.00 

              	 	
                (2)

              	 	
                May
                  25, 2036

              
	
                B-3
                  

              	 	
                $
                  10,691,000.00 

              	 	
                (2)

              	 	
                May
                  25, 2036

              
	
                B-4

              	 	
                $
                  10,958,000.00 

              	 	
                (2)

              	 	
                May
                  25, 2036

              
	
                C

              	 	
                $
                  4,811,220.95 

              	 	
                (2)

              	 	
                May
                  25, 2036

              
	
                P

              	 	
                $
                  100.00 

              	 	
                0.00%

              	 	
                May
                  25, 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
        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) REMIC
        II
        Regular Interest C will not accrue interest on its Uncertificated Principal
        Balance, but will accrue interest at the related Uncertificated REMIC II
        Pass-Through Rate on its Uncertificated Notional Amount which shall equal
        the
        aggregate Uncertificated Principal Balance of the REMIC I Regular Interests
        other than REMIC I Regular Interest P.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      REMIC
        III

       

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

       

      The
        following table irrevocably sets forth the Class designation, Pass-Through
        Rate
        and Initial Certificate Principal Balance for each Class of Certificates
        that
        represents one or more of the Regular Interests in REMIC III created
        hereunder.

       

      

      
        	
                Class
                  Designation

              	 	
                Initial
                  Certificate

                Principal
                  Balance

              	 	
                Pass-Through
                  Rate

              	 	
                Latest
                  Possible Maturity Date(1)

              
	
                Class
                  I-A-1(5)

              	 	
                $231,684,000.00

              	 	
                Class
                  I-A-1 Pass-Through Rate

              	 	
                May
                  25, 2036

              
	
                Class
                  I-A-2(5)

              	 	
                N/A(2)

              	 	
                Class
                  I-A-2 Pass-Through Rate

              	 	
                May
                  25, 2036

              
	
                Class
                  II-A-1(5)

              	 	
                $176,710,000.00

              	 	
                Class
                  II-A-1 Pass-Through Rate

              	 	
                May
                  25, 2036

              
	
                Class
                  II-A-2(5)

              	 	
                N/A4)

              	 	
                Class
                  II-A-2 Pass-Through Rate

              	 	
                May
                  25, 2036

              
	
                Class
                  M-1

              	 	
                $ 31,271,000.00

              	 	
                Class
                  M-1 Pass-Through Rate

              	 	
                May
                  25, 2036

              
	
                Class
                  M-2

              	 	
                $ 21,115,000.00

              	 	
                Class
                  M-2 Pass-Through Rate

              	 	
                May
                  25, 2036

              
	
                Class
                  M-3 

              	 	
                $ 18,174,000.00

              	 	
                Class
                  M-3 Pass-Through Rate

              	 	
                May
                  25, 2036

              
	
                Class
                  B-1

              	 	
                $ 15,769,000.00

              	 	
                Class
                  B-1 Pass Through Rate

              	 	
                May
                  25, 2036

              
	
                Class
                  B-2

              	 	
                $ 13,364,000.00

              	 	
                Class
                  B-2 Pass-Through Rate

              	 	
                May
                  25, 2036

              
	
                Class
                  B-3 

              	 	
                $ 10,691,000.00

              	 	
                Class
                  B-3 Pass Through Rate

              	 	
                May
                  25, 2036

              
	
                Class
                  B-4

              	 	
                $ 10,958,000.00

              	 	
                Class
                  B-4 Pass Through Rate

              	 	
                May
                  25, 2036

              
	
                Class
                  C

              	 	
                $ 534,547,220.95

              	 	
                (3)

              	 	
                May
                  25, 2036

              
	
                Class
                  P

              	 	
                $ 100.00

              	 	
                0.00%

              	 	
                May
                  25, 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 with the latest maturity date has been designated
                  as the
                  “latest possible maturity date” for each Class of Certificates that
                  represents one or more of the Regular Interests in REMIC
                  III.

              
	
                (2)

              	
                The
                  Class I-A-2 Certificates will accrue interest at the Class I-A-2
                  Pass-Through Rate on a notional amount calculated in accordance
                  with the
                  definition of “Certificate Notional Amount” herein. The Class I-A-2
                  Certificates will not be entitled to distributions in respect of
                  principal.

              
	
                (3)

              	
                The
                  Class C Certificate will not accrue interest on its Certificate
                  Principal
                  Balance, but will be entitled to 100% of amounts distributed on
                  REMIC II
                  Regular Interest C. 

              
	
                (4)

              	
                The
                  Class II-A-2 Certificates will accrue interest at the Class II-A-2
                  Pass-Through Rate on a notional amount calculated in accordance
                  with the
                  definition of “Certificate Notional Amount” herein. The Class II-A-2
                  Certificates will not be entitled to distributions in respect of
                  principal.

              
	
                (5)

              	
                For
                  federal income tax purposes, each of the Regular Interests the
                  ownership
                  of which is represented by the Class A Certificates shall be deemed
                  accrue
                  interest at the related Uncertificated REMIC III Pass-Through Rate
                  instead
                  of the Pass-Through Rate applicable to such Certificates. Any amounts
                  received on each Distribution Date by Holders of the Class A Certificates
                  in excess of, or less than, the amounts specified in the foregoing
                  for the
                  Regular Interests the ownership of which is represented by such
                  Certificates shall be treated in accordance with the provisions
                  relating
                  to Class I-A-1/I-A-2 Net WAC Pass-Through Amounts and Class II-A-1/II-A-2
                  Net WAC Pass-Through Amounts in Sections 6.09 and 6.10, as
                  applicable.

              

      

      

       

      The
        Trust
        Fund shall be named, and may be referred to as, the “Bear Stearns Asset Backed
        Securities I Trust 2006-AC3.” The Certificates issued hereunder may be referred
        to as “Asset-Backed Certificates Series 2006-AC3” (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, the Company and
        the
        Trustee agree as follows:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      ARTICLE
        I

       

      DEFINITIONS

       

      Section
        1.01  Defined
        Terms. 

       

      In
        addition to those terms defined in Section 1.02, whenever used in this
        Agreement, the following words and phrases, unless the context otherwise
        requires, shall have the following meanings:

       

      20%
        Clean-up Call Date:
        Shall
        mean the first Distribution Date upon which the aggregate Stated Principal
        Balance of the Mortgage Loans as of the end of the related Due Period is
        less
        than or equal to 20% of the aggregate Cut-off Date Principal Balance of the
        Mortgage Loans.

       

      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 Company
        or
        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.

       

      Accounts:
        The
        Distribution Account, the Net WAC Reserve Fund, the Class I-A-1/I-A-2 Net
        WAC
        Reserve Account, the Class II-A-1/II-A-2 Net WAC Reserve Account and any
        Protected Account.

       

      Additional
        Disclosure: As defined in Section 4.18. 

       

      Additional
        Interest Amount:
        As to
        the Class I-A-1 Certificates, the amount paid by the Counterparty to the
        Holders
        of the Class I-A-1 Certificates to the extent One-Month LIBOR exceeds 6.100%
        per
        annum, subject to a ceiling of 9.100% per annum.

       

      As
        to the
        Class II-A-1 Certificates, the amount paid by the Counterparty to the Holders
        of
        the Class I-A-1 Certificates to the extent One-Month LIBOR exceeds 6.000%
        per
        annum, subject to a ceiling of 9.000% per annum.

       

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

       

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

       

      Additional
        Master Servicing Compensation:
        The
        meaning specified in Section 4.14.

       

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

       

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

       

      American
        Home:
        American Home Mortgage Servicing, Inc., and any successor thereto.

       

      American
        Home Assignment Agreement:
        The
        Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
        by
        and among the Sponsor, American Home and the Trustee evidencing the assignment
        of the American Home Servicing Agreement to the Trust, attached hereto as
        Exhibit S-1.

       

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

       

      American
        Home Servicing Agreement:
        The
        Purchase, Warranties and Servicing Agreement, dated as of March 1, 2006,
        between
        Sponsor and American Home, attached hereto as Exhibit R-1, as modified by
        the
        American Home Assignment Agreement. 

       

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

       

      Annual
        Statement of Compliance: As defined in Section 4.16.

       

      Applied
        Realized Loss Amount:
        With
        respect to any Distribution Date and a Class of Subordinate Certificates,
        the
        sum of the Realized Losses with respect to the Mortgage Loans which have
        been
        applied in reduction of the Certificate Principal Balance of that Class of
        Certificates pursuant to Section 6.05 of this Agreement, which have not
        previously been reimbursed.

       

      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.

       

      Assessment
        of Compliance: As defined in Section 4.17.

       

      Attesting
        Party: As defined in Section 4.17.

       

      Attestation
        Report: As defined in Section 4.17.

       

      Assignment
        Agreement:
        Shall
        mean any of the National City Assignment Agreement, Chevy Chase Assignment
        Agreement, CitiMortgage Assignment Agreement, Harbourside Assignment Agreement,
        Wachovia Assignment Agreement, Wells Fargo Assignment Agreement or the American
        Home Assignment Agreement.

       

      Available
        Funds:
        The sum
        of Interest Funds and Principal Funds with respect to the Mortgage
        Loans.

       

      Bankruptcy
        Code:
        Title
        11 of the United States Code.

       

      Basic
        Principal Distribution Amount:
        Shall
        mean, with respect to any Distribution Date, the lesser of (a) the excess
        of (i)
        the Available Funds for such Distribution Date over (ii) the aggregate Monthly
        Interest Distributable Amount for the Certificates (other than the Class
        P,
        Class C and Class R Certificates) for such Distribution Date and (b) the
        excess
        of (i) the Principal Remittance Amount for such Distribution Date over (ii)
        the
        Overcollateralization Release Amount, if any, for such Distribution
        Date.

       

      BSABS
        I:
        Bear
        Stearns Asset Backed Securities I LLC.

       

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

       

      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 Company or 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.

       

      Certificate
        Notional Amount:
        As to
        the Class C Certificates and any Distribution Date, an amount equal to the
        aggregate Stated Principal Balance of the Mortgage Loans. The initial
        Certificate Notional Amount of the Class C Certificates shall be
        $534,547,220.95. As to the Class I-A-2 Certificates and any Distribution
        Date,
        an amount equal to the Certificate Principal Balance of the Class I-A-1
        Certificate for such Distribution Date. The initial Certificate
        Notional Amount of the Class I-A-2 Certificates shall be $231,684,000.00.
        As to the Class II-A-2 Certificates and any Distribution Date, an amount
        equal
        to the Certificate Principal Balance of the Class II-A-1 Certificate for
        such
        Distribution Date. The initial Certificate Notional Amount of the Class
        II-A-2 Certificates shall be $176,710,000.00. For federal income tax purposes,
        however, the Class I-A-2 Certificates will have a Certificate Notional Amount
        equal to the Uncertificated Principal Balance of REMIC II Regular I-A-1,
        the
        Class II-A-2 Certificates will have a Certificate Notional Amount equal to
        the
        Uncertificated Principal Balance of REMIC II Regular II-A-1, and the Class
        C
        Certificates will have a Certificate Notional Amount equal to the Uncertificated
        Notional Amount of REMIC II Regular Interest C.

       

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

       

      Certificate
        Principal Balance:
        As to
        any Certificate (other than any Class R Certificate) and as of any Distribution
        Date, the Initial Certificate Principal Balance of such Certificate plus
        any
        Subsequent Recoveries added to the Certificate Principal Balance of such
        Certificate pursuant to Section 6.05 less the sum of (i) all amounts distributed
        with respect to such Certificate in reduction of the Certificate Principal
        Balance thereof on previous Distribution Dates pursuant to Section 6.04 and
        (ii)
        any Applied Realized Loss Amounts allocated to such Certificate on previous
        Distribution Dates. As to the Class C Certificates and as of any Distribution
        Date, an amount equal to the Uncertificated Principal Balance of REMIC II
        Regular Interest C.

       

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

       

      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).

       

      Chevy
        Chase:
        Chevy
        Chase Bank, F.S.B.

       

      Chevy
        Chase Assignment Agreement:
        The
        Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
        by
        and among the Sponsor, Chevy Chase, the Trustee and BSABS I evidencing the
        assignment of the Chevy Chase Servicing Agreement to the Trust, attached
        hereto
        as Exhibit S-2.

       

      Chevy
        Chase Servicing Agreement:
        The
        Purchase, Warranties and Servicing Agreement, dated as of July 1, 2001, between
        the Sponsor and Chevy Chase, as amended, attached hereto as Exhibit R-2,
        as
        modified by the Chevy Chase Assignment Agreement.

       

      CitiMortgage:
        CitiMortgage,
        Inc., fka Citicorp Mortgage, Inc.

       

      CitiMortgage
        Assignment Agreement:
        The
        Assignment, Assumption and Recognition Agreement, dated as of May 1, 2006,
        by
        and among the Sponsor, CitiMortgage and the Trustee evidencing the assignment
        of
        the CitiMortgage Servicing Agreement to the Trust, attached hereto as Exhibit
        S-3.

       

      CitiMortgage
        Servicing Agreement:
        The
        Mortgage Loan
        Purchase and Servicing Agreement, dated as of August 1, 2003, between the
        Assignor and CitiMortgage,
        attached
        hereto as Exhibit R-3, as
        modified by the CitiMortgage Assignment Agreement.

       

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

       

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

      

      Class
        I-A-1 Certificate:
        Any
        Certificate designated as a “Class I-A-1 Certificate” on the face thereof, in
        the form of Exhibit A-1 hereto, representing the right to the Percentage
        Interest of distributions provided for the Class I-A-1 Certificates as set
        forth
        herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right
        to
        receive Net WAC Rate Carryover Amounts, (iii) the obligation to pay Class
        I-A-1/I-A-2 Net WAC Pass-Through Amounts and (iv) the right to receive payments
        under the related Corridor Contract.

       

      
        Class
          I-A-1 Pass-Through Rate:
          Shall
          mean on any Distribution Date, One-Month LIBOR plus 0.40% per annum, with
          a
          maximum rate of 6.50% per annum and a minimum rate of 0.40% per annum,
          subject
          to the applicable Interest Rate Cap.

        

        Class
          I-A-1 Interest Rate Corridor Contract:
          With
          respect to the Class I-A-1 Certificates, the transaction evidenced by the
          Confirmation, a form of which is attached hereto as Exhibit M.

         

        Class
          I-A-2 Certificate:
          Any
          Certificate designated as a “Class I-A-2 Certificate” on the face thereof, in
          the form of Exhibit A-1 hereto, representing the right to the Percentage
          Interest of distributions provided for the Class I-A-2 Certificates as
          set forth
          herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right
          to
          receive Net WAC Rate Carryover Amounts and (iii) the right to receive Class
          I-A-1/I-A-2 Net WAC Pass-Through Amounts.

        

        Class
          I-A-2 Pass-Through Rate:
          Shall
          mean (i) on any Distribution Date which occurs on or prior to the Optional
          Termination Date, 6.10% per annum, minus One-Month LIBOR, with a maximum
          rate of
          6.10% per annum and a minimum rate of 0.00% per annum and (ii) for each
          Distribution Date thereafter, 6.60% per annum minus One-Month LIBOR, with
          a
          maximum rate of 6.60% per annum and a minimum rate of 0.50% per annum,
          in each
          case subject to the applicable Interest Rate Cap.

      Class
        I-A-1/I-A-2 Net WAC Reserve Account:
        Shall
        mean the separate trust account or subaccount created and maintained by the
        Securities Administrator pursuant to Section 6.09(a) hereof.

       

      Class
        I-A-1/I-A-2 Net WAC Reserve Account Deposit:
        Shall
        mean, with respect to the Class I-A-1/I-A-2 Net WAC Reserve Account, an amount
        equal to $5,000, which the Depositor shall deposit initially into the Class
        I-A-1/I-A-2 Net WAC Reserve Account pursuant to Section 6.09(a)
        hereof.

       

      Class
        I-A-1/I-A-2 Net WAC Pass-Through Amount:
        Shall
        mean, with respect to any Distribution Date, the excess of (A) the amount
        of
        interest the Class I-A-1 Certificates would have been entitled to receive
        if no
        Interest Rate Cap applied, over (B) the amount of interest the Class I-A-1
        Certificates would have been entitled to receive if reductions under the
        related
        Interest Rate Cap were allocated as provided in the definition thereof;
        provided, however, if One-Month LIBOR plus the applicable margin for the
        Class
        I-A-1 Certificates for such Distribution Date is equal to or greater than
        the
        rate of interest for the Class I-A-1 Certificates determined as if the related
        Interest Rate Cap allocable to the Class I-A-1 Certificates and Class I-A-2
        Certificates were allocated to the Class I-A-1 Certificates, the amount
        determined under clause (A) would be determined as if the related Interest
        Rate
        Cap allocable to the Class I-A-1 Certificates and Class I-A-2 Certificates
        were
        allocated to the Class I-A-1 Certificates.

       

      Class
        I-A-1/I-A-2 Target Rate:
        Shall
mean
        (A)
        for Distribution Dates on or prior to the Optional Termination Date, 6.50%
        per
        annum and (B) for Distribution Dates thereafter, 7.00% per annum.

      

      Class
        II-A-1 Certificate:
        Any
        Certificate designated as a “Class II-A-1 Certificate” on the face thereof, in
        the form of Exhibit A-1 hereto, representing the right to the Percentage
        Interest of distributions provided for the Class II-A-1 Certificates as set
        forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the
        right
        to receive Net WAC Rate Carryover Amounts, (iii) the obligation to pay Class
        II-A-1/II-A-2 Net WAC Pass-Through Amounts and (iv) the right to receive
        payments under the related Corridor Contract.

      

      Class
        II-A-1 Interest Rate Corridor Contract:
        With
        respect to the Class II-A-1 Certificates, the transaction evidenced by the
        Confirmation, a form of which is attached hereto as Exhibit N.

       

      
        Class
          II-A-1 Pass-Through Rate:
          Shall
          mean on any Distribution Date, One-Month LIBOR plus 0.50% per annum, with
          a
          maximum rate of 6.50% per annum and a minimum rate of 0.50% per annum,
          subject
          to the applicable Interest Rate Cap.

        

        Class
          II-A-2 Pass-Through Rate:
          Shall
          mean (i) on any Distribution Date which occurs on or prior to the Optional
          Termination Date, 6.00% per annum minus One-Month LIBOR, with a maximum
          rate of
          6.00% per annum and a minimum rate of 0.00% per annum and (ii) for each
          Distribution Date thereafter, 6.50% per annum minus One-Month LIBOR, with
          a
          maximum rate of 6.50% per annum and a minimum rate of 0.50% per annum,
          in each
          case subject to the applicable Interest Rate Cap.

      Class
        II-A-1/II-A-2 Net WAC Reserve Account:
        Shall
        mean the separate trust account or subaccount created and maintained by the
        Securities Administrator pursuant to Section 6.10(a) hereof.

       

      Class
        II-A-1/II-A-2 Net WAC Reserve Account Deposit:
        Shall
        mean, with respect to the Class I-A-1/I-A-2 Net WAC Reserve Account, an amount
        equal to $5,000, which the Depositor shall deposit initially into the Class
        I-A-1/I-A-2 Net WAC Reserve Account pursuant to Section 6.10(a)
        hereof.

       

      Class
        II-A-1/II-A-2 Net WAC Pass-Through Amount:
        Shall
        mean, with respect to any Distribution Date, the excess of (A) the amount
        of
        interest the Class II-A-1
        Certificates would have been entitled to receive if no Interest Rate Cap
        applied, over (B) the amount of interest the Class II-A-1
        Certificates would have been entitled to receive if reductions under the
        related
        Interest Rate Cap were allocated as provided in the definition thereof;
        provided, however, if One-Month LIBOR plus the applicable margin for the
        Class
        II-A-1
        Certificates for such Distribution Date is equal to or greater than the rate
        of
        interest for the Class I-A-1 Certificates determined as if the related Interest
        Rate Cap allocable to the Class II-A-1
        Certificates and Class II-A-2
        Certificates were allocated to the Class II-A-1
        Certificates, the amount determined under clause (A) would be determined
        as if
        the related Interest Rate Cap allocable to the Class II-A-1
        Certificates and Class II-A-2
        Certificates were allocated to the Class II-A-1
        Certificates.

       

      

        Class
          II-A-1/II-A-2 Target Rate:
          Shall
mean
          (A)
          for Distributions Dates on or prior to the Optional Termination Date, 6.50%
          per
          annum and (B) for Distribution Dates thereafter, 7.00% per annum..

         

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

         

        Class
          B-1 Certificate:
          Any
          Certificate designated as a “Class 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 B-1 Certificates as set forth herein
          and
          evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
          Net
          WAC Rate Carryover Amounts.

        

        Class
          B-1 Pass-Through Rate:
          Shall
          mean (i) on any Distribution Date which occurs on or prior to the Optional
          Termination Date, the lesser of (a) 11.00% per annum and (b) One-Month
          LIBOR
          plus 1.050% per annum and (ii) for each Distribution Date thereafter, the
          lesser
          of (a) 11.00% and (b) One-Month LIBOR plus 1.575% per annum, in each case
          subject to a cap equal to the related Interest Rate Cap for such Distribution
          Date.

         

        Class
          B-2 Certificate:
          Any
          Certificate designated as a “Class 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 B-2 Certificates as set forth herein
          and
          evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
          Net
          WAC Rate Carryover Amounts.

        

        Class
          B-2 Pass-Through Rate:
          Shall
          mean (i) on any Distribution Date which occurs on or prior to the Optional
          Termination Date, the lesser of (a) 11.00% per annum and (b) One-Month
          LIBOR
          plus 1.150% per annum and (ii) for each Distribution Date thereafter,
the
          lesser of (a) 11.00% and (b)
          One-Month LIBOR plus 1.725% per annum, in each case subject to a cap equal
          to
          the related Interest Rate Cap for such Distribution Date.

         

        Class
          B-3 Certificate:
          Any
          Certificate designated as a “Class 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 B-3 Certificates as set forth herein
          and
          evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
          Net
          WAC Rate Carryover Amounts.

        

        Class
          B-3 Pass-Through Rate:
          Shall
          mean (i) on any Distribution Date which occurs on or prior to the Optional
          Termination Date, the lesser of (a) 11.00% and (b) One-Month LIBOR plus
          2.000%
          per annum and (ii) for each Distribution Date thereafter, the lesser of
          (a)
          11.00% and (b) One-Month LIBOR plus 3.000% per annum, in each case subject
          to a
          cap equal to the related Interest Rate Cap for such Distribution
          Date.

         

      

      Class
        B-4 Certificate:
        Any
        Certificate designated as a “Class 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 B-4 Certificates as set forth herein
        and
        evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
        Net
        WAC Rate Carryover Amounts.

       

      
        Class
          B-4 Pass-Through Rate:
          Shall
          mean (i) on any Distribution Date which occurs on or prior to the Optional
          Termination Date, the lesser of (a) 11.00% and (b) One-Month LIBOR plus
          3.000%
          per annum and (ii) for each Distribution Date thereafter, the lesser of
          (a)
          11.00% and (b) One-Month LIBOR plus 4.500% per annum, in each case subject
          to a
          cap equal to the related Interest Rate Cap for such Distribution
          Date.

         

        Class
          C Certificate:
          Any
          Certificate designated as a “Class C 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 C Certificates herein and evidencing
          (i) a
          Regular Interest in REMIC III and (ii) the obligation to pay Net WAC Rate
          Carryover Amounts.

        

        Class
          C Distribution Amount:
          With
          respect to any Distribution Date, the sum of (i) the Monthly Interest
          Distributable Amount for the Class C 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
          Class A, Class M and Class B Certificates on such Distribution Date; provided,
          however, that on and after the Distribution Date on which the Certificate
          Principal Balances of the Offered Certificates and Class B-4 Certificates
          have
          been reduced to zero, the Class C Distribution Amount shall include the
          Overcollateralized Amount. 

         

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

         

        Class
          M-1 Certificate:
          Any
          Certificate designated as a “Class 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 M-1 Certificates as set forth herein
          and
          evidencing (i) a Regular Interest in REMIC III and (ii) the obligation
          to pay
          Net WAC Rate Carryover Amounts.

        

        Class
          M-1 Pass-Through Rate:
          Shall
          mean (i) on any Distribution Date which occurs on or prior to the Optional
          Termination Date, the lesser of (a) 11.00% and (b) One-Month LIBOR plus
          0.350%
          per annum and (ii) for each Distribution Date thereafter, the lesser of
          (a)
          11.00% and (b) One-Month LIBOR plus 0.525% per annum, in each case subject
          to a
          cap equal to the related Interest Rate Cap for such Distribution
          Date.

         

        Class
          M-2 Certificate:
          Any
          Certificate designated as a “Class 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 M-2 Certificates as set forth herein
          and
          evidencing (i) a Regular Interest in REMIC III and (ii) the obligation
          to pay
          Net WAC Rate Carryover Amounts.

        

        Class
          M-2 Pass-Through Rate:
          Shall
          mean (i) on any Distribution Date which occurs on or prior to the Optional
          Termination Date, the lesser of (a) 11.00% and (b) One-Month LIBOR plus
          0.450%
          per annum and (ii) for each Distribution Date thereafter, the lesser of
          (a)
          11.00% and (b) One-Month LIBOR plus 0.675% per annum, in each case subject
          to a
          cap equal to the related Interest Rate Cap for such Distribution
          Date.

         

      

      Class
        M-3 Certificate:
        Any
        Certificate designated as a “Class 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 M-3 Certificates as set forth herein
        and
        evidencing (i) a Regular Interest in REMIC III and (ii) the obligation to
        pay
        Net WAC Rate Carryover Amounts.

       

      
        Class
          M-3 Pass-Through Rate:
          Shall
          mean (i) on any Distribution Date which occurs on or prior to the Optional
          Termination Date, the lesser of (a) 11.00% and (b) One-Month LIBOR plus
          0.550%
          per annum and (ii) for each Distribution Date thereafter, the lesser of
          (a)
          11.00% and (b) One-Month LIBOR plus 0.825% per annum, in each case subject
          to a
          cap equal to the related Interest Rate Cap for such Distribution
          Date.

         

      

      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 III and (ii) the right to receive
        Prepayment Charge Waiver Amounts.

       

      Class
        P Certificate Account:
        The
        account established and maintained by the Securities Administrator pursuant
        to
        Section 6.11 hereof.

       

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

       

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

       

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

       

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

       

      Closing
        Date:
        April
        28, 2006.

       

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

       

      Company:
        EMC.

       

      Compensating
        Interest:
        An
        amount, not to exceed the Servicing Fee, to be deposited in the Distribution
        Account by the Company or 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 Company or the related Servicer fails to make such payment,
        the
        Master Servicer shall be obligated to do so to the extent provided in Section
        6.02(c) hereof.

       

      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 US Bank
        Corporate Trust Services, One Federal Street, 3rd Floor, Boston, Massachusetts
        02110, Attention: Corporate Trust Services/BSABS I 2006-AC3, or at such other
        address as the Trustee may designate from time to time.

       

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

       

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

       

      Corridor
        Contracts:
        Any of
        the Class I-A-1 Interest Rate Corridor Contract and the Class II-A-1 Interest
        Rate Corridor Contract.

       

      Corridor
        Contract Counterparty:
        Bear
        Stearns Financial Products, Inc.

       

      Corridor
        Contract Scheduled Termination Date:
        With
        respect to each of the Class I-A-1 Certificates and Class II-A-1 Certificates,
        the Distribution Date in July 2013.

       

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

       

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

       

      Custodial
        Agreement:
        An
        agreement, dated as of April 28, 2006, among the Depositor, the Sponsor,
        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. The aggregate Cut-off Date Principal Balance of the Mortgage Loans
        is
        $534,547,220.95.

       

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

       

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

       

      Definitive
        Certificates:
        As
        defined in Section 7.06.

       

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

       

      Delinquent:
        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. Delinquent
        as described in this definition is also described as the OTS
        method.

       

      Delinquency
        Rate: With respect to any Distribution Date, the average of the delinquency
        rates for each of the three (or one or two, in the case of the first and
        second
        Distribution Dates, respectively) immediately preceding months.

       

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

         

      

      Depositor:
        Bear
        Stearns Asset Backed Securities I LLC, 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 5.08 in the name of the Trustee for the benefit of the
        Certificateholders and designated “U.S. Bank National Association, in trust for
        registered Holders of Bear Stearns Asset Backed Securities I LLC, Asset-Backed
        Certificates, Series 2006-AC3” shall be held in trust for the Certificateholders
        for the uses and purposes set forth in this Agreement.

       

      Distribution
        Account Deposit Date:
        As to
        any Distribution Date, on or before 3:00 p.m. Eastern time on the Business
        Day
        immediately preceding such Distribution Date.

       

      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
        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.

       

      Early
        Turbo Payment Date:
        The
        Distribution Date in April 2016.

       

      EDGAR:
        As
        defined in Section 4.18.

       

      Eligible
        Account:
        Any of
        (i) an account or accounts maintained with a federal or state chartered
        depository institution or trust company, the long-term unsecured debt
        obligations and short-term unsecured debt obligations of which (or, in the
        case
        of a depository institution or trust company that is the principal subsidiary
        of
        a holding company, the debt obligations of such holding company, so long
        as
        Moody’s is not a Rating Agency) are rated by each Rating Agency in one of its
        two highest long-term and its highest short-term rating categories respectively,
        at the time any amounts are held on deposit therein, 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, a Delaware corporation.

       

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

       

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

       

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

       

      Event
        of Default:
        As
        defined in Section 9.01 hereof.

       

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

       

      Excess
        Spread:
        With
        respect to any Distribution Date is the excess, if any, of the Interest Funds
        for such Distribution Date over the Monthly Interest Distributable Amounts
        payable to the Offered Certificates on such Distribution Date.

       

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

       

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

       

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

       

      
        Extra
          Principal Distribution Amount:
          With
          respect to any Distribution Date (a) on or prior to the earlier of (1)
          the 20%
          Clean-Up Call Date and (2) the Distribution Date in April 2016, the lesser
          of
          (x) the Excess Spread for such Distribution Date and (y) the
          Overcollateralization Increase Amount for such Distribution Date; and (b)
          thereafter, the Excess Spread for such Distribution Date; provided that,
          the
          Excess Spread in clause (b) will be used first to pay the Overcollateralization
          Increase Amount, any Unpaid Interest Shortfalls and any Net WAC Rate Carryover
          Amounts on such Distribution Date.

         

      

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

       

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

       

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

       

      Final
        Scheduled Distribution Date:
        With
        respect to the Group I Certificates and the Group II Certificates, May 25,
        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.

       

      Form
        8-K Disclosure Information:
        As
        defined in Section 3.16(a)(iii).

       

      Freddie
        Mac:
        Freddie
        Mac (formerly 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
        Class I-A-1 Certificates and Class I-A-2 Certificates.

       

      Group
        I Loans:
        The
        Mortgage Loans identified as such on the Mortgage Loan Schedule.

       

      Group
        I Principal Distribution Amount:
        With
        respect to any Distribution Date, the product of the Principal Distribution
        Amount for such Distribution Date and a fraction, the numerator of which
        is the
        Principal Funds for Loan Group I for such Distribution Date and the denominator
        of which is the Principal Funds for both Loan Groups for such Distribution
        Date.

       

      Group
        II Certificates:
        The
        Class II-A-1 Certificates and Class II-A-2 Certificates.

       

      Group
        II Loans:
        The
        Mortgage Loans identified as such on the Mortgage Loan Schedule.

       

      Group
        II Principal Distribution Amount:
        With
        respect to any Distribution Date, the product of the Principal Distribution
        Amount for such Distribution Date and a fraction, the numerator of which
        is the
        Principal Funds for Loan Group II for such Distribution Date and the denominator
        of which is the Principal Funds for both Loan Groups for such Distribution
        Date.

       

      Harbourside:
        Savannah Bank, NA dba Harbourside Mortgage Corporation.

       

      Harbourside
        Assignment Agreement:
        The
        Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
        by
        and among the Sponsor, Harbourside and the Trustee evidencing the assignment
        of
        the Harbourside Servicing Agreement to the Trust, attached hereto as Exhibit
        S-5.

       

      Harbourside
        Servicing Agreement:
        The
        Purchase, Warranties and Servicing Agreement, dated as of April 1, 2005,
        between
        the Sponsor and Harbourside, as amended, attached hereto as Exhibit R-5,
        as
        modified by the Harbourside Assignment Agreement.

       

      Indemnified
        Persons:
        The
        Trustee, the Master Servicer, the Company, 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.

       

      Initial
        Certification:
        The
        certification substantially in the form of Exhibit One to the Custodial
        Agreement.

       

      Initial
        Certificate Principal Balance:
        With
        respect to any Certificate, the Certificate Principal Balance of such
        Certificate or any predecessor Certificate on the Closing Date.

       

      Institutional
        Accredited Investor:
        Any
        Person meeting the requirements of Rule 501(a)(l), (2), (3) or (7) of Regulation
        D under the Securities Act or any entity all of the equity Holders in which
        come
        within such paragraphs.

       

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

       

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

       

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

       

      Interest
        Accrual Period:
        With
        respect to the Class A, Class B and Class M Certificates and any Distribution
        Date, the period from and including the 25th day of the calendar month preceding
        the calendar month in which the Distribution Date occurs (or, with respect
        to
        the first Interest Accrual Period for the Class M Certificates and Class
        B
        Certificates, the Closing Date), to and including the 24th day of the calendar
        month in which such Distribution Date occurs. All calculations of interest
        on
        the Class A Certificates and Class C Certificates will be made on the basis
        of a
        360-day year consisting of twelve 30-day months. All calculations of interest
        on
        the Class M Certificates and Class B Certificates will be made on the basis
        of
        the actual number of days elapsed in the related Interest Accrual
        Period.

       

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

      

      Interest
        Funds:
        For any
        Distribution Date, (i) the sum, without duplication, of (a) all scheduled
        interest during the related Due Period with respect to the related Mortgage
        Loans less the Servicing Fee, the Master Servicing Fee and the LPMI Fee,
        if any,
        (b) all Advances relating to interest with respect to the related Mortgage
        Loans
        made on or prior to the related Distribution Account Deposit Date, (c) all
        Compensating Interest with respect to the related Mortgage Loans required
        to be
        remitted by the Company or the Master Servicer pursuant to this Agreement
        or the
        related Servicer pursuant to the related Servicing Agreement with respect
        to
        such Distribution Date, (d) Liquidation Proceeds and Subsequent Recoveries
        with
        respect to the related Mortgage Loans collected during the related Prepayment
        Period (to the extent such Liquidation Proceeds and Subsequent Recoveries
        relate
        to interest), (e) all amounts relating to interest with respect to each Mortgage
        Loan repurchased by the Sponsor pursuant to Sections 2.02 and 2.03 and by
        EMC
        pursuant to Section 4.20 and (f) all amounts in respect of interest paid
        by the
        Master Servicer pursuant to Section 11.01, in each case to the extent remitted
        by the Company or the related Servicer, as applicable, to the Distribution
        Account pursuant to this Agreement or the related Servicing Agreement, minus
        (ii) all amounts relating to interest required to be reimbursed pursuant
        to
        Sections 5.02, 5.05 and 5.09 or as otherwise set forth in this
        Agreement.

       

      
        Interest
          Rate Cap:
          With
          respect to the Class I-A-1 Certificates and Class I-A-2 Certificates, will
          be
          calculated based on an assumed certificate with a Certificate Principal
          Balance
          equal to the Certificate Principal Balance of the Class I-A-1 Certificates
          and a
          fixed pass-through rate of 6.50% per annum and a rate increase of 0.50%
          per
          annum after the Optional Termination Date. If the weighted average of the
          Net
          Mortgage Rates on the Group I Loans is less than 6.50% per annum (or, after
          the
          Optional Termination Date, 7.00% per annum), the amount of the shortfall
          which
          would occur with respect to the assumed certificate will be allocated among
          the
          Class I-A-1 Certificates and Class I-A-2 Certificates in proportion to
          their
          current entitlements to interest calculated without regard to this cap.
          

         

        With
          respect to the Class II-A-1 Certificates and Class II-A-2 Certificates,
          will be
          calculated based on an assumed certificate with a Certificate Principal
          Balance
          equal to the Certificate Principal Balance of the Class II-A-1 Certificates
          and
          a fixed pass-through rate of 6.50% per annum and a rate increase of 0.50%
          per
          annum after the Optional Termination Date. If the weighted average of the
          Net
          Mortgage Rates on the Mortgage Loans in Loan Group II is less than 6.50%
          per
          annum (or, after the Optional Termination Date, 7.00% per annum), the amount
          of
          the shortfall which would occur with respect to the assumed certificate
          will be
          allocated among the Class II-A-1 Certificates and Class II-A-2 Certificates
          in
          proportion to their current entitlements to interest calculated without
          regard
          to this cap. 

         

        With
          respect to the Class M Certificates and Class B Certificates, a per annum
          rate
          equal to the weighted average of the weighted average of the Net Mortgage
          Rates
          on the Mortgage Loans in each Loan Group as of the first day of the month
          preceding the month in which such Distribution Date occurs, weighted in
          proportion to the results of subtracting from the aggregate Stated Principal
          Balance of the Mortgage Loans in each Loan Group, the aggregate Certificate
          Principal Balance of the related Senior Certificates, adjusted for the
          actual
          numbers of days elapsed in the Interest Accrual Period. 

         

      

      For
        federal income tax purposes, (i) the Interest Rate Cap with respect to each
        of
        the Class I-A-1 Certificates and Class I-A-2 Certificates shall equal a cap
        equivalent to the the cap stated in the foregoing for each such Certificate,
        calculated using the weighted average of the Uncertificated REMIC I Pass-Through
        Rate on REMIC I Regular Interest 1-Grp in place of the weighted average of
        the
        Net Mortgage Rates on the Mortgage Loans in Loan Group I, (ii) the Interest
        Rate
        Cap with respect to each of the Class II-A-1 Certificates and Class II-A-2
        Certificates shall equal a cap equivalent to the the cap stated in the foregoing
        for each such Certificate, calculated using the weighted average of the
        Uncertificated REMIC I Pass-Through Rate on REMIC I Regular Interest 2-Grp
        in
        place of the weighted average of the Net Mortgage Rates on the Mortgage Loans
        in
        Loan Group II, and (iii) the Interest Rate Cap with respect to each of the
        Class
        M Certificates and Class B Certificates shall equal a cap equivalent to the
        the
        cap stated in the foregoing for each such Certificate, calculated using the
        weighted average of the Uncertificated REMIC I Pass-Through Rate on REMIC
        I
        Regular Interest 1-Sub, subject to a cap and a floor equal to the Uncertificated
        REMIC I Pass-Through Rate on REMIC I Regular Interest 1-Grp, and the
        Uncertificated REMIC I Pass-Through Rate on REMIC I Regular Interest 2-Sub,
        subject to a cap and a floor equal to the Uncertificated REMIC I Pass-Through
        Rate on REMIC I Regular Interest 2-Grp, in place of the weighted average
        of the
        Net Mortgage Rates on the Mortgage Loans in each Loan Group.

       

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

       

      Last
        Scheduled Distribution Date:
        May 25,
        2036.

       

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

       

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

       

      LIBOR
        Certificates:
        Any of
        the Offered Certificates and Private  Certificates. 

       

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

       

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

       

      Loan
        Group I:
        The
        group of Mortgage Loans included as such on the Mortgage Loan
        Schedule.

       

      Loan
        Group II:
        The
        group of Mortgage Loans included as such 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 6.05(c)
        hereof.

       

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

       

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

       

      Majority
        Class C Certificateholder:
        Shall
        mean the Holder of a 50.01% or greater Percentage Interest in the Class C
        Certificates.

       

      Marker
        Rate:
        With
        respect to REMIC II Regular Interest C and any Distribution Date, a per annum
        rate equal to two (2) times the weighted average of the Uncertificated REMIC
        I
        Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I
        Regular
        Interests AA, 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and P), with the rate on each
        such
        REMIC I Regular Interest (other than REMIC I Regular Interest ZZ) subject
        to a
        cap equal to the the Uncertificated REMIC II Pass-Through Rate for the
        Corresponding Interest for the purpose of this calculation for such Distribution
        Date, and with the rate on REMIC I 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 I Regular Interest (other
        than REMIC I Regular Interests AA, ZZ, 1-Sub, 1-Grp, 2-Sub, 2-Grp 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 Accrual Period.

       

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

       

      Master
        Servicing Compensation:
        For any
        Distribution Date, the sum of the Master Servicing Fee and the Additional
        Master
        Servicing Compensation for such Distribution Date.

       

      Master
        Servicing Fee:
        As to
        each Mortgage Loan and any Distribution Date, an amount equal to 1/12th of
        the
        Master Servicing Fee Rate multiplied by the Stated Principal Balance of such
        Mortgage Loan as of the last day of the related Due Period.

       

      Master
        Servicing Fee Rate:
        .0085%
        per annum.

       

      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
        Interest Distributable Amount:
        With
        respect to the Certificates (other than the Class P Certificates and Class
        R
        Certificates) for any Distribution Date, means an amount equal to the interest
        accrued during the related Interest Accrual Period at the applicable
        Pass-Through Rate on the Certificate Principal Balance or Certificate Notional
        Amount of such Certificate, or otherwise distributable thereto, immediately
        prior to such Distribution Date less such Certificate’s share of any Unpaid
        Interest Shortfall and the interest portion of any Realized Losses on the
        Mortgage Loans allocated to such Certificate pursuant to Section 1.02. The
        Monthly Interest Distributable Amount with respect to the Class A Certificates
        and Class C Certificates is calculated on the basis of a 360-day year consisting
        of twelve 30-day months. The Monthly Interest Distributable Amount with respect
        to the Subordinate Certificates is calculated on the basis of a 360-day year
        and
        the actual number of days elapsed during the related Interest Accrual Period.
        No
        Monthly Interest Distributable Amount will be payable with respect to any
        Class
        of Certificates after the Distribution Date on which the outstanding Certificate
        Principal Balance or Certificate Notional Amount of such Certificate has
        been
        reduced to zero.

       

      Monthly
        Statement:
        The
        statement delivered to the Certificateholders pursuant to Section
        6.06.

       

      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 the
        Custodian on its behalf to be added to the Mortgage File pursuant to this
        Agreement.

       

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

       

      Mortgage
        Loan Purchase Agreement:
        Shall
        mean the Mortgage Loan Purchase Agreement, dated as of April 28, 2006, between
        the Sponsor, as seller and the Depositor, as purchaser.

       

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

       

      Mortgage
        Loan Schedule:
        The
        list of Mortgage Loans (as from time to time amended by the Company or 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 (or the Company, if it services the Mortgage Loan), the
                  Servicing
                  Fee Rate;

              

      

       

      
        	 	
                (v)

              	
                the
                  LPMI Fee, if applicable;

              

      

       

      
        	 	
                (vi)

              	
                the
                  Net Mortgage 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.

       

      National
        City:
        Savannah Bank, NA dba Harbourside Mortgage Corporation.

       

      National
        City Assignment Agreement:
        The
        Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
        by
        and among the Sponsor, National City, BSABS I and the Trustee evidencing
        the
        assignment of the National City Servicing Agreement to the Trust, attached
        hereto as Exhibit S-6.

       

      National
        City Servicing Agreement:
        The
        Purchase, Warranties and Servicing Agreement, dated as of October
        1, 2001,
        between
        the Sponsor and National City, as amended, attached hereto as Exhibit R-6,
        as
        modified by the National City Assignment Agreement.

       

      Net
        Interest Shortfalls:
        Shall
        mean Interest Shortfalls net of payments by the Company, the Servicer or
        the
        Master Servicer in respect of Compensating Interest.

       

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

       

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

       

      Net
        WAC Rate Carryover Amount:
        With
        respect to each Class of Offered Certificates and the Class B-4 Certificates
        and
        any Distribution Date, an amount equal to the sum of (i) the excess, if any,
        of
        (x) the amount of interest such Class would have been entitled to receive
        on
        such Distribution Date if the Pass-Through Rate applicable to such Class
        would
        not have been reduced by the applicable Interest Rate Cap on such Distribution
        Date over (y) the amount of interest paid to such Class on such Distribution
        Date plus (ii) the related Net WAC Rate Carryover Amount for the previous
        Distribution Date for such Class not previously distributed together with
        interest thereon at a rate equal to the Pass-Through Rate for such Class
        for the
        most recently ended Interest Accrual Period.

       

      Net
        WAC Reserve Fund:
        Shall
        mean the separate trust account created and maintained by the Securities
        Administrator pursuant to Section 6.08 hereof.

       

      Net
        WAC Reserve Fund Deposit:
        With
        respect to the Net
        WAC
Reserve
        Fund, an amount equal to $5,000, which the Depositor shall deposit initially
        into the Net WAC Reserve Fund pursuant to Section 6.08 hereof.

      

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

      

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

       

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

       

      Officer’s
        Certificate:
        A
        certificate (i) signed by the Chairman of the Board, the Vice Chairman of
        the
        Board, the President, a Vice President (however denominated), an Assistant
        Vice
        President, the Treasurer, the Secretary, or one of the assistant treasurers
        or
        assistant secretaries of the Depositor 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. One-Month LIBOR for the Class I-A-1
        Certificates and Class I-A-2 Certificates and the first Interest Accrual
        Period
        will be approximately 4.88% per annum and 4.92% with regard to the Class
        II-A-1
        Certificates and Class II-A-2 Certificates. One-Month LIBOR for the other
        LIBOR
        Certificates and any Interest Accrual Period shall be calculated as described
        above.

       

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

       

      Optional
        Termination:
        The
        termination of the Trust Fund created hereunder as a result of the purchase
        of
        all of the Mortgage Loans and any REO Property pursuant to the last sentence
        of
        Section 11.01 hereof.

       

      Optional
        Termination Date:
        The
        first Distribution Date on which the Trust Fund may be terminated at the
        option
        of the Majority Class C Certificateholder as described under Section
        11.01.

       

      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.

       

      Overcollateralization
        Increase Amount:
        As of
        any Distribution Date, the lesser of (a) the excess, if any, of (i) the
        Overcollateralization Target Amount over (ii) the Overcollateralized Amount
        on
        such Distribution Date (after taking into account payments to the Offered
        Certificates of the Basic Principal Distribution Amount on such Distribution
        Date) and (b) the Excess Spread for such Distribution Date.

       

      Overcollateralization
        Release Amount:
        With
        respect to any Distribution Date, the lesser of (x) the Principal Remittance
        Amount for such Distribution Date and (y) the excess, if any, of (i) the
        Overcollateralized Amount for such Distribution Date (assuming that 100%
        of the
        Principal Remittance Amount is applied as a principal payment on such
        Distribution Date) over (ii) the Overcollateralization Target Amount for
        such
        Distribution Date (with the amount pursuant to clause (y) deemed to be $0
        if the
        Overcollateralized Amount is less than or equal to the Overcollateralization
        Target Amount on that Distribution Date).

       

      Overcollateralization
        Target Amount:
        With
        respect to any Distribution Date, $4,810,924,99.

       

      Overcollateralized
        Amount:
        With
        respect to any Distribution Date, is the excess, if any, of (a) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period over (b) the aggregate Certificate Principal Balance of the Offered
        Certificates and the Class B-4 Certificates on such Distribution Date (after
        taking into account the payment of principal other than any Extra Principal
        Distribution Amount on such Certificates).

       

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

       

      Pass-Through
        Rate:
        With
        respect to each Class of Certificates (other than the Class C, Class P and
        Class
        R Certificates), the Class I-A-1 Pass-Through Rate, Class I-A-2 Pass-Through
        Rate, Class II-A-1 Pass-Through Rate, Class II-A-2 Pass-Through Rate, Class
        M-1
        Pass-Through Rate, Class M-2 Pass-Through Rate, Class M-3 Pass-Through Rate,
        Class B-1 Pass-Through Rate, Class B-2 Pass-Through Rate, Class B-3 Pass-Through
        Rate or Class B-4 Pass-Through Rate, as applicable. 

       

      With
        respect to the Class C Certificate, the Class C Certificate shall not have
        a
        Pass-Through Rate, but the Monthly Interest Distribuable Amount for such
        Certificate and each Distribution Date shall be an amount equal to 100% of
        the
        amounts distributable to REMIC II Regular Interest C for such Distribution
        Date.

       

      With
        respect to the Class P Certificate, 0.00% per annum.

       

      Paying
        Agent:
        The
        Securities Administrator will act as the initial 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 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 based upon an Opinion of Counsel
        addressed to the Trustee (which shall not be an expense of the Trustee) that
        states that the Transfer of an Ownership Interest in a Residual Certificate
        to
        such Person may cause REMIC I, REMIC II and REMIC III to fail to qualify
        as a
        REMIC at any time that any Certificates are Outstanding. The terms “United
        States,” “State” and “International Organization” shall have the meanings set
        forth in Section 7701 of the Code or successor provisions. A corporation
        will
        not be treated as an instrumentality of the United States or of any State
        or
        political subdivision thereof for these purposes if all of its activities
        are
        subject to tax and, with the exception of Freddie Mac, a majority of its
        board
        of directors is not selected by such government unit.

       

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

       

      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 Company to the Master Servicer in respect of waived
        Prepayment Charges pursuant to Section 5.01(a).

       

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

       

      Prepayment
        Interest Shortfall:
        With
        respect to any Distribution Date, for each Mortgage Loan that was the subject
        of
        a partial Principal Prepayment, 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, 4.20 or 11.01 hereof), the amount, if any, by which (i)
        one
        month’s interest at the applicable Net Mortgage Rate on the Stated Principal
        Balance of such Mortgage Loan immediately prior to such prepayment (or
        liquidation), or in the case of a partial Principal Prepayment, on the amount
        of
        such prepayment (or liquidation proceeds) exceeds (ii) the amount of interest
        paid or collected in connection with such Principal Prepayment or such
        liquidation proceeds less the sum of (a) the related Servicing Fee, (b) the
        Master Servicing Fee and (c) 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, the sum of (a) the Basic Principal
        Distribution Amount for such Distribution Date and (b) any Extra Principal
        Distribution Amount for such Distribution Date.

       

      Principal
        Funds:
        With
        respect to any Distribution Date, (i) the sum, without duplication, of (a)
        all
        scheduled principal collected during the related Due Period, (b) all Advances
        relating to principal made on or prior to the Distribution Account Deposit
        Date,
        (c) Principal Prepayments exclusive of Prepayment Charges or penalties collected
        during the related Prepayment Period, (d) the Stated Principal Balance of
        each
        Mortgage Loan in the related Loan Group that was repurchased by the Sponsor
        pursuant to Sections 2.02 or 2.03, by EMC pursuant to Section 4.20 or the
        related Servicer (e) the aggregate of all Substitution Adjustment Amounts
        for
        the related Determination Date in connection with the substitution of Mortgage
        Loans pursuant to Section 2.03(c), (f) all Liquidation Proceeds and Subsequent
        Recoveries collected during the related Prepayment Period (to the extent
        such
        Liquidation Proceeds and Subsequent Recoveries relate to principal), less
        all
        non-recoverable advances relating to principal reimbursed during the related
        Due
        Period, and remitted by the Company or the related Servicer to the Distribution
        Account pursuant to this Agreement or the related Servicing Agreement and
        (g)
        amounts in respect of principal paid by the Majority Class C Certificateholder
        pursuant to Section 11.01, minus (ii) all amounts required to be reimbursed
        pursuant to Sections 5.02, 5.05 and 5.09 or as otherwise set forth in this
        Agreement.

       

      Principal
        Remittance Amount:
        With
        respect to each Distribution Date, the sum of the amounts listed in clauses
        (a)
        through (e) of the definition of Principal Funds.

       

      Principal
        Prepayment:
        Any
        Mortgagor payment or other recovery of (or proceeds with respect to) principal
        on a Mortgage Loan (including loans purchased or repurchased under Sections
        2.02, 2.03, 4.20 and 11.01 hereof) that is received in advance of its scheduled
        Due Date and is not accompanied by an amount as to interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment. Partial Principal Prepayments shall be applied by
        the
        Company or the related Servicer, as appropriate, in accordance with the terms
        of
        the related Mortgage Note.

       

      Private
        Certificate:
        Any of
        the Class B-4, Class P, Class C and Residual 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 Company with respect to receipts
        on
        the Mortgage Loans and REO Property in accordance with Section 5.01 hereof
        or by
        the related Servicer in accordance with the related Servicing
        Agreement.

       

      PUD:
        A
        Planned Unit Development.

       

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

       

      Realized
        Loss:
        With
        respect to each Mortgage Loan as to which a Final Recovery Determination
        has
        been made, an amount (not less than zero) equal to (i) the unpaid principal
        balance of such Mortgage Loan as of the commencement of the calendar month
        in
        which the Final Recovery Determination was made, plus (ii) accrued interest
        from
        the Due Date as to which interest was last paid by the Mortgagor 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 Company pursuant to this Agreement or 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 Subordinate Certificates
        or applied to increase Excess Spread 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, 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.

       

      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 Subsequent Recoveries
        are
        applied to reduce the Certificate Principal Balance of any Class of Certificates
        on any Distribution Date.

       

      Record
        Date:
        With
        respect to any Distribution Date and the Class I-A-1, Class I-A-2, Class
        II-A-1,
        Class II-A-2, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class
        B-3
        Certificates, so long as such Certificates are Book-Entry Certificates, the
        Business Day preceding such Distribution Date, and otherwise, the close of
        business on the last Business Day of the month preceding the month in which
        such
        Distribution Date occurs. With respect to the Class B-4, Class C, Class P
        and
        Class R Certificates and any 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 Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class
        B-3
        and Class B-4 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
        law.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      REMIC
        I 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 and 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 I Regular
        Interest for which a REMIC II Regular Interest is a Corresponding Interest,
        and
        the denominator of which is the aggregate Uncertificated Principal Balance
        of
        each REMIC I Regular Interest for which a REMIC II Regular Interest is a
        Corresponding Interest and REMIC II Regular Interest ZZ.

       

      REMIC
        I Sub WAC Allocation Percentage:
        50% of
        any amount payable or loss allocable from the Mortgage Loans, which shall
        be
        allocated to REMIC I Regular Interest 1-Sub, REMIC I Regular Interest 1-Grp,
        REMIC I Regular Interest 2-Sub, REMIC I Regular Interest 2-Grp and REMIC
        I
        Regular Interest XX.

       

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

       

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

       

      REMIC
        I Regular Interests:
        REMIC I
        Regular Interest AA, REMIC I Regular Interest I-A-1, REMIC I Regular Interest
        II-A-1, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC
        I
        Regular Interest M-3, REMIC I Regular Interest B-1, REMIC I Regular Interest
        B-2, REMIC I Regular Interest B-3, REMIC I Regular Interest B-4, REMIC I
        Regular
        Interest ZZ, REMIC I Regular Interest P, REMIC I Regular Interest 1-Sub,
        REMIC I
        Regular Interest 1-Grp, REMIC I Regular Interest 2-Sub, REMIC I Regular Interest
        2-Grp and REMIC I Regular Interest XX.

       

      REMIC
        I Regular Interest AA:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest AA 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.

       

      REMIC
        I Regular Interest I-A-1:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest I-A-1 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.

       

      REMIC
        I Regular Interest II-A-1:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest II-A-1 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.

       

      REMIC
        I Regular Interest 1-Grp:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest 1-Grp 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.

       

      REMIC
        I Regular Interest 1-Sub:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest 1-Sub 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.

       

      REMIC
        I Regular Interest 2-Grp:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest 2-Grp 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.

       

      REMIC
        I Regular Interest 2-Sub:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest 2-Sub 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.

       

      REMIC
        I Regular Interest B-1:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest B-1 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.

       

      REMIC
        I Regular Interest B-2:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest B-2 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.

       

      REMIC
        I Regular Interest B-3:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest B-3 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.

       

      REMIC
        I Regular Interest B-4:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest B-4 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.

       

      REMIC
        I Regular Interest M-1:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest M-1 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.

       

      REMIC
        I Regular Interest M-2:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest M-2 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.

       

      REMIC
        I Regular Interest M-3:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest M-3 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.

       

      REMIC
        I Regular Interest P:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest P will not accrue interest 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.

       

      REMIC
        I Regular Interest XX:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest XX 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.

       

      REMIC
        I Regular Interest ZZ:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
        Interest ZZ 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.

       

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

       

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

       

      REMIC
        II Regular Interests:
        REMIC
        II Regular Interest I-A-1, REMIC II Regular Interest II-A-1, REMIC II Regular
        Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
        REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular
        Interest B-3, REMIC II Regular Interest B-4 and REMIC II Regular Interest
        P.

       

      REMIC
        II Regular Interest I-A-1:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest AA shall accrue interest at the related Uncertificated REMIC II
        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.

       

      REMIC
        II Regular Interest II-A-1:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest AA shall accrue interest at the related Uncertificated REMIC II
        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.

       

      REMIC
        II Regular Interest B-1:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest B-1 shall accrue interest at the related Uncertificated REMIC II
        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.

       

      REMIC
        II Regular Interest B-2:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest B-2 shall accrue interest at the related Uncertificated REMIC II
        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.

       

      REMIC
        II Regular Interest B-3:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest B-3 shall accrue interest at the related Uncertificated REMIC II
        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.

       

      REMIC
        II Regular Interest B-4:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest B-4 shall accrue interest at the related Uncertificated REMIC II
        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.

       

      REMIC
        II Regular Interest C:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest C shall accrue interest at the related Uncertificated REMIC II
        Pass-Through Rate in effect from time to time.

       

      REMIC
        II Regular Interest C Distribution Amount:
        With
        respect to any Distribution Date, the sum of (i) the Uncertificated Accrued
        Interest for REMIC II Regular Interest C for such Distribution Date, (ii)
        any
        Overcollateralization Release Amount for such Distribution Date and (iii)
        without duplication, any Subsequent Recoveries not distributed to the Class
        A,
        Class M and Class B Certificates on such Distribution Date; provided, however,
        that on and after the Distribution Date on which the Certificate Principal
        Balance of the Offered Certificates and Class B-4 Certificates has been reduced
        to zero, the REMIC II Regular Interest C Distribution Amount shall include
        the
        Overcollateralized Amount. 

       

      REMIC
        II Regular Interest M-1:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-1 shall accrue interest at the related Uncertificated REMIC II
        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.

       

      REMIC
        II Regular Interest M-2:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-2 shall accrue interest at the related Uncertificated REMIC II
        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.

       

      REMIC
        II Regular Interest M-3:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-3 shall accrue interest at the related Uncertificated REMIC II
        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.

       

      REMIC
        II Regular Interest P:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest P will not accrue interest 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.

       

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

       

      Remittance
        Date:
        Shall
        mean (i) with respect to the Company, the Business Day immediately preceding
        the
        Distribution Account Deposit Date and (ii) with respect to the related Servicer,
        the date specified in the related Servicing Agreement.

       

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

       

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

       

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

       

      Replacement
        Mortgage Loan:
        A
        Mortgage Loan or Mortgage Loans in the aggregate substituted by the 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 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.

       

      Repurchase
        Price:
        With
        respect to each Mortgage Loan, a price equal to (i) the outstanding principal
        balance of such Mortgage Loan, plus (ii) interest on such outstanding principal
        balance at the Mortgage Rate (net of the Servicing Fee Rate) from the last
        date
        through which interest has been paid to the end of the month of repurchase,
        less
        (iii) amounts advanced by the Company or the related Servicer in respect
        of such
        repurchased Mortgage Loan which are being held in the Distribution Account
        for
        remittance to the Trustee (or the Securities Administrator on its behalf)
        plus
        (iv) 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.

       

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

       

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

       

      Residual
        Certificates:
        Any of
        the Class R Certificates, each evidencing the sole class of Residual Interests
        in the related REMIC.

       

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

       

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

       

      Rolling
        Three Month Delinquency Rate: With respect to any Distribution Date, the
        average of the Delinquency Rates for each of the three (or one and two, in
        the
        case of the first and second Distribution Dates, respectively) immediately
        preceding months.

       

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

       

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

       

      Securities
        Act:
        The
        Securities Act of 1933, as amended.

       

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

       

      Sponsor:
        EMC
        Mortgage Corporation, a Delaware corporation, and its successors and assigns,
        in
        its capacity as seller of the Mortgage Loans to the Depositor.

       

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

       

      
        Servicer:
          Shall
          mean any of American Home, National City, Chevy Chase, CitiMortgage, EMC,
          Harbourside, Union Federal, Wachovia or Wells Fargo.

         

        Servicing
          Trigger Event:
          A
          Servicing Trigger Event is in effect with respect to American Home as a
          Servicer
          and with respect to any Distribution Date if either:

         

        (a) the
          Rolling Three Month Delinquency Rate for the Group II Loans is greater
          than 6%;
          or

         

        (b) the
          cumulative amount of Realized Losses incurred on the Group II Loans from
          the
          Cut-off Date through the end of the calendar month immediately preceding
          such
          Distribution Date exceeds the applicable percentage set forth below of
          the
          aggregate balance Group II Loans as of the Cut-off Date:

         

        
          	 	
                  0.75%
                    with respect to each month up to April 2009,

                   

                
	 	
                  0.75%
                    with respect to May 2009, plus an additional 1/12th of 0.55%
                    for each
                    month thereafter until April 2010,

                   

                
	 	
                  1.30%
                    with respect to May 2010, plus an additional 1/12th of 0.55%
                    for each
                    month thereafter until April 2011,

                   

                
	 	
                  1.85%
                    with respect to May 2011, plus an additional 1/12th of 0.30%
                    for each
                    month thereafter until April 2012,

                   

                
	 	
                  2.15%
                    with respect to May 2012, plus an additional 1/12th of 0.05%
                    for each
                    month thereafter until April 2013, and

                   

                
	 	
                  2.20%
                    with respect to May 2013, and each month thereafter

                   

                

        

        

        provided,
          however, if American Home as a servicer is rated “SQ2-” or better by Moody’s on
          any date, the Servicing Trigger Event will no longer be in effect with
          respect
          to any Distribution Date thereafter.

         

        Servicing
          Advances:
          All
          customary, reasonable and necessary “out of pocket” costs and expenses
          (including reasonable legal fees) incurred in the performance by the Company
          or
          the related Servicer of its servicing obligations hereunder or under the
          related
          Servicing Agreement, including, but not limited to, the cost of (i) the
          preservation, restoration and protection of a Mortgaged Property, (ii)
          any
          enforcement or judicial proceedings, including foreclosures, and including
          any
          expenses incurred in relation to any such proceedings that result from
          the
          Mortgage Loan being registered in the MERS® System, (iii) the management and
          liquidation of any REO Property (including, without limitation, realtor’s
          commissions) and (iv) compliance with any obligations under Section 3.07
          hereof
          to cause insurance to be maintained.

         

        Servicing
          Agreement:
          Shall
          mean either the Amercian Home Servicing Agreement, National City Servicing
          Agreement, Chevy Chase Servicing Agreement, CitiMortgage Servicing Agreement,
          Harbourside Servicing Agreement, Wachovia Servicing Agreement or 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 EMC, the Master Servicer, the Trustee and the applicable Servicer in
        response to evolving interpretations of Regulation AB and incorporated into
        a
        revised Exhibit O.

       

      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:
        0.250%
        per annum.

       

      Servicing
        Modification:
        With
        respect to any Mortgage Loan that is in default or, in the reasonable judgment
        of the Company or the related Servicer, as to which default is reasonably
        foreseeable, any modification which is effected by the Company or 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 Company or the related Servicer involved in, or responsible
        for,
        the administration and servicing of the Mortgage Loans (i) in the case of
        the
        Company, whose name and facsimile signature appear on a list of servicing
        officers furnished to the Trustee by the Company on the Closing Date pursuant
        to
        this Agreement, as such list may from time to time be amended and (ii) in
        the
        case of the related Servicer, as to which evidence reasonably acceptable
        to the
        Trustee, as applicable, of due authorization, by such party has been furnished
        from time to time to the Trustee.

       

      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 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 Company or the
        related
        Servicer as recoveries of principal in accordance with Section 3.09 or the
        related Servicing Agreement with respect to such Mortgage Loan, that were
        received by the Company or the related Servicer as of the close of business
        on
        the last day of the 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.

       

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

       

      Subsequent
        Recoveries:
        As of
        any Distribution Date, amounts received by 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 Company and a subservicer with respect
        to the
        subservicing of any Mortgage Loan hereunder by such subservicer.

       

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

       

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

       

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

       

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

       

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

       

      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 Net WAC Reserve Fund,
        the
        Class I-A-1/I-A-2 Net WAC Reserve Account, the Class II-A-1/II-A-2 Net WAC
        Reserve Account, the Distribution Account maintained by the Securities
        Administrator and the Protected Accounts maintained by the Company and the
        Servicers and all amounts deposited therein pursuant to the applicable
        provisions of this Agreement and the Servicing Agreements; (iii) property
        that
        secured a Mortgage Loan and has been acquired by foreclosure, deed in lieu
        of
        foreclosure or otherwise; (iv) the mortgagee’s rights under the Insurance
        Policies with respect to the Mortgage Loans; (v) the Servicing Agreements
        and
        the Assignment Agreements; (vi) the rights under the Mortgage Loan Purchase
        Agreement, and (vii) all proceeds of the foregoing, including proceeds of
        conversion, voluntary or involuntary, of any of the foregoing into cash or
        other
        liquid property. The Net WAC Reserve Fund, the Class I-A-1/I-A-2 Net WAC
        Reserve
        Account, the Class II-A-1/II-A-2 Net WAC Reserve Account and the Prepayment
        Charge Waiver Amounts shall constitute assets of the Trust Fund but will
        not be
        included in REMIC I, REMIC II or REMIC III.

       

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

       

      Uncertificated
        Accrued Interest:
        With
        respect to each REMIC Regular Interest on each Distribution Date, an amount
        equal to one month’s interest at the related Uncertificated REMIC I Pass-Through
        Rate or Uncertificated REMIC II Pass-Through Rate on the Uncertificated
        Principal Balance or Uncertificated Notional Amount of such REMIC Regular
        Interest. In each case, Uncertificated Accrued Interest will be reduced by
        any
        Unpaid Interest Shortfalls and interest portion of Realized Losses (allocated
        to
        such REMIC Regular Interests as set forth in Sections 1.02 and
        6.05).

       

      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 thant REMIC II Regular
        Interest C) 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 I Regular Interest ZZ shall be
        increased by interest deferrals as provided in Section 6.07(b)(i). The
        Uncertificated Principal Balance of each REMIC Regular Interest shall never
        be
        less than zero. With respect to REMIC II Regular Interest C 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 Class A, Class M, Class B and Class P Certificates then
        outstanding.

       

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

       

      Uncertificated
        REMIC II Pass-Through Rate:
        With
        respect to the REMIC II Regular Interests, other than REMIC II Regular Interest
        C, REMIC II Regular Interest I-A-1 and REMIC II Regular Interest II-A-1,
        a rate
        per annum equal to the Pass-Through Rate indicated for the Class of
        Corresponding Certificates as set forth in the Preliminary
        Statement.

       

      With
        respect to REMIC II Regular Interest I-A-1 and REMIC II Regular Interest
        II-A-1
        and (i) any Distribution Date which occurs on or prior to the Optional
        Termination Date, the lesser of (a) 6.50% per annum and (b) the weighted
        average
        of the Uncertificated REMIC I Pass-Through Rates on the REMIC I Regular
        Interests (other than REMIC I Regular Interest P, REMIC I Regular Interest
        1-Grp
        and REMIC I Regular Interest 2-Grp), weighted on the basis of the Uncertificated
        Principal Balances of each such REMIC I Regular Interest, and (ii) any
        Distribution Date thereafter, the lesser of (a) 7.00% per annum and (b) the
        weighted average of the REMIC I Pass-Through Rates on the REMIC I Regular
        Interests (other than REMIC I Regular Interest P, REMIC I Regular Interest
        1-Grp
        and REMIC I Regular Interest 2-Grp), weighted on the basis of the Uncertificated
        Principal Balances of each such REMIC I Regular Interest.

       

      With
        respect to REMIC II Regular Interest C, 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 I Regular Interest (other than REMIC I Regular
        Interests 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and P) equal to the product of (a)
        the
        excess, if any, of the Uncertificated REMIC I Pass-Through Rate for such
        REMIC I
        Regular Interest over the Marker Rate and (y) a notional amount equal to
        the
        Uncertificated Principal Balance of such REMIC I Regular Interest, and the
        denominator of which is the aggregate Uncertificated Principal Balance of
        such
        REMIC I Regular Interests..

       

      
        Uncertificated
          REMIC III Pass-Through Rate:
          With
          respect to the Regular Interests the ownership of which is represented
          by the
          Class I-A-1 Certificates and any Distribution Date, a per annum rate equal
          to
          One-Month LIBOR plus 0.40% per annum, subject to a cap equal to the weighted
          average Uncertificated REMIC II Pass-Through Rate for REMIC II Regular
          Interest
          I-A-1, weighted on the basis of the Uncertificated Principal Balance thereof
          immediately prior to such Distribution Date. 

         

      

      With
        respect to the Regular Interests the ownership of which is represented by
        the
        Class I-A-2 Certificates and any Distribution Date, a per annum rate equal
        to
        the excess, if any, of (A) the Uncertificated REMIC II Pass-Through Rate
        for
        REMIC II Regular Interest I-A-1 over (B) the lesser of (x) One-Month LIBOR
        plus
        0.40% per annum and (y) the weighted average Uncertificated REMIC II
        Pass-Through Rate for REMIC II Regular Interest I-A-1, weighted on the basis
        of
        the Uncertificated Principal Balance thereof immediately prior to such
        Distribution Date.

       

      With
        respect to the Regular Interests the ownership of which is represented by
        the
        Class II-A-1 Certificates and any Distribution Date, a per annum rate equal
        to
        One-Month LIBOR plus 0.50% per annum, subject to a cap equal to the weighted
        average Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest
        II-A-1, weighted on the basis of the Uncertificated Principal Balance thereof
        immediately prior to such Distribution Date.

       

      With
        respect to the Regular Interests the ownership of which is represented by
        the
        Class II-A-2 Certificates and any Distribution Date, a per annum rate equal
        to
        the excess, if any, of (A) the Uncertificated REMIC II Pass-Through Rate
        for
        REMIC II Regular Interest II-A-1 over (B) the lesser of (x) One-Month LIBOR
        plus
        0.50% per annum and (y) the weighted average Uncertificated REMIC II
        Pass-Through Rate for REMIC II Regular Interest II-A-1, weighted on the basis
        of
        the Uncertificated Principal Balance thereof immediately prior to such
        Distribution Date.

       

      
        Union
          Federal:
          Union
          Federal Bank of Indianapolis.

         

      

      Unpaid
        Interest Shortfalls:
        Shall
        mean Interest Shortfalls net of payments by the Company, the related Servicer
        or
        the Master Servicer in respect of Compensating Interest.

       

      
        Voting
          Rights:
          The
          portion of the voting rights of all the Certificates that is allocated
          to any
          Certificate for purposes of the voting provisions hereunder. Voting Rights
          shall
          be allocated (i) 94.50% to the Certificates (other than the Class C, Class
          P and
          the Residual Certificates), (ii) 1% to the Class P Certificates, (iii)
          3% to the
          Class C Certificates and (iv) 0.50% to each Class of Residual Certificates,
          with
          the allocation among the Certificates other than the Class C, Class P and
          Residual Certificates to be in proportion to the Certificate Principal
          Balance
          of each Class relative to the Certificate Principal Balance of all other
          such
          Classes. Voting Rights will be allocated among the Certificates of each
          such
          Class in accordance with their respective Percentage Interests.

         

      

      Wachovia:
        Wachovia
        Mortgage Corporation.

       

      Wachovia
        Assignment Agreement:
        The
        Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
        by
        and among the Sponsor, Wachovia and the Trustee evidencing the assignment
        of the
        Wachovia Servicing Agreement to the Trust, attached hereto as Exhibit
        S-7.

       

      Wachovia
        Servicing Agreement:
        Seller’s
        Purchase, Warranties and Servicing Agreement, dated as of July 1, 2005, between
        the Sponsor and Wachovia,
        as
        amended, attached hereto as Exhibit R-7, as modified by the Wachovia Assignment
        Agreement.

       

      Wells
        Fargo:
        Wells
        Fargo Bank, N.A.

       

      Wells
        Fargo Assignment Agreement:
        The
        Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
        by
        and among the Sponsor, Wells Fargo and the Trustee evidencing the assignment
        of
        the Wells Fargo Servicing Agreement to the Trust, attached hereto as Exhibit
        S-8.

       

      Wells
        Fargo Servicing Agreement:
        Amended
        and Restated Master Seller’s Warranties and Servicing Agreement dated as of
        November 1, 2005,
        between
        the Sponsor and Wells Fargo,
        as
        amended, attached hereto as Exhibit R-8, as modified by the Wells Fargo
        Assignment Agreement.

       

      Section
        1.02  Allocation
        of Certain Interest Shortfalls. 

       

      For
        purposes of calculating the amount of the Monthly Interest Distributable
        Amount
        for the Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class M-1,
        Class
        M-2, Class M-3, Class B-1, Class B-2, Class B-3, Class B-4 and Class C
        Certificates for any Distribution Date, (1) the aggregate amount of any Unpaid
        Interest Shortfalls in respect of the Mortgage Loans for any Distribution
        Date
        shall be allocated first, in reduction of amounts otherwise distributable
        to the
        Class C Certificates, and thereafter, among the Offered Certificates and
        the
        Class B-4 Certificates in proportion to the amount of the Monthly Interest
        Distributable Amount that would have been allocated to such Certificates
        in the
        absence of such Unpaid Interest Shortfalls, and (2) the interest portion
        of
        Realized Losses for the Mortgage Loans will be allocated first, to the Class
        C
        Certificates, based on, and to the extent of, one month’s interest at the then
        applicable Pass-Through Rate on the Certificate Notional Amount thereof,
        second
        to the Class B-4 Certificates, third to the Class B-3 Certificates, fourth
        to
        the Class B-2 Certificates, fifth to the Class B-1 Certificates, sixth to
        the
        Class M-3 Certificates, seventh to the Class M-2 Certificates, eighth to
        the
        Class M-1 Certificates, and following the Cross-Over Date, ninth to the Senior
        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 Balances of each such Certificate.

       

      The
        REMIC
        I Marker Allocation Percentage of the aggregate amount of any Unpaid Interest
        Shortfalls incurred in respect of the Mortgage Loans for any Distribution
        Date
        shall be allocated first,
        to
        Uncertificated Accrued Interest payable to REMIC I Regular Interest AA and
        REMIC
        I Regular Interest ZZ up to an aggregate amount equal to the REMIC I Interest
        Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC
        I
        Regular Interest AA, each REMIC I Regular Interest for which a REMIC II Regular
        Interest is the Corresponding Interest and REMIC II Regular Interest ZZ,
        in
        proportion to the amount of the Uncertificated Accrued Interest that would
        have
        been allocated to such REMIC I Regular Interests in the absence of such Unpaid
        Interest Shortfalls.

       

      The
        REMIC
        I Sub WAC Allocation Percentage of the aggregate amount of any Unpaid Interest
        Shortfalls incurred in respect of the Mortgage Loans for any Distribution
        Date
        shall be allocated to Uncertificated Accrued Interest payable to REMIC I
        Regular
        Interest 1-Sub, REMIC I Regular Interest 1-Grp, REMIC I Regular Interest
        2-Sub,
        REMIC I Regular Interest 2-Grp and REMIC I Regular Interest XX, in proportion
        to
        the amount of the Uncertificated Accrued Interest that would have been allocated
        to such REMIC I Regular Interests in the absence of such Unpaid Interest
        Shortfalls.

       

      The
        aggregate amount of any Unpaid Interest Shortfalls incurred in respect of
        the
        Mortgage Loans for any Distribution Date shall be allocated among the REMIC
        II
        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 otherwise allocable to the Class I-A-2
        Certificates and Class II-A-2 shall be deemed to be allocated to the Class
        I-A-1
        Certificates and Class II-A-1 Certificates, respectively.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        II

       

      CONVEYANCE
        OF TRUST FUND

      REPRESENTATIONS
        AND WARRANTIES

       

      Section
        2.01  Conveyance
        of Trust Fund. 

       

      Pursuant
        to the Mortgage Loan Purchase Agreement, the Sponsor sold, transferred,
        assigned, set over and otherwise conveyed to the Depositor, without recourse,
        all the right, title and interest of the Sponsor 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.

       

      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 “U.S. Bank National Association, as Trustee for certificateholders
        of Bear Stearns Asset Backed Securities I LLC, Asset Backed Certificates,
        Series
        2006-AC3,” 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 “U.S. Bank National
        Association, as Trustee for certificateholders of Bear Stearns Asset Backed
        Securities I LLC, Asset Backed Certificates, Series 2006-AC3,” 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 Sponsor 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 Sponsor 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 Sponsor 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 Sponsor and its successors and assigns. In
        the
        event that the Sponsor, 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 Sponsor shall submit or cause to be submitted for
        recording as specified above or, should the Sponsor 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 Company or the
        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 Sponsor further agrees that it will cause, at the Sponsor’s own
        expense, within 30 days after the Closing Date, the MERS® System to indicate
        that such Mortgage Loans have been assigned by the Sponsor 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 Sponsor further
        agrees that it will not, and will not permit the Company, 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.

       

      The
        Depositor shall not be required to deliver intervening assignments or Mortgage
        Note endorsements between the related Underlying Sponsor and the Sponsor,
        between the Sponsor and the Depositor, and between the Depositor and the
        Trustee. 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 or the Custodian, as its agent, a certification to such effect
        and
        shall deposit all amounts paid in respect of such Mortgage Loans in the
        Distribution Account on the Closing Date.

       

      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, with respect to the Mortgage
        Loans, the Trustee or the Custodian on its behalf will deliver 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 the Sponsor 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,
        (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 Sponsor shall
        correct or cure any such defect or, if prior to the end of the second
        anniversary of the Closing Date, the Sponsor 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 Sponsor
        fails
        to correct or cure the defect or deliver such opinion within such period,
        the
        Sponsor 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 Sponsor
        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 Sponsor shall not be required to purchase such Mortgage
        Loan
        if the Sponsor 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 Sponsor
        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 Sponsor. The Sponsor shall correct or cure any
        such
        defect or, if prior to the end of the second anniversary of the Closing Date,
        the Sponsor 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 Sponsor 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 Sponsor 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 Sponsor 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 Sponsor shall not be required to purchase such Mortgage Loan, if the
        Sponsor
        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 Sponsor in accordance with
        Subsections 2.02(a) or (b) above or Section 2.03, the Sponsor shall remit
        the
        applicable Purchase Price 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
        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 Sponsor 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 Sponsor 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 Sponsor 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
        Sponsor shall deliver to the Trustee or the Custodian on its behalf, and
        Trustee
        agrees to accept the Mortgage Note and other documents constituting the Mortgage
        File with respect to any Replacement Mortgage Loan, which the Trustee or
        the
        Custodian will review as provided in Subsections 2.02(a) and 2.02(b), provided,
        that the Closing Date referred to therein shall instead be the date of delivery
        of the Mortgage File with respect to each Replacement Mortgage
        Loan.

       

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

       

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

       

      (i)  It
        is
        duly organized and is validly existing and in good standing under the laws
        of
        the State of Delaware and is duly authorized and qualified to transact any
        and
        all business contemplated by this Agreement to be conducted by it in any
        state
        in which a Mortgaged Property related to an EMC Mortgage Loan is located
        or is
        otherwise not required under applicable law to effect such qualification
        and, in
        any event, is in compliance with the doing business laws of any such state,
        to
        the extent necessary to ensure its ability to enforce each EMC Mortgage Loan,
        to
        service the EMC Mortgage Loans in accordance with the terms of this Agreement
        and to perform any of its other obligations under this Agreement in accordance
        with the terms hereof.

       

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

       

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

       

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

       

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

       

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

       

      (b)  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)  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 to perform any of its
        other
        obligations under this Agreement in accordance with the terms
        hereof;

       

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

       

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

       

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

       

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

       

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

       

      (ii)  The
        Sponsor has the full corporate power and authority to sell each Mortgage
        Loan,
        and to execute, deliver and perform, and to enter into and consummate the
        transactions contemplated by this Agreement and has duly authorized by all
        necessary corporate action on the part of the Sponsor the execution, delivery
        and performance of this Agreement; and this Agreement, assuming the due
        authorization, execution and delivery hereof by the other parties hereto,
        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)  The
        execution and delivery of this Agreement by the Sponsor, the sale of the
        Mortgage Loans by the Sponsor under the Mortgage Loan Purchase Agreement,
        the
        consummation of any other of the transactions contemplated by this Agreement,
        and the fulfillment of or compliance with the terms hereof and thereof are
        in
        the ordinary course of business of the Sponsor and will not (A) result in
        a
        material breach of any term or provision of the charter or by-laws of the
        Sponsor 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 the Sponsor is a party or
        by
        which it may be bound, or (C) constitute a material 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.

       

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

       

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

       

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

       

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

       

      (d)  Upon
        discovery by any of the parties hereto of a breach of a representation or
        warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement that
        materially and adversely affects the interests of the Certificateholders
        in any
        Mortgage Loan, the party discovering such breach shall give prompt written
        notice thereof to the other parties. The Sponsor hereby covenants with respect
        to the representations and warranties set forth in Section 7 of the Mortgage
        Loan Purchase Agreement, that within 90 days of the discovery of a breach
        of any
        representation or warranty set forth therein that materially and adversely
        affects the interests of the Certificateholders in any Mortgage Loan, it
        shall
        cure such breach in all material respects and, if such breach is not so cured,
        (i) if such 90-day period expires prior to the second anniversary of the
        Closing
        Date, remove such Mortgage Loan (a “Deleted Mortgage Loan”) from the Trust Fund
        and substitute in its place a Replacement Mortgage Loan, in the manner and
        subject to the conditions set forth in this Section; or (ii) repurchase the
        affected Mortgage Loan or Mortgage Loans from the Trustee at the Purchase
        Price
        in the manner set forth below; provided that any such substitution pursuant
        to
        (i) above or repurchase pursuant to (ii) above shall not be effected prior
        to
        the delivery to the Trustee 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 Trustee of a Request for Release.
        The
        Sponsor shall promptly reimburse the Master Servicer and the Trustee for
        any
        expenses reasonably incurred by the Master Servicer or the Trustee in respect
        of
        enforcing the remedies for such breach. To enable the Securities Administrator
        to amend the Mortgage Loan Schedule, the Sponsor 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 that are made to the best of the Sponsor’s knowledge, if it is
        discovered by any of the Depositor, the Master Servicer, the Sponsor, the
        Securities Administrator or the Trustee that the substance of such
        representation and warranty is inaccurate and such inaccuracy materially
        and
        adversely affects the value of the related Mortgage Loan, notwithstanding
        the
        Sponsor’s lack of knowledge with respect to the substance of such representation
        or warranty, the Sponsor shall nevertheless be required to cure, substitute
        for
        or repurchase the affected Mortgage Loan in accordance with the
        foregoing.

       

      With
        respect to any Replacement Mortgage Loan or Loans, the Sponsor shall deliver
        to
        the Trustee (or the Custodian on its behalf) for the benefit of the
        Certificateholders such documents and agreements as are required by Section
        2.01. No substitution will be made in any calendar month after the Determination
        Date for such month. Scheduled Payments due with respect to Replacement Mortgage
        Loans in the Due Period related to the Distribution Date on which such proceeds
        are to be distributed shall not be part of the Trust Fund and will be retained
        by the Sponsor. For the month of substitution, distributions to
        Certificateholders will include the Scheduled Payment due on any Deleted
        Mortgage Loan for the related Due Period and thereafter the Sponsor 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 Sponsor shall be deemed to have made with respect to such Replacement
        Mortgage Loan or Loans, as of the date of substitution, the representations
        and
        warranties set forth in Section 7 of the Mortgage Loan Purchase Agreement
        with
        respect to such Mortgage Loan. Upon any such substitution and the deposit
        into
        the Distribution Account of the amount required to be deposited therein in
        connection with such substitution as described in the following paragraph
        and
        receipt by the Trustee of a Request for Release for such Mortgage Loan, the
        Trustee or the Custodian shall release to the Sponsor 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 Sponsor’s direction such
        instruments of transfer or assignment as have been prepared by the Sponsor,
        in
        each case without recourse, representation or warranty as shall be necessary
        to
        vest in the Sponsor, 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 Sponsor substitutes one or more Replacement Mortgage Loans
        for a Deleted Mortgage Loan, the Master Servicer will determine the amount
        (if
        any) by which the aggregate principal balance of all the Replacement Mortgage
        Loans as of the date of substitution is less than the Stated Principal Balance
        (after application of the principal portion of the Scheduled Payment due
        in the
        month of substitution) of such Deleted Mortgage Loan. An amount equal to
        the
        aggregate of such deficiencies, described in the preceding sentence for any
        Distribution Date (such amount, the “Substitution Adjustment Amount”) shall be
        deposited into the Distribution Account, by the Sponsor 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 Sponsor 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 Sponsor 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 Sponsor, and the Trustee shall execute and deliver
        at
        such Person’s direction the related instruments of transfer or assignment
        prepared by the Sponsor, 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
        Sponsor to any Mortgage Loan purchased pursuant to this Section 2.03. It
        is
        understood and agreed that the obligation under this 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.

       

      (e)  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.

       

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

       

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

       

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

       

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

       

      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 Sponsor, 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 Sponsor
        delivers to the Trustee and Securities Administrator an Opinion of Counsel,
        addressed to the Trustee and Securities Administrator, to the effect that
        such
        repurchase or substitution would not (i) result in the imposition of the
        tax on
“prohibited transactions” of REMIC I, REMIC II or REMIC III or contributions
        after the Closing Date, as defined in Sections 860F(a)(2) and 860G(d) of
        the
        Code, respectively or (ii) cause any of REMIC I, REMIC II or REMIC III to
        fail
        to qualify as a REMIC at any time that any Certificates are outstanding.
        Any
        Mortgage Loan as to which repurchase or substitution was delayed pursuant
        to
        this paragraph shall be repurchased or the substitution therefor shall occur
        (subject to compliance with Sections 2.02 or 2.03) upon the earlier of (a)
        the
        occurrence of a default or 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 Sponsor, at
        the
        Sponsor’s option, to either (i) substitute, if the conditions in Section 2.03(c)
        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 Sponsor 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 (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.

       

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

       

      Section
        2.07  Reserved.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        III

       

      ADMINISTRATION
        AND SERVICING OF EMC MORTGAGE LOANS BY COMPANY

       

      Section
        3.01  The
        Company. 

       

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

       

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

       

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

       

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

       

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

       

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

       

      Section
        3.03  Subservicers. 

       

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

       

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        its
        Protected Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of a subservicer and arrange for any servicing responsibilities
        to be performed by a successor subservicer; provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company’s option, from electing to service the related EMC Mortgage Loans
        itself. In the event that the Company’s responsibilities and duties under this
        Agreement are terminated pursuant to Section 9.03, the Company shall at its
        own
        cost and expense terminate the rights and responsibilities of each subservicer
        effective as of the date of termination of the Company. The Company shall
        pay
        all fees, expenses or penalties necessary in order to terminate the rights
        and
        responsibilities of each subservicer from the Company’s own funds without
        reimbursement from the Trust Fund.

       

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

       

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        EMC Mortgage Loans involving a subservicer shall be deemed to be between
        such
        subservicer and the Company alone, and neither the Master Servicer nor the
        Trustee shall have any obligations, duties or liabilities with respect to
        such
        subservicer including any obligation, duty or liability of either the Master
        Servicer or the Trustee to pay such subservicer’s fees and expenses. For
        purposes of remittances to the Master Servicer pursuant to this Agreement,
        the
        Company shall be deemed to have received a payment on an EMC Mortgage Loan
        when
        a subservicer has received such payment.

       

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

       

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

       

      Section
        3.05  Maintenance
        of Hazard Insurance. 

       

      The
        Company shall cause to be maintained, for each EMC Mortgage Loan, hazard
        insurance on buildings upon, or comprising part of, the Mortgaged Property
        against loss by fire, hazards of extended coverage and such other hazards
        as are
        customary in the area where the related Mortgaged Property is located with
        an
        insurer which is licensed to do business in the state where the related
        Mortgaged Property is located. Each such policy of standard hazard insurance
        shall contain, or have an accompanying endorsement that contains, a standard
        mortgagee clause. The Company shall also cause flood insurance to be maintained
        on property acquired upon foreclosure or deed in lieu of foreclosure of any
        EMC
        Mortgage Loan, to the extent described below. Pursuant to Section 5.01, any
        amounts collected by the Company under any such policies (other than the
        amounts
        to be applied to the restoration or repair of the related Mortgaged Property
        or
        property thus acquired or amounts released to the Mortgagor in accordance
        with
        the Company’s normal servicing procedures) shall be deposited in the Protected
        Account maintained by the Company. Any cost incurred by the Company in
        maintaining any such insurance shall not, for the purpose of calculating
        monthly
        distributions to the Certificateholders or remittances to the Trustee (or
        Securities Administrator on its behalf) for their benefit, be added to the
        principal balance of the Mortgage Loan, notwithstanding that the terms of
        the
        EMC Mortgage Loan so permit. Such costs shall be recoverable by the Company
        out
        of late payments by the related Mortgagor or out of Liquidation Proceeds
        to the
        extent permitted by Section 5.02. It is understood and agreed that no earthquake
        or other additional insurance is to be required of any Mortgagor or maintained
        on property acquired in respect of a Mortgage other than pursuant to such
        applicable laws and regulations as shall at any time be in force and as shall
        require such additional insurance. If the Mortgaged Property is located at
        the
        time of origination of the related EMC Mortgage Loan in a federally designated
        special flood hazard area and such area is participating in the national
        flood
        insurance program, the Company shall cause flood insurance to be maintained
        with
        respect to such EMC Mortgage Loan. Such flood insurance shall be in an amount
        equal to the least of (i) the Stated Principal Balance of the related EMC
        Mortgage Loan, (ii) minimum amount required to compensate for damage or loss
        on
        a replacement cost basis or (iii) the maximum amount of such insurance available
        for the related Mortgaged Property under the Flood Disaster Protection Act
        of
        1973, as amended.

       

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

       

      Section
        3.06  Presentment
        of Claims and Collection of Proceeds. 

       

      The
        Company shall prepare and present on behalf of the Trustee and the
        Certificateholders all claims under the Insurance Policies relating to the
        EMC
        Mortgage Loans and take such actions (including the negotiation, settlement,
        compromise or enforcement of the insured’s claim) as shall be necessary to
        realize recovery under such Insurance Policies. Any proceeds disbursed to
        the
        Company in respect of such Insurance Policies shall be promptly deposited
        in the
        Protected Account maintained by the Company upon receipt, except that any
        amounts 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 EMC Mortgage Loan to the insurer under any applicable
        Insurance Policy need not be so deposited (or remitted).

       

      Section
        3.07  Maintenance
        of the Primary Mortgage Insurance Policies. 

       

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

       

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

       

      Section
        3.08  Fidelity
        Bond, Errors and Omissions Insurance. 

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Section
        3.10  Servicing
        Compensation. 

       

      As
        compensation for its activities hereunder, the Company shall be entitled
        to
        retain or withdraw from its Protected Account out of each payment of interest
        on
        an EMC Mortgage Loan included in the Trust Fund an amount equal to the Servicing
        Fee.

       

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

       

      
        EMC
          will
          be entitled to retain any Prepayment Interest Excess pursuant to Section
          5.02(a).

         

      

      Section
        3.11  REO
        Property. 

       

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

       

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

       

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

       

      Section
        3.12  Liquidation
        Reports. 

       

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

       

      Section
        3.13  Reserved. 

       

      Section
        3.14  Reserved. 

       

      Section
        3.15  Books
        and
        Records. 

       

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

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        IV

       

      ADMINISTRATION
        AND MASTER SERVICING OF MORTGAGE LOANS BY MASTER SERVICER

       

      Section
        4.01  Master
        Servicer.
        The
        Master Servicer shall, beginning on the Closing Date, supervise, monitor
        and
        oversee the obligation of the Company and the related Servicer to service
        and
        administer 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 Company and the related Servicer as necessary
        from
        time-to-time to carry out the Master Servicer’s obligations hereunder, shall
        receive, review and evaluate all reports, information and other data provided
        to
        the Master Servicer by the Company and the related Servicer and shall cause
        the
        Company and related Servicer to perform and observe the covenants, obligations
        and conditions to be performed or observed by such Person under this Agreement
        and the related Servicing Agreement. The Master Servicer shall independently
        and
        separately monitor the Company and the related Servicer’s servicing activities
        with respect to each related Mortgage Loan, reconcile the results of such
        monitoring with such information provided in the previous sentence on a monthly
        basis and coordinate corrective adjustments to the Company’s, the related
        Servicer’s and Master Servicer’s records, and based on such reconciled and
        corrected information, the Master Servicer shall provide such information
        to the
        Securities Administrator as shall be necessary in order for it to prepare
        the
        statements specified in Section 6.06 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 the Company and each
        Servicer pursuant to this Agreement and the related Servicing
        Agreement.

       

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

       

      The
        Trustee or the Custodian on its behalf 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 Company or 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
        4.02  REMIC-Related
        Covenants.
        For as
        long as each REMIC 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 Company, 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
          4.03  Monitoring
          of Company and Servicer. (a)
          The
          Master Servicer shall be responsible for reporting to the Trustee and the
          Sponsor the compliance by the Company and the related Servicer with its
          duties
          under this Agreement and the related Servicing Agreement. In the review
          of the
          Company’s and the related Servicer’s activities, the Master Servicer may rely
          upon an Officer’s Certificate of the Company and the related Servicer with
          regard to such Person’s compliance with the terms of this Agreement or the
          related Servicing Agreement. In the event that the Master Servicer, in
          its
          judgment, determines that a Servicer (other than Wells Fargo) should be
          terminated in accordance with its Servicing Agreement, or that a notice
          should
          be sent pursuant to such 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 Depositor and the Trustee thereof and
          the
          Master Servicer shall issue such notice or take such other action as it
          deems
          appropriate. In the event that the Master Servicer, in its judgment, determines
          that the Company or the related Servicer should be terminated in accordance
          with
          this Agreement or the related Servicing Agreement, or that a notice should
          be
          sent pursuant to this Agreement or the related Servicing Agreement with
          respect
          to the occurrence of an event that, unless cured, would constitute grounds
          for
          such termination, the Master Servicer shall notify the 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 Company under this Agreement and the
        related Servicer under the related Servicing Agreement, and shall, in the
        event
        that the Company or the related Servicer other than Wells Fargo fails to
        perform
        its obligations in accordance with this Agreement or the related Servicing
        Agreement, subject to the preceding paragraph, terminate the rights and
        obligations of such Person thereunder and act as servicer of the related
        Mortgage Loans or to cause the Trustee to enter into a new Servicing Agreement
        with a successor Servicer selected by the Master Servicer; provided, however,
        it
        is understood and acknowledged by the parties hereto that there will be a
        period
        of transition (not to exceed 90 days) before the actual servicing functions
        can
        be fully transferred to such successor Servicer. In the event that Wells
        Fargo
        fails to perform its obligations in accordance with the Wells Fargo Servicing
        Agreement, subject to the preceeding paragraph, the Master Servicer shall
        notify
        the Trustee in writing of such failure. Pursuant to its receipt of such
        notification from the Master Servicer, the Trustee shall terminate the rights
        and obligations of Wells Fargo under the Wells Fargo Servicing Agreement
        and
        enter into a new Servicing Agreement with a successor Servicer selected by
        the
        Trustee; provided, however, it is understood and acknowledged by the parties
        hereto that there will be a period of transition (not to exceed 90 days)
        before
        the actual servicing functions can be fully transferred to such successor
        Servicer. In either event, such enforcement, including, without limitation,
        the
        legal prosecution of claims, termination of Servicing Agreements and the
        pursuit
        of other appropriate remedies, shall be in such form and carried out to such
        an
        extent and at such time as the Master Servicer (or in the case Wells Fargo
        is
        terminated as the Servicer, the Trustee) in its good faith business judgment,
        would require were it the owner of the related Mortgage Loans. The Master
        Servicer shall pay the costs of such enforcement at its own expense, subject
        to
        its right of reimbursement pursuant to the provisions of this Agreement or
        the
        related Servicing Agreement, provided that the Master Servicer shall not
        be
        required to prosecute or defend any legal action except to the extent that
        the
        Master Servicer shall have received reasonable indemnity for its costs and
        expenses in pursuing such action. In the event that Wells Fargo is terminated
        as
        the Servicer, the Trustee shall pay the costs of such enforcement at its
        own
        expense, subject to its right to be reimbursed for such costs from the
        Distribution Account pursuant to Section 5.09; provided that the Trustee
        shall
        not be required to prosecute or defend any legal action except to the extent
        that the Trustee shall have received reasonable indemnity for its costs and
        expenses in pursuing such action. Nothing herein shall impose any obligation
        on
        the part of the Trustee to assume or succeed to the duties or obligations
        of
        Wells Fargo or the Master Servicer. 

       

      
        (c)         
          In the event
          that Wells Fargo is terminated as Servicer, to the extent that the costs
          and
          expenses of the Trustee related to any termination of Wells Fargo, or the
          enforcement or prosecution of related claims, rights or remedies, or the
          appointment of a successor Servicer (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 Wells Fargo as a
          result
          of an event of default by Wells Fargo 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
          Servicer to service the Mortgage Loans in accordance with the related Servicing
          Agreement) are not fully and timely reimbursed by Wells Fargo after such
          termination, the Trustee shall be entitled to reimbursement of such costs
          and
          expenses from the Distribution Account (which the Master Servicer hereby
          agrees
          to pay to the Trustee from the Distribution Account upon demand). In all
          other
          cases, to the extent that the costs and expenses of the Master Servicer
          related
          to any termination of the Company or the related Servicer (other than Wells
          Fargo), 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 Company or 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 this Agreement
          or the
          related Servicing Agreement) are not fully and timely reimbursed by the
          Company
          or the terminated Servicer, the Master Servicer shall be entitled to
          reimbursement of such costs and expenses from the Distribution Account,
          pursuant
          to Section 5.09.

         

      

       

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

       

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

       

      Section
        4.04  Fidelity
        Bond. 

       

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

       

      Section
        4.05  Power
        to Act; Procedures.
        The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article XI hereof, to do any and all things that it may deem necessary or
        desirable in connection with the master servicing and administration of the
        Mortgage Loans, including but not limited to the power and authority (i)
        to
        execute and deliver, on behalf of the Certificateholders and the Trustee,
        customary consents or waivers and other instruments and documents, (ii) to
        consent to transfers of any Mortgaged Property and assumptions of the Mortgage
        Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
        Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
        of
        the ownership of the Mortgaged Property securing any Mortgage Loan, in each
        case, in accordance with the provisions of this Agreement and the related
        Servicing Agreement, as applicable; provided, however, that the Master Servicer
        shall not (and, consistent with its responsibilities under Section 4.03,
        shall
        not permit the Company or the related Servicer to) knowingly or intentionally
        take any action, or fail to take (or fail to cause to be taken) any action
        reasonably within its control and the scope of duties more specifically set
        forth herein, that, under the REMIC Provisions, if taken or not taken, as
        the
        case may be, may cause REMIC I, REMIC II or REMIC III to fail to qualify
        as a
        REMIC or result in the imposition of a tax upon the Trust Fund (including
        but
        not limited to the tax on prohibited transactions as defined in Section
        860F(a)(2) of the Code and the tax on contributions to a REMIC set forth
        in
        Section 860G(d) of the Code), unless the Master Servicer has received an
        Opinion
        of Counsel (but not at the expense of the Master Servicer) to the effect
        that
        the contemplated action, or failure to take action, will not cause REMIC
        I,
        REMIC II or REMIC III to fail to qualify as a REMIC or result in the imposition
        of a tax upon REMIC I, REMIC II or REMIC III, as the case may be. The Trustee
        shall furnish the Master Servicer, upon written request from a Servicing
        Officer, with any powers of attorney empowering the Master Servicer, the
        Company
        or the related Servicer to execute and deliver instruments of satisfaction
        or
        cancellation, or of partial or full release or discharge, and to foreclose
        upon
        or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend
        in
        any court action relating to the Mortgage Loans or the Mortgaged Property,
        in
        accordance with the related Servicing Agreement and this Agreement, and the
        Trustee shall execute and deliver such other documents, as the Master Servicer
        may request, to enable the Master Servicer to master service and administer
        the
        Mortgage Loans and carry out its duties hereunder, in each case in accordance
        with Accepted Master Servicing Practices (and the Trustee shall have no
        liability for misuse of any such powers of attorney by the Master Servicer,
        the
        Company or the related Servicer). If the Master Servicer or the Trustee has
        been
        advised that it is likely that the laws of the state in which action is to
        be
        taken prohibit such action if taken in the name of the Trustee or that the
        Trustee would be adversely affected under the “doing business” or tax laws of
        such state if such action is taken in its name, the Master Servicer shall
        join
        with the Trustee in the appointment of a co-trustee pursuant to Section 10.11
        hereof. In the performance of its duties hereunder, the Master Servicer shall
        be
        an independent contractor and shall not, except in those instances where
        it is
        taking action in the name of the Trustee, be deemed to be the agent of the
        Trustee.

       

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

       

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

       

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

       

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

       

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

       

      Section
        4.09  Standard
        Hazard Insurance and Flood Insurance Policies. 

       

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

       

      (b)  Pursuant
        to Sections 5.01, 5.04 and 5.05 any amounts collected by the Company, the
        Servicers or the Master Servicer, or by the Company or the Servicers, under
        any
        insurance policies (other than amounts to be applied to the restoration or
        repair of the property subject to the related Mortgage or released to the
        Mortgagor in accordance with this Agreement or the Servicing Agreements)
        shall
        be deposited by the Company in its Protected Account or by the related Servicer
        or the Master Servicer into the Distribution Account, subject to withdrawal
        pursuant to Sections 5.02, 5.04, 5.05 and 5.09, as applicable. Any cost incurred
        by the Master Servicer, the Company or the related Servicer in maintaining
        any
        such insurance if the Mortgagor defaults in its obligation to do so shall
        be
        added to the amount owing under the Mortgage Loan where the terms of the
        Mortgage Loan so permit; provided, however, that the addition of any such
        cost
        shall not be taken into account for purposes of calculating the distributions
        to
        be made to Certificateholders and shall be recoverable by the Master Servicer,
        the Company or the related Servicer pursuant to Sections 5.02, 5.04, 5.05
        and
        5.09, as applicable.

       

      Section
        4.10  Presentment
        of Claims and Collection of Proceeds. 

       

      The
        Master Servicer shall (to the extent provided in this Agreement and the related
        Servicing Agreement) cause the Company or the Servicer to, prepare and present
        on behalf of the Trustee and the Certificateholders all claims under the
        Insurance Policies and take such actions (including the negotiation, settlement,
        compromise or enforcement of the insured’s claim) as shall be necessary to
        realize recovery under such policies. Any proceeds disbursed to the Master
        Servicer (or disbursed to the Company or the related Servicer and remitted
        to
        the Master Servicer) in respect of such policies, bonds or contracts shall
        be
        promptly deposited in the 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
        4.11  Maintenance
        of the Primary Mortgage Insurance Policies. 

       

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

       

      (b)  The
        Master Servicer agrees to cause the Company and the related Servicer (to
        the
        extent required under this Agreement and the related Servicing Agreement)
        to
        present, on behalf of the Trustee and the Certificateholders, claims to the
        insurer under any Primary Mortgage Insurance Policies and, in this regard,
        to
        take such reasonable action as shall be necessary to permit recovery under
        any
        Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans.
        Pursuant to Sections 5.01, 5.04 and 5.05, any amounts collected by the Company
        or the related Servicer under any Primary Mortgage Insurance Policies shall
        be
        deposited by the Company in its Protected Account or by the related Servicer
        in
        the Distribution Account, subject to withdrawal pursuant to Section 5.04
        or
        5.05, as applicable.

       

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

       

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

       

      Section
        4.13  Realization
        Upon Defaulted Mortgage Loans. 

       

      The
        Master Servicer shall cause the Company and the related Servicer (to the
        extent
        required under this Agreement and the related Servicing Agreement) to foreclose
        upon, repossess or otherwise comparably convert the ownership of Mortgaged
        Properties securing such of the Mortgage Loans as come into and continue
        in
        default and as to which no satisfactory arrangements can be made for collection
        of delinquent payments, all in accordance with this Agreement or the related
        Servicing Agreement.

       

      Section
        4.14  Compensation
        for the Master Servicer. 

       

      The
        Master Servicer shall be entitled to the Master Servicing Fee on each
        Distribution Date as compensation for the performance of its obligations
        hereunder. In addition, the Master Servicer shall be entitled to (i) all
        income
        and gain realized from any investment of funds on Permitted Investments in
        the
        Distribution Account as compensation for the performance of its obligations
        hereunder and (ii) any interest remitted by the related Servicer in connection
        with a Principal Prepayment in full or otherwise in excess of amounts required
        to be remitted to the Distribution Account (“Additional 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
        4.15  REO
        Property. 

       

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

       

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

       

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

       

      (d)  To
        the
        extent provided in this Agreement or the related Servicing Agreement, the
        Liquidation Proceeds from the final disposition of the REO Property, net
        of any
        payment to the Master Servicer and the Company or the related Servicer as
        provided above 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 Master Servicer for deposit
        into the Distribution Account on the next succeeding Remittance
        Date.

       

      Section
        4.16  Annual
        Statement
        as to Compliance. 

       

      (a)  The
        Company as a Servicer, the Master Servicer and the Securities Administrator
        shall deliver (or otherwise make available) to the Depositor and the Securities
        Administrator 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 and 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 Company, 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 and 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). 

       

      (b)  Failure
        of the Company to comply with this Section 4.16 (including with respect to
        the
        timeframes required herein) shall be deemed a Company Default, and the Master
        Servicer shall, in addition to whatever rights the Master Servicer may have
        under this Agreement and at law or equity or to damages, including injunctive
        relief and specific performance, upon notice immediately terminate all of
        the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. Failure of the Master Servicer to comply with this Section 4.16 (including
        with respect to the timeframes required herein) shall be deemed an Event
        of
        Default, and at the 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 4.16 (including with respect to
        the
        timeframes required in this Section) which failure results in a failure to
        timely file the related Form 10-K, shall be deemed a default and the Trustee
        at
        the 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
        4.17  Assessments
        of Compliance and Attestation Reports.
        

       

      Pursuant
        to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
        AB,
        each of the Company as a Servicer, the Master Servicer, the 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
        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 O 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 O 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 and the Depositor an Assessment
          of
          Compliance and Attestation Report as and when provided in the related Servicing
          Agreement. Each of the Company, the Master Servicer and the Securities
          Administrator shall cause any subservicer and each subcontractor (to the
          extent
          such subcontractor is determined by the Company, the Master Servicer or
          the
          Securities Administrator, as apppicable, to be “participating in the servicing
          function” within the meaning of Item 1122 of Regulation AB) that is engaged by
          the Company, 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 O 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 O 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.

         

      

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

      

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

       

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

       

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

       

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

      

      In
        addition to the foregoing, as part of its Assessment of Compliance, the Master
        Servicer shall note whether any adjustments to Mortgage Rate of any Mortgage
        Loan are computed based on and in compliance with this Agreement.

      

      The
        Custodian shall deliver to 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 O hereto which are indicated as applicable to a “custodian”.
        Notwithstanding the foregoing, an Assessment of Compliance or Attestation
        Report
        is not required to be delivered by any Custodian unless it is required as
        part
        of a Form 10-K with respect to the Trust Fund.

      

      Failure
        of the Company to comply with this Section 4.17 (including with respect to
        the
        timeframes required herein) shall be deemed a Company Default, and the Master
        Servicer shall, in addition to whatever rights the Master Servicer may have
        under this Agreement and at law or equity or to damages, including injunctive
        relief and specific performance, upon notice immediately terminate all of
        the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. Failure of the Master Servicer to comply with this Section 4.17 (including
        with respect to the timeframes required herein) shall be deemed an Event
        of
        Default, and at the 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 4.17 (including with respect to
        the
        timeframes required in this Section) which failure results in a failure to
        timely file the related Form 10-K, shall be deemed a default and the Trustee
        at
        the 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
        4.18  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 Q to the Securities Administrator and the Depositor and approved
          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 P) and
          approval.

         

        (B)
          Within five (5) calendar days after the related Distribution Date, (i)
          the
          parties set forth in Exhibit P shall be required to provide, pursuant to
          Section
          4.18(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-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 Form 10-D Disclosure Information
          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 two
        (2)
        Business Days prior to the 15th 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 4.18(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 identified in Section 6.06 a
        final
        executed copy of each Form 10-D. The signing party at the Master Servicer
        can be
        contacted as set forth in Section 12.05. The parties to this Agreement
        acknowledge that the performance by the the Master Servicer and the Securities
        Administrator of their respective duties under Sections 4.18(a)(i) and (vi)
        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
        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-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 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)
        For
        so long as the Trust is subject to the Exchange Act reporting requirements,
        no
        later than 5:00 p.m. New York City time 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 4.18(a)(v) below 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, an 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 4.18(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 8-K.
        The
        signing party at the Master Servicer can be contacted as set forth in Section
        12.05. The parties to this Agreement acknowledge that the performance by
        Master
        Servicer and the Securities Administrator of their respective duties under
        this
        Section 4.16(a)(iii) related to the timely preparation, execution and filing
        of
        Form 8-K is contingent upon such parties strictly observing all applicable
        deadlines in the performance of their duties under this Section 4.18(a)(iii).
        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 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 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
        Company as a Servicer,
        the
        Master Servicer, the Securities Administrator and any subservicer or
        subcontractor, as applicable, as described under Section 4.16, (II)(A) the
        annual reports on assessment of compliance with Servicing Criteria for the
        Company as a Servicer, the Master Servicer, each subservicer and subcontractor
        participating in the servicing function, the Securities Administrator and
        the
        Custodian, as described under Section 4.17, and (B) if any such report on
        assessment of compliance with Servicing Criteria described under Section
        4.17
        identifies any material instance of noncompliance, disclosure identifying
        such
        instance of noncompliance, or if any such report on assessment of compliance
        with Servicing Criteria described under Section 4.17 is not included as an
        exhibit to such Form 10-K, disclosure that such report is not included and
        an
        explanation why such report is not included, (III)(A) the registered public
        accounting firm attestation report for the Company, the Master Servicer,
        the
        Securities Administrator, each subservicer, each subcontractor, as applicable,
        and the Custodian, as described under Section 4.17, and (B) if any registered
        public accounting firm attestation report described under Section 4.17
        identifies any material instance of noncompliance, disclosure identifying
        such
        instance of noncompliance, or if any such registered public accounting firm
        attestation report is not included as an exhibit to such Form 10-K, disclosure
        that such report is not included and an explanation why such report is not
        included, and (IV) a Sarbanes-Oxley Certification as described in Section
        4.16
        (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 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 pursuant to Section 4.18(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
        Form
        10-K Disclosure information 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 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 12:00 p.m. 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 4.18(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. The signing
        party
        at the Master Servicer can be contacted as set forth in Section 12.05. The
        parties to this Agreement acknowledge that the performance by the Master
        Servicer and the Securities Administrator of their respective duties under
        Sections 4.18(a)(iv) and (vi) related to the timely preparation, execution
        and
        filing of Form 10-K is contingent upon such parties strictly observing all
        applicable deadlines in the performance of their duties under such Sections
        and
        Sections 4.16 and Section 4.17. Neither the Master Servicer nor the 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 certification (the “Sarbanes-Oxley Certification”)
        required to be included therewith pursuant to the Sarbanes-Oxley Act which
        shall
        be signed by the Certifying Person and delivered to the 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, 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 and otherwise
        within a reasonable period of time upon request, a certification (each, a
        “Back-Up Certification”), in the form attached hereto as Exhibit K, upon which
        the Certifying Person, the entity for which the Certifying Person acts as
        an
        officer, and such entity’s officers, directors and Affiliates (collectively with
        the Certifying Person, “Certification Parties”) can reasonably rely; provided,
        however, that the Company and the Securities Administrator shall not be required
        to undertake an analysis of any accountant’s report attached as an exhibit to
        the Form 10-K. An officer of the Master Servicer in charge of the master
        servicing function shall serve as the Certifying Person on behalf of the
        Trust.
        Such officer of the Certifying Person can be contacted as set forth in Section
        12.05.

       

        (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
        4.18(a)(i) through (iv) above. Such Additional Disclosure shall be accompanied
        by a notice substantially in the form of Exhibit R. Each of the Company as
        a
        Servicer, the Master Servicer, the Sponsor, the Securities Administrator
        and the
        Depositor hereby agrees to notify and provide to the extent known to the
        Company
        as a Servicer, 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. 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 4.18. 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 the date on which such information is
        required of other parties hereto as set forth under this Section 4.18. 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 a duly authorized
        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 4.16(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, 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 the Master Servider’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 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
        4.18; 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
        4.18
        shall not be reimbursable from the Trust Fund.

       

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

       

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

       

      The
        Company shall indemnify and hold harmless the Depositor, the 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
        Company under Sections 4.16, 4.17 and 4.18 or the Company’s negligence, bad
        faith or willful misconduct in connection therewith. In addition, the Company
        shall indemnify and hold harmless the Depositor and the Master Servicer and
        each
        of their respective officers, directors and affiliates and the Master Servicer
        from and against any losses, damages, penalties, fines, forfeitures, reasonable
        and necessary legal fees and related costs, judgments and other costs and
        expenses arising out of or based upon (i) any untrue statement or alleged
        untrue
        statement of any material fact contained in any Back-Up Certification, any
        Annual Statement of Compliance, any Assessment of Compliance or any Additional
        Disclosure provided by the Company on its behalf or on behalf of any subservicer
        or subcontractor pursuant to Section 4.16, 4.17 or 4.18 (the
        “Company Information”), 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 Company Information and not to any other
        information communicated in connection with the Certificates, without regard
        to
        whether the Company Information or any portion thereof is presented together
        with or separately from such other information.

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless the Company, the Depositor, the Securities Administrator or the
        Master
        Servicer, as applicable, then the defaulting party, in connection with any
        condoct for which it is providing indemnification under this Section 4.18(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 4.18(c) shall survive
        the
        termination of this Agreement or the termination of any party to this
        Agreement.

       

      (c)  Failure
        of the Company to comply with this Section 4.18 (including with respect to
        the
        timeframes required herein) shall be deemed a Company Default, and the Master
        Servicer shall, in addition to whatever rights the Master Servicer may have
        under this Agreement and at law or equity or to damages, including injunctive
        relief and specific performance, upon notice immediately terminate all of
        the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. Failure of the Master Servicer to comply with this Section 4.18 (including
        with respect to the timeframes required herein) shall be deemed an Event
        of
        Default, and at the 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 4.18 (including with respect to
        the
        timeframes required in this Section) which failure results in a failure to
        timely file the related Form 10-K, shall be deemed a default and the Trustee
        at
        the 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.

       

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

       

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

       

      Section
        4.19  Intention
        of the Parties.
        Each
        of
        the parties acknowledges and agrees that the purpose of Sections 4.16, 4.17
        and
        4.18 of this Agreement is to facilitate compliance by the 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
        4.20  UCC.
        The
        Sponsor shall file any financing statements, continuation statements or
        amendments thereto required by any change in the Uniform Commercial
        Code.

       

      Section
        4.21  Optional
        Purchase of Certain Mortgage Loans. 

       

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

       

      In
        addition, EMC shall, at its option, purchase any Mortgage Loan from the Trust
        if
        the first Due Date for such Mortgage Loan is subsequent to the Cut-off Date
        and
        the initial Monthly Payment is not made within thirty (30) days of such Due
        Date. Such purchase shall be made at a price equal to the Repurchase Price.
        

       

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

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        V

       

      ACCOUNTS

       

      Section
        5.01  Collection
        of Mortgage Loan Payments; Protected Account. 

       

      (a)  The
        Company shall make reasonable efforts in accordance with customary and usual
        standards of practice of prudent mortgage lenders in the respective states
        in
        which the Mortgaged Properties related to the EMC Mortgage Loans are located
        to
        collect all payments called for under the terms and provisions of the EMC
        Mortgage Loans to the extent such procedures shall be consistent with this
        Agreement and the terms and provisions of any related Required Insurance
        Policy.
        Consistent with the foregoing, the Company may in its discretion (i) waive
        any
        late payment charge and (ii) extend the due dates for payments due on a Mortgage
        Note related to an EMC Mortgage Loan for a period not greater than 125 days.
        In
        the event of any such arrangement, the Company shall make Advances on the
        related EMC Mortgage Loan during the scheduled period in accordance with
        the
        amortization schedule of such EMC Mortgage Loan without modification thereof
        by
        reason of such arrangements, and shall be entitled to reimbursement therefor
        in
        accordance with Section 6.01. The Company shall not be required to institute
        or
        join in litigation with respect to collection of any payment (whether under
        a
        Mortgage, Mortgage Note or otherwise or against any public or governmental
        authority with respect to a taking or condemnation) if it reasonably believes
        that enforcing the provision of the Mortgage or other instrument pursuant
        to
        which such payment is required is prohibited by applicable law. In addition,
        if
        (x) an EMC Mortgage Loan is in default or default is imminent or (y) the
        Company
        delivers to the Trustee a certification addressed to the Trustee, based on
        the
        advice of counsel or certified public accountants, in either case, that have
        a
        national reputation with respect to taxation of REMICs, that a modification
        of
        such EMC Mortgage Loan will not result in the imposition of taxes on or
        disqualify any of REMIC I, REMIC II or REMIC III, the Company may, (A) amend
        the
        related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided
        that such reduced Mortgage Rate shall in no event be lower than 5.00% with
        respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related
        to an
        EMC Mortgage Loan to extend the maturity thereof.

       

      
        With
          respect to Mortgage Loans affected by Hurricane Katrina, if the Mortgaged
          Property is located in public and individual assistance counties as designated
          by FEMA (as set forth on its website www.fema.gov),
          the
          Company may cease charging of late fees and credit reporting activity for
          Mortgators in such counties until May 1, 2006 and if reasonably prudent,
          may
          extend such period as long as necessary.  In addition, the Company may
          suspend foreclosure and bankruptcy activity relating to certain Mortgage
          Loans
          and if reasonably prudent, may extend such period as long as
          necessary.

         

      

      In
        accordance with the standards of the first paragraph of Section 3.01, the
        Company shall not waive (or permit a sub-servicer to waive) any Prepayment
        Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof
        shall have been limited by bankruptcy, insolvency, moratorium, receivership
        and
        other similar laws relating to creditors’ rights generally, (ii) the enforcement
        thereof is illegal, or any local, state or federal agency has threatened
        legal
        action if the prepayment penalty is enforced, (iii) the collectability thereof
        shall 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 Charge and the related EMC Mortgage Loan. If a Prepayment Charge
        is
        waived, but does not meet the standards described above, then the Company
        is
        required to pay the amount of such waived Prepayment Charge, for the benefit
        of
        the Class P Certificates, by remitting such amount to the Master Servicer
        by the
        Remittance Date.

       

      (b)  The
        Company shall establish and maintain a Protected Account (which shall at
        all
        times be an Eligible Account) with a depository institution in the name of
        the
        Company for the benefit of the Trustee on behalf of the Certificateholders
        and
        designated “U.S. Bank National Association, in trust for registered Holders of
        Bear Stearns Asset Backed Securities I LLC, Asset-Backed Certificates Series
        2006-AC3”. The Company shall deposit or cause to be deposited into the Protected
        Account on a daily basis within one Business Day of receipt, except as otherwise
        specifically provided herein, the following payments and collections remitted
        by
        subservicers or received by it in respect of the EMC Mortgage Loans subsequent
        to the Cut-off Date (other than in respect of principal and interest due
        on the
        EMC Mortgage Loans on or before the Cut-off Date) and the following amounts
        required to be deposited hereunder:

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Section
        5.02  Permitted
        Withdrawals From the Protected Account. 

       

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

       

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

       

      (ii)  to
        reimburse the Company for Advances made by it with respect to the Mortgage
        Loans, provided, however, that the Company’s right of reimbursement pursuant to
        this subclause (ii) shall be limited to amounts received on particular EMC
        Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds and
        Insurance Proceeds) that represent late recoveries of payments of principal
        and/or interest on such particular EMC Mortgage Loan(s) in respect of which
        any
        such Advance was made;

       

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

       

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

       

      (v)  to
        pay
        the Company any unpaid Servicing Fees and to reimburse it for any unreimbursed
        Servicing Advances, provided, however, that the Company’s right to reimbursement
        for Servicing Advances pursuant to this subclause (v) with respect to any
        EMC
        Mortgage Loan shall be limited to amounts received on particular EMC Mortgage
        Loan(s) (including, for this purpose, Liquidation Proceeds, Insurance Proceeds
        and purchase and repurchase proceeds) that represent late recoveries of the
        payments for which such Servicing Advances were made;

       

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

       

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

       

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

       

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

       

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

       

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

       

      Section
        5.03  Reports
        to Master Servicer. 

       

      On
        or
        before the tenth calendar day of each month, the Company shall furnish to
        the
        Master Servicer electronically in a format acceptable to the Master Servicer
        loan accounting reports in the investor’s assigned loan number order to document
        the payment activity on each EMC Mortgage Loan on an individual mortgage
        loan
        basis. With respect to each month, such loan accounting reports shall contain
        the following:

       

      (i)  with
        respect to each Scheduled Payment (on both an actual and scheduled basis
        with
        respect to mortgage loan balances and on an actual basis with respect to
        paid-through dates), the amount of such remittance allocable to principal
        (including a separate breakdown of any Principal Prepayment, including the
        amount of any Prepayment Interest Shortfall);

       

      (ii)  with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        scheduled interest;

       

      (iii)  the
        amount of servicing compensation received by the Company during the prior
        calendar month;

       

      (iv)  the
        aggregate scheduled principal balance of the EMC Mortgage Loans;

       

      (v)  the
        aggregate amount of Advances made by the Company pursuant to Section
        6.01;

       

      (vi)  the
        aggregate of any expenses reimbursed to the Company during the prior calender
        month pursuant to Section 5.02; 

       

      (vii)  the
        number and aggregate outstanding principal balances of EMC Mortgage Loans
        (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and

       

      (viii)  the
        amount of any Prepayment Charges collected by the Company and the amount
        of
        Prepayment Charges paid by the Company in connection with a waiver that is
        not
        permitted under this Agreement.

       

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

       

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

       

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

       

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

       

      (b)  To
        the
        extent provided in this Agreement or any Servicing Agreement, amounts on
        deposit
        in a Protected Account may be invested in Permitted Investments in the name
        of
        the Trustee for the benefit of Certificateholders and, except as provided
        in the
        preceding paragraph, not commingled with any other funds, such Permitted
        Investments to mature, or to be subject to redemption or withdrawal, no later
        than the date on which such funds are required to be withdrawn for deposit
        in
        the Distribution Account, and shall be held until required for such deposit.
        The
        income earned from Permitted Investments made pursuant to this Section 5.04
        shall be paid to the Company or the related Servicer under this Agreement
        or the
        related Servicing Agreement, and the risk of loss of moneys required to be
        distributed to the Certificateholders resulting from such investments shall
        be
        borne by and be the risk of the Company or the related Servicer, as the case
        may
        be. The Company or the related Servicer (to the extent provided in this
        Agreement or the related Servicing Agreement) shall deposit the amount of
        any
        such loss in the Protected Account within two Business Days of receipt of
        notification of such loss but not later than the second Business Day prior
        to
        the Distribution Date on which the moneys so invested are required to be
        distributed to the Certificateholders.

       

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

       

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

       

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

       

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

       

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

       

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

       

      (d)  Withdrawals
        may be made from a Protected Account by the Company as described in Section
        5.02
        hereof and by the Master Servicer or the related Servicer only to make
        remittances as provided in Section 5.05(c), 5.08 and 5.09; to reimburse the
        Master Servicer or the Servicer for Advances which have been recovered by
        subsequent collection from the related Mortgagor; to remove amounts deposited
        in
        error; to remove fees, charges or other such amounts deposited on a temporary
        basis; or to clear and terminate the account at the termination of this
        Agreement in accordance with Section 11.01. As provided in Section 5.05(c)
        certain amounts otherwise due to the related Servicer may be retained by
        the
        related Servicer and need not be deposited in the Distribution
        Account.

       

      Section
        5.06  Reserved. 

       

      Section
        5.07  Reserved.
        

       

      Section
        5.08  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 Sponsor or Section 2.02 or 2.03, any amounts which
        are to
        be treated pursuant to Section 5.09 of this Agreement as the payment of such
        a
        Repurchase Price, the Repurchase Price with respect to any Mortgage Loans
        purchased by EMC pursuant to Section 4.20, and all proceeds of any Mortgage
        Loans or property acquired with respect thereto repurchased by the Sponsor
        or
        its designee pursuant to Section 11.01;

       

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

       

      (v)  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 an Eligible 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 on such
        direction which mature not later than the Business Day next preceding the
        succeeding Distribution Date, except if such Permitted Investment is an
        obligation of or is managed by the institution that maintains such fund or
        account, then such Permitted Investment shall mature not later than such
        Distribution Date. Permitted Investments in respect of the Distribution Account
        shall not be sold or disposed of prior to their maturity. All investment
        earnings on amounts on deposit in the Distribution Account or benefit from
        funds
        uninvested therein from time to time shall be for the account of the Master
        Servicer. The Master Servicer shall be permitted to receive distribution
        of any
        and all investment earnings from the Distribution Account on each Distribution
        Date. If there is any loss on a Permitted Investment or demand deposit, the
        Master Servicer shall deposit the amount of the loss in the Distribution
        Account. 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
        5.09  Permitted
        Withdrawals and Transfers from the Distribution Account. 

       

      (a)  The
        Securities Administrator will, from time to time on demand of the Master
        Servicer, make or cause to be made 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 5.09):

       

      (i)  to
        reimburse the Master Servicer, the Company or the related Servicer for any
        Advance or Servicing Advance of its own funds, the right of the Master Servicer,
        the Company or the related Servicer to reimbursement pursuant to this subclause
        (i) being limited 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, the Company or the related Servicer from
        Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage
        Loan for amounts expended by the Master Servicer, the Company or the related
        Servicer in good faith in connection with the restoration of the related
        Mortgaged Property which was damaged by an uninsured cause or in connection
        with
        the liquidation of such Mortgage Loan;

       

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

       

      (iv)  to
        reimburse the Master Servicer, the Company or a Servicer for advances of
        funds
        pursuant to this Agreement or the related Servicing Agreement, and the right
        to
        reimbursement pursuant to this subclause being limited 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, the Company or a Servicer for any Advance
        or
        advance, after a Realized Loss has been allocated with respect to the related
        Mortgage Loan if the Advance or advance has not been reimbursed pursuant
        to
        clauses (i) and (vi);

       

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

       

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

       

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

       

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

       

      (x)  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; and

       

      (xii)  to
        clear
        and terminate the Distribution Account pursuant to Section 11.01.

       

      (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).

       

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

       

      Section
        5.10  Reserved.

       

      Section
        5.11  Reserved.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        VI

       

      DISTRIBUTIONS
        AND ADVANCES

       

      Section
        6.01  Advances. 

       

      
        (a) The
          Company shall make an Advance with respect to any EMC Mortgage Loan and
          deposit
          such Advance in the Distribution Account no later than 1:00 p.m. Eastern
          time on
          the Remittance Date in immediately available funds. The Master Servicer
          shall
          cause the related Servicer to remit any such Advance required pursuant
          to the
          terms of the related Servicing Agreement. The Company or the related Servicer,
          as applicable, shall be obligated to make any such Advance only to the
          extent
          that such advance would not be a Nonrecoverable Advance. If the Company
          or the
          related Servicer shall have determined that it has made a Nonrecoverable
          Advance
          or that a proposed Advance or a lesser portion of such Advance would constitute
          a Nonrecoverable Advance, the Company or the related Servicer, as the case
          may
          be, shall deliver (i) to the Securities Administrator for the benefit of
          the
          Certificateholders funds constituting the remaining portion of such Advance,
          if
          applicable, and (ii) to the Depositor, the Master Servicer, each Rating
          Agency
          and the Trustee an Officer’s Certificate setting forth the basis for such
          determination. Subject to the Master Servicer’s recoverability determination, in
          the event that a Servicer (other than 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 such a required
          Advance,
          the Trustee, as successor servicer or master servicer, as applicable, shall
          be
          required to remit the amount of such Advance to the Distribution Account,
          subject to its determination of recoverability and subject to its right
          to be
          reimbursed for such Advances pursuant to Section 5.09.

         

      

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

       

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

       

      (b)  If
        the
        Scheduled 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 Company or the related Servicer was required to make an Advance pursuant
        to
        this Agreement or the related Servicing Agreement exceeds the amount deposited
        in the Distribution Account which will be used for an Advance with respect
        to
        such Mortgage Loan, the Master Servicer will deposit in the Distribution
        Account
        not later than the Distribution Account Deposit Date immediately preceding
        the
        related Distribution Date an amount equal to such deficiency, net of the
        Master
        Servicing Fee and the Servicing Fee for such Mortgage Loan except to the
        extent
        the Master Servicer determines any such Advance to be nonrecoverable from
        Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage
        Loan
        for which such Advance was made. Subject to the foregoing, the Master Servicer
        shall continue to make such Advances through the date that the Company or
        the
        related Servicer is required to do so under this Agreement or the related
        Servicing Agreement, as applicable. If applicable, on the Distribution Account
        Deposit Date, the Master Servicer shall present an Officer’s Certificate to the
        Trustee (i) stating that the Master Servicer elects not to make an Advance
        in a
        stated amount and (ii) detailing the reason it deems the advance to be
        nonrecoverable.

       

      Subject
        to and in accordance with the provisions of Article IX hereof, in the event
        the
        Master Servicer fails to make such Advance, then the Trustee, as Successor
        Master Servicer, shall be obligated to make such Advance, subject to the
        provisions of this Section 6.01.

       

      Section
        6.02  Compensating
        Interest Payments. 

       

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

       

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

       

      (c)  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 Company or the related Servicer is required
        to make such payment but fails to do so.

       

      Section
        6.03  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 each Regular
        Interest the ownership of which is represented by the Class A Certificates
        in
        accordance with Section 6.07 hereof.

       

      Section
        6.04  Distributions. 

       

      (a)  On
        each
        Distribution Date, the Available Funds for such Distribution Date shall be
        withdrawn by the Securities Administrator to the extent of 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:

       

      first,
        (a)
        Interest Funds in respect of the Group I Loans, to the holders of the Class
        I-A
        Certificates, concurrently on a pro rata basis, the Monthly Interest
        Distributable Amount for such classes for such distribution date and (b)
        Interest Funds in respect of the Group II Loans, to the holders of the Class
        II-A Certificates, concurrently on a pro rata basis, the Monthly Interest
        Distributable Amount for such classes for such distribution date;

       

      (i)  to
        the
        holders of the Class M-1 Certificates, the Monthly Interest Distributable
        Amount
        for such class for such distribution date; 

       

      (ii)  to
        the
        holders of the Class M-2 Certificates, the Monthly Interest Distributable
        Amount
        for such class for such distribution date;

       

      (iii)  to
        the
        holders of the Class M-3 Certificates, the Monthly Interest Distributable
        Amount
        for such class for such distribution date;

       

      (iv)  to
        the
        holders of the Class B-1 Certificates, the Monthly Interest Distributable
        Amount
        for such class for such distribution date;

       

      (v)  to
        the
        holders of the Class B-2 Certificates, the Monthly Interest Distributable
        Amount
        for such class for such distribution date; 

       

      (vi)  to
        the
        holders of the Class B-3 Certificates, the Monthly Interest Distributable
        Amount
        for such class for such distribution date; and

       

      (vii)  to
        the
        holders of the Class B-4 Certificates, the Monthly Interest Distributable
        Amount
        for such class for such distribution date.

       

      
        On
          each
          distribution date, any shortfalls resulting from the application of the
          Relief
          Act and any Prepayment Interest Shortfalls to the extent not covered by
          Compensating Interest will reduce the amount of the interest payable to
          the
          Offered Certificates and Class B-4 Certificates on such distribution date
          as
          described in the definition of Monthly Interest Distributable Amount. The
          holders of the Offered Certificates and Class B-4 Certificates will be
          entitled
          to reimbursement for any such interest shortfalls with interest thereon
          solely
          from the Net Monthly Excess Cashflow to the extent of funds available
pursuant
          to clause third
          below.

         

        On
          any
          Distribution Date, any Unpaid Interest Shortfalls will be allocated to
          the
          Certificates (other than the Class P Certificates) as set forth in the
          definition of “Monthly Interest Distributable Amount” in Section 1.01 and in
          Section 1.02.

         

        Any
          Excess Spread to the extent necessary to restore or maintain a level of
          overcollateralization equal to the Overcollateralization Target Amount
          will be
          the Overcollateralization Increase Amount and will be included as part
          of the
          Principal Distribution Amount for the Offered Certificates and Class B-4
          Certificates and distributed pursuant to the second
          and
          third clause
          below. 

         

      

      second,
        the
        Principal Distribution Amount for any Distribution Date shall be distributed
        concurrently
        as follows:

       

      (i)  with
        respect to the Class I-A (other than the Class I-A-2 Certificates), Class
        M and
        Class B Certificates, the Group I Principal Distribution Amount for such
        distribution date, on a pro rata basis, based on the Certificate Principal
        Balance of each such Class, until the Certificate Principal Balances thereof
        have been reduced to zero; and

       

      (ii)  with
        respect to the Class II-A (other than the Class II-A-2 Certificates), Class
        M
        and Class B Certificates, the Group II Principal Distribution Amount for
        such
        distribution date, on a pro rata basis, based on the Certificate Principal
        Balance of each such Class, until the Certificate Principal Balances thereof
        have been reduced to zero. 

       

      
        third, On
          each
          distribution date, Excess Spread will be required to be applied as a Extra
          Principal Distribution Amount and distributed as part of the Principal
          Distribution Amount with respect to the Offered Certificates and Class
          B-4
          Certificates whenever the Overcollateralized Amount is less than the
          Overcollateralization Target Amount; provided that, after the earlier of
          (1) the
          20% Clean-Up Call Date and (2) the Early Turbo Payment Date, such Excess
          Spread
          will be used first to pay the Overcollateralization Increase Amount, any
          Net
          Interest Shortfalls and any Net WAC Rate Carryover Amounts, in that order,
          on
          such distribution date, and the remainder will be applied as part of the
          Extra
          Principal Distribution Amount. The amount of any Net Monthly Excess Cashflow
          in
          loan with respect to each distribution date will be distributed as
          follows:

         

      

      

        (i)       
          to
          the
          Holders of the Senior Certificates, on a pro rata basis, based on the
          entitlement of each such Class, then to the Holders of the Class M-1
          Certificates, then to the holders of the Class M-2 Certificates, then to
          the
          holders of the Class M-3 Certificates, then to the holders of the Class
          B-1
          Certificates, then to the holders of the Class B-2 Certificates, then to
          the
          holders of the Class B-3 Certificates and then to the holders of the Class
          B-4
          Certificates, any Unpaid Interest Shortfall for such Classes of Certificates
          on
          such Distribution Date, to the extent not previously reimbursed;

         

      

      (ii)  from
        remaining Net Monthly Excess Cashflow, to the holders of the Class M-1
        Certificates, in an amount equal to the Applied Realized Loss Amount for
        such
        class;

       

      (iii)  from
        remaining Net Monthly Excess Cashflow, to the holders of the Class M-2
        Certificates, in an amount equal to the Applied Realized Loss Amount for
        such
        class;

       

      (iv)  from
        remaining Net Monthly Excess Cashflow, to the holders of the Class M-3
        Certificates, in an amount equal to the Applied Realized Loss Amount for
        such
        class;

       

      (v)  from
        remaining Net Monthly Excess Cashflow, to the holders of the Class B-1
        Certificates, in an amount equal to the Applied Realized Loss Amount for
        such
        class;

       

      (vi)  from
        remaining Net Monthly Excess Cashflow, to the holders of the Class B-2
        Certificates, in an amount equal to the Applied Realized Loss Amount for
        such
        class;

       

      (vii)  from
        remaining Net Monthly Excess Cashflow, to the holders of the Class B-3
        Certificates, in an amount equal to the Applied Realized Loss Amount for
        such
        class;

       

      (viii)  from
        remaining Net Monthly Excess Cashflow, to the holders of the Class B-4
        Certificates, in an amount equal to the Applied Realized Loss Amount for
        such
        class;

       

      (ix)  from
        amounts otherwise distributable to the Class C Certificates, to the Net WAC
        Reserve Fund, in respect of the Senior Certificates, on a pro rata basis,
        based
        on the entitlement of each such Class, the Net WAC Rate Carryover Amount
        for
        each such Class for such Distribution Date to the extent such amount exceeds
        the
        amounts then on deposit in the Net WAC Reserve Fund;

       

      (x)  from
        amounts otherwise distributable to the Class C Certificates, to the Net WAC
        Reserve Fund, in respect of the Class M-1 Certificates, the Net WAC Rate
        Carryover Amount for such Class for such Distribution Date to the extent
        such
        amount exceeds the amounts then on deposit in the Net WAC Reserve
        Fund;

       

      (xi)  from
        amounts otherwise distributable to the Class C Certificates, to the Net WAC
        Reserve Fund, in respect of the Class M-2 Certificates, the Net WAC Rate
        Carryover Amount for such Class for such Distribution Date to the extent
        such
        amount exceeds the amounts then on deposit in the Net WAC Reserve
        Fund;

       

      (xii)  from
        amounts otherwise distributable to the Class C Certificates, to the Net WAC
        Reserve Fund, in respect of the Class M-3 Certificates, the Net WAC Rate
        Carryover Amount for such Class for such Distribution Date to the extent
        such
        amount exceeds the amounts then on deposit in the Net WAC Reserve
        Fund;

       

      (xiii)  from
        amounts otherwise distributable to the Class C Certificates, to the Net WAC
        Reserve Fund, in respect of the Class B-1 Certificates, the Net WAC Rate
        Carryover Amount for such Class for such Distribution Date to the extent
        such
        amount exceeds the amounts then on deposit in the Net WAC Reserve
        Fund;

       

      (xiv)  from
        amounts otherwise distributable to the Class C Certificates, to the Net WAC
        Reserve Fund, in respect of the Class B-2 Certificates, the Net WAC Rate
        Carryover Amount for such Class for such Distribution Date to the extent
        such
        amount exceeds the amounts then on deposit in the Net WAC Reserve
        Fund;

       

      (xv)  from
        amounts otherwise distributable to the Class C Certificates, to the Net WAC
        Reserve Fund, in respect of the Class B-3 Certificates, the Net WAC Rate
        Carryover Amount for such Class for such Distribution Date to the extent
        such
        amount exceeds the amounts then on deposit in the Net WAC Reserve
        Fund;

       

      (xvi)  from
        amounts otherwise distributable to the Class C Certificates, to the Net WAC
        Reserve Fund, in respect of the Class B-4 Certificates, the Net WAC Rate
        Carryover Amount for such Class for such Distribution Date to the extent
        such
        amount exceeds the amounts then on deposit in the Net WAC Reserve
        Fund;

       

      (xvii)  from
        amounts otherwise distributable to the Class C Certificates, to the Net WAC
        Reserve Fund, to maintain a balance equal to the Net WAC Reserve Fund
        Deposit;

       

      (xviii)  to
        the
        Holders of the Class C Certificates, the Class C Distribution Amount less
        amounts distributed pursuant to items (ix) through (xvii) of this clause
        third;
        and

       

      (xix)  to
        the
        Holders of the Class R Certificates, any amounts of Net Monthly Excess Cashflow
        remaining after distributions pursuant to items (i) through (xvii) of this
        clause third,
        based
        on the related REMIC in which such amounts remain.

       

      (b)  In
        addition, notwithstanding the foregoing, on any distribution date after the
        distribution date on which the Certificate Principal Balance of a class of
        certificates has been reduced to zero, that class of certificates will be
        retired and will no longer be entitled to distributions, including distributions
        in respect of Net Interest Shortfalls or Net WAC Rate Carryover
        Amounts.

       

      (c)  On
        each
        Distribution Date, all amounts representing Prepayment Charges in respect
        of the
        Mortgage Loans received during the related Prepayment Period and deposited
        in
        the Distribution Account will be withdrawn from the Distribution Account
        and
        distributed by the Securities Administrator 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.

       

      (d)  Subject
        to Section 11.02 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 11.02 hereof respecting the final
        distribution, distributions with respect to Certificates registered in the
        name
        of a Depository shall be made to such Depository in immediately available
        funds.

       

      (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
        6.05  Allocation
        of Realized Losses. 

       

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

       

      (b)  The
        interest portion of Realized Losses shall be allocated to the Certificates
        (other than the Class P Certificates) as described in Section 1.02
        hereof.

       

      (c)  The
        principal portion of all Realized Losses on the Mortgage Loans shall be
        allocated on each Distribution Date as follows: first, to Net Monthly Excess
        Cashflow as part of the payment of the Extra Principal Distribution Amount,
        second, in reduction of the Overcollateralization Amount, until reduced to
        zero;
        third, to the Class B-4 Certificates, until the Certificate Principal Balance
        thereof has been reduced to zero; fourth, to the Class B-3 Certificates,
        until
        the Certificate Principal Balance thereof has been reduced to zero; fifth,
        to
        the Class B-2 Certificates, until the Certificate Principal Balance thereof
        has
        been reduced to zero; sixth, to the Class B-1 Certificates, until the
        Certificate Principal Balance thereof has been reduced to zero; seventh,
        to the
        Class M-3 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; eighth, to the Class M-2 Certificates, until the Certificate
        Principal Balance thereof has been reduced to zero; and ninth, to the Class
        M-1
        Certificates, until the Certificate Principal Balance thereof has been reduced
        to zero. All such Realized Losses to be allocated to the Certificate Principal
        Balances of all Classes on any Distribution Date shall be so allocated after
        the
        actual distributions to be made on such date as provided above. All references
        above to the Certificate Principal Balance of any Class of Certificates shall
        be
        to the Certificate Principal Balance of such Class immediately prior to the
        relevant Distribution Date, before reduction thereof by any Realized Losses,
        in
        each case to be allocated to such Class of Certificates, on such Distribution
        Date.

       

      Any
        allocation of the principal portion of Realized Losses to a Subordinate
        Certificate on any Distribution Date shall be made by reducing the Certificate
        Principal Balance thereof by the amount so allocated; any allocation of Realized
        Losses to the Net Monthly Excess Cashflow shall be made by reducing the amount
        otherwise payable in respect of the Class C Certificates pursuant to Section
        6.04(a) clause third;
        and any
        allocation of Realized Losses to the Overcollateralized Amount shall be made
        by
        reducing the Certificate Principal Balance of the Class C Certificates. No
        allocations of any Realized Losses shall be made to the Certificate Principal
        Balances of the Senior Certificates or the Class P Certificates.

       

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

       

      Notwithstanding
        the foregoing, no such allocation of any Realized Loss shall be made on a
        Distribution Date to any Class of Subordinate Certificates to the extent
        that
        such allocation would result in the reduction of the aggregate Certificate
        Principal Balance of all the Certificates (other than the Class P Certificates)
        as of such Distribution Date, after giving effect to all distributions and
        prior
        allocations of Realized Losses on the 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”). In
        addition in no event will the Certificate Principal Balance of any Subordinate
        Certificate be reduced more than once in respect of any particular amount both
        (i) allocable to such Certificate in respect of Realized Losses and (ii)
        payable
        as principal to the Holder of such Certificate from Remaining Excess
        Spread.

       

      In
        addition, in the event that the Master Servicer receives any Subsequent
        Recoveries from the Company or the related Servicer, the Master Servicer
        shall
        deposit such funds into the Distribution Account pursuant to Section 5.08.
        If,
        after taking into account such Subsequent Recoveries, the amount of a Realized
        Loss is reduced, the amount of such Subsequent Recoveries will be applied
        to
        increase the Certificate Principal Balance of the Class of Subordinate
        Certificates with the highest payment priority to which Realized Losses have
        been allocated, but not by more than the amount of Realized Losses previously
        allocated to that Class of Subordinate Certificates pursuant to this Section
        6.05 and not previously reimbursed to such Class of Subordinate Certificates
        with Net Monthly Excess Cashflow pursuant to clause third
        of
        Section 6.04(a); provided, however, to the extent that no reductions to a
        Certificate Principal Balance of any Class of Subordinate Certificates currently
        exists as the result of a prior allocation of a Realized Loss, such Subsequent
        Recoveries will be applied as Excess Spread. The amount of any remaining
        Subsequent Recoveries will be applied to sequentially increase the Certificate
        Principal Balance of the Subordinate Certificates, beginning with the Class
        of
        Subordinate Certificates with the next highest payment priority, up to the
        amount of such Realized Losses previously allocated to such Class of Subordinate
        Certificates pursuant to this Section 6.05 and not previously reimbursed
        to such
        Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant
        to
        clause third
        of
        Section 6.04(a). Holders of such Certificates will not be entitled to any
        payment in respect of current interest on the amount of such increases 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 Subordinate Certificate of such Class in accordance with its respective
        Percentage Interest.

       

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

       

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

       

      (e) All
        Realized Losses on the Mortgage Loans shall be allocated on each Distribution
        Date to the REMIC II Regular Interests in the same manner and priority as
        Realized Losses are allocated to the Corresponding Certificates pursuant
        to
        Sections 1.02, 6.05(b) and 6.05(c);
        provided, however, that solely for purposes of allocating such Realized Losses
        to the REMIC II Regular Interests, any such losses otherwise allocable to
        the
        Class I-A-2 Certificates and Class II-A-2 Certificates shall be deemed to
        be
        allocated to the Class I-A-1 Certificates and Class II-A-1 Certificates,
        respectively.

       

      Section
        6.06  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)  with
          respect to each loan group, the amount of the related distribution to holders
          of
          the offered certificates (by class), other than the Class I-A-2 Certificates
          and
          Class II-A-2 Certificates, 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;

         

        (ii)  with
          respect to each loan group, the total cash flows received and the general
          sources thereof;

         

        (iii)  with
          respect to each loan group, the amount of such distribution to Holders
          of each
          Class allocable to interest and with respect to the Class I-A-1 Certificates
          and
          the Class II-A-1 Certificates, the amount allocable to interest and the
          portion
          thereof, if any, provided by the related interest rate corridor
          contract;

         

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

         

        (v)  with
          respect to each loan group, the Net WAC Rate Carryover Amount and any accrued
          by
          unpaid interest for each Class of Certificates and the amount on deposit
          in the
          Net WAC Reserve Fund;

         

        (vi)  with
          respect to each loan group, the Certificate Principal Balance or Certificate
          Notional Amount of each Class after giving effect (i) to all distributions
          allocable to principal on such Distribution Date and (ii) the allocation
          of any
          Applied Realized Loss Amounts for such Distribution Date;

         

        (vii)  with
          respect to each loan group, the aggregate of the Stated Principal Balances
          of
          all of the Mortgage Loans for the following Distribution Date;

         

        (viii)  the
          Pass-Through Rate for each Class of Certificates with respect to the current
          Interest Accrual Period, and, if applicable, whether such Pass-Through
          Rate was
          limited by the related Interest Rate Cap;

         

        (ix)  with
          respect to each loan group, the cumulative amount of Applied Realized Loss
          Amounts to date;

         

        (x)  with
          respect to each loan group, whether a stepdown date or a trigger event
          is in
          effect;

         

        (xi)  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;

         

        (xii)  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;

         

        (xiii)  with
          respect to each loan group and if applicable, material modifications, extensions
          or waivers to pool asset terms, fees, penalties or payments during the
          distribution period or that have become material over time;

         

        (xiv)  with
          respect to each loan group, the amount of the Prepayment Charges remitted
          by
          each Servicer and the amount on deposit in the related reserve
          fund;

         

        (xv)  with
          respect to each loan group, the Realized Losses during the related Prepayment
          Period and the cumulative Realized Losses through the end of the preceding
          month; and

         

        (xvi)  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, the Company
          and the Servicers. The Securities Administrator will make available a copy
          of
          each statement provided pursuant to this Section 6.05 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, based on information provided
          by the
          Securities Administrator containing the information set forth in clauses
          (a)(i)
          and (a)(ii) of this Section 6.06 aggregated for such calendar year or applicable
          portion thereof during which such Person was a Certificateholder. Such
          obligation of the 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)  The
          original projected principal and interest cash flows on the Closing Date
          on each
          class of Regular Interests and Residual Interests created hereunder and
          on the
          Mortgage Loans, based on the Prepayment Assumption;

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

      

      Section
        6.07  REMIC
        Designations and REMIC I Distributions. 

       

      (a)  The
        Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be
        treated as a REMIC under Section 860D of the Code. Any inconsistencies or
        ambiguities in this Agreement or in the administration of this Agreement
        shall
        be resolved in a manner that preserves the validity of such REMIC elections.
        The
        assets of REMIC I shall include the Mortgage Loans and all interest owing
        in
        respect of and principal due thereon, the Distribution Account, the Protected
        Accounts maintained by the Company and the Servicers, any REO Property, any
        proceeds of the foregoing and any other assets subject to this Agreement
        (other
        than the Net WAC Reserve Fund, the Class I-A-1/I-A-2 Net WAC Reserve Account,
        the Class II-A-1/II-A-2 Net WAC Reserve Account and any Prepayment Charge
        Waiver
        Amounts). The
        REMIC
        I Regular Interests shall constitute the assets of REMIC II.
        The
        REMIC II Regular Interests shall constitute the assets of REMIC
        III.

       

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

       

      (i)  to
        the
        extent of the REMIC I Marker Allocation Percentage of the Interest Funds,
        to the
        holders of REMIC I Regular Interests (other than REMIC I Regular Interests
        1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and P), pro rata, in an amount equal to (A)
        the
        Uncertificated Accrued Interest for each such REMIC I 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 I Regular Interest ZZ shall be reduced and deferred when
        the
        REMIC I Overcollateralization Amount is less than the REMIC I
        Overcollateralization Target Amount by the lesser of (x) the amount of such
        difference and (y) the REMIC I Regular Interest ZZ Maximum Interest Deferral
        Amount, and such amount will be payable to the holders of each REMIC I Regular
        Interest for which a REMIC II Regular Interest is the Corresponding Interest
        in
        the same proportion as the Extra Principal Distribution Amount is allocated
        to
        the Corresponding Certificates for the Corresponding Interests, and the
        Uncertificated Principal Balance of REMIC I Regular Interest ZZ shall be
        increased by such amount;

       

      (ii)  to
        the
        extent of the REMIC I Sub WAC Allocation Percentage of the Interest Funds,
        to
        the holders of REMIC I Regular Interest 1-Sub, REMIC I Regular Interest 1-Grp,
        REMIC I Regular Interest 2-Sub, REMIC I Regular Interest 2-Grp and REMIC
        I
        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;

       

      (iii)  to
        the
        holders of REMIC I Regular Interests, in an amount equal to the REMIC I Marker
        Allocation Percentage of the remainder of the Available Funds for such
        Distribution Date after the distributions made pursuant to clauses (i) and
        (ii)
        above, allocated as follows:

       

      (A)  98.00%
        of
        such remainder to the holders of REMIC I Regular Interest AA, until the
        Uncertificated Principal Balance of such REMIC I Regular Interest is reduced
        to
        zero;

       

      (B)  2.00%
        of
        such remainder, first, to the holders of each REMIC I Regular Interest for
        which
        a REMIC II 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 Certificates for the Corresponding Interests,
        until the Uncertificated Principal Balances of such REMIC I Regular Interests
        are reduced to zero, and second, to the holders of REMIC I Regular Interest
        ZZ,
        until the Uncertificated Principal Balance of such REMIC I Regular Interest
        is
        reduced to zero; then

       

      (C)  any
        remaining amount to the Holders of the Class R-1 Certificates; and

       

      (iv) to
        the
        holders of REMIC I Regular Interest 1-Sub, REMIC I Regular Interest 1-Grp,
        REMIC
        I Regular Interest 2-Sub, REMIC I Regular Interest 2-Grp and REMIC I Regular
        Interest XX, in an amount equal to the REMIC I Sub WAC Allocation Percentage
        of
        the remainder of the Available Funds for such Distribution Date after the
        distributions made pursuant to clauses (i) and (ii) above, first, so as to
        keep
        the Uncertificated Principal Balance of each REMIC I Regular Interest ending
        with the designation “Grp” equal to 0.01% of the aggregate Stated Principal
        Balance of the Mortgage Loans in the related Loan Group; second, to each
        REMIC I
        Regular Interest ending with the designation “Sub,” so that the Uncertificated
        Principal Balance of each such REMIC I Regular Interest is equal to 0.01%
        of the
        excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans
        in
        the related Loan Group over (y) the current aggregate Certificate Principal
        Balance of the Class A Certificates related to such Loan Group (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 I Regular
        Interests such that the REMIC I Subordinated Balance Ratio is maintained);
        and
        third, any remaining amount to REMIC I Regular Interest XX.

       

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

       

      (d)  On
        each
        Distribution Date, the Available Funds related to each Loan Group, 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-2
        Certificates:

       

      (i) to
        the
        holders of the REMIC II Regular Interests (other than REMIC II Regular Interest
        P), in the same manner and priority as paid to the Corresponding
        Certificates,

       

      
        	 	
                (A)

              	
                the
                  Uncertificated Accrued Interest (or, in the case of REMIC II Regular
                  Interest C, the REMIC II Regular Interest C Distribution Amount)
                  for such
                  Distribution Date, plus

              

      

       

      
        	 	
                (B)

              	
                any
                  amounts in respect thereof remaining unpaid from previous Distribution
                  Dates; and

              

      

       

      (ii) to
        the
        holders of the REMIC II Regular Interests (other than REMIC II Regular Interest
        P), in an amount equal to the remainder of the Available Funds related to
        each
        Loan Group for such Distribution Date after the distributions made pursuant
        to
        clause (i) above, allocated in the same manner and priority as paid to the
        Corresponding Certificates, and any remaining amount to the Holders of the
        Class
        R-2 Certificates.

       

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

       

      (f)  On
        each
        Distribution Date, for federal income tax purposes, (1) (i) each of the Regular
        Interests the ownership of which is represented by the Class I-A-1 Certificates
        and Class II-A-1 Certificates shall be deemed to receive (x) accrue interest
        at
        the related Uncertificated REMIC III Pass-Through Rate on an amount equal
        to the
        then current Certificate Principal Balances of the Class I-A-1 and Class
        II-A-1
        Certificates, respectively, and (y) any amounts in respect thereof remaining
        unpaid from previous Distribution Dates for each such Regular Interest, (ii)
        each of the Regular Interests the ownership of which is represented by the
        Class
        I-A-2 Certificates and Class II-A-2 Certificates shall be deemed to receive
        (x)
        accrue interest at the related Uncertificated REMIC III Pass-Through Rate
        on an
        amount equal to the then current Certificate Notional Amounts of the Class
        I-A-2
        and Class II-A-2 Certificates, respectively, and (y) any amounts in respect
        thereof remaining unpaid from previous Distribution Dates for each such Regular
        Interest, and (2) amounts distributable in reduction of the Certificate
        Principal Balance of the Class I-A-1 Certificates and Class II-A-1 Certificates
        shall be deemed distributed to each of the Regular Interests the ownership
        of
        which is represented by such Certificates in reduction of the related principal
        balance thereof. Any amounts received on each Distribution Date by Holders
        of
        the Class A Certificates in excess of, or less than, the amounts specified
        in
        the foregoing for the Regular Interests the ownership of which is represented
        by
        such Certificates shall be treated in accordance with the provisions relating
        to
        Class I-A-1/I-A-2 Net WAC Pass-Through Amounts and Class II-A-1/II-A-2 Net
        WAC
        Pass-Through Amounts in Sections 6.09 and 6.10, as applicable.

       

      Section
        6.08  Net
        WAC Reserve Fund. 

       

      (a)  The
        Securities Administrator shall establish a Net WAC Reserve Fund on behalf
        of the
        holders of the Offered Certificates and the Class B-4 Certificates. The Net
        WAC
        Reserve Fund shall be an Eligible Account. The Net WAC Reserve Fund shall
        be
        entitled “Net WAC Reserve Fund, U.S. Bank National Association as Trustee for
        the benefit of Holders of Bear Stearns Asset Backed Securities I LLC,
        Asset-Backed Certificates, Series 2006-AC3, Class I-A-1, Class I-A-2, Class
        II-A-1, Class II-A-2, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2,
        Class B-3 and Class B-4”. On the Closing Date, the Depositor will deposit, or
        cause to be deposited, into the Net WAC Reserve Fund an amount equal to the
        Net
        WAC Reserve Fund Deposit. On each Distribution Date as to which there is
        a Net
        WAC Rate Carryover Amount payable to any Class of Certificates, the Securities
        Administrator shall, in accordance with the Remittance Report for such
        Distribution Date, deposit the amounts pursuant to paragraphs (ix) through
        (xvii) of clause third
        of
        Section 6.04(a) into the Net WAC Reserve Fund, and the Securities Administrator
        has been directed by the Class C Certificateholder to distribute any amounts
        then on deposit in the Net WAC Reserve Fund to the Holders of the Offered
        Certificates and Class B-4 Certificates in respect of the Net WAC Rate Carryover
        Amount for each such Class in the priorities set forth in clause third
        of
        Section 6.04(a).

       

      (b)  The
        Net
        WAC 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 Trustee on behalf of the Trust shall be the nominal
        owner of the Net WAC Reserve Fund. The Class C Certificateholders shall be
        the
        beneficial owners of the Net WAC Reserve Fund, subject to the power of the
        Securities Administrator to transfer amounts under Section 6.04(a). Amounts
        in
        the Net WAC Reserve Fund shall be held either uninvested in a trust or deposit
        account of the Securities Administrator with no liability for interest or
        other
        compensation thereof or, at the direction of the Majority Class C
        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 Majority
        Class
        C 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 Net WAC Reserve Fund shall be taxable to the Majority Class C
        Certificateholder. Any losses on such investments shall be deposited in the
        Net
        WAC Reserve Fund by the Majority Class C Certificateholder out of its own
        funds
        immediately as realized. In the event that the Majority Class C
        Certificateholder shall fail to provide investment instructions to the
        Securities Administrator, the amounts on deposit in the Net WAC Reserve Fund
        shall be held uninvested.

       

      (c)  For
        federal tax return and information reporting, the right of the Holders of
        the
        Offered Certificates and Class B-4 Certificates to receive payments from
        the Net
        WAC Reserve Fund in respect of any Net WAC Rate Carryover Amount shall be
        assigned a value of zero.

       

      Section
        6.09  Class
        I-A-1/I-A-2 Net WAC Pass-Through Amount; Class
        I-A-1/I-A-2 Net WAC Reserve Account.

       

      (a) The
        Securities Administrator shall establish a Class I-A-1/I-A-2 Net WAC Reserve
        Account on behalf of the Holders of the Class I-A-1 Certificates and Class
        I-A-2
        Certificates. The Class I-A-1/I-A-2 Net WAC Reserve Account shall be an Eligible
        Account. The Class I-A-1/I-A-2 Net WAC Reserve Account shall be entitled
“Class
        I-A-1/I-A-2 Net WAC Reserve Account, U.S. Bank National Association, as Trustee
        for the benefit of Holders of Bear Stearns Asset Backed Securities I LLC,
        Asset-Backed Certificates, Series 2006-AC3, Class I-A-1 Certificates and
        Class
        I-A-2 Certificates”. On the Closing Date, the Depositor will deposit, or cause
        to be deposited, into the Class I-A-1/I-A-2 Net WAC Reserve Account an amount
        equal to the Class I-A-1/I-A-2 Net WAC Reserve Account Deposit. 

       

      (b) On
        each
        Distribution Date on which the weighted average of the Net Mortgage Rates
        on the
        mortgage loans is less than the Class I-A-1/I-A-2 Target Rate, the
        Uncertificated Accrued Interest in respect of the REMIC III Regular Interest
        the
        ownership of which is represented by the Class I-A-1 Certificates will include
        the Class I-A-1/I-A-2 Net WAC Pass-Through Amount for such Distribution Date.
        On
        each such Distribution Date, the Securities Administrator shall deposit into
        the
        Class I-A-1/I-A-2 Net WAC Reserve Account the Class I-A-1/I-A-2 Net WAC
        Pass-Through Amount rather than distributing such amount to the Class I-A-1
        Certificateholders. Notwithstanding the foregoing, such Class I-A-1/I-A-2Net
        WAC
        Pass-Through Amount shall for federal, state and local tax purposes be deemed
        distributed to the Class I-A-1 Certificateholders in respect of the Regular
        Interest the ownership of which is represented by the Class I-A-1 Certificates.
        On each such Distribution Date, the Securities Administrator shall hold the
        Class I-A-1/I-A-2A Net WAC Pass-Through Amount for the benefit of the Holders
        of
        the Class I-A-2 Certificates, and shall distribute such amount to the Holders
        of
        the Class A-2 Certificates. Payments to the Holders of the Class A-2
        Certificates of any Class I-A-1/I-A-2 Net WAC Pass-Through Amount will not
        be
        payments with respect to a Regular Interest in a REMIC within the meaning
        of
        Code Section 860G(a)(1).

      

      (c) By
        accepting a Class A-1 Certificate, each Class I-A-1
        Certificateholder thereby agrees to direct the Securities
        Administrator,
        and the
Securities
        Administrator
        is
        hereby directed, to deposit into the Class
        I-A-1/I-A-2 Net WAC Reserve Account any
        Class
I-A-1/I-A-2
        Net
        WAC
        Pass-Through Amount rather than distributing such amounts to the Class A-1
        Certificateholders and further agrees that such direction is given for good
        and
        valuable consideration, the receipt and sufficiency of which is acknowledged
        by
        such acceptance. By accepting a Class I-A-1
        Certificate, each Class I-A-1
        Certificateholder acknowledges that any such Class I-A-1/I-A-2
        Net
        WAC
        Pass-Through Amount shall for federal, state and local tax purposes be deemed
        distributed in respect of the
        Regular Interest the ownership of which is represented by the Class A-1
        Certificates. By
        accepting a Class I-A-2
        Certificate, each Class I-A-2
        Certificateholder acknowledges that for federal, state and local tax purposes
        any payments of such Class I-A-1/I-A-2
        Net
        WAC
        Pass-Through Amount shall not be payments with respect to a Regular Interest
        in
        a REMIC within the meaning of Code Section 860G(a)(1).

       

      (d) The
        Class
        I-A-1/I-A-2 Net WAC 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 Class I-A-1/I-A-2 Net WAC
        Reserve
        Account. The Class I-A-1 Certificateholder shall be the beneficial owner
        of the
Class
        I-A-1/I-A-2 Net WAC Reserve Account,
        subject
        to the power of the Securities Administrator to transfer amounts under clause
        (b) above. Amounts in the Class I-A-1/I-A-2 Net WAC Reserve Account shall
        be
        held either uninvested in a trust or deposit account of the Securities
        Administrator with no liability for interest or other compensation thereof
        or,
        at the direction of the Class A-1 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-A-1 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 Class I-A-1/I-A-2 Net WAC Reserve Account
        shall be taxable to the Class I-A-1 Certificateholder. Any losses on such
        investments shall be deposited in the Class I-A-1/I-A-2 Net WAC Reserve Account
        by the Class I-A-1 Certificateholder out of its own funds immediately as
        realized. In the event that the Class I-A-1 Certificateholder shall fail
        to
        provide investment instructions to the Securities Administrator, the related
        amounts on deposit in the Class I-A-1/I-A-2 Net WAC Reserve Account shall
        be
        held uninvested.

       

      (e)
         The
        SA,
        on behalf of the Trustee shall demand payment of all money payable by the
        Corridor Contract Counterparty under the Class I-A-1 Interest Rate Corridor
        Contract. The Securities Administrator shall deposit in the Net WAC Reserve
        Fund
        all payments received by the Corridor Contract Counterparty pursuant to the
        Class I-A-1 Interest Rate Corridor Contract. On each Distribution Date the
        Securities Administrator shall remit amounts received from the Corridor Contract
        Counterparty to the Holders of the Class I-A-1 Certificates and Class C
        Certificates in the following manner and order of priority: 

       

      first,
        to
        the
        Class I-A-1 Certificates, any Additional Interest Amount for
        such
        Class of Certificates for such Distribution Date; and

       

      second,
        any
        remaining amounts received under the Class I-A-1 Interest Rate Corridor
        Contract, to the Class C Certificates.

       

      Section
        6.10  Class
        II-A-1/II-A-2 Net WAC Pass-Through Amount; Class II-A-1/II-A-2 Net WAC Reserve
        Account.

       

      

        (a) The
          Securities Administrator shall establish a Class II-A-1/II-A-2 Net WAC
          Reserve
          Account on behalf of the Holders of the Class II-A-1 Certificates and Class
          II-A-2 Certificates. The Group I Carryover Shortfall Reserve Fund shall
          be an
          Eligible Account. The Class II-A-1/II-A-2 Net WAC Reserve Account shall
          be
          entitled “Class II-A-1/II-A-2 Net WAC Reserve Account, U.S. Bank National
          Association, as Trustee for the benefit of Holders of Bear Stearns Asset
          Backed
          Securities I LLC, Asset-Backed Certificates, Series 2006-AC1, Class II-A-1
          Certificates and Class II-A-2 Certificates”. On the Closing Date, the Depositor
          will deposit, or cause to be deposited, into the Class II-A-1/II-A-2 Net
          WAC
          Reserve Account an amount equal to the Class II-A-1/II-A-2 Net WAC Reserve
          Account Deposit. 

         

      

      (b) On
        each
        Distribution Date on which the weighted average of the Net Mortgage Rates
        on the
        mortgage loans is less than the Class II-A-1/Class II-A-2 Target Rate, the
        Uncertificated Accrued Interest in respect of the REMIC III Regular Interest
        the
        ownership of which is represented by the Class II-A-1 Certificates will include
        the Class II-A-1/II-A-2 Net WAC Pass-Through Amount for such Distribution
        Date.
        On each such Distribution Date, the Securities Administrator shall deposit
        into
        the Class II-A-1/II-A-2 Net WAC Reserve Account the Class II-A-1/II-A-2 Net
        WAC
        Pass-Through Amount rather than distributing such amount to the Class II-A-1
        Certificateholders. Notwithstanding the foregoing, such Class II-A-1/II-A-2
        Net
        WAC Pass-Through Amount shall for federal, state and local tax purposes be
        deemed distributed to the Class II-A-1 Certificateholders in respect of the
        Regular Interest the ownership of which is represented by the Class II-A-1
        Certificates. On each such Distribution Date, the Securities Administrator
        shall
        hold the Class II-A-1/II-A-2 Net WAC Pass-Through Amount for the benefit
        of the
        Holders of the Class II-A-2 Certificates, and shall distribute such amount
        to
        the Holders of the Class II-A-2 Certificates. Payments to the Holders of
        the
        Class II-A-2 Certificates of any Class II-A-1/II-A-2 Net WAC Pass-Through
        Amount
        will not be payments with respect to a Regular Interest in a REMIC within
        the
        meaning of Code Section 860G(a)(1).

      

      (c) By
        accepting a Class II-A-1 Certificate, each Class II-A-1 Certificateholder
        thereby agrees to direct the Securities
        Administrator,
        and the
Securities
        Administrator
        is
        hereby directed, to deposit into the Class
        II-A-1/II-A-2 Net WAC Reserve Account any
        Class
        II-A-1/II-A-2 Net
        WAC
        Pass-Through Amount rather than distributing such amounts to the Class II-A-1
        Certificateholders and further agrees that such direction is given for good
        and
        valuable consideration, the receipt and sufficiency of which is acknowledged
        by
        such acceptance. By accepting a Class II-A-1 Certificate, each Class II-A-1
        Certificateholder acknowledges that any such Class II-A-1/II-A-2 Net
        WAC
        Pass-Through Amount shall for federal, state and local tax purposes be deemed
        distributed in respect of the
        Regular Interest the ownership of which is represented by the Class II-A-1
        Certificates. By
        accepting a Class II-A-2 Certificate, each Class II-A-2 Certificateholder
        acknowledges that for federal, state and local tax purposes any payments
        of such
        Class II-A-1/II-A-2 Net
        WAC
        Pass-Through Amount shall not be payments with respect to a Regular Interest
        in
        a REMIC within the meaning of Code Section 860G(a)(1).

       

      (d) The
        Class
        II-A-1/II-A-2 Net WAC 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 Class II-A-1/II-A-2 Net WAC
        Reserve Account. The Class II-A-1 Certificateholder shall be the beneficial
        owner of the Class II-A-1/II-A-2 Net WAC Reserve Account, subject to the
        power
        of the Securities Administrator to transfer amounts under clause (b) above.
        Amounts in the Class II-A-1/II-A-2 Net WAC Reserve Account shall be held
        either
        uninvested in a trust or deposit account of the Securities Administrator
        with no
        liability for interest or other compensation thereof or, at the direction
        of the
        Class II-A-1 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
        II-A-1 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
        Class II-A-1/II-A-2 Net WAC Reserve Account shall be taxable to the Class
        II-A-1
        Certificateholder. Any losses on such investments shall be deposited in the
        Class II-A-1/II-A-2 Net WAC Reserve Account by the Class II-A-1
        Certificateholder out of its own funds immediately as realized. In the event
        that the Class II-A-1 Certificateholder shall fail to provide investment
        instructions to the Securities Administrator, the related amounts on deposit
        in
        the Class II-A-1/II-A-2 Net WAC Reserve Account shall be held
        uninvested.

       

      (e) The
        SA,
        on behalf of the Trustee shall demand payment of all money payable by the
        Corridor Contract Counterparty under the Class II-A-1 Interest Rate Corridor
        Contract. The Securities Administrator shall deposit in the Net WAC Reserve
        Fund
        all payments received by the Corridor Contract Counterparty pursuant to the
        Class II-A-1 Interest Rate Corridor Contract. On each Distribution Date the
        Securities Administrator shall remit amounts received from the Corridor Contract
        Counterparty to the Holders of the Class II-A-1 Certificates and Class C
        Certificates in the following manner and order of priority: 

       

      first,
        to
        the
        Class II-A-1 Certificates, any Additional Interest Amount for
        such
        Class of Certificates for such Distribution Date; and

       

      second,
        any
        remaining amounts received under the Class II-A-1 Interest Rate Corridor
        Contract, to the Class C Certificates.

       

      Section
        6.11  Class
        P Certificate Account.
        The
        Securities Administrator shall establish and maintain with itself a separate,
        segregated trust account titled “Bear Stearns Asset-Backed Securities I Trust
        2006-AC3 Class P Certificate Account”. On the Closing Date, the Depositor will
        deposit, or cause to be deposited, in the Class P Certificate Account $100.00.
        The amount on deposit in the Class P Certificate Account shall be held
        uninvested. On the June 2010 Distribution Date, 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.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        VII

       

      THE
        CERTIFICATES

       

      Section
        7.01  The
        Certificates.

       

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

       

      
        	
                 Class

              	 	
                Minimum
                  Denomination

              	 	
                Integral
                  Multiple in Excess of Minimum

              	 	
                Original
                  Certificate Principal Balance or Notional Amount

              	 	
                Pass-Through
                  Rate

              	 
	
                I-A-1

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                231,684,000.00

              	 	
                Class
                  I-A-1 Pass—Through Rate

              	 
	
                I-A-2

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                N/A

              	 	
                Class
                  I-A-2 Pass—Through Rate

              	 
	
                II-A-1

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                176,710,000.00

              	 	
                Class
                  II-A-1 Pass—Through Rate

              	 
	
                II-A-2

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                N/A

              	 	
                Class
                  II-A-2 Pass—Through Rate

              	 
	
                M-1

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                31,271,000.00

              	 	
                Class
                  M-1 Pass—Through Rate

              	 
	
                M-2

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                21,115,000.00

              	 	
                Class
                  M-2 Pass—Through Rate

              	 
	
                M-3

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                18,174,000.00

              	 	
                Class
                  M-3 Pass—Through Rate

              	 
	
                B-1

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                15,769,000.00

              	 	
                Class
                  B-1 Pass—Through Rate

              	 
	
                B-2

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                13,364,000.00

              	 	
                Class
                  B-2 Pass—Through Rate

              	 
	
                B-3

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                10,691,000.00

              	 	
                Class
                  B-3 Pass—Through Rate

              	 
	
                B-4

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                10,958,000.00

              	 	
                Class
                  B-4 Pass—Through Rate

              	 
	
                C

              	 	
                $

              	
                100,000

              	 	
                $

              	
                1

              	 	
                $

              	
                34,547,220.95

              	(1)	
                Defined
                  in “Pass-Through Rate”

              	 
	
                P

              	 	
                $

              	
                100

              	 	 	
                N/A

              	 	
                $

              	
                100.00

              	 	
                0.00%

              	 
	
                R-1

              	 	 	
                100

              	
                %

              	 	
                N/A

              	 	 	
                N/A

              	 	
                N/A

              	 
	
                R-2

              	 	 	
                100

              	
                %

              	 	
                N/A

              	 	 	
                N/A

              	 	
                N/A

              	 
	
                R-3

              	 	 	
                100

              	
                %

              	 	
                N/A

              	 	 	
                N/A

              	 	
                N/A

              	 

      

      

      (1)
        This
        is a notional amount.

       

      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
        7.02  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 7.09 hereof, a Certificate Register for the
        Trust
        Fund in which, subject to the provisions of Subsections (b) and (c) below
        and to
        such reasonable regulations as it may prescribe, the 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. 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 a Private 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 Private 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 Private 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 B-4 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 Class Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE
        90-1, PTCE 95-60 or PTCE 96-23 and (II) will not give rise to any additional
        obligations on the part of the Depositor, the Securities Administrator, the
        Master Servicer or the Trustee. Notwithstanding anything else to the contrary
        herein, any purported transfer of a Private 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 Private 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 Private Certificate
        that
        is in fact not permitted by this Section 7.02(b) or for making any payments
        due
        on such Certificate to the Holder thereof or taking any other action with
        respect to such Holder under the provisions of this Agreement. The Trustee
        and
        the Securities Administrator shall each be entitled, but not obligated, to
        recover from any Holder of any Private 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 Private 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 Subordinate 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 Class
        Exemption (“PTCE”) 95-60, and (3) the conditions in Sections I and III of PTCE
        95-60 have been satisfied.

       

      (c)  Each
        Person who has or who acquires any Ownership Interest in a Residual Certificate
        shall be deemed by the acceptance or acquisition of such Ownership Interest
        to
        have agreed to be bound by the following provisions, and the rights of each
        Person acquiring any Ownership Interest in a Residual Certificate are expressly
        subject to the following provisions:

       

      (i)  Each
        Person holding or acquiring any Ownership Interest in a Residual Certificate
        shall be a Permitted Transferee and shall promptly notify the 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 7.02(c) shall
        be
        absolutely null and void and shall vest no rights in the purported Transferee.
        If any purported transferee shall become a Holder of a Residual Certificate
        in
        violation of the provisions of this Section 7.02(c), then the last preceding
        Permitted Transferee shall be restored to all rights as Holder thereof
        retroactive to the date of registration of Transfer of such Residual
        Certificate. The Trustee and Securities Administrator shall be under no
        liability to any Person for any registration of Transfer of a Residual
        Certificate that is in fact not permitted by Section 7.02(b) and this Section
        7.02(c) or for making any payments due on such Certificate to the Holder
        thereof
        or taking any other action with respect to such Holder under the provisions
        of
        this Agreement so long as the Transfer was registered after receipt of the
        related Transfer Affidavit. The Trustee and 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 Trustee to the last preceding Permitted Transferee
        of such Certificate.

       

      (v)  The
        Master Servicer shall make available within 60 days of written request from
        the
        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
        7.02(c) shall cease to apply (and the applicable portions of the legend on
        a
        Residual Certificate may be deleted) with respect to Transfers occurring
        after
        delivery to the 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 will not cause REMIC I, REMIC II and/or
        REMIC
        III, as applicable, to fail to qualify as a REMIC at any time that the
        Certificates are outstanding or result in the imposition of any tax on the
        Trust
        Fund, a Certificateholder or another Person. Each Person holding or acquiring
        any ownership Interest in a Residual Certificate hereby consents to any
        amendment of this Agreement that, based on an Opinion of Counsel addressed
        to
        the
        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 7.02 shall not be an expense of the Trust Fund, the Trustee,
        the
        Depositor, the Sponsor, the Securities Administrator or the Master
        Servicer.

       

      Section
        7.03  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 7.03, 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 7.03 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
        7.04  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
        7.05  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
        7.06  Book-Entry
        Certificates. 

       

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

       

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

       

      (b)  the
        Depositor, 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 Securities
        Administrator except to another Depository;

       

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

       

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

       

      (f)  the
        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.

       

      Section
        7.07  Notices
        to Depository. 

       

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

       

      Section
        7.08  Definitive
        Certificates. 

       

      If,
        after
        Book-Entry Certificates have been issued with respect to any Certificates,
        (a)
        the Depositor or the Depository advises the 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 Securities Administrator shall recognize
        the
        Holders of such Definitive Certificates as Certificateholders
        hereunder.

       

      Section
        7.09  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
        VIII

       

      THE
        COMPANY AND THE MASTER SERVICER

       

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

       

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

       

      (a)  Each
        of
        the Depositor, the Company and the Master Servicer will keep in full force
        and
        effect its existence, rights and franchises as a corporation under the laws
        of
        the state of its incorporation, and will obtain and preserve its qualification
        to do business as a foreign corporation in each jurisdiction in which such
        qualification is or shall be necessary to protect the validity and
        enforceability of this Agreement, the Certificates or any of the Mortgage
        Loans
        and to perform its duties under this Agreement.

       

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

       

      Section
        8.03  Indemnification
        of the 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
        4.01 and 4.05 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 that 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.

       

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

       

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

       

      Section
        8.04  Limitations
        on Liability of the Depositor, the Company, the Master Servicer and
        Others.
        Subject
        to the obligation of the Sponsor, the Company and the Master Servicer to
        indemnify the Indemnified Persons pursuant to Section 8.03:

       

      (a)  Neither
        the Depositor, the Company, the Master Servicer nor any of the directors,
        officers, employees or agents of the Depositor, the Company and the Master
        Servicer shall be under any liability to the Indemnified Persons, the Trust
        Fund
        or the Certificateholders for taking any action or for refraining from taking
        any action in good faith pursuant to this Agreement, or for errors in judgment;
        provided, however, that this provision shall not protect the Depositor, the
        Company, the Master Servicer or any such Person against any breach of warranties
        or representations made herein or any liability which would otherwise be
        imposed
        by reason of such Person’s willful misfeasance, bad faith or gross negligence in
        the performance of duties or by reason of reckless disregard of obligations
        and
        duties hereunder.

       

      (b)  The
        Depositor, the Company, the Master Servicer and any director, officer, employee
        or agent of the Depositor, the Company and the Master Servicer may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        any Person respecting any matters arising hereunder.

       

      (c)  The
        Depositor, the Company, the Master Servicer the Securities Administrator,
        the
        Trustee, the Custodian and any director, officer, employee or agent of the
        Depositor, the Company, the Master Servicer, the Securities Administrator,
        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 Company under this
        Agreement or by the related Servicer under the related Servicing Agreement),
        other than (i) any such loss, liability or expense related to the Company’s or
        the Master Servicer’s failure to perform its respective duties in compliance
        with this Agreement (except as any such loss, liability or expense shall
        be
        otherwise reimbursable pursuant to this Agreement), or to the Custodian’s
        failure to perform its duties under the Custodial Agreement, or (ii) any
        such
        loss, liability or expense incurred by reason of the Company’s, the Master
        Servicer’s or the Custodian’s willful misfeasance, bad faith or gross negligence
        in the performance of duties hereunder or under the Custodial Agreement,
        as
        applicable, or by reason of reckless disregard of obligations and duties
        hereunder or under the Custodial Agreement, as applicable.

       

      (d)  Neither
        the Depositor, the Company nor the Master Servicer shall be under any obligation
        to appear in, prosecute or defend any legal action that is not incidental
        to its
        duties under this Agreement and that in its opinion may involve it in any
        expense or liability; provided, however, the Master Servicer may in its
        discretion, with the consent of the Trustee (which consent shall not be
        unreasonably withheld), undertake any such action which it may deem necessary
        or
        desirable with respect to this Agreement and the rights and duties of the
        parties hereto and the interests of the Certificateholders hereunder. In
        such
        event, the legal expenses and costs of such action and any liability resulting
        therefrom shall be expenses, costs and liabilities of the Trust Fund, and
        the
        Master Servicer shall be entitled to be reimbursed therefor out of the
        Distribution Account as provided by Section 5.05. Nothing in this Subsection
        8.04(d) shall affect the Master Servicer’s obligation to supervise, or to take
        such actions as are necessary to ensure, the servicing and administration
        of the
        Mortgage Loans pursuant to Subsection 4.01(a).

       

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

       

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

       

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

       

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

       

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

       

      Section
        8.07  Sale
        and
        Assignment of Master Servicing.
        The
        Master Servicer may sell and assign its rights and delegate its duties and
        obligations in its entirety as Master Servicer under this Agreement and EMC
        may
        terminate the Master Servicer without cause and select a new Master Servicer;
        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; (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; and (iv) in the event the Master Servicer is
        terminated without cause by EMC, EMC shall pay, from its own funds and without
        any right of reimbursement, the terminated Master Servicer a termination
        fee
        equal to 0.25% of the aggregate Stated Principal Balance of the Mortgage
        Loans
        at the time the master servicing of the Mortgage Loans is transferred to
        the
        successor Master Servicer. No such assignment or delegation shall affect
        any
        liability of the Master Servicer arising prior to the effective date
        thereof.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        IX

       

      DEFAULT;
        TERMINATION OF MASTER SERVICER;

      TERMINATION
        OF COMPANY

       

      Section
        9.01  Events
        of Default. 

       

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

       

      (i)  any
        failure by the Master Servicer to remit to the 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; or

       

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

       

      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, and with the consent of the Company, 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 9.02 (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 VI, subject, in the
        case
        of the Trustee, to Section 9.02. The Trustee is hereby authorized and empowered
        to execute and deliver, on behalf of the terminated Master Servicer 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
        VIII
        or Article X. 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 5.08, or thereafter be received with respect to the applicable Mortgage
        Loans. The Trustee shall promptly notify the Rating Agencies of the occurrence
        of an Event of Default known to the Trustee.

       

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

       

      Section
        9.02  Trustee
        to Act; Appointment of Successor. 

       

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

       

      Section
        9.03  Notification
        to Certificateholders. 

       

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

       

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

       

      Section
        9.04  Waiver
        of Defaults. 

       

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

       

      Section
        9.05  Company
        Default. 

       

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

       

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

       

      (ii)  failure
        on the part of the Company duly to observe or perform in any material respect
        any other of the covenants or agreements (other than Section 4.16) on the
        part
        of the Company set forth in this Agreement, the breach of which has a material
        adverse effect and which continue unremedied for a period of sixty days (except
        that such number of days shall be fifteen in the case of a failure to pay
        any
        premium for any insurance policy required to be maintained under this Agreement
        and such failure shall be deemed to have a material adverse effect) after
        the
        date on which written notice of such failure, requiring the same to be remedied,
        shall have been given to the Company by the Master Servicer; or

       

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

       

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

       

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

       

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

       

      (vii)  the
        Company ceases to be qualified to transact business in any jurisdiction where
        it
        is currently so qualified, but only to the extent such non-qualification
        materially and adversely affects the Company’s ability to perform its
        obligations hereunder;

       

      (viii)  failure
        by the Company to duly perform, within the required time period, its obligations
        under Section 4.16, 4.17 or Section 4.18. 

       

      then,
        and
        in each and every such case, so long as a Company Default shall not have
        been
        remedied, the Master Servicer, by notice in writing to the Company may, in
        addition to whatever rights the Master Servicer and the Trustee on behalf
        of the
        Certificateholders may have under Section 8.03 and at law or equity to damages,
        including injunctive relief and specific performance, terminate all the rights
        and obligations of the Company under this Agreement and in and to the EMC
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice, all
        authority and power of Company under this Agreement, whether with respect
        to the
        EMC Mortgage Loans or otherwise, shall pass to and be vested in the Master
        Servicer. Upon written request from the Master Servicer, the Company shall
        prepare, execute and deliver, any and all documents and other instruments,
        place
        in the Master Servicer’s possession all Mortgage Files relating to the EMC
        Mortgage Loans, and do or accomplish all other acts or things necessary or
        appropriate to effect the purposes of such notice of termination, whether
        to
        complete the transfer and endorsement or assignment of the EMC Mortgage Loans
        and related documents, or otherwise, at the Company’s sole expense. The Company
        agrees to cooperate with the Master Servicer in effecting the termination
        of the
        Company’s responsibilities and rights hereunder, including, without limitation,
        the transfer to such successor for administration by it of all cash amounts
        which shall at the time be credited by the Company to its Protected Account
        or
        Escrow Account or thereafter received with respect to the EMC Mortgage Loans
        or
        any related REO Property.

       

      Section
        9.06  Waiver
        of Company Defaults. 

       

      The
        Master Servicer, with the consent of the Trustee, may waive only by written
        notice any default by the Company in the performance of its obligations
        hereunder and its consequences. Upon any such waiver of a past default, such
        default shall cease to exist, and any Company Default arising therefrom shall
        be
        deemed to have been remedied for every purpose of this Agreement. No such
        waiver
        shall extend to any subsequent or other default or impair any right consequent
        thereon except to the extent expressly so waived in writing.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        X

       

      CONCERNING
        THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

       

      Section
        10.01  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 Certificateholders from funds in the
        Distribution Account as provided in Sections 6.04 and 11.01 herein based
        solely
        on the applicable Remittance Report.

       

      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, 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
        Trustee shall not in any way be liable by reason of any insufficiency in
        any
        Account held by or in the name of Trustee unless it is determined by a court
        of
        competent jurisdiction in a non-appealable judgment that the Trustee’s gross
        negligence or willful misconduct was the primary cause of such insufficiency
        (except to the extent that the Trustee is obligor and has defaulted
        thereon);

       

      (vi)  Anything
        in this Agreement to the contrary notwithstanding, in no event shall the
        Trustee
        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

       

      (vii)  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 or the Company hereunder or any Servicer under the related
        Servicing Agreement.

       

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

       

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

       

      (a)  Except
        as
        otherwise provided in Section 10.01:

       

      (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 Company, the Master Servicer or the related Servicer, any
        certificates of auditors or any other certificate, statement, instrument,
        opinion, report, notice, request, consent, order, appraisal, bond or other
        paper
        or document believed by it to be genuine and to have been signed or presented
        by
        the proper party or parties;

       

      (ii)  The
        Trustee 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 consent 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 10.07;
        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.

       

      Section
        10.03  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 Trustee 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 Trustee on the Certificates) or of any Mortgage Loan
        except as expressly provided in Sections 2.02 and 2.06 hereof; provided,
        however, that the foregoing shall not relieve the Trustee, or the Custodian
        on
        its behalf, of the obligation to review the Mortgage Files pursuant to Section
        2.02 of this Agreement. The Trustee’s signature and countersignature (or
        countersignature of its agent) on the Certificates shall be solely in its
        capacity as Trustee and shall not constitute the Certificates an obligation
        of
        the Trustee 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 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
        10.04  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
        10.05  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 will be entitled to recover from the Distribution Account pursuant
        to Section 5.09 all reasonable out-of-pocket expenses, disbursements and
        advances and the expenses of the Trustee and 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
        (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
        10.06  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. Ratings 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 10.10, rated in one of the two highest long-term
        debt categories of, or otherwise acceptable to, each of the Rating Agencies.
        The
        Trustee shall not be an Affiliate of the Master Servicer. If the Trustee
        publishes reports of condition at least annually, pursuant to law or to the
        requirements of the aforesaid supervising or examining authority, then for
        the
        purposes of this Section 10.06 the combined capital and surplus of such
        corporation shall be deemed to be its total equity capital (combined capital
        and
        surplus) as set forth in its most recent report of condition so published.
        In
        case at any time the Trustee or the Securities Administrator, as applicable,
        shall cease to be eligible in accordance with the provisions of this Section
        10.06, the Trustee or the Securities Administrator shall resign immediately
        in
        the manner and with the effect specified in Section 10.08.

       

      Section
        10.07  Insurance. 

       

      The
        Trustee and the Securities Administrator, at their own expense, shall at
        all
        times maintain and keep in full force and effect: (i) fidelity insurance,
        (ii)
        theft of documents insurance and (iii) forgery insurance (which may be
        collectively satisfied by a “Financial Institution Bond” and/or a “Bankers’
Blanket Bond”). All such insurance shall be in amounts, with standard coverage
        and subject to deductibles, as are customary for insurance typically maintained
        by banks or their affiliates which act as custodians for investor-owned mortgage
        pools. A certificate of an officer of the Trustee or the Securities
        Administrator as to the Trustee’s or the Securities Administrator’s,
        respectively, compliance with this Section 10.07 shall be furnished to any
        Certificateholder upon reasonable written request.

       

      Section
        10.08  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 10.06 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 10.08 shall become effective upon acceptance
        of appointment by the successor trustee or securities administrator as provided
        in Section 10.09 hereof.

       

      Section
        10.09  Successor
        Trustee or Securities Administrator. 

       

      Any
        successor trustee or securities administrator appointed as provided in Section
        10.08 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 10.09 unless at the time of such acceptance such
        successor trustee or securities administrator shall be eligible under the
        provisions of Section 10.07 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 10.09, 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
        10.10  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 10.06 hereof without the execution or filing of
        any
        paper or further act on the part of any of the parties hereto, anything herein
        to the contrary notwithstanding.

       

      Section
        10.11  Appointment
        of Co-Trustee or Separate Trustee. 

       

      Notwithstanding
        any other provisions of this Agreement, at any time, for the purpose of meeting
        any legal requirements of any jurisdiction in which any part of the Trust
        Fund
        or property securing any Mortgage Note may at the time be located, the Master
        Servicer and the Trustee acting jointly shall have the power and shall execute
        and deliver all instruments to appoint one or more Persons approved by the
        Trustee to act as co-trustee or co-trustees jointly with the Trustee, or
        separate trustee or separate trustees, of all or any part of the Trust Fund,
        and
        to vest in such Person or Persons, in such capacity and for the benefit of
        the
        Certificateholders, such title to the Trust Fund or any part thereof, whichever
        is applicable, and, subject to the other provisions of this Section 10.11,
        such
        powers, duties, obligations, rights and trusts as the Master Servicer and
        the
        Trustee may consider necessary or desirable. If the Master Servicer shall
        not
        have joined in such appointment within 15 days after the receipt by it of
        a
        request to do so, or in the case an Event of Default shall have occurred
        and be
        continuing, the Trustee alone shall have the power to make such appointment.
        No
        co-trustee or separate trustee hereunder shall be required to meet the terms
        of
        eligibility as a successor trustee under Section 10.06 and no notice to
        Certificateholders of the appointment of any co-trustee or separate trustee
        shall be required under Section 10.09.

       

      Every
        separate trustee and co-trustee shall, to the extent permitted by law, be
        appointed and act subject to the following provisions and
        conditions:

       

      (i)  All
        rights, powers, duties and obligations conferred or imposed upon the Trustee,
        except for the obligation of the Trustee under this Agreement to advance
        funds
        on behalf of the Master Servicer, shall be conferred or imposed upon and
        exercised or performed by the Trustee and such separate trustee or co-trustee
        jointly (it being understood that such separate trustee or co-trustee is
        not
        authorized to act separately without the Trustee joining in such act), except
        to
        the extent that under any law of any jurisdiction in which any particular
        act or
        acts are to be performed (whether a Trustee hereunder or as a Successor Master
        Servicer hereunder), the Trustee shall be incompetent or unqualified to perform
        such act or acts, in which event such rights, powers, duties and obligations
        (including the holding of title to the Trust Fund or any portion thereof
        in any
        such jurisdiction) shall be exercised and performed singly by such separate
        trustee or co-trustee, but solely at the direction of the Trustee;

       

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

       

      (iii)  The
        Trustee may at any time accept the resignation of or remove any separate
        trustee
        or co-trustee.

       

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

       

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

       

      Section
        10.12  Tax
        Matters. 

       

      It
        is
        intended that the Trust Fund shall constitute, 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 Form 8811 or as otherwise
        may
        be required by the Code, the name, title, address, and telephone number of
        the
        person that the Holders of the Certificates may contact for tax information
        relating thereto, together with such additional information as may be required
        by such form, and update such information at the time or times in the manner
        required by the Code for the Trust Fund; (c) the Trustee shall make or cause
        to
        be made elections, on behalf of each REMIC formed hereunder to be treated
        as a
        REMIC on the federal tax return of such REMIC for its first taxable year
        (and,
        if necessary, under applicable state law); (d) the 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 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 Trustee shall pay, from the sources
        specified in the penultimate paragraph of this Section 10.12, as directed
        by the
        Securities Administrator in its Remittance Report, 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
        10.12
        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 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 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
        as 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 as, and is
        not
        paid as otherwise provided for herein, such tax shall be paid by (i) the
        Trustee
        or the Securities Administrator, if any such other 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) any party hereto (other
        than
        the Trustee or the Securities Administrator) to the extent any such other
        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), any such tax will be paid first with amounts otherwise
        to
        be distributed to the Class R Certificateholders, and second with amounts
        otherwise to be distributed to the following other Certificates in the following
        order of priority: first, to the Class B-4 Certificates, second, to the Class
        B-3 Certificates, third, to the Class B-2 Certificates, fourth, to the Class
        B-1
        Certificates, fifth, to the Class M-3 Certificates, sixth, to the Class M-2
        Certificates, seventh, to the Class M-1 Certificates, and eighth, to the
        Class A
        Certificates, pro rata, based on the amounts to be distributed. 

       

      Notwithstanding
        anything to the contrary contained herein, to the extent that such tax is
        payable by the Holder of any Certificates, the Securities Administrator is
        hereby authorized to retain on any Distribution Date, from the Holders of
        the
        Class R Certificates (and, if necessary, second, from the Holders of the
        other
        Certificates in the priority specified in the preceding sentence), funds
        otherwise distributable to such Holders in an amount sufficient to pay such
        tax.
        The 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, on written
        request by the Trustee, 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 10.12, 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 10.12, the Trustee shall perform such
        obligations on its behalf to the extent that the Trustee possesses all documents
        necessary to so perform and receives reasonable compensation therefor, provided,
        however, that the Trustee shall not be liable for any losses resulting from
        any
        such breach.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        XI

       

      TERMINATION

       

      Section
        11.01  Termination
        upon Liquidation or Repurchase of all Mortgage Loans. 

       

      Subject
        to Section 11.03, the obligations and responsibilities of the Depositor,
        the
        Master Servicer, the Securities Administrator, the Sponsor and the Trustee
        created hereby with respect to the Trust Fund shall terminate upon the earlier
        of (a) the purchase by the Majority Class C Certificateholder of all of the
        Mortgage Loans (and REO Properties) remaining in the Trust Fund at a price
        (the
“Mortgage Loan Purchase Price”) equal to the sum of (i) 100% of the Stated
        Principal Balance of each Mortgage Loan (other than in respect of REO Property),
        (ii) accrued interest thereon at the applicable Mortgage Rate to, but not
        including, the first day of the month of such purchase, (iii) the appraised
        value of any REO Property in the Trust Fund (up to the Stated Principal Balance
        of the related Mortgage Loan), such appraisal to be conducted by an appraiser
        mutually agreed upon by the Master Servicer and the Trustee and (iv)
        unreimbursed out-of pocket costs of the Company, the Servicers or the Master
        Servicer, including unreimbursed servicing advances and the principal portion
        of
        any unreimbursed Advances, made on the Mortgage Loans prior to the exercise
        of
        such repurchase right and (v) any unreimbursed costs and expenses of the
        Trustee
        and the Securities Administrator payable pursuant to Section 10.05 and (b)
        the
        later of (i) the maturity or other liquidation (or any Advance with respect
        thereto) of the last Mortgage Loan remaining in the Trust Fund and the
        disposition of all REO Property and (ii) the distribution to Certificateholders
        of all amounts required to be distributed to them pursuant to this Agreement,
        as
        applicable. In no event shall the trusts created hereby continue beyond the
        earlier of (i) the expiration of 21 years from the death of the last survivor
        of
        the descendants of Joseph P. Kennedy, the late Ambassador of the United States
        to the Court of St. James, living on the date hereof and (ii) the Latest
        Possible Maturity Date.

       

      
        The
          right
          to repurchase all Mortgage Loans and REO Properties pursuant to clause
          (a) in
          the preceding paragraph shall be exercisable on or after the earlier of
          (i) the
          20% Clean-Up Call Date and (ii) the Distribution Date in April
          2016.

         

      

      Section
        11.02  Final
        Distribution on the Certificates. 

       

      If
        on any
        Determination Date, (i) the Master Servicer determines that there are no
        Outstanding Mortgage Loans and no other funds or assets in the Trust Fund
        other
        than the funds in the Distribution
        Account,
        the Master Servicer shall direct the Securities Administrator to send a final
        distribution notice promptly to each 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
        Certificateholders within five (5) Business Days after such Determination
        Date
        that the final distribution in retirement of such Class of Certificates is
        scheduled to be made on the immediately following Distribution Date. Any
        final
        distribution made pursuant to the immediately preceding sentence will be
        made
        only upon presentation and surrender of the related Certificates at the office
        of the Securities
        Administrator
        specified in the final distribution notice to Certificateholders. If the
        Class C
        Certificateholder elects to terminate the Trust Fund pursuant to Section
        11.01,
        at least 20 days prior to the date notice is to be mailed to the
        Certificateholders, the Majority Class C Certificateholder shall notify the
        Depositor, the Securities Administrator, the Trustee of the date the Majority
        Class C Certificateholder intends to terminate the Trust Fund. The Master
        Servicer shall remit the Mortgage Loan Purchase Price to the Securities
        Administrator
        on the
        Business Day prior to the Distribution Date for such Optional Termination
        by the
        Majority Class C Certificateholder.

       

      Notice
        of
        any termination of the Trust Fund, specifying the Distribution Date on which
        Certificateholders may surrender their Certificates for payment of the final
        distribution and cancellation, shall be given promptly by the Securities
        Administrator by letter to 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 Certificates will be made upon
        presentation and surrender of Certificates at the office therein designated,
        (b)
        the amount of such final distribution, (c) the location of the office or
        agency
        at which such presentation and surrender must be made and (d) that the Record
        Date otherwise applicable to such Distribution Date is not applicable,
        distributions being made only upon presentation and surrender of the
        Certificates at the office therein specified. The Securities Administrator
        will
        give such notice to each Rating Agency at the time such notice is given to
        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 Certificates. Upon
        such
        final deposit with respect to the Trust Fund 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
        Mortgage Loans and the Trustee shall execute and deliver any documents prepared
        and delivered to it which are necessary to transfer any REO
        Property.

       

      Upon
        presentation and surrender of the Certificates, the Securities
        Administrator
        shall
        cause to be distributed to 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 6.04
        hereof
        on the final Distribution Date and in proportion to their respective Percentage
        Interests.

       

      In
        the
        event that any affected Certificateholders shall not surrender Certificates
        for
        cancellation within six months after the date specified in the above mentioned
        written notice, the 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 Trust Fund. If within one year after the second notice all
        Certificates shall not have been surrendered for cancellation, the Class
        R
        Certificateholders shall be entitled to all unclaimed funds and other assets
        of
        the Trust Fund that remain subject hereto.

       

      Section
        11.03  Additional
        Termination Requirements. 

       

      Upon
        exercise by the Majority Class C Certificateholder of its purchase option
        as
        provided in Section 11.01, the Trust Fund 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 Majority Class C Certificateholder,
        to the
        effect that the failure of the Trust Fund to comply with the requirements
        of
        this Section 11.03 will not (i) result in the imposition of taxes on “prohibited
        transactions” of a REMIC, or (ii) cause a REMIC to fail to qualify as a REMIC at
        any time that any Certificates are outstanding:

       

      (1) The
        Majority Class C Certificateholder shall establish a 90-day liquidation period
        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 each of REMIC I, REMIC II and REMIC III as
        pursuant to Treasury Regulation Section 1.860F-1. The Majority Class C
        Certificateholder shall satisfy all the requirements of a qualified liquidation
        under Section 860F of the Code and any regulations thereunder, as evidenced
        by
        an Opinion of Counsel addressed to the Trustee obtained at the expense of
        the
        Majority Class C Certificateholder;

       

      (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 for cash; 

       

      (3) At
        the
        time of the making of the final payment on the 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 Residual Certificates all
        cash
        on hand (other than cash retained to meet claims), and REMIC I shall terminate
        at that time;

       

      (4) By
        their
        acceptance of the Certificates, the Holders thereof hereby authorize the
        adoption of a
        90-day
        liquidation period for REMIC
        I,
        REMIC II and REMIC III,
        which
        authorization shall be binding upon all successor Certificateholders;
        and

       

      (5) The
        Securities Administrator, as agent for each REMIC, hereby agrees to adopt
        and
        sign such a plan of complete liquidation upon the written request of the
        Majority Class C Certificateholder and the receipt of the Opinion of Counsel
        referred to in Section 11.03(a)(1), and to take such other action in connection
        therewith as may be reasonably requested by the Majority Class C
        Certificateholder.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        XII

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        12.01  Amendment. 

       

      This
        Agreement may be amended from time to time by parties hereto, without the
        consent of any of the Certificateholders to cure any ambiguity, to 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 or the Protected Account maintained
        by the Company is maintained or to make such other provisions with respect
        to
        matters or questions arising under this Agreement as shall not be inconsistent
        with any other provisions herein if such action shall not, as evidenced by
        an
        Opinion of Counsel addressed to the Trustee, adversely affect in any material
        respect the interests of any Certificateholder; provided that any such amendment
        shall be deemed not to adversely affect in any material respect the interests
        of
        the Certificateholders and no such Opinion of Counsel shall be required if
        the
        Person requesting such amendment obtains a letter from each Rating Agency
        stating that such amendment would not result in the downgrading or withdrawal
        of
        the respective ratings then assigned to the Certificates.

       

      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 and
        REMIC
        III as a REMIC under the Code or to avoid or minimize the risk of the imposition
        of any tax on any of REMIC I, REMIC II or REMIC III pursuant to the Code
        that
        would be a claim against any of REMIC
        I,
        REMIC II or REMIC III at
        any
        time prior to the final redemption of the Certificates, provided that the
        Trustee has been provided an Opinion of Counsel addressed to the Trustee,
        which
        opinion shall be an expense of the party requesting such opinion but in any
        case
        shall not be an expense of the Trustee, 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 and
        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 or REMIC III to cease to qualify as a REMIC or (iii)
        reduce the aforesaid percentages of Certificates of each Class the Holders
        of
        which are required to consent to any such amendment without the consent of
        the
        Holders of all Certificates of such Class then outstanding.

       

      Notwithstanding
        any contrary provision of this Agreement, the Trustee shall not consent to
        any
        amendment to this Agreement unless it shall have first received an Opinion
        of
        Counsel addressed to the Trustee , which opinion shall be an expense of the
        party requesting such amendment but in any case shall not be an expense of
        the
        Trustee 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 or the Certificateholders or cause REMIC I, REMIC II or REMIC III
        to
        cease to qualify as a REMIC at any time that any Certificates are outstanding.
        Further, nothing in this Agreement shall require the Trustee to enter into
        an
        amendment without receiving an Opinion of Counsel, satisfactory to the Trustee
        (i) that such amendment is permitted and is not prohibited by this Agreement
        and
        (ii) that all requirements for amending this Agreement (including any consent
        of
        the applicable Certificateholders) have been complied with.

       

      Promptly
        after the execution of any amendment to this Agreement requiring the consent
        of
        Certificateholders, the Trustee shall furnish written notification of the
        substance of such amendment to each Certificateholder and each Rating
        Agency.

       

      It
        shall
        not be necessary for the consent of Certificateholders under this Section
        to
        approve the particular form of any proposed amendment, but it shall be
        sufficient if such consent shall approve the substance thereof. The manner
        of
        obtaining such consents and of evidencing the authorization of the execution
        thereof by Certificateholders shall be subject to such reasonable regulations
        as
        the Trustee may prescribe.

       

      Section
        12.02  Recordation
        of Agreement; Counterparts. 

       

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all of the counties
        or other comparable jurisdictions in which any or all of the Mortgaged
        Properties are situated, and in any other appropriate public recording office
        or
        elsewhere. The Master Servicer shall effect such recordation at the Trust’s
        expense upon the request in writing of a Certificateholder, but only if such
        direction is accompanied by an Opinion of Counsel (provided at the expense
        of
        the Certificateholder requesting recordation) to the effect that such
        recordation would materially and beneficially affect the interests of the
        Certificateholders or is required by law.

       

      For
        the
        purpose of facilitating the recordation of this Agreement as herein provided
        and
        for other purposes, this Agreement may be executed simultaneously in any
        number
        of counterparts, each of which counterparts shall be deemed to be an original,
        and such counterparts shall constitute but one and the same
        instrument.

       

      Section
        12.03  Governing
        Law. 

       

      THIS
        AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
        LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
        IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
        PARTIES
        HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH
        SUCH
        LAWS WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF (OTHER THAN
        SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAWS).

       

      Section
        12.04  Intention
        of Parties. 

       

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Notes,
        Mortgages, assignments of Mortgages, title insurance policies and any
        modifications, extensions and/or assumption agreements and private mortgage
        insurance policies relating to the Mortgage Loans by the Sponsor 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 Sponsor 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 Sponsor 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 Sponsor 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 Sponsor 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 will be maintained
        as such throughout the term of the Agreement.

       

      Section
        12.05  Notices. 

       

      (a)  The
        Trustee shall use its best efforts to promptly provide notice to each Rating
        Agency with respect to each of the following of which a Responsible Officer
        of
        the Trustee has actual knowledge:

       

      (i)  Any
        material change or amendment to this Agreement;

       

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

       

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

       

      (iv)  The
        repurchase or substitution of Mortgage Loans pursuant to Sections 2.02, 2.03,
        4.20 and 11.01; and

       

      (v)  The
        final
        payment to Certificateholders.

       

      (b)  All
        directions, demands and notices hereunder shall be in writing and shall be
        deemed to have been duly given when delivered at or mailed by registered
        mail,
        return receipt requested, postage prepaid, or by recognized overnight courier,
        or by facsimile transmission to a number provided by the appropriate party
        if
        receipt of such transmission is confirmed to (i) in the case of the Depositor,
        Bear Stearns Asset Backed Securities I LLC, 383 Madison Avenue, New York,
        New
        York 10179, Attention: Chief Counsel; (ii) in the case of the Sponsor or
        the
        Company, EMC Mortgage Corporation, 909 Hidden Ridge Drive, Irving, Texas
        75038,
        Attention: Ralene Ruyle or such other address as may be hereafter furnished
        to
        the other parties hereto by the Master Servicer in writing; (iv) in the case
        of
        the Trustee, at each Corporate Trust Office or such other address as the
        Trustee
        may hereafter furnish to the other parties hereto; (v) 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: BSABS I 2006-AC3 or such other address as may be hereafter
        furnished to the other parties hereto by the Securities Administrator in
        writing
        and (vi) in the case of the Rating Agencies, (x) Moody’s Investors Service,
        Inc., 99 Church Street, New York, New York 10007, Attention: Home Equity
        Monitoring and (y) Standard & Poor’s, 55 Water Street, 41st Floor, New York,
        New York 10041, Attention: Mortgage Surveillance Group. Any notice delivered
        to
        the 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
        12.06  Severability
        of Provisions. 

       

      If
        any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be for any reason whatsoever held invalid, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement
        or of the Certificates or the rights of the Holders thereof.

       

      Section
        12.07  Assignment. 

       

      Notwithstanding
        anything to the contrary contained herein, except as provided pursuant to
        Section 8.02, this Agreement may not be assigned by the Master Servicer,
        the
        Sponsor or the Depositor.

       

      Section
        12.08  Limitation
        on Rights of Certificateholders. 

       

      The
        death
        or incapacity of any Certificateholder shall not operate to terminate this
        Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
        representative or heirs to claim an accounting or to take any action or commence
        any proceeding in any court for a petition or winding up of the Trust Fund,
        or
        otherwise affect the rights, obligations and liabilities of the parties hereto
        or any of them.

       

      No
        Certificateholder shall have any right to vote (except as provided herein)
        or in
        any manner otherwise control the operation and management of the Trust Fund,
        or
        the obligations of the parties hereto, nor shall anything herein set forth
        or
        contained in the terms of the Certificates be construed so as to constitute
        the
        Certificateholders from time to time as partners or members of an association;
        nor shall any Certificateholder be under any liability to any third party
        by
        reason of any action taken by the parties to this Agreement pursuant to any
        provision hereof.

       

      No
        Certificateholder shall have any right by virtue or by availing itself of
        any
        provisions of this Agreement to institute any suit, action or proceeding
        in
        equity or at law upon or under or with respect to this Agreement, unless
        such
        Holder previously shall have given to the Trustee 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 12.08, 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
        12.09  Inspection
        and Audit Rights.
        The
        Master Servicer agrees that, on reasonable prior notice, it will permit any
        representative of the Depositor or the Trustee during the Master Servicer’s
        normal business hours, to examine all the books of account, records, reports
        and
        other papers of the Master Servicer relating to the Mortgage Loans, to make
        copies and extracts therefrom, to cause such books to be audited by independent
        certified public accountants selected by the Depositor or the Trustee and
        to
        discuss its affairs, finances and accounts relating to such Mortgage Loans
        with
        its officers, employees and independent public accountants (and by this
        provision the Master Servicer hereby authorizes such accountants to discuss
        with
        such representative such affairs, finances and accounts), all at such reasonable
        times and as often as may be reasonably requested. Any out-of-pocket expense
        incident to the exercise by the Depositor or the Trustee of any right under
        this
        Section 12.09 shall be borne by the party requesting such inspection, subject
        to
        such party’s right to reimbursement hereunder (in the case of the Trustee,
        pursuant to Section 10.05 hereof).

       

      Section
        12.10  Certificates
        Nonassessable and Fully Paid. 

       

      It
        is the
        intention of the Depositor that Certificateholders shall not be personally
        liable for obligations of the Trust Fund, that the interests in the Trust
        Fund
        represented by the Certificates shall be nonassessable for any reason
        whatsoever, and that the Certificates, upon due authentication thereof by
        the
        Trustee pursuant to this Agreement, are and shall be deemed fully
        paid.

       

      *
        *
        *

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Depositor, the Master Servicer, the Sponsor, the Company,
        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.

       

      
        	 	 	 	 	 	 	 	
                BEAR
                  STEARNS ASSET BACKED SECURITIES I LLC,

                as
                  Depositor

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                EMC
                  MORTGAGE CORPORATION,

                as
                  Sponsor and Company

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,

                as
                  Securities Administrator and Master Servicer

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                U.S.
                  BANK NATIONAL ASSOCIATION,

                as
                  Trustee

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                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 Bear Stearns Asset Backed Securities I LLC, one of the
        companies that executed the within instrument, and also known to me to be
        the
        person who executed it on behalf of such limited liability company and
        acknowledged to me that such limited liability company executed the within
        instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF
                  MARYLAND

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF
                  BALTIMORE

              	
                )

              	 

      

      

       

      On
        this
        28th
        day of
        April, 2006, before me, a notary public in and for said State, appeared Jennifer
        Richardson, personally known to me on the basis of satisfactory evidence
        to be
        an authorized representative of Wells Fargo Bank, National Association that
        executed the within instrument, and also known to me to be the person who
        executed it on behalf of such national banking association, and acknowledged
        to
        me that such national banking association executed the within
        instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF
                  TEXAS

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF
                  DALLAS

              	
                )

              	 

      

      

       

      On
        this
        28th
        day of
        April, 2006, before me, a notary public in and for said State, appeared
        ________________________, personally known to me on the basis of satisfactory
        evidence to be an authorized representative of EMC Mortgage Corporation,
        one of
        the corporations that executed the within instrument, and also known to me
        to be
        the person who executed it on behalf of such corporation and acknowledged
        to me
        that such corporation executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      ____________________________

      Notary
        Public

       

      [Notarial
        Seal]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF
                  ____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF
                  __________

              	
                )

              	 

      

      

       

      On
        this
        28th
        day of
        April, 2006, before me, a notary public in and for said State, appeared
        _______________________, personally known to me on the basis of satisfactory
        evidence to be an authorized representative of U.S. Bank 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.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      ____________________________

      Notary
        Public

       

      [Notarial
        Seal]

       

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-1

    

    FORM
      OF CLASS [_]-A-[1][2] CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
      INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
      DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
      OF
      1986 (THE “CODE”).

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE
      CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE
      DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
      MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE 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

            	
              Variable
                Pass-Through Rate

            
	
            	 
	
               

              Class
                [_]-A-[1][2] 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 Balance] [Notional 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

            	 
	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

     

    SERIES
      2006-AC3

     

    evidencing
      a percentage interest in the distributions allocable to the Class [_]-A-[1][2]
      Certificates with respect to a Trust Fund consisting primarily of a pool of
      conventional, one- to four-family, fixed interest rate mortgage loans sold
      by
      BEAR STEARNS ASSET BACKED SECURITIES I LLC.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer, 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 Bear Stearns Asset Backed Securities I LLC, the Master
      Servicer, the Trustee or the Securities Administrator or any of their affiliates
      or any other person. None of Bear Stearns Asset Backed Securities I LLC, the
      Master Servicer or any of their affiliates will have any obligation with respect
      to any certificate or other obligation secured by or payable from payments
      on
      the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced hereby in the beneficial ownership interest of Certificates of the
      same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the “Depositor”), EMC Mortgage
      Corporation, as sponsor and company, Wells Fargo Bank, National Association,
      as
      Master Servicer and securities administrator (the “Securities Administrator”)
      and U.S. Bank National Association, as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of its acceptance hereof
      assents and by which such Holder is bound.

     

    Interest
      on this Certificate will accrue from and including the 25th day of the
      calendar month preceding the month in which a Distribution Date (as hereinafter
      defined) occurs to and including the 24th day of the calendar month in which
      that Distribution Date occurs on the [For Class I-A-1 and Class II-A-1]
      [Certificate Principal Balance] [For Class I-A-2 and Class II-A-2] [Notional
      Amount] 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 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 following the latest scheduled maturity date of any Mortgage Loan
      [For Class I-A-1 and Class II-A-1] [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. [For Class I-A-1 and Class II-A-1] [The Initial
      Certificate Principal Balance of this Certificate is set forth above. The
      Certificate Principal Balance hereof will be reduced to the extent of
      distributions allocable to principal hereon and any Realized Losses allocable
      thereto.] [For
      Class I-A-2 and Class II-A-2]
      [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 Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of (A) the maturity or other liquidation (or Advance with respect thereto)
      of
      the last Mortgage Loan remaining in the Trust Fund and disposition of all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and (B) the remittance of all funds due under the Agreement,
      or
      (ii) the optional repurchase by the party named in the Agreement of all the
      Mortgage Loans and other related assets of the Trust Fund in accordance with
      the
      terms of the Agreement. Such optional repurchase may be made only on or after
      the earlier of (i) the first Distribution Date on which the aggregate
      Stated Principal Balance of the Mortgage Loans is less than or equal to 20%
      of
      the aggregate Stated Principal Balance of the related Mortgage Loans as of
      the
      Cut-off Date and (ii) the Distribution Date in April 2016. The exercise of
      such right will effect the early retirement of the Certificates. In no
      event, however, will the Trust Fund created by the Agreement continue beyond
      the
      earlier of (i) the expiration of 21 years after the death of certain persons
      identified in the Agreement and (ii) the Latest Possible Maturity Date specified
      in the Agreement.

     

    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-[1][2] 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 M-[1][2][3] CERTIFICATES

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
      [,]
      [AND] [CLASS M-1 CERTIFICATES] [,] [AND] [CLASS M-2 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
      HOLDER OF A CERTIFICATE OR BENEFICIAL OWNERSHIP SHALL BE DEEMED TO HAVE MADE
      THE
      REPRESENTATIONS SET FORTH IN SECTION 7.02(b) OF THE
      AGREEMENT.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
               

              Certificate
                No.1

            	
               

              Variable
                Pass-Through Rate

            
	 	 
	
               

              Class
                M-[1][2][3] 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:

              May
                25, 2036

            	 
	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2006-AC3

     

    evidencing
      a percentage interest in the distributions allocable to the Class M-[1][2][3]
      Certificates with respect to a Trust Fund consisting primarily of a pool of
      conventional, one- to four-family, fixed interest rate mortgage loans sold
      by
      BEAR STEARNS ASSET BACKED SECURITIES I LLC.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer, 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 Bear Stearns Asset Backed Securities I LLC, the Master
      Servicer, the Trustee or the Securities Administrator or any of their affiliates
      or any other person. None of Bear Stearns Asset Backed Securities I LLC, the
      Master Servicer or any of their affiliates will have any obligation with respect
      to any certificate or other obligation secured by or payable from payments
      on
      the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced hereby in the beneficial ownership interest of Certificates of the
      same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the “Depositor”), EMC Mortgage
      Corporation, as sponsor and company, Wells Fargo Bank, National Association,
      as
      Master Servicer and securities administrator (the “Securities Administrator”)
      and U.S. Bank National Association as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of its acceptance hereof
      assents and by which such Holder is bound.

     

    Interest
      on this Certificate will accrue 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 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 “Certificates”). The Certificates, in the
      aggregate, evidence the entire beneficial ownership interest in the Trust Fund
      formed pursuant to the Agreement.

     

    Each
      holder of a Certificate or beneficial ownership shall be deemed to have made
      the
      representations set forth in section 7.02(b) of the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee 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 Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of (A) the maturity or other liquidation (or Advance with respect thereto)
      of
      the last Mortgage Loan remaining in the Trust Fund and disposition of all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and (B) the remittance of all funds due under the Agreement,
      or
      (ii) the optional repurchase by the party named in the Agreement of all the
      Mortgage Loans and other related assets of the Trust Fund in accordance with
      the
      terms of the Agreement. Such optional repurchase may be made only on or after
      the earlier of (i) the first Distribution Date on which the aggregate Stated
      Principal Balance of the Mortgage Loans is less than or equal to 20% of the
      aggregate Stated Principal Balance of the related Mortgage Loans as of the
      Cut-off Date and (ii) the Distribution Date in April 2016. The exercise of
      such right will effect the early retirement of the Certificates. In no
      event, however, will the Trust Fund created by the Agreement continue beyond
      the
      earlier of (i) the expiration of 21 years after the death of certain persons
      identified in the Agreement and (ii) the Latest Possible Maturity Date specified
      in the Agreement.

     

    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 M-[1][2][3] 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 B-[1][2][3][4] CERTIFICATES

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
      [,]
      [AND] [CLASS M-1 CERTIFICATES] [,] [AND] [CLASS M-2 CERTIFICATES] [,] [AND]
      [CLASS M-3 CERTIFICATES] [,] [AND] [CLASS B-1 CERTIFICATES] [,] [AND] [CLASS
      B-2
      CERTIFICATES] [,] [AND] [CLASS 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.

     

    [For
      Class B-1, ClassB-2 and Class B-3] [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.]

     

    [For
      Class B-1, ClassB-2 and Class B-3] [EACH HOLDER OF A CERTIFICATE OR BENEFICIAL
      OWNERSHIP SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
      7.02(b) OF THE AGREEMENT.]

     

    [For
      Class B-4] [THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
      THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES
      LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
      CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
      IN
      COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO
      RULE
      144A UNDER THE ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES
      IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”),
      PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB,
      WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE
      OR
      OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN
      EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE)
      OR
      (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE
      MEANING THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL
      OF
      THE EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
      PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
      RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE FORM
      PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES ADMINISTRATOR
      OF
      AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS
      OF
      THE UNITED STATES. THIS CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY
      BY, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      WHICH IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
      OF
      1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
      AMENDED, UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT THE PROPOSED
      TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT AND
      OPERATION OF THE TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED
      TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED
      TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION
      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, WHICH WILL
      BE
      DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL
      CERTIFICATE, OR PROVIDES AN OPINION OF COUNSEL TO SUCH
      EFFECT.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
               

              Certificate
                No.1

            	
               

              Variable
                Pass-Through Rate

            
	 	 
	
               

              Class
                B-[1][2][3][4] 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:

              May
                25, 2036

            	 
	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2006-AC3

     

    evidencing
      a percentage interest in the distributions allocable to the Class B-[1][2][3][4]
      Certificates with respect to a Trust Fund consisting primarily of a pool of
      conventional, one- to four-family, fixed interest rate mortgage loans sold
      by
      BEAR STEARNS ASSET BACKED SECURITIES I LLC.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer, 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 Bear Stearns Asset Backed Securities I LLC, the Master
      Servicer, the Trustee or the Securities Administrator or any of their affiliates
      or any other person. None of Bear Stearns Asset Backed Securities I LLC, the
      Master Servicer or any of their affiliates will have any obligation with respect
      to any certificate or other obligation secured by or payable from payments
      on
      the Certificates.

     

    This
      certifies that [___________] is the registered owner of the Percentage Interest
      evidenced hereby in the beneficial ownership interest of Certificates of the
      same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the “Depositor”), EMC Mortgage
      Corporation, as sponsor and company, Wells Fargo Bank, National Association,
      as
      Master Servicer and securities administrator (the “Securities Administrator”)
      and U.S. Bank National Association as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of its acceptance hereof
      assents and by which such Holder is bound.

     

    [For
      Class B-1, Class B-2 and Class B-3] [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.]

     

    [For
      Class B-4] [Interest on this Certificate will accrue from and including the
      immediately preceding Distribution Date (or with respect to the First
      Distribution Date, the Closing Date) to and including the day prior to the
      current Distribution Date 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 Business Day of the month immediately preceding the month
      of such Distribution date so long as this Certificate remains in non book-entry
      form (and otherwise, 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 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. The Initial Certificate Principal Balance of this
      Certificate is set forth above. The Certificate Principal Balance hereof will
      be
      reduced to the extent of distributions allocable to principal hereon and any
      Realized Losses allocable hereto.

     

    [For
      Class B-4] [No transfer of this Class B-4 Certificate will be made unless such
      transfer is (i) exempt from the registration requirements of the Securities
      Act
      of 1933, as amended, and any applicable state securities laws or is made in
      accordance with said Act and laws and (ii) made in accordance with Section
      7.02
      of the Agreement. In the event that such transfer is to be made the Securities
      Administrator shall register such transfer if, (i) made to a transferee who
      has
      provided the Securities Administrator with evidence as to its QIB status; or
      (ii) (A) the transferor has advised the Securities Administrator in writing
      that
      the Certificate is being transferred to an Institutional Accredited Investor
      and
      (B) prior to such transfer the transferee furnishes to the Securities
      Administrator an Investment Letter; provided that if based upon an Opinion
      of
      Counsel to the effect that (A) and (B) above are not sufficient to confirm
      that
      such transfer is being made pursuant to an exemption from, or in a transaction
      not subject to, the registration requirements of the Securities Act and other
      applicable laws, the Securities Administrator shall as a condition of the
      registration of any such transfer require the transferor to furnish such other
      certifications, legal opinions or other information prior to registering the
      transfer of this Certificate as shall be set forth in such Opinion of
      Counsel.]

     

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

     

    Each
      holder of a Certificate or beneficial ownership shall be deemed to have made
      the
      representations set forth in section 7.02(b) of the Agreement.

     

    [For
      Class B-4] [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 an Opinion of
      Counsel specified in section 7.02 of the Agreement is provided. This Certificate
      is one of a duly authorized issue of Certificates designated as set forth on
      the
      face hereof (the “Certificates”). The Certificates, in the aggregate, evidence
      the entire beneficial ownership interest in the Trust Fund formed pursuant
      to
      the Agreement.]

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee 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 Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the earlier of (i) the first Distribution Date on which the aggregate Stated
        Principal Balance of the Mortgage Loans is less than or equal to 20% of the
        aggregate Stated Principal Balance of the related Mortgage Loans as of the
        Cut-off Date and (ii) the Distribution Date in April 2016. The exercise of
        such right will effect the early retirement of the Certificates. In no
        event, however, will the Trust Fund created by the Agreement continue beyond
        the
        earlier of (i) the expiration of 21 years after the death of certain persons
        identified in the Agreement and (ii) the Latest Possible Maturity Date specified
        in the Agreement.

       

    

    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 B-[1][2][3][4] 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
      C CERTIFICATEs

     

    SOLELY
      FOR
      U.S.
      FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN
      A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
      ACT
      (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
      INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR
      ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
      HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
      IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM
      REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN
      CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING
      THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF THE
      EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
      PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
      RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE FORM
      PROVIDED IN THE AGREEMENT (as defined below) AND (B) THE RECEIPT BY THE
      SECURITIES ADMINISTRATOR OF AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL
      APPLICABLE SECURITIES LAWS OF THE UNITED STATES.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT
      OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE AGREEMENT, SATISFACTORY
      TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE AND HOLDING OF THIS
      CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
      IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF
      THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER, THE SECURITIES
      ADMINISTRATOR, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION
      TO
      THOSE UNDERTAKEN IN THE AGREEMENT.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Certificate
                No. 1

            	
              Percentage
                Interest: 100%

            
	 	 
	
              Class
                C

            	
              Variable
                Pass-Through Rate

            
	 	 
	
              Date
                of Pooling and Servicing Agreement 

              and
                Cut-off Date:

              April
                1, 2006

            	
              Aggregate
                Certificate Notional Amount of this Certificate as of the Cut-off
                Date:

              $[____________]

            
	 	 
	
              First
                Distribution Date:

              May
                25, 2006

            	
              Initial
                Certificate Notional 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

            	 
	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

     

    SERIES
      2006-AC3

     

    evidencing
      a percentage interest in the distributions allocable to the Class C Certificates
      with respect to a Trust Fund consisting primarily of a pool of conventional,
      one- to four-family, fixed interest rate mortgage loans sold by BEAR STEARNS
      ASSET BACKED SECURITIES I LLC.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer, 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 Bear Stearns Asset Backed Securities I LLC, the Master
      Servicer, the Trustee or the Securities Administrator or any of their affiliates
      or any other person. None of Bear Stearns Asset Backed Securities I LLC, the
      Master Servicer or any of their affiliates will have any obligation with respect
      to any certificate or other obligation secured by or payable from payments
      on
      the Certificates.

     

    This
      certifies that [________________] is the registered owner of the Percentage
      Interest evidenced hereby in the beneficial ownership interest of Certificates
      of the same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the “Depositor”), EMC Mortgage
      Corporation, as sponsor and company, Wells Fargo Bank, National Association,
      as
      Master Servicer and securities administrator (the “Securities Administrator”)
      and U.S. Bank National Association, as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of its acceptance hereof
      assents and by which such Holder is bound.

     

    The
      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 D and either Exhibit E or Exhibit
      F,
      as applicable, and (ii) in all other cases, an Opinion of Counsel satisfactory
      to it that such transfer may be made without such registration or qualification
      (which Opinion of Counsel shall not be an expense of the Trust Fund or of the
      Depositor, the Trustee, 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 nor the Securities Administrator is
      obligated to register or qualify the Class of Certificates specified on the
      face
      hereof under the 1933 Act or any other securities law or to take any action
      not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the 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.

     

    No
      transfer of this Certificate shall be made to any person, unless the transferee
      provides either (i) a certification pursuant to section 7.02(b) of the Agreement
      or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement,
      satisfactory to the Securities Administrator that the purchase and holding
      of
      this Certificate are permissible under applicable law, will not constitute
      or
      result in any non-exempt prohibited transactions under Section 406 ERISA or
      Section 4975 of the Code and will not subject the Trustee, Master Servicer,
      the
      Securities Administrator, or the Depositor to any obligation or liability in
      addition to those undertaken in the Agreement.

     

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

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee 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
      and
      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 Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the earlier of (i) the first Distribution Date on which the aggregate Stated
        Principal Balance of the Mortgage Loans is less than or equal to 20% of the
        aggregate Stated Principal Balance of the related Mortgage Loans as of the
        Cut-off Date and (ii) the Distribution Date in April 2016. The exercise of
        such right will effect the early retirement of the Certificates. In no
        event, however, will the Trust Fund created by the Agreement continue beyond
        the
        earlier of (i) the expiration of 21 years after the death of certain persons
        identified in the Agreement and (ii) the Latest Possible Maturity Date specified
        in the Agreement.

       

    

    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 C 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 P CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
      INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
      DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
      OF
      1986 (THE “CODE”).

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE
      CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE
      DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
      MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
      ADMINISTRATOR NAMED HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
      ACT
      (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
      INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR
      ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
      HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
      IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM
      REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN
      CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING
      THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF THE
      EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
      PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
      RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE FORM
      PROVIDED IN THE AGREEMENT (AS DEFINED BELOW) AND (B) THE RECEIPT BY THE
      SECURITIES ADMINISTRATOR OF AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL
      APPLICABLE SECURITIES LAWS OF THE UNITED STATES.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT
      OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE AGREEMENT, SATISFACTORY
      TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE AND HOLDING OF THIS
      CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
      IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF
      THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER, THE SECURITIES
      ADMINISTRATOR, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION
      TO
      THOSE UNDERTAKEN IN THE AGREEMENT.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
               

              Certificate
                No.1

            	
               

              Percentage
                Interest: 100%

            
	 	 
	
               

              Class
                P

            	 
	 	 
	
               

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

              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

            	 
	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2006-AC3

     

    evidencing
      a percentage interest in the distributions allocable to the Class P Certificates
      with respect to a Trust Fund consisting primarily of a pool of conventional,
      one- to four-family, fixed interest rate mortgage loans sold by BEAR STEARNS
      ASSET BACKED SECURITIES I LLC.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer, 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 Bear Stearns Asset Backed Securities I LLC, the Master
      Servicer, the Trustee or the Securities Administrator or any of their affiliates
      or any other person. None of Bear Stearns Asset Backed Securities I LLC, the
      Master Servicer or any of their affiliates will have any obligation with respect
      to any certificate or other obligation secured by or payable from payments
      on
      the Certificates.

     

    This
      certifies that [________________] is the registered owner of the Percentage
      Interest evidenced hereby in the beneficial ownership interest of Certificates
      of the same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the “Depositor”), EMC Mortgage
      Corporation, as sponsor and company, Wells Fargo Bank, National Association,
      as
      Master Servicer and securities administrator (the “Securities Administrator”)
      and U.S. Bank National Association, as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of its acceptance hereof
      assents and by which such Holder is bound.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions set forth in the Agreement to the effect that (i) each person
      holding or acquiring any Ownership Interest in this Certificate must be a 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.

     

    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 D and either E or F, as applicable,
      and (ii) in all other cases, an Opinion of Counsel satisfactory to it that
      such
      transfer may be made without such registration or qualification (which Opinion
      of Counsel shall not be an expense of the Trust Fund or of the Depositor, the
      Trustee, 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 nor the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Securities Administrator, the
      Depositor, the Sponsor and the Master Servicer against any liability that may
      result if the transfer is not so exempt or is not made in accordance with such
      federal and state laws.

     

    No
      transfer of this Certificate shall be made to any person, unless the transferee
      provides either (i) a certification pursuant to section 7.02(b) of the Agreement
      or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement,
      satisfactory to the Securities Administrator that the purchase and holding
      of
      this Certificate are permissible under applicable law, will not constitute
      or
      result in any non-exempt prohibited transactions under Section 406 ERISA or
      Section 4975 of the Code and will not subject the Trustee, Master Servicer,
      the
      Securities Administrator, or the Depositor to any obligation or liability in
      addition to those undertaken in the Agreement.

     

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

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee 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 Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of (A) the maturity or other liquidation (or Advance with respect thereto)
      of
      the last Mortgage Loan remaining in the Trust Fund and disposition of all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and (B) the remittance of all funds due under the Agreement,
      or
      (ii) the optional repurchase by the party named in the Agreement of all the
      Mortgage Loans and other related assets of the Trust Fund in accordance with
      the
      terms of the Agreement. Such optional repurchase may be made only on or after
      the earlier of (i) the first Distribution Date on which the aggregate Stated
      Principal Balance of the Mortgage Loans is less than or equal to 20% of the
      percentage of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the Cut-off Date and (ii) the Distribution Date in April
      2016. The exercise of such right will effect the early retirement of the
      Certificates. In no event, however, will the Trust Fund created by the Agreement
      continue beyond the earlier of (i) the expiration of 21 years after the death
      of
      certain persons identified in the Agreement and (ii) the Latest Possible
      Maturity Date specified in the Agreement.

     

    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
      A-6

    

    FORM
      OF CLASS R-[1][2][3] CERTIFICATES

     

    THIS
      CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
      OR A
      DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT
      (AS DEFINED BELOW) OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE
      AGREEMENT, SATISFACTORY TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE AND
      HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
      CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION
      406
      OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR
      SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER,
      THE
      SECURITIES ADMINISTRATOR, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN
      ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE SECURITIES
      ADMINISTRATOR THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
      OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES, OR ANY
      AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
      WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND EXCEPT
      FOR FREDDIE MAC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY SUCH
      GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION,
      OR
      ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) ANY ORGANIZATION
      (OTHER THAN CERTAIN FARMERS’ COOPERATIVES DESCRIBED IN SECTION 521 OF THE CODE)
      WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
      ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
      THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE
      INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION
      1381(a)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER SECTION
      775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A),
      (B),
      (C), (D) OR (E) BEING HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR
      (F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER
      IS
      TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX, (3) SUCH TRANSFEREE SATISFIES
      CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE
      PROPOSED TRANSFEREE AND (4) SUCH TRANSFEREE IS A UNITED STATES PERSON.
      NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER,
      SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
      OR
      AN AGENT OF A DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES PERSON, SUCH
      REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND
      SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
      HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
      CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
      SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
      PARAGRAPH.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
               

              Certificate
                No.1

            	 
	 	 
	
               

              Class
                R-[_]

            	 
	 	
               

              Percentage
                Interest: 100%

            
	
               

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

              April
                1, 2006

            	 
	 	 
	
               

              First
                Distribution Date:

              May
                25, 2006

            	 
	 	 
	
               

              Master
                Servicer:

              Wells
                Fargo Bank, National Association

            	 
	 	
               

              CUSIP:
                [____________]

            
	
               

              Assumed
                Final Distribution Date:

              May
                25, 2036

            	 
	 	 

    

    

    ASSET-BACKED
      CERTIFICATE

     

    SERIES
      2006-AC3

     

    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
      BEAR STEARNS ASSET BACKED SECURITIES I LLC.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer, 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 Bear Stearns Asset Backed Securities I LLC, the Master
      Servicer, the Trustee or the Securities Administrator or any of their affiliates
      or any other person. None of Bear Stearns Asset Backed Securities I LLC, the
      Master Servicer or any of their affiliates will have any obligation with respect
      to any certificate or other obligation secured by or payable from payments
      on
      the Certificates.

     

    This
      certifies that [________________] is the registered owner of the Percentage
      Interest evidenced hereby in the beneficial ownership interest of Certificates
      of the same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the “Depositor”), EMC Mortgage
      Corporation, as sponsor and company, Wells Fargo Bank, National Association,
      as
      Master Servicer and securities administrator (the “Securities Administrator”)
      and U.S. Bank National Association, as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of its acceptance hereof
      assents and by which such Holder is bound.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions set forth in the Agreement to the effect that (i) each person
      holding or acquiring any Ownership Interest in this Certificate must be a 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.

     

    No
      transfer of this Certificate shall be made to any person, unless the transferee
      provides either (i) a certification pursuant to section 7.02(b) of the Agreement
      or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement,
      satisfactory to the Securities Administrator that the purchase and holding
      of
      this Certificate are permissible under applicable law, will not constitute
      or
      result in any non-exempt prohibited transactions under Section 406 ERISA or
      Section 4975 of the Code and will not subject the Trustee, Master Servicer,
      the
      Securities Administrator, or the Depositor to any obligation or liability in
      addition to those undertaken in the Agreement.

     

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

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee 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 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 Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of (A) the maturity or other liquidation (or Advance with respect thereto)
      of
      the last Mortgage Loan remaining in the Trust Fund and disposition of all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and (B) the remittance of all funds due under the Agreement,
      or
      (ii) the optional repurchase by the party named in the Agreement of all the
      Mortgage Loans and other related assets of the Trust Fund in accordance with
      the
      terms of the Agreement. Such optional repurchase may be made only on or after
      the earlier of (i) the first Distribution Date on which the aggregate Stated
      Principal Balance of the Mortgage Loans is less than or equal to 20% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date
      and (ii) the Distribution Date in April 2016. The exercise of such right will
      effect the early retirement of the Certificates. In no event, however, will
      the Trust Fund created by the Agreement continue beyond the earlier of (i)
      the
      expiration of 21 years after the death of certain persons identified in the
      Agreement and (ii) the Latest Possible Maturity Date specified in the
      Agreement.

     

    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
      B

    

    MORTGAGE
      LOAN SCHEDULE

    

    CITY1                                         STATE             ZIP_CODE               PROPTYPE
---------------------------------------------------------------------------------------------------------------
HIALEAH                                       FL                        33016          Single Family
MCCLOUD                                       CA                        96057          Single Family
BETHESDA                                      MD                        20816          Single Family
Seymour                                       IN                        47274          Single Family
ARVADA                                        CO                        80005          Single Family
GARDEN CITY                                   MI                        48135          Single Family
CICERO                                        IN                        46034          Single Family
NORTH LAS VEGAS                               NV                        89031          Single Family
GLEN ALLEN                                    VA                        23060          Single Family
HAMPTON                                       VA                        23666          Single Family
HICKORY CREEK                                 TX                        75065          PUD
MIDDLEBURG                                    FL                        32068          PUD
SACRAMENTO                                    CA                        95826          PUD
ASHBURN                                       VA                        20147          Condominium
PORTLAND                                      OR                        97206          Single Family
SURPRISE                                      AZ                        85388          PUD
MIDLAND                                       TX                        79701          Single Family
PORTLAND                                      OR                        97225          Single Family
Holly Springs                                 NC                        27540          PUD
MONROE                                        LA                        71203          Single Family
Edison                                        NJ                        08820          Single Family
ALLEN                                         TX                        75002          PUD
PAINESVILLE                                   OH                        44077          Single Family
NEWBERG                                       OR                        97132          Single Family
GOOSE CREEK                                   SC                        29445          Single Family
PLANTATION                                    FL                        33317          Single Family
RALEIGH                                       NC                        27603          Single Family
MARICOPA                                      AZ                        85239          PUD
MOUNTAIN TOP                                  PA                        18707          Single Family
BOISE                                         ID                        83709          Single Family
ALBANY                                        OR                        97321          Single Family
BIRMINGHAM                                    AL                        35214          Single Family
BROOKLYN                                      NY                        11214          2-4 Family
WARREN                                        MI                        48089          Single Family
Ridgeland                                     MS                        39157          Single Family
MONROE                                        LA                        71203          Single Family
AVONDALE                                      AZ                        85323          PUD
MONROE                                        LA                        71203          Single Family
SAN ANTONIO                                   TX                        78220          Single Family
SPARTANBURG                                   SC                        29307          Single Family
Crown Point                                   IN                        46307          Single Family
Nicholasville                                 KY                        40356          Single Family
Auburn                                        IN                        46706          Single Family
Auburn                                        IN                        46706          Single Family
CHESAPEAKE BEACH                              MD                        20732          Single Family
WASHINGTON                                    DC                        20002          Single Family
MIAMI                                         FL                        33016          Single Family
WELLINGTON                                    FL                        33467          PUD
HOUSTON                                       TX                        77077          Single Family
MEMPHIS                                       TN                        38118          Condominium
HAYDEN LAKE                                   ID                        83835          Single Family
Eatontown                                     NJ                        07724          Single Family
FAIRFAX                                       VA                        22032          Single Family
SIMPSONVILLE                                  SC                        29681          PUD
Las Cruces                                    NM                        88001          Single Family
TOLEDO                                        OH                        43614          Single Family
Seaside Heights                               NJ                        08751          Single Family
OLD ORCHARD BEACH                             ME                        04064          Condominium
LEXINGTON PARK                                MD                        20653          Single Family
ROCKVILLE                                     MD                        20852          Condominium
RICHMOND                                      VA                        23237          Single Family
Paterson                                      NJ                        07524          2-4 Family
HARRISBURG                                    PA                        17110          Condominium
COLORADO SPRINGS                              CO                        80910          Single Family
SAN ANTONIO                                   TX                        78210          2-4 Family
ERIE                                          PA                        16508          2-4 Family
HAWLEY                                        PA                        18428          PUD
ORLANDO                                       FL                        32814          PUD
SAFETY HARBOR                                 FL                        34695          Single Family
Trenton                                       NJ                        08611          Single Family
KALAMAZOO                                     MI                        49001          Single Family
RIO RANCHO                                    NM                        87124          Single Family
CHICAGO                                       IL                        60647          Condominium
SILVERTON                                     OR                        97381          2-4 Family
EAST HAMPTON                                  NY                        11937          Single Family
PIEDMONT                                      SC                        29673          Single Family
AKRON                                         OH                        44301          2-4 Family
CHICAGO                                       IL                        60622          2-4 Family
HOUSTON                                       TX                        77075          Single Family
CYPRESS                                       TX                        77433          PUD
BARTLETT                                      NH                        03838          Single Family
SALT LAKE CITY                                UT                        84105          Single Family
INDIANAPOLIS                                  IN                        46201          2-4 Family
WACO                                          TX                        76707          2-4 Family
WINTER PARK                                   FL                        32789          Condominium
SALEM                                         OR                        97305          Single Family
TAMPA                                         FL                        33612          2-4 Family
LAKE CITY                                     GA                        30260          Single Family
MOUNT PLEASANT                                SC                        29464          Single Family
TAKOMA PARK                                   MD                        20912          2-4 Family
GARDNER                                       KS                        66030          2-4 Family
SYRACUSE                                      NY                        13204          2-4 Family
WASHINGTON                                    DC                        20003          Single Family
MUKILTEO                                      WA                        98275          Single Family
CHICAGO                                       IL                        60657          2-4 Family
MEMPHIS                                       TN                        38118          Condominium
BRIARWOOD                                     NY                        11435          CO-OP
WACO                                          TX                        76707          2-4 Family
BRANDON                                       FL                        33510          2-4 Family
LOUISVILLE                                    KY                        40215          Single Family
MARGATE                                       FL                        33063          PUD
SYRACUSE                                      NY                        13210          2-4 Family
Louisville                                    KY                        40211          Single Family
MESA                                          AZ                        85203          PUD
CHICAGO                                       IL                        60647          2-4 Family
VIRGINIA BEACH                                VA                        23455          Single Family
LOS BANOS                                     CA                        93635          Single Family
ORANGE PARK                                   FL                        32073          Single Family
LAS VEGAS                                     NV                        89178          PUD
CLEVELAND                                     OH                        44108          Single Family
COTTAGE GROVE                                 OR                        97424          Single Family
TWIN FALLS                                    ID                        83301          Single Family
CHANTILLY                                     VA                        20151          PUD
BOURBONNAIS                                   IL                        60914          Single Family
PASADENA                                      MD                        21122          PUD
CHICAGO                                       IL                        60646          Condominium
DRAPER                                        UT                        84020          Single Family
CHICAGO                                       IL                        60804          Single Family
CINCINNATI                                    OH                        45231          2-4 Family
PLAINFIELD                                    IL                        60585          PUD
BOILING SPRINGS                               SC                        29316          2-4 Family
Delhi                                         CA                        95315          Single Family
Montebello                                    CA                        90640          2-4 Family
CLEVELAND                                     OH                        44108          Single Family
DENVER                                        CO                        80211          Single Family
GARDEN VALLEY                                 ID                        83622          PUD
CHICAGO                                       IL                        60611          Condominium
PEMBROKE PINES                                FL                        33028          Single Family
BURKE                                         VA                        22015          PUD
NASHVILLE                                     TN                        37211          PUD
GARFIELD HEIGHTS                              OH                        44105          Single Family
CAPE CORAL                                    FL                        33909          Single Family
Hendersonville                                NC                        28739          Single Family
EVERETT                                       WA                        98208          Single Family
SILVER SPRING                                 MD                        20903          Single Family
OVIEDO                                        FL                        32765          Single Family
JOHNSTON                                      RI                        02919          Single Family
PORTLAND                                      OR                        97203          Single Family
BROOKLYN                                      NY                        11238          2-4 Family
PEORIA                                        AZ                        85381          Single Family
PANAMA CITY BEACH                             FL                        32413          Single Family
CHESTER                                       SC                        29706          Single Family
DETROIT                                       MI                        48228          Single Family
Charlotte                                     NC                        28215          PUD
FORT LAUDERDALE                               FL                        33315          2-4 Family
MESA                                          AZ                        85202          PUD
DANBURY                                       CT                        06810          2-4 Family
MARRERO                                       LA                        70072          Single Family
Indianapolis                                  IN                        46241          Single Family
HYATTSVILLE                                   MD                        20783          Single Family
Louisville                                    KY                        40218          Condominium
LOUISVILLE                                    KY                        40245          Condominium
LINCOLNTON                                    NC                        28092          Single Family
Lawrenceville                                 GA                        30043          Single Family
SANGER                                        CA                        93657          Single Family
PHOENIX                                       AZ                        85037          PUD
STERLING HEIGHTS                              MI                        48313          Single Family
ABINGDON                                      MD                        21009          PUD
GERMANTOWN                                    MD                        20874          PUD
AURORA                                        CO                        80012          Condominium
TUCSON                                        AZ                        85747          Single Family
Lafayette                                     IN                        47905          2-4 Family
MESA                                          AZ                        85203          Single Family
WINTER HAVEN                                  FL                        33884          PUD
NORCROSS                                      GA                        30092          Single Family
KAWKAWLIN                                     MI                        48631          Single Family
CORONA                                        CA                        92883          PUD
GRAVETTE                                      AR                        72736          Single Family
Charlotte                                     NC                        28210          Single Family
QUEEN CREEK                                   AZ                        85242          PUD
CHANDLER                                      AZ                        85249          PUD
BURTON                                        MI                        48529          Single Family
STREAMWOOD                                    IL                        60107          PUD
MECHANICSBURG                                 PA                        17050          PUD
OAKLAND                                       CA                        94608          Single Family
LAKE WORTH                                    FL                        33467          PUD
SAINT LOUIS                                   MO                        63118          Single Family
FORT LAUDERDALE                               FL                        33311          Single Family
Flowery Branch                                GA                        30542          PUD
MIAMI BEACH                                   FL                        33139          Condominium
Brooklyn                                      NY                        11238          2-4 Family
ATLANTIC BEACH                                FL                        32233          PUD
DETROIT                                       MI                        48239          Single Family
SAINT LOUIS                                   MO                        63110          2-4 Family
PANAMA CITY                                   FL                        32408          Single Family
COLUMBUS                                      OH                        43211          Single Family
Garner                                        NC                        27529          PUD
STOCKTON                                      CA                        95215          Single Family
PANAMA CITY BEACH                             FL                        32413          Single Family
DETROIT                                       MI                        48227          Single Family
NAPLES                                        FL                        34105          Condominium
AURORA                                        CO                        80010          2-4 Family
WOODBRIDGE                                    VA                        22193          Single Family
PORT SAINT LUCIE                              FL                        34953          Single Family
Newark                                        NJ                        07106          2-4 Family
SCOTTSDALE                                    AZ                        85253          Condominium
GRANDVIEW                                     MO                        64030          2-4 Family
GARNER                                        NC                        27529          PUD
PHOENIX                                       AZ                        85018          Single Family
ORLANDO                                       FL                        32825          PUD
MOORE                                         OK                        73160          PUD
OCOEE                                         FL                        34761          PUD
MEMPHIS                                       TN                        38106          Single Family
WACO                                          TX                        76707          2-4 Family
TAMPA                                         FL                        33612          PUD
PROVIDENCE                                    RI                        02906          2-4 Family
CHICAGO                                       IL                        60652          Single Family
Raleigh                                       NC                        27612          Single Family
PAHRUMP                                       NV                        89048          2-4 Family
JOHNSON CITY                                  NY                        13790          2-4 Family
ROCHESTER                                     NY                        14609          2-4 Family
KENOSHA                                       WI                        53140          2-4 Family
DAVIS                                         OK                        73030          Single Family
CHICAGO                                       IL                        60609          2-4 Family
BURBANK                                       IL                        60459          Single Family
SALEM                                         OR                        97302          Single Family
FLAGSTAFF                                     AZ                        86001          Single Family
SILVER SPRING                                 MD                        20906          Condominium
SOUTH PADRE ISLAND                            TX                        78597          Single Family
TAMPA                                         FL                        33603          Single Family
Hyde Park                                     MA                        02136          2-4 Family
LAKELAND                                      FL                        33801          Single Family
LONGMONT                                      CO                        80503          PUD
WOODBRIDGE                                    VA                        22191          PUD
NORTH CHARLESTON                              SC                        29405          Single Family
STEVENSVILLE                                  MT                        59870          Single Family
LADSON                                        SC                        29456          Single Family
BROUSSARD                                     LA                        70518          Single Family
GERMANTOWN                                    MD                        20874          PUD
VISTA                                         CA                        92083          PUD
MAPLE GLEN                                    PA                        19002          Single Family
VISALIA                                       CA                        93291          Single Family
SAINT JOSEPH                                  MO                        64506          PUD
TAMPA                                         FL                        33613          PUD
BALTIMORE                                     MD                        21215          Single Family
POMPANO BEACH                                 FL                        33060          Single Family
CARSON                                        CA                        90745          Single Family
NORFOLK                                       VA                        23504          2-4 Family
STAFFORD                                      VA                        22554          PUD
PHILADELPHIA                                  PA                        19115          2-4 Family
KISSIMMEE                                     FL                        34744          PUD
DAYTON                                        OH                        45429          Single Family
CHANDLER                                      AZ                        85249          PUD
KENNESAW                                      GA                        30144          PUD
CHICAGO                                       IL                        60612          2-4 Family
POQUOSON                                      VA                        23662          Single Family
STERLING                                      VA                        20164          PUD
BROOKLYN                                      NY                        11212          2-4 Family
CINCINNATI                                    OH                        45245          Single Family
PASCO                                         WA                        99301          Single Family
ELGIN                                         IL                        60123          Single Family
MISSOULA                                      MT                        59801          2-4 Family
Pikeville                                     NC                        27863          Single Family
LEWISVILLE                                    TX                        75067          Single Family
WEST WARWICK                                  RI                        02893          2-4 Family
Passaic                                       NJ                        07055          2-4 Family
LAND O LAKES                                  FL                        34639          PUD
CARSON CITY                                   NV                        89706          Single Family
EASLEY                                        SC                        29640          2-4 Family
SPRING HILL                                   FL                        34608          2-4 Family
DEERFIELD BEACH                               FL                        33441          Single Family
CLARKSTON                                     WA                        99403          2-4 Family
SLIDELL                                       LA                        70461          Single Family
NASHUA                                        NH                        03060          2-4 Family
LAS VEGAS                                     NV                        89148          PUD
CHICAGO                                       IL                        60636          2-4 Family
Alameda                                       CA                        94501          2-4 Family
Bloomfield                                    NJ                        07003          2-4 Family
DETROIT                                       MI                        48228          Single Family
MIDDLETOWN                                    VA                        22645          Single Family
GREENVILLE                                    SC                        29611          Single Family
REYNOLDSBURG                                  OH                        43068          Single Family
CANTON                                        OH                        44709          Single Family
SUN CITY WEST                                 AZ                        85375          PUD
BAKERSFIELD                                   CA                        93307          Single Family
CHICKASAW                                     AL                        36611          Single Family
TAMPA                                         FL                        33647          PUD
ROCHESTER                                     NY                        14621          2-4 Family
Greensboro                                    NC                        27405          Single Family
Albuquerque                                   NM                        87108          2-4 Family
MARICOPA                                      AZ                        85239          PUD
OVIEDO                                        FL                        32765          PUD
CHICAGO                                       IL                        60631          Single Family
South Plainfield                              NJ                        07080          Single Family
MEMPHIS                                       TN                        38115          Condominium
LOS ANGELES                                   CA                        90059          Single Family
NORTH WEBSTER                                 IN                        46555          2-4 Family
INDIO                                         CA                        92201          PUD
HENDERSON                                     NV                        89044          PUD
SPRINGDALE                                    AR                        72764          2-4 Family
BROOKLYN                                      NY                        11207          2-4 Family
SPRINGFIELD                                   MA                        01119          Single Family
CLINTON                                       MD                        20735          Single Family
Hampton                                       GA                        30228          PUD
Wendell                                       NC                        27591          Single Family
CLINTON                                       MD                        20735          PUD
SAINT PETERSBURG                              FL                        33705          2-4 Family
JACKSONVILLE                                  FL                        32254          Single Family
Louisville                                    KY                        40241          Single Family
SUMMERVILLE                                   SC                        29483          PUD
Newburgh                                      IN                        47630          2-4 Family
SYRACUSE                                      NY                        13210          2-4 Family
SYRACUSE                                      NY                        13210          2-4 Family
TOPEKA                                        KS                        66605          Single Family
EVANSTON                                      IL                        60202          Single Family
SILVER SPRING                                 MD                        20904          Single Family
BRONX                                         NY                        10462          2-4 Family
PARKLAND                                      FL                        33076          PUD
Louisville                                    KY                        40299          Single Family
WOONSOCKET                                    RI                        02895          2-4 Family
Waxhaw                                        NC                        28173          PUD
AUBURN                                        WA                        98001          Single Family
CAMDEN                                        DE                        19934          Single Family
BELTSVILLE                                    MD                        20705          Condominium
CHICAGO                                       IL                        60651          2-4 Family
PHOENIXVILLE                                  PA                        19460          Single Family
MIAMI                                         FL                        33157          PUD
VALLEJO                                       CA                        94591          Single Family
SPRINGFIELD                                   IL                        62703          2-4 Family
LARGO                                         FL                        33773          PUD
PORT TOBACCO                                  MD                        20677          Single Family
HIALEAH                                       FL                        33010          Condominium
MORENO VALLEY                                 CA                        92553          2-4 Family
CHICAGO                                       IL                        60632          2-4 Family
Worcester                                     MA                        01603          Single Family
PEORIA                                        AZ                        85381          Single Family
DETROIT                                       MI                        48204          Single Family
COLUMBUS                                      OH                        43204          Single Family
BIRCHRUNVILLE                                 PA                        19421          Single Family
OAKTON                                        VA                        22124          PUD
Newark                                        NJ                        07104          2-4 Family
Atlanta                                       GA                        30317          Single Family
ROCHESTER                                     WA                        98579          2-4 Family
ROCHESTER                                     WA                        98579          2-4 Family
BROWNS VALLEY                                 CA                        95918          Single Family
QUEEN CREEK                                   AZ                        85242          PUD
DENVER                                        CO                        80218          PUD
MAGNOLIA                                      TX                        77354          PUD
HENDERSON                                     NV                        89011          PUD
MISSION                                       TX                        78572          PUD
Lawrenceville                                 GA                        30043          Single Family
Beverly                                       MA                        01915          Single Family
HOUSTON                                       TX                        77007          Single Family
PALM BAY                                      FL                        32908          Single Family
WASHINGTON                                    DC                        20024          Condominium
GARLAND                                       TX                        75040          Single Family
GARLAND                                       TX                        75040          Single Family
GARLAND                                       TX                        75040          Single Family
PORT SAINT LUCIE                              FL                        34953          Single Family
WYANDANCH                                     NY                        11798          Single Family
CERES                                         CA                        95307          Single Family
DESERT HILLS                                  AZ                        85086          Single Family
Nantucket                                     MA                        02554          Single Family
West Springfield                              MA                        01089          2-4 Family
PHILADELPHIA                                  PA                        19120          2-4 Family
LIVERPOOL                                     NY                        13090          Single Family
BOSTON                                        MA                        02122          2-4 Family
ORLANDO                                       FL                        32835          Condominium
PHOENIX                                       AZ                        85040          PUD
MARCO ISLAND                                  FL                        34145          Single Family
LAS VEGAS                                     NV                        89115          Single Family
TAMPA                                         FL                        33612          2-4 Family
THE DALLES                                    OR                        97058          Single Family
COLUMBUS                                      OH                        43213          Single Family
CHICAGO                                       IL                        60621          2-4 Family
BEND                                          OR                        97702          Single Family
CINCINNATI                                    OH                        45239          Condominium
JACKSONVILLE                                  FL                        32258          PUD
Visalia                                       CA                        93277          Single Family
NAPLES                                        FL                        34104          Condominium
SUN CITY                                      CA                        92586          Single Family
SUMMERVILLE                                   SC                        29483          Single Family
INDIANAPOLIS                                  IN                        46235          Single Family
DETROIT                                       MI                        48239          Single Family
COPIAGUE                                      NY                        11726          Single Family
STUART                                        FL                        34997          Single Family
LEBANON                                       OR                        97355          Single Family
ANTHEM                                        AZ                        85086          PUD
ROYAL PALM BEACH                              FL                        33411          Single Family
DUMFRIES                                      VA                        22026          PUD
CLEVELAND                                     OH                        44102          2-4 Family
CHICAGO                                       IL                        60639          Single Family
BRONX                                         NY                        10462          2-4 Family
GLENDALE                                      NY                        11385          2-4 Family
MORENO VALLEY                                 CA                        92553          Single Family
CHESTERFIELD                                  VA                        23838          Single Family
Newark                                        NJ                        07106          2-4 Family
SALEM                                         OR                        97301          Single Family
ANNAPOLIS                                     MD                        21403          Single Family
WAYNESBORO                                    VA                        22980          Single Family
Powder Springs                                GA                        30127          PUD
TEMPE                                         AZ                        85282          Single Family
QUEEN CREEK                                   AZ                        85242          PUD
TAMPA                                         FL                        33634          PUD
DELAND                                        FL                        32724          Single Family
WOODBRIDGE                                    VA                        22193          Single Family
FALLON                                        NV                        89406          Single Family
STREAMWOOD                                    IL                        60107          Single Family
MCLEAN                                        VA                        22102          Condominium
YORK                                          PA                        17404          Single Family
VISALIA                                       CA                        93291          2-4 Family
MIDVALE                                       UT                        84047          2-4 Family
ANDERSON                                      SC                        29625          Condominium
PROVIDENCE                                    RI                        02905          Single Family
HOLLYWOOD                                     FL                        33020          Condominium
BUCKEYE                                       AZ                        85326          PUD
Charlotte                                     NC                        28205          Single Family
EASTON                                        MD                        21601          Single Family
SARASOTA                                      FL                        34240          PUD
QUEEN CREEK                                   AZ                        85242          PUD
LITHIA                                        FL                        33547          PUD
FALLON                                        NV                        89406          Single Family
Louisville                                    KY                        40207          Single Family
PORTLAND                                      OR                        97266          Single Family
RIVIERA BEACH                                 FL                        33404          2-4 Family
CHICAGO                                       IL                        60621          2-4 Family
CHICAGO                                       IL                        60628          Single Family
COATESVILLE                                   PA                        19320          PUD
GREENFIELD                                    MN                        55373          PUD
KNOXVILLE                                     TN                        37917          Single Family
SEVERN                                        MD                        21144          Condominium
CITRUS HEIGHTS                                CA                        95610          Single Family
BOWIE                                         MD                        20720          Single Family
BRONX                                         NY                        10471          2-4 Family
QUEEN CREEK                                   AZ                        85242          PUD
BALTIMORE                                     MD                        21215          Single Family
JOHNSTON                                      RI                        02919          Single Family
PROVIDENCE                                    RI                        02908          Condominium
EDGEWATER                                     MD                        21037          Single Family
SILVER SPRING                                 MD                        20906          PUD
Provo                                         UT                        84604          PUD
LACEY                                         WA                        98503          2-4 Family
roxboro                                       NC                        27573          Single Family
COCKEYSVILLE                                  MD                        21030          Single Family
GERMANTOWN                                    TN                        38138          Single Family
NEILTON                                       WA                        98566          Single Family
COLUMBIA                                      SC                        29203          Single Family
HAZEL CREST                                   IL                        60429          Single Family
SIMPSONVILLE                                  SC                        29681          Single Family
MAYWOOD                                       IL                        60153          Single Family
LAKE WORTH                                    FL                        33462          Single Family
SIMPSONVILLE                                  SC                        29681          PUD
OGDEN                                         UT                        84401          2-4 Family
JACKSONVILLE                                  FL                        32209          Single Family
VERO BEACH                                    FL                        32966          Single Family
CASA GRANDE                                   AZ                        85222          Single Family
DANA POINT                                    CA                        92629          PUD
SILVER SPRING                                 MD                        20904          Condominium
LINDENHURST                                   NY                        11757          Single Family
TAYLOR                                        MI                        48180          Single Family
LOS ANGELES                                   CA                        90002          Single Family
MOUNT POCONO                                  PA                        18344          Single Family
WARWICK                                       RI                        02888          Single Family
METAMORA                                      IL                        61548          Single Family
MEMPHIS                                       TN                        38108          Single Family
FRISCO                                        TX                        75034          PUD
PHOENIX                                       AZ                        85050          PUD
SPARTANBURG                                   SC                        29301          2-4 Family
COLUMBUS                                      OH                        43230          Single Family
SPARTANBURG                                   SC                        29306          Single Family
TRAVELERS REST                                SC                        29690          Single Family
ALSTEAD                                       NH                        03602          Single Family
SPRING BRANCH                                 TX                        78070          Single Family
Plainfield                                    NJ                        07060          2-4 Family
BROOKLYN                                      NY                        11217          2-4 Family
PHOENIX                                       AZ                        85050          PUD
BROOKLYN                                      NY                        11219          2-4 Family
CHICAGO                                       IL                        60612          Condominium
SPRING BRANCH                                 TX                        78070          PUD
PHOENIX                                       AZ                        85050          PUD
PHOENIX                                       AZ                        85014          Condominium
DETROIT                                       MI                        48234          Single Family
BROOKLYN                                      NY                        11233          2-4 Family
WASHINGTON                                    DC                        20002          Single Family
COVINGTON                                     LA                        70435          Single Family
PUYALLUP                                      WA                        98375          Single Family
Apollo Beach                                  FL                        33572          PUD
MORENO VALLEY                                 CA                        92553          Single Family
TREASURE ISLAND                               FL                        33706          PUD
MERRITT ISLAND                                FL                        32953          PUD
STERLING                                      VA                        20164          PUD
BALTIMORE                                     MD                        21223          Single Family
Atlanta                                       GA                        30310          Single Family
DERWOOD                                       MD                        20855          Single Family
COOPER CITY                                   FL                        33328          Single Family
MIDLOTHIAN                                    VA                        23112          Single Family
WALTON                                        KY                        41094          Single Family
WEST PALM BEACH                               FL                        33411          PUD
JOLIET                                        IL                        60435          Single Family
SPARTANBURG                                   SC                        29301          Single Family
GAINESVILLE                                   FL                        32601          Single Family
BATON ROUGE                                   LA                        70820          PUD
GREENVILLE                                    SC                        29611          Single Family
PHILADELPHIA                                  PA                        19144          Single Family
CHARDON                                       OH                        44024          Single Family
MESA                                          AZ                        85204          PUD
Billings                                      MT                        59102          Single Family
CINCINNATI                                    OH                        45207          Single Family
GIBSONTON                                     FL                        33534          PUD
MOBILE                                        AL                        36605          Single Family
WEST PALM BEACH                               FL                        33407          PUD
Fall River                                    MA                        02724          2-4 Family
TUCSON                                        AZ                        85706          PUD
RICHMOND                                      VA                        23222          Single Family
JACKSON                                       TN                        38301          Single Family
HEFLIN                                        AL                        36264          Single Family
PHOENIX                                       AZ                        85009          2-4 Family
PANAMA CITY BEACH                             FL                        32408          Single Family
Charlotte                                     NC                        28278          Single Family
SPRINGFIELD                                   VA                        22151          Single Family
AMITYVILLE                                    NY                        11701          Single Family
DETROIT                                       MI                        48204          Single Family
BELLINGHAM                                    WA                        98229          PUD
ORLANDO                                       FL                        32825          Condominium
SARASOTA                                      FL                        34235          Single Family
COLUMBIA                                      SC                        29209          PUD
WASHINGTON                                    DC                        20011          Single Family
TRENTON                                       NJ                        08610          Single Family
RAYTOWN                                       MO                        64133          Single Family
SYRACUSE                                      NY                        13210          2-4 Family
CHANTILLY                                     VA                        20152          PUD
SAN CLEMENTE                                  CA                        92672          2-4 Family
PONTIAC                                       MI                        48342          Single Family
WESTFIELD                                     NC                        27053          Single Family
DETROIT                                       MI                        48238          2-4 Family
BELTON                                        SC                        29627          Single Family
DETROIT                                       MI                        48224          Single Family
DETROIT                                       MI                        48224          Single Family
KANSAS CITY                                   MO                        64132          Single Family
HOUSTON                                       TX                        77078          Single Family
SUPERIOR                                      AZ                        85273          Single Family
LISLE                                         IL                        60532          Single Family
REDFORD                                       MI                        48239          Single Family
Noblesville                                   IN                        46060          PUD
Noblesville                                   IN                        46060          PUD
Woodstock                                     GA                        30188          PUD
SALT LAKE CITY                                UT                        84118          Single Family
MEMPHIS                                       TN                        38106          2-4 Family
KANSAS CITY                                   MO                        64130          Single Family
Rio Rancho                                    NM                        87124          Condominium
SCOTTSDALE                                    AZ                        85257          Single Family
HORN LAKE                                     MS                        38637          PUD
Winston Salem                                 NC                        27105          Single Family
BALTIMORE                                     MD                        21216          Single Family
COVINGTON                                     KY                        41011          Single Family
BATON ROUGE                                   LA                        70811          2-4 Family
PALM BEACH GARDENS                            FL                        33410          Single Family
CANTON                                        OH                        44714          Single Family
BATON ROUGE                                   LA                        70811          2-4 Family
OCALA                                         FL                        34482          2-4 Family
PORTLAND                                      OR                        97209          Condominium
KANSAS CITY                                   MO                        64130          Single Family
KANSAS CITY                                   MO                        64132          Single Family
WINSTON SALEM                                 NC                        27107          Single Family
RAYTOWN                                       MO                        64133          Single Family
SAN BERNARDINO                                CA                        92410          Single Family
Charlotte                                     NC                        28211          Single Family
DALLAS                                        TX                        75227          Single Family
Winston Salem                                 NC                        27127          Single Family
MEMPHIS                                       TN                        38106          Single Family
Winston Salem                                 NC                        27104          Condominium
Winston Salem                                 NC                        27104          Condominium
GALVESTON                                     TX                        77550          2-4 Family
MEMPHIS                                       TN                        38111          Single Family
MEMPHIS                                       TN                        38107          Single Family
FALLS CHURCH                                  VA                        22041          PUD
RICHMOND                                      VA                        23222          2-4 Family
SOUND BEACH                                   NY                        11789          Single Family
AUGUSTA                                       GA                        30904          Single Family
Trenton                                       NJ                        08611          Single Family
TRENTON                                       NJ                        08610          Single Family
KANNAPOLIS                                    NC                        28083          Single Family
TRENTON                                       NJ                        08611          Single Family
OCOEE                                         FL                        34761          PUD
Concord                                       NC                        28025          Single Family
Pompton Plains                                NJ                        07444          Single Family
KNOXVILLE                                     TN                        37920          Single Family
COLUMBIA                                      SC                        29203          2-4 Family
SAN LEANDRO                                   CA                        94577          Single Family
TEMPE                                         AZ                        85282          Condominium
ROCHESTER HILLS                               MI                        48307          Single Family
Bradenton Beach                               FL                        34217          Condominium
OAKLAND                                       CA                        94621          Single Family
ROSELLE                                       IL                        60172          PUD
FLAT ROCK                                     MI                        48134          Single Family
MADRAS                                        OR                        97741          PUD
KANSAS CITY                                   KS                        66102          Single Family
MADRAS                                        OR                        97741          PUD
ELK GROVE                                     CA                        95624          Single Family
DETROIT                                       MI                        48219          Single Family
PORTSMOUTH                                    NH                        03801          Condominium
HIALEAH                                       FL                        33015          Condominium
MOLINE                                        IL                        61265          Single Family
MANCHESTER                                    NH                        03102          Condominium
ARVERNE                                       NY                        11692          2-4 Family
WOBURN                                        MA                        01801          Condominium
PHOENIX                                       AZ                        85023          PUD
LAS VEGAS                                     NV                        89123          PUD
OCEANSIDE                                     CA                        92056          Condominium
SPRING                                        TX                        77379          PUD
PHOENIX                                       AZ                        85014          Single Family
LAREDO                                        TX                        78041          Single Family
ROCKVALE                                      TN                        37153          PUD
NORTH BELLMORE                                NY                        11710          Single Family
Los Angeles                                   CA                        90041          2-4 Family
SPARTANBURG                                   SC                        29301          Single Family
Acworth                                       GA                        30101          PUD
COLUMBUS                                      OH                        43205          Single Family
LAS VEGAS                                     NV                        89149          PUD
COACHELLA                                     CA                        92236          Single Family
Lumberton                                     NC                        28358          Single Family
BILLINGS                                      MT                        59102          2-4 Family
SCHENECTADY                                   NY                        12303          2-4 Family
BILOXI                                        MS                        39532          2-4 Family
GULFPORT                                      MS                        39501          2-4 Family
SPARTANBURG                                   SC                        29303          Single Family
BALTIMORE                                     MD                        21229          Single Family
SPARTANBURG                                   SC                        29302          Single Family
WALDORF                                       MD                        20603          PUD
ROUND LAKE                                    IL                        60073          Single Family
Decatur                                       GA                        30032          Single Family
DES PLAINES                                   IL                        60016          Condominium
CHICAGO                                       IL                        60707          Single Family
PIEDMONT                                      SC                        29673          Single Family
PORTLAND                                      OR                        97218          Single Family
SAN ANTONIO                                   TX                        78214          2-4 Family
SAN ANTONIO                                   TX                        78220          Single Family
SAN ANTONIO                                   TX                        78239          Single Family
CRANSTON                                      RI                        02920          2-4 Family
HOUSTON                                       TX                        77004          2-4 Family
QUEEN CREEK                                   AZ                        85242          PUD
DAYTON                                        OH                        45406          Single Family
Atlanta                                       GA                        30315          Single Family
EASTPOINTE                                    MI                        48021          Single Family
LITTLE ROCK                                   AR                        72223          Single Family
MILFORD                                       CT                        06460          Condominium
SURPRISE                                      AZ                        85388          PUD
ROEBUCK                                       SC                        29376          Single Family
SEVIERVILLE                                   TN                        37876          Single Family
NEW HAVEN                                     CT                        06511          2-4 Family
GATLINBURG                                    TN                        37738          Single Family
WASHINGTON                                    DC                        20011          2-4 Family
SOUTHFIELD                                    MI                        48075          Single Family
LINCOLNWOOD                                   IL                        60712          2-4 Family
COLUMBUS                                      OH                        43211          Single Family
DOVER                                         NH                        03820          Condominium
Buckeye                                       AZ                        85326          PUD
QUEEN CREEK                                   AZ                        85243          Single Family
MESA                                          AZ                        85203          Single Family
Everett                                       MA                        02149          2-4 Family
PROVIDENCE                                    UT                        84332          Single Family
Atlanta                                       GA                        30314          Single Family
Chickamauga                                   GA                        30707          Single Family
JACKSONVILLE                                  FL                        32210          2-4 Family
North Bethesda                                MD                        20852          PUD
BRENTWOOD                                     NY                        11717          Single Family
Glendale                                      CA                        91201          Single Family
PEMBROKE                                      NH                        03275          Single Family
PHOENIX                                       AZ                        85008          Single Family
TAMPA                                         FL                        33624          Single Family
MIAMI BEACH                                   FL                        33139          Condominium
JERSEY CITY                                   NJ                        07307          2-4 Family
SIOUX FALLS                                   SD                        57104          2-4 Family
MARICOPA                                      AZ                        85239          PUD
AURORA                                        MN                        55705          Single Family
Corrales                                      NM                        87048          Single Family
BOLINGBROOK                                   IL                        60440          Single Family
SPARTANBURG                                   SC                        29306          Single Family
NEW YORK                                      NY                        10030          2-4 Family
DOUGLASSVILLE                                 PA                        19548          Single Family
Albuquerque                                   NM                        87123          Single Family
HILTON HEAD ISLAND                            SC                        29928          Condominium
ASTORIA                                       NY                        11102          2-4 Family
WHEATON                                       IL                        60187          Condominium
PLATTSBURG                                    MO                        64477          Single Family
FORT ATKINSON                                 WI                        53538          2-4 Family
MIDDLETOWN                                    MD                        21769          Single Family
BROOKLYN                                      NY                        11206          2-4 Family
LAS VEGAS                                     NV                        89120          Single Family
FORT LAUDERDALE                               FL                        33319          Single Family
FALLS CHURCH                                  VA                        22041          PUD
OXNARD                                        CA                        93033          Single Family
DETROIT                                       MI                        48219          Single Family
CHESTER                                       VA                        23831          Single Family
NORFOLK                                       VA                        23509          Single Family
SANDPOINT                                     ID                        83864          Single Family
PARADISE                                      CA                        95969          Single Family
CAPE CORAL                                    FL                        33909          Single Family
SEDONA                                        AZ                        86336          Single Family
PAWLEYS ISLAND                                SC                        29585          Single Family
COUNTRY CLUB HILLS                            IL                        60478          Single Family
Passaic                                       NJ                        07055          2-4 Family
Franklin                                      MA                        02038          2-4 Family
SAN ANTONIO                                   TX                        78218          PUD
BRIDGEPORT                                    CT                        06610          2-4 Family
SANDY                                         UT                        84093          Single Family
SURPRISE                                      AZ                        85388          PUD
CHICAGO                                       IL                        60649          Single Family
LAKE FOREST                                   IL                        60045          Single Family
FARMINGVILLE                                  NY                        11738          Single Family
PALM BAY                                      FL                        32907          Single Family
BIRMINGHAM                                    AL                        35218          Single Family
WALDORF                                       MD                        20602          PUD
West New York                                 NJ                        07093          2-4 Family
PHOENIX                                       AZ                        85022          Single Family
DETROIT                                       MI                        48227          2-4 Family
CONWAY                                        SC                        29526          Condominium
HUNTLEY                                       IL                        60142          Single Family
INDIO                                         CA                        92201          Single Family
WESTWOOD                                      MA                        02090          Single Family
TEHACHAI                                      CA                        93561          2-4 Family
CLEVELAND                                     OH                        44128          Single Family
BAKERSFIELD                                   CA                        93305          Single Family
SWANSEA                                       IL                        62226          2-4 Family
SCOTTSDALE                                    AZ                        85259          Single Family
BUCKEYE                                       AZ                        85326          PUD
WILLOWBROOK                                   IL                        60527          Condominium
KANSAS CITY                                   MO                        64124          Single Family
MARICOPA                                      AZ                        85239          PUD
FOREST GROVE                                  OR                        97116          PUD
MARICOPA                                      AZ                        85239          PUD
RIDGELY                                       MD                        21660          Single Family
CEDAR POINT                                   NC                        28584          Condominium
FREDERICKSBURG                                VA                        22407          PUD
BALTIMORE                                     MD                        21206          Single Family
LAS VEGAS                                     NV                        89146          Single Family
PEORIA                                        AZ                        85381          Single Family
Ahoskie                                       NC                        27910          Single Family
JACKSONVILLE                                  FL                        32246          PUD
Evansville                                    IN                        47713          2-4 Family
BRYANS ROAD                                   MD                        20616          PUD
WALDORF                                       MD                        20602          PUD
JACKSONVILLE                                  FL                        32246          PUD
MEMPHIS                                       TN                        38114          Single Family
LORTON                                        VA                        22079          PUD
SALISBURY                                     NC                        28144          2-4 Family
SAINT LOUIS                                   MO                        63115          Single Family
Trenton                                       NJ                        08611          Single Family
REDMOND                                       OR                        97756          Single Family
MEMPHIS                                       TN                        38108          Single Family
TOLEDO                                        OH                        43607          Single Family
TAMPA                                         FL                        33634          Single Family
SAINT LOUIS                                   MO                        63120          Single Family
PROVIDENCE                                    RI                        02909          Single Family
RICHMOND                                      VA                        23221          Single Family
ISLE OF PALMS                                 SC                        29451          Condominium
CENTEREACH                                    NY                        11720          Single Family
SAINT LOUIS                                   MO                        63136          Single Family
LANCASTER                                     PA                        17602          2-4 Family
NORTH LAS VEGAS                               NV                        89084          PUD
Woodstock                                     GA                        30188          PUD
LONG BEACH                                    CA                        90805          Condominium
EVANSTON                                      IL                        60201          Single Family
PEYTON                                        CO                        80831          Single Family
Marietta                                      GA                        30060          Single Family
EVANSTON                                      IL                        60201          Single Family
INDIANAPOLIS                                  IN                        46241          Single Family
Sunbury                                       NC                        27979          Single Family
Rome                                          GA                        30161          2-4 Family
ORLANDO                                       FL                        32822          Single Family
EVANSTON                                      IL                        60201          Single Family
AMSTERDAM                                     NY                        12010          2-4 Family
MIAMI                                         FL                        33177          Single Family
EL PASO                                       TX                        79911          Single Family
FALLS CHURCH                                  VA                        22041          PUD
TYLER                                         TX                        75707          Single Family
LADYS ISLAND                                  SC                        29907          Single Family
JAMAICA                                       NY                        11435          Single Family
CHICAGO                                       IL                        60619          Single Family
Fort Wayne                                    IN                        46806          Single Family
BALTIMORE                                     MD                        21206          Single Family
PALM COAST                                    FL                        32137          PUD
Hillsborough                                  NJ                        08844          Single Family
ALEXANDRIA                                    VA                        22309          Condominium
CRYSTAL SPRINGS                               MS                        39059          Single Family
PHOENIX                                       AZ                        85033          Single Family
VIRGINIA BEACH                                VA                        23451          Condominium
PORT JEFFERSON STATION                        NY                        11776          Single Family
DAYTON                                        OH                        45405          2-4 Family
BAYONNE                                       NJ                        07002          Single Family
WELLINGTON                                    FL                        33467          PUD
AKRON                                         OH                        44320          Single Family
MARYVILLE                                     TN                        37804          Single Family
WARRENTON                                     OR                        97146          Single Family
OGDEN                                         UT                        84401          2-4 Family
EL PASO                                       TX                        79932          Single Family
SOUTH PADRE ISLAND                            TX                        78597          Condominium
FARMINGTON                                    MN                        55024          Condominium
FARMINGTON                                    MN                        55024          Condominium
GRANDVILLE                                    MO                        64030          2-4 Family
BAY SHORE                                     NY                        11706          Single Family
BURNSVILLE                                    MN                        55337          Single Family
Evansville                                    IN                        47710          Single Family
KIRKLAND                                      WA                        98034          PUD
DUNELLEN                                      NJ                        08812          Single Family
HOLLYWOOD                                     FL                        33020          2-4 Family
Tigard                                        OR                        97224          Single Family
PORT SAINT LUCIE                              FL                        34984          Single Family
PALISADES                                     NY                        10964          Single Family
MERCED                                        CA                        95340          Single Family
SAINT ALBANS                                  NY                        11412          Single Family
DAYTON                                        OH                        45406          Single Family
EL MONTE                                      CA                        91732          Single Family
SIDNEY                                        OH                        45365          Single Family
JACKSONVILLE                                  FL                        32254          Single Family
BRIDGEPORT                                    CT                        06604          2-4 Family
LAWRENCEVILLE                                 GA                        30043          PUD
WATERFORD                                     CT                        06385          Single Family
MONROE                                        LA                        71203          Single Family
Atlantic Beach                                NC                        28512          Condominium
Kalamazoo                                     MI                        49009          Single Family
WINCHESTER                                    VA                        22602          PUD
SPOKANE                                       WA                        99218          Single Family
West Sacramento                               CA                        95605          Single Family
FORT WORTH                                    TX                        76135          PUD
SUNRISE                                       FL                        33322          Single Family
MARYSVILLE                                    CA                        95901          Single Family
CONCORD                                       CA                        94520          Single Family
SIOUX FALLS                                   SD                        57104          2-4 Family
COLUMBUS                                      OH                        43202          Single Family
NEWBERG                                       OR                        97132          Single Family
BELLEROSE                                     NY                        11426          Single Family
Paterson                                      NJ                        07504          2-4 Family
LEWES                                         DE                        19958          PUD
Boston                                        MA                        02127          Condominium
BOOTHWYN                                      PA                        19061          Single Family
TUCSON                                        AZ                        85706          Single Family
CHICAGO                                       IL                        60609          2-4 Family
CHARLOTTE                                     NC                        28216          PUD
WHEATON                                       IL                        60187          Single Family
FORT MYERS                                    FL                        33908          PUD
TINLEY PARK                                   IL                        60477          Condominium
GRANTS PASS                                   OR                        97526          Single Family
RIGBY                                         ID                        83442          Single Family
STREAMWOOD                                    IL                        60107          Single Family
MILTON                                        NH                        03851          Single Family
Toms River                                    NJ                        08757          Single Family
SAINT GEORGE                                  UT                        84790          Single Family
PATASKALA                                     OH                        43062          Single Family
LOVELAND                                      CO                        80538          Single Family
Boston                                        MA                        02121          2-4 Family
VIRGINIA BEACH                                VA                        23454          Single Family
APPLE VALLEY                                  CA                        92307          Single Family
BOYNTON BEACH                                 FL                        33436          Single Family
PONTIAC                                       MI                        48341          Single Family
CHICAGO                                       IL                        60651          Single Family
NEWBURGH                                      NY                        12550          2-4 Family
Mcdonough                                     GA                        30253          Single Family
Boston                                        MA                        02118          2-4 Family
CONWAY                                        SC                        29526          Condominium
Durham                                        NC                        27703          Single Family
FORT MYERS                                    FL                        33905          Single Family
DETROIT                                       MI                        48205          Single Family
SURPRISE                                      AZ                        85379          PUD
LEES SUMMIT                                   MO                        64064          PUD
AVONDALE                                      AZ                        85323          PUD
LITHIA                                        FL                        33547          PUD
SURPRISE                                      AZ                        85388          PUD
FAIRVIEW                                      OR                        97024          Single Family
SHOW LOW                                      AZ                        85901          PUD
Charlotte                                     NC                        28213          PUD
OKLAHOMA CITY                                 OK                        73127          Single Family
CLEVELAND                                     OH                        44102          2-4 Family
ALAMEDA                                       CA                        94501          Single Family
ORMOND BEACH                                  FL                        32174          Single Family
EWING                                         NJ                        08618          Single Family
SAN ANTONIO                                   TX                        78209          Condominium
FORT PIERCE                                   FL                        34950          Single Family
RICHMOND                                      VA                        23234          Single Family
DAYTON                                        OH                        45406          Single Family
INDEPENDENCE                                  MO                        64055          Single Family
LARGO                                         FL                        33773          PUD
SURPRISE                                      AZ                        85388          PUD
HANFORD                                       CA                        93230          Single Family
BRONX                                         NY                        10460          2-4 Family
BRANSON                                       MO                        65616          Single Family
ASHBURN                                       VA                        20147          PUD
Belmont                                       MA                        02478          2-4 Family
LYNCHBURG                                     VA                        24501          2-4 Family
LYNCHBURG                                     VA                        24501          2-4 Family
DAYTON                                        OH                        45406          Single Family
HARLINGEN                                     TX                        78552          Single Family
LAWSON                                        MO                        64062          Single Family
EAST DURHAM                                   NY                        12423          2-4 Family
STOCKTON                                      CA                        95206          Single Family
ODENTON                                       MD                        21113          Single Family
WOODSIDE                                      NY                        11377          Single Family
CANTON                                        OH                        44718          Single Family
SAINT LOUIS                                   MO                        63118          2-4 Family
Camden                                        NJ                        08103          2-4 Family
COLUMBUS                                      OH                        43220          Single Family
NORTH MIAMI                                   FL                        33161          Condominium
VIRGINIA BEACH                                VA                        23452          Single Family
KANSAS CITY                                   MO                        64134          Single Family
AKRON                                         OH                        44301          Single Family
SAINT LOUIS                                   MO                        63118          2-4 Family
Belton                                        SC                        29627          Single Family
TOPEKA                                        KS                        66604          2-4 Family
GREENVILLE                                    SC                        29615          Single Family
VIENNA                                        VA                        22182          Single Family
OZONE PARK                                    NY                        11417          Single Family
AURORA                                        CO                        80010          Single Family
GOODLETTSVILLE                                TN                        37072          Single Family
CHICAGO                                       IL                        60636          2-4 Family
APPLE VALLEY                                  CA                        92307          Single Family
Irvington                                     NJ                        07111          2-4 Family
MURRIETA                                      CA                        92562          Single Family
HENDERSON                                     NV                        89074          Single Family
ZEPHYRHILLS                                   FL                        33543          PUD
MERIDEN                                       CT                        06451          2-4 Family
PHILADELPHIA                                  PA                        19104          Single Family
SANTA ROSA                                    CA                        95401          Single Family
PROVIDENCE                                    RI                        02907          2-4 Family
WASHINGTON                                    DC                        20011          2-4 Family
GLENDALE                                      AZ                        85302          Single Family
UPPER MARLBORO                                MD                        20772          Single Family
RESTON                                        VA                        20190          Condominium
East Boston                                   MA                        02128          2-4 Family
CHICAGO                                       IL                        60613          Condominium
AURORA                                        IL                        60505          Single Family
PHOENIX                                       AZ                        85016          PUD
Cottonwood                                    CA                        96022          Single Family
HOMESTEAD                                     FL                        33032          Single Family
KANSAS CITY                                   MO                        64127          Single Family
HILLSBORO                                     MO                        63050          PUD
LAKE OSWEGO                                   OR                        97035          PUD
NEW LONDON                                    CT                        06320          Condominium
GRANTS PASS                                   OR                        97527          Single Family
WARREN                                        RI                        02885          2-4 Family
AIKEN                                         SC                        29805          Single Family
BUFFALO                                       MO                        65622          Single Family
CLERMONT                                      FL                        34711          PUD
Louisville                                    KY                        40204          Single Family
NEWPORT NEWS                                  VA                        23602          Single Family
LOS ANGELES                                   CA                        90066          Single Family
MIAMI                                         FL                        33176          Single Family
HOFFMAN ESTATES                               IL                        60194          Single Family
NAMPA                                         ID                        83687          PUD
POWDER SPRINGS                                GA                        30127          Single Family
Alpharetta                                    GA                        30004          Single Family
DETROIT                                       MI                        48228          Single Family
JACKSONVILLE BEACH                            FL                        32250          Single Family
ANGOLA                                        NY                        14006          Single Family
BOILING SPRINGS                               SC                        29316          Single Family
Apopka                                        FL                        32703          Single Family
BRONX                                         NY                        10455          2-4 Family
SPOKANE                                       WA                        99202          Single Family
ORLANDO                                       FL                        32829          Single Family
BROOKLYN                                      NY                        11224          2-4 Family
TYLER                                         TX                        75703          Single Family
PHILADELPHIA                                  PA                        19104          Single Family
Alpharetta                                    GA                        30005          PUD
TOPEKA                                        KS                        66605          Single Family
CHICAGO                                       IL                        60626          Condominium
TOPEKA                                        KS                        66605          Single Family
TOPEKA                                        KS                        66605          Single Family
E FALLOWFIELD                                 PA                        19320          PUD
MESA                                          AZ                        85213          PUD
GREENVILLE                                    SC                        29609          Single Family
RENTON                                        WA                        98059          Single Family
LANSING                                       MI                        48910          Single Family
EL PASO                                       TX                        79912          Single Family
Raleigh                                       NC                        27606          2-4 Family
BIRMINGHAM                                    AL                        35217          Single Family
BARTOW                                        FL                        33830          Single Family
OKLAHOMA CITY                                 OK                        73141          Single Family
CHICAGO                                       IL                        60612          Single Family
ORMOND BEACH                                  FL                        32174          Single Family
DETROIT                                       MI                        48213          Single Family
HOLLYWOOD                                     FL                        33020          Single Family
NORTH CHARLESTON                              SC                        29418          PUD
VANCOUVER                                     WA                        98662          Single Family
AVONDALE                                      AZ                        85323          PUD
JACKSONVILLE                                  FL                        32210          Single Family
SEGUIN                                        TX                        78155          Single Family
SOUTHFIELD                                    MI                        48075          Single Family
KENT                                          WA                        98031          PUD
ROWESVILLE                                    SC                        29133          Single Family
MASPETH                                       NY                        11378          2-4 Family
Mutttontown                                   NY                        11791          Single Family
GLEN OAKS                                     NY                        11004          Single Family
DARLINGTON                                    MD                        21034          Single Family
NORTH HOLLYWOOD                               CA                        91606          Single Family
NEW DURHAM                                    NH                        03855          Single Family
RANCHO PALOS VERDES                           CA                        90275          Single Family
SAN ANTONIO                                   TX                        78218          Single Family
PORT SAINT LUCIE                              FL                        34953          Single Family
COLUMBUS                                      OH                        43224          Single Family
KANSAS CITY                                   KS                        66102          2-4 Family
NORTH CHARLESTON                              SC                        29406          PUD
FOUNTAIN                                      CO                        80817          2-4 Family
BALTIMORE                                     MD                        21230          Single Family
LAWRENCEVILLE                                 GA                        30044          Single Family
HOMESTEAD                                     FL                        33033          Single Family
LA VERGNE                                     TN                        37086          Single Family
NORTH LAS VEGAS                               NV                        89086          PUD
WASHINGTON                                    DC                        20019          Single Family
ATLANTA                                       GA                        30315          Single Family
Cumming                                       GA                        30040          PUD
HILLSBORO                                     MO                        63050          Single Family
JACKSONVILLE                                  FL                        32207          Single Family
Wilmington                                    NC                        28409          PUD
Las Cruces                                    NM                        88001          2-4 Family
VISALIA                                       CA                        93292          2-4 Family
SCAPPOOSE                                     OR                        97056          Single Family
SALEM                                         OR                        97305          Single Family
Santa Maria                                   CA                        93458          Single Family
JACKSONVILLE                                  FL                        32209          Single Family
OZARK                                         MO                        65721          Single Family
CHICAGO                                       IL                        60622          2-4 Family
SCOTTSDALE                                    AZ                        85259          Single Family
HOUSTON                                       TX                        77078          Single Family
ELMHURST                                      NY                        11373          2-4 Family
WASHINGTON                                    DC                        20010          Single Family
CHICAGO                                       IL                        60620          2-4 Family
CALDWELL                                      ID                        83605          Single Family
Powder Springs                                GA                        30127          PUD
PHOENIX                                       AZ                        85020          Condominium
GLENDALE                                      AZ                        85302          Single Family
MODESTO                                       CA                        95355          Single Family
LAS VEGAS                                     NV                        89110          PUD
WALDORF                                       MD                        20601          Single Family
LISLE                                         IL                        60532          Condominium
SALEM                                         OR                        97306          Single Family
SPARTANBURG                                   SC                        29303          2-4 Family
SPOKANE                                       WA                        99207          Single Family
RIDGE                                         NY                        11961          Single Family
PHOENIX                                       AZ                        85029          Single Family
WAKE FOREST                                   NC                        27587          PUD
KANSAS CITY                                   KS                        66102          2-4 Family
REDMOND                                       OR                        97756          Single Family
MINNEAPOLIS                                   MN                        55407          Single Family
SPRING CITY                                   PA                        19475          2-4 Family
PINE BLUFFS                                   WY                        82082          Single Family
WASHINGTON                                    DC                        20001          Single Family
MARICOPA                                      AZ                        85239          Single Family
GIBSONTON                                     FL                        33534          PUD
CHEYENNE                                      WY                        82001          Single Family
ANNAPOLIS                                     MD                        21401          Single Family
SEAFORD                                       VA                        23696          PUD
ESSEX                                         VT                        05452          Condominium
DES MOINES                                    WA                        98198          Single Family
KANSAS CITY                                   KS                        66102          2-4 Family
Scottsdale                                    AZ                        85254          Condominium
MARYSVILLE                                    CA                        95901          Single Family
FORT LAUDERDALE                               FL                        33310          2-4 Family
LIBERTY LAKE                                  WA                        99019          Single Family
Raleigh                                       NC                        27603          Single Family
SILVER SPRING                                 MD                        20902          Single Family
MIRA LOMA                                     CA                        91752          Single Family
KATONAH                                       NY                        10536          Single Family
Cary                                          NC                        27513          PUD
EVERETT                                       WA                        98208          Single Family
PROVIDENCE                                    RI                        02909          2-4 Family
WOODBRIDGE                                    VA                        22191          PUD
CAPE CORAL                                    FL                        33991          Single Family
Atlanta                                       GA                        30314          Single Family
RENO                                          NV                        89511          Single Family
RANDALLSTOWN                                  MD                        21133          Townhouse
PERINTON                                      NY                        14450          2-4 Family
FRAMINGHAM                                    MA                        01701          Single Family
Vienna                                        VA                        22181          Condominium
Phippsburg                                    ME                        04562          2-4 Family
Detroit                                       MI                        48228          Single Family
Detroit                                       MI                        48205          Single Family
Washington                                    DC                        20015          Single Family
Fort Washington                               MD                        20744          Single Family
Clermont                                      FL                        34711          PUD
Manassas                                      VA                        20110          Single Family
Fort Washington                               MD                        20744          Single Family
Sterling                                      VA                        20164          PUD
Washington                                    DC                        20008          Hi-Rise Condo
Suisun City                                   CA                        94585          Single Family
Manassas                                      VA                        20109          Single Family
Woodbridge                                    VA                        22191          Single Family
Centreville                                   VA                        20120          PUD
Fairfax                                       VA                        22032          Single Family
Culpeper                                      VA                        22701          PUD
Fredericksburg                                VA                        22407          Townhouse
Hamilton                                      VA                        20158          PUD
Fredericksburg                                VA                        22407          Single Family
Cooksville                                    MD                        21723          Single Family
Manassas                                      VA                        20110          PUD
Manassas                                      VA                        20111          Single Family
Winston Salem                                 NC                        27127          PUD
Temple Hills                                  MD                        20748          Single Family
Germantown                                    MD                        20876          Condominium
Manassas                                      VA                        20111          Single Family
Richmond                                      VA                        23224          Single Family
Alexandria                                    VA                        22304          Condominium
Clinton                                       MD                        20735          Single Family
Upper Marlboro                                MD                        20774          PUD
Gaithersburg                                  MD                        20882          Single Family
Arlington                                     VA                        22204          Single Family
Beltsville                                    MD                        20705          Condominium
Manassas                                      VA                        20111          PUD
Woodbridge                                    VA                        22192          Single Family
Capitol Heights                               MD                        20743          Single Family
Culpeper                                      VA                        22701          Single Family
Alexandria                                    VA                        22304          Condominium
Woodbridge                                    VA                        22191          Single Family
Manassas                                      VA                        20109          Single Family
Takoma Park                                   MD                        20912          Single Family
Woodbridge                                    VA                        22193          PUD
Leesburg                                      VA                        20176          PUD
Aldie                                         VA                        20105          PUD
TAMARAC                                       FL                        33319          PUD
Reston                                        VA                        20191          Condominium
Manassas                                      VA                        20110          Townhouse
Woodbridge                                    VA                        22193          Single Family
Falls Church                                  VA                        22042          Single Family
Baltimore                                     MD                        21215          Single Family
PORT REPUBLIC                                 MD                        20676          Single Family
STREAMWOOD                                    IL                        60107          Single Family
LOUISVILLE                                    KY                        40228          Single Family
BALTIMORE                                     MD                        21215          2-4 Family
Fargo                                         ND                        58103          Single Family
BEALETON                                      VA                        22712          PUD
COLUMBIA                                      PA                        17512          Townhouse
DOVER                                         DE                        19904          Single Family
BALTIMORE                                     MD                        21213          Single Family
CARENCRO                                      LA                        70520          Single Family
BALTIMORE                                     MD                        21218          Townhouse
BALTIMORE                                     MD                        21213          Single Family
BALTIMORE                                     MD                        21205          Single Family
WALDORF                                       MD                        20602          Single Family
ARLINGTON                                     MD                        21215          Townhouse
Pasadena                                      MD                        21122          Single Family
ARLINGTON                                     MD                        21215          Single Family
BALTIMORE                                     MD                        21213          Single Family
ARLINGTON                                     MD                        21215          2-4 Family
DAVIDSONVILLE                                 MD                        21035          Single Family
NEW CASTLE                                    PA                        16101          2-4 Family
YORK                                          PA                        17404          2-4 Family
VIRGINIA BEACH                                VA                        23462          Single Family
RICHMOND                                      VA                        23231          PUD
CUMBERLAND                                    MD                        21502          2-4 Family
POTTSTOWN                                     PA                        19464          2-4 Family
POTTSTOWN                                     PA                        19464          2-4 Family
BALTIMORE                                     MD                        21230          Single Family
Baltimore                                     MD                        21230          Townhouse
SOUDERTON                                     PA                        18964          2-4 Family
Grant                                         MI                        49327          Single Family
MIAMI                                         FL                        33141          2-4 Family
ELMA                                          WA                        98541          PUD
TAMPA                                         FL                        33612          2-4 Family
Romulus                                       MI                        47174          Single Family
Lakeland                                      FL                        33809          PUD
West Palm Beach                               FL                        33406          2-4 Family
UPPER MARLBORO                                MD                        20774          Single Family
Albertson                                     NY                        11507          2-4 Family
Brooklyn                                      NY                        11206          2-4 Family
Wyandanch                                     NY                        11798          Single Family
ALTURA                                        MN                        55910          Single Family
Alexandria                                    VA                        22307          Single Family
APACHE JUNCTION                               AZ                        85220          Condominium
MOUNT LAUREL TOWNSHIP                         NJ                        08054          2-4 Family
IRVINGTON TOWNSHIP                            NJ                        07111          2-4 Family
NEW BRUNSWICK                                 NJ                        08901          2-4 Family
PATERSON                                      NJ                        07501          2-4 Family
BAYONNE                                       NJ                        07002          2-4 Family
Trenton                                       NJ                        08611          Single Family
WOODBRIDGE                                    NJ                        08832          2-4 Family
MT OLIVE TOWNSHIP                             NJ                        07828          Single Family
TRENTON                                       NJ                        08611          2-4 Family
JERSEY CITY                                   NJ                        07305          2-4 Family
NORTH BERGEN TWP                              NJ                        07047          2-4 Family
PASSAIC                                       NJ                        07055          2-4 Family
EAST ORANGE                                   NJ                        07108          2-4 Family
EAST ORANGE                                   NJ                        07018          2-4 Family
JERSEY CITY                                   NJ                        07307          2-4 Family
MENDHAM TOWNSHIP                              NJ                        07945          Single Family
Miami                                         FL                        33032          Single Family
Hialeah                                       FL                        33015          Condominium
Hillsborough                                  NJ                        08844          PUD
Maurice River Township                        NJ                        08327          Single Family
Elizabeth                                     NJ                        07202          2-4 Family
Newark                                        NJ                        07108          2-4 Family
Fitchburg                                     MA                        01420          2-4 Family
Lawrence                                      MA                        01841          2-4 Family
Orange                                        NJ                        07051          2-4 Family
Newark                                        NJ                        07105          2-4 Family
Jersey City                                   NJ                        07307          Single Family
Lynn                                          MA                        01905          2-4 Family
Antioch                                       TN                        37013          PUD
New Port Richey                               FL                        34655          PUD
Mobile                                        AL                        36618          Single Family
Nashville                                     TN                        37215          PUD
Dunedin                                       FL                        34698          Single Family
Seminole                                      FL                        33778          PUD
Largo                                         FL                        33774          Hi-Rise Condo
Mandeville                                    LA                        70448          Single Family
Dunedin                                       FL                        34698          Condominium
Clearwater                                    FL                        33756          2-4 Family
Ocala                                         FL                        34476          PUD
Clearwater                                    FL                        33756          PUD
Chattanooga                                   TN                        37406          Single Family
Hendersonville                                TN                        37075          Single Family
Iuka                                          MS                        38852          Single Family
Auburn                                        AL                        36830          Single Family
Cape Coral                                    FL                        33991          PUD
Jackson                                       TN                        38305          2-4 Family
Celebration                                   FL                        34747          PUD
Orlando                                       FL                        32821          PUD
Gulf Breeze                                   FL                        32561          Single Family
Nashville                                     TN                        37216          Single Family
Birmingham                                    AL                        35242          PUD
JONESBORO                                     GA                        30236          Single Family
LITHONIA                                      GA                        30038          PUD
Cincinnati                                    OH                        45211          2-4 Family
LAKE ALFRED                                   FL                        33850          2-4 Family
MIAMI                                         FL                        33131          Condominium
Cincinnati                                    OH                        45237          2-4 Family
MARIETTA                                      GA                        30067          Single Family
Kennesaw                                      GA                        30144          Single Family
BLUE RIDGE                                    GA                        30513          Single Family
HIGH POINT                                    NC                        27260          Single Family
ATLANTA                                       GA                        30331          Single Family
Cincinnati                                    OH                        45219          Single Family
Port Chester                                  NY                        10573          2-4 Family
Bayside                                       NY                        11360          Condominium
Fresh Meadows                                 NY                        11365          Single Family
Philadelphia                                  PA                        19133          2-4 Family
Westampton                                    NJ                        08060          Townhouse
Philadelphia                                  PA                        19146          Single Family
Northfield                                    NJ                        08225          PUD
Woodbury                                      NJ                        08096          PUD
Ocean City                                    NJ                        08226          Condominium
BROOKLYN                                      NY                        11235          CO-OP
Brooklyn                                      NY                        11226          2-4 Family
College Point                                 NY                        11356          Single Family
Laurel                                        MD                        20723          Single Family
Chicago                                       IL                        60608          2-4 Family
JERSEY CITY                                   NJ                        07302          2-4 Family
NOGALES                                       AZ                        85621          Single Family
PLACENTIA                                     CA                        92870          Condominium
SURPRISE                                      AZ                        85374          Single Family
UPLAND                                        CA                        91784          Single Family
CHINO                                         CA                        91710          Single Family
PLACENTIA                                     CA                        92870          Single Family
EL CENTRO                                     CA                        92243          Single Family
YUMA                                          AZ                        85364          Single Family
Laredo                                        TX                        78045          Condominium
GREELEY                                       CO                        80631          Single Family
GREELEY                                       CO                        80634          Single Family
GREELEY                                       CO                        80634          Single Family
PALM SPRINGS                                  CA                        92264          Single Family
Rio Rico                                      AZ                        85648          Single Family
Richardson                                    TX                        75080          Single Family
Chicago                                       IL                        60623          2-4 Family
Minneapolis                                   MN                        55412          Single Family
Chicago                                       IL                        60624          2-4 Family
Little Rock                                   AR                        72227          Single Family
Murphy                                        TX                        75094          Single Family
Brighton                                      CO                        80601          PUD
KINGSVILLE                                    MD                        21087          Single Family
Chicago                                       IL                        60624          2-4 Family
Florissant                                    MO                        63033          Single Family
Atlanta                                       GA                        30318          Single Family
Orlando                                       FL                        32818          PUD
Orlando                                       FL                        32809          Single Family
Ellijay                                       GA                        30536          Single Family
Tampa                                         FL                        33607          Single Family
New River                                     AZ                        85087          Single Family
Millington                                    TN                        38053          Single Family
Savannah                                      GA                        31404          Single Family
Arvada                                        CO                        80005          Single Family
Davie Beach                                   FL                        33312          Condominium
York                                          PA                        17404          Single Family
Granbury                                      TX                        76049          PUD
Chicago                                       IL                        60651          2-4 Family
WASHINGTON                                    DC                        20020          Single Family
ELLICOTT CITY                                 MD                        21042          Single Family
FORKED RIVER                                  NJ                        08731          Single Family
EASTON                                        PA                        18045          Single Family
LAREDO                                        TX                        78045          PUD
MESA                                          AZ                        85204          2-4 Family
LANHAM                                        MD                        20706          Single Family
MISSION                                       TX                        78572          PUD
PHOENIX                                       AZ                        85029          Single Family
BELLEVUE                                      WA                        98007          Single Family
ORANGE                                        CA                        92869          Condominium
MCALLEN                                       TX                        78501          PUD
HIGLEY                                        AZ                        85236          PUD
SEVERNA PARK                                  MD                        21146          PUD
SUN CITY WEST                                 AZ                        85375          PUD
WESLACO                                       TX                        78596          Single Family
CEDAR PARK                                    TX                        78613          PUD
DECATUR                                       GA                        30032          2-4 Family
FORT WORTH                                    TX                        76119          Single Family
LEESBURG                                      VA                        20176          PUD
DAVENPORT                                     FL                        33897          PUD
GREAT FALLS                                   VA                        22066          Single Family
SILVER SPRING                                 MD                        20902          Single Family
ATHENS                                        GA                        30605          Single Family
SILVER SPRING                                 MD                        20904          PUD
MIDDLETOWN                                    NJ                        07748          Single Family
CAPITOL HEIGHTS                               MD                        20743          Single Family
MESA                                          AZ                        85204          2-4 Family
ROUND ROCK                                    TX                        78664          PUD
MCALLEN                                       TX                        78504          Single Family
CEDAR PARK                                    TX                        78613          PUD
GILBERT                                       AZ                        85233          Single Family
MESA                                          AZ                        85205          2-4 Family
CLAREMONT                                     CA                        91711          Single Family
ORANGE                                        NJ                        07050          Single Family
CHANDLER                                      AZ                        85248          PUD
SAN FRANCISCO                                 CA                        94121          Single Family
KELLER                                        TX                        76248          PUD
MISSION                                       TX                        78572          Single Family
SANTA ANA                                     CA                        92703          Single Family
SAN ANTONIO                                   TX                        78255          Single Family
PHOENIX                                       AZ                        85035          Single Family
GREAT FALLS                                   VA                        22066          PUD
TOMS RIVER                                    NJ                        08753          Single Family
SPRING LAKE                                   NJ                        07762          Single Family
HOLLYWOOD                                     MD                        20636          Single Family
HILLSDALE                                     NJ                        07642          Single Family
MINNEAPOLIS                                   MN                        55411          2-4 Family
BROWNSVILLE                                   TX                        78520          Condominium
MINNEAPOLIS                                   MN                        55411          Single Family
LAREDO                                        TX                        78045          PUD
PHOENIX                                       AZ                        85013          Single Family
BIG BEAR LAKE                                 CA                        92315          PUD
YONKERS                                       NY                        10703          2-4 Family
WASHINGTON                                    DC                        20002          Single Family
TOTOWA                                        NJ                        07512          Single Family
BELLINGHAM                                    WA                        98225          Single Family
RICHMOND                                      VA                        23223          Single Family
TAKOMA PARK                                   MD                        20912          Hi-Rise Condo
CORONA                                        CA                        92882          PUD
WESLACO                                       TX                        78596          Single Family
MCALLEN                                       TX                        78504          Single Family
ARIZONA CITY                                  AZ                        85223          2-4 Family
WASHINGTON                                    DC                        20007          Single Family
MESA                                          AZ                        85204          2-4 Family
REMINGTON                                     VA                        22734          Single Family
PHOENIX                                       AZ                        85040          Townhouse
BALTIMORE                                     MD                        21214          Single Family
Encino                                        CA                        91436          Single Family
San Antonio                                   TX                        78229          Condominium
OAK POINT                                     TX                        76227          PUD
Dallas                                        TX                        75244          Single Family
OAK POINT                                     TX                        76227          PUD
Bethlehem                                     GA                        30620          PUD
Stockbridge                                   GA                        30281          PUD
Frisco                                        TX                        75035          PUD
Bryan                                         TX                        77808          Single Family
Ellenwood                                     GA                        30294          Single Family
Loris                                         SC                        29569          Single Family
Round Rock                                    TX                        78664          PUD
Plano                                         TX                        75075          Single Family
Stockbridge                                   GA                        30281          2-4 Family
Rockport                                      TX                        78382          Single Family
Hapeville                                     GA                        30354          2-4 Family
Dallas                                        TX                        75219          Condominium
San Diego                                     CA                        92129          Single Family
Dallas                                        TX                        75211          Single Family
Prescott                                      AZ                        86303          Single Family
Lincoln                                       DE                        19960          Single Family
Pflugerville                                  TX                        78660          PUD
FT WORTH                                      TX                        76248          PUD
Dacula                                        GA                        30019          Single Family
Aubrey                                        TX                        76227          PUD
San Diego                                     CA                        92116          2-4 Family
Mckinney                                      TX                        75069          Single Family
Mesquite                                      TX                        75149          Single Family
Midway City                                   CA                        92655          Single Family
Mcdonough                                     GA                        30253          PUD
Los Angeles                                   CA                        90043          Single Family
San Diego                                     CA                        92115          Single Family
Grand Prairie                                 TX                        75050          Single Family
Houston                                       TX                        77089          PUD
Dallas                                        TX                        75232          PUD
Vista                                         CA                        92081          Single Family
Marietta                                      GA                        30060          Single Family
FATE                                          TX                        75132          Single Family
Lewisville                                    TX                        75057          Single Family
Abingdon                                      MD                        21009          PUD
Valdosta                                      GA                        31601          2-4 Family
Mcallen                                       TX                        78503          Single Family
Albuquerque                                   NM                        87112          2-4 Family
Riverdale                                     GA                        30296          Single Family
San Antonio                                   TX                        78207          Single Family
Douglasville                                  GA                        30135          PUD
Deer Park                                     TX                        77536          Single Family
Myrtle Beach                                  SC                        29577          2-4 Family
Valdosta                                      GA                        31601          Single Family
Spring                                        TX                        77373          PUD
Forney                                        TX                        75126          PUD
Forney                                        TX                        75126          Single Family
DENTON                                        TX                        76226          PUD
Mesquite                                      TX                        75150          Single Family
Irving                                        TX                        75062          Condominium
Eden Prairie                                  MN                        55347          Condominium
Houston                                       TX                        77094          PUD
Stockbridge                                   GA                        30281          PUD
OAK POINT                                     TX                        76227          PUD
Dallas                                        TX                        75214          Single Family
Jefferson                                     TX                        75657          Single Family
Arlington                                     TX                        76002          Single Family
Houston                                       TX                        77057          Condominium
OAK POINT                                     TX                        76227          PUD
Farmers Branch                                TX                        75234          Single Family
Albuquerque                                   NM                        87113          Single Family
Oklahoma City                                 OK                        73135          Single Family
Honolulu                                      HI                        96821          Single Family
Las Vegas                                     NV                        89147          Single Family
Pasadena                                      CA                        91104          Single Family
ANTIOCH                                       CA                        94509          Single Family
SAN MARCOS                                    CA                        92078          PUD
COEUR D ALENE                                 ID                        83815          Single Family
DUARTE                                        CA                        91010          Single Family
SPOKANE                                       WA                        99208          Single Family
CARMEL VALLEY                                 CA                        93924          Single Family
Muldrow                                       OK                        74948          Single Family
Carrollton                                    TX                        75006          Townhouse
ALPINE FOREST                                 CA                        93561          Single Family
CERES                                         CA                        95307          Single Family
Indianapolis                                  IN                        46201          Single Family
HOPKINSVILLE                                  KY                        42240          Single Family
CAMPBELL                                      OH                        44405          Single Family
INDIANAPOLIS                                  IN                        46208          Single Family
COSHOCTON                                     OH                        43812          Single Family
HOPKINSVILLE                                  KY                        42240          Single Family
INDIANAPOLIS                                  IN                        46228          Single Family
LOUISVILLE                                    KY                        40217          2-4 Family
HOPKINSVILLE                                  KY                        42240          Single Family
HOPKINSVILLE                                  KY                        42240          Single Family
HOPKINSVILLE                                  KY                        42240          Single Family
HOPKINSVILLE                                  KY                        42240          Single Family
Aurora                                        CO                        80015          Single Family
Milwaukee                                     WI                        53216          2-4 Family
Cape Coral                                    FL                        33904          Single Family
Keystone                                      CO                        80435          Condominium
Kenosha                                       WI                        53143          2-4 Family
Milwaukee                                     WI                        53216          2-4 Family
Thorton                                       CO                        80233          Single Family
Coral Gables                                  FL                        33134          Single Family
Ashburn                                       VA                        20148          Condominium
Shelter Island                                NY                        11964          Single Family
Alexandria                                    VA                        22314          Hi-Rise Condo
Manassas                                      VA                        20111          Single Family
Silver Spring                                 MD                        20905          Single Family
Alexandria                                    VA                        22310          Single Family
Alexandria                                    VA                        22312          2-4 Family
Falls Church                                  VA                        22044          Hi-Rise Condo
Cape Coral                                    FL                        33914          Single Family
Washington                                    DC                        20007          Single Family
Manassas                                      VA                        20112          Single Family
CLEVELAND                                     OH                        44121          Single Family
KAILUA                                        HI                        96734          Single Family
PINEVILLE                                     LA                        71360          2-4 Family
Honolulu                                      HI                        96822          Single Family
PLEASANT HILL                                 MO                        64080          2-4 Family
HENDERSON                                     NV                        89052          PUD
Chapin                                        SC                        29036          Single Family
Elberton                                      GA                        30635          Single Family
Ventura                                       CA                        93001          2-4 Family
Gilbert                                       AZ                        85233          Single Family
Mesa                                          AZ                        85210          Condominium
Tucson                                        AZ                        85735          Single Family
Sun City                                      AZ                        85351          PUD
Myrtle                                        MO                        65778          Single Family
Scottsdale                                    AZ                        85254          Single Family
Tempe                                         AZ                        85282          Condominium
Olathe                                        KS                        66061          Single Family
Phoenix                                       AZ                        85032          Single Family
Phoenix                                       AZ                        85037          PUD
Tucson                                        AZ                        85742          Single Family
Paradise Valley                               AZ                        85253          Single Family
Cottonwood                                    AZ                        86326          Single Family
Kansas City                                   MO                        64109          Single Family
Phoenix                                       AZ                        85041          Single Family
Kansas City                                   MO                        64108          Single Family
Phoenix                                       AZ                        85053          Single Family
Apache Junction                               AZ                        85220          Single Family
Yuma                                          AZ                        85364          Single Family
Phoenix                                       AZ                        85018          Single Family
Phoenix                                       AZ                        85027          Single Family
WEST FARGO                                    ND                        58078          Single Family
SPRING                                        TX                        77373          PUD
HOUSTON                                       TX                        77073          PUD
SPRING                                        TX                        77373          PUD
SAN ANTONIO                                   TX                        78227          Townhouse
HOUSTON                                       TX                        77073          Single Family
GROSSE POINTE FARMS                           MI                        48236          Single Family
SPRING                                        TX                        77373          PUD
Palm Bay                                      FL                        32907          Single Family
Titusville                                    FL                        32780          PUD
palmbay                                       FL                        32935          Single Family
San Diego                                     CA                        92117          Single Family
San Diego                                     CA                        92111          2-4 Family
Hiram                                         GA                        30141          Single Family
Cincinnati                                    OH                        45240          Single Family
West Springfield                              MA                        01089          2-4 Family
Columbus                                      OH                        43231          Single Family
Acosta                                        PA                        15520          Single Family
Newark                                        OH                        43055          Single Family
Fredericktown                                 OH                        43019          Single Family
Pittsburgh                                    PA                        15227          Single Family
Columbus                                      OH                        43085          Condominium
Pennsburg                                     PA                        18073          Single Family
Fredericktown                                 OH                        43019          Single Family
Harrisburg                                    PA                        17110          Single Family
Union                                         KY                        41091          Condominium
BETHEL                                        CT                        06801          Single Family
Westbury                                      NY                        11590          Single Family
Bay Shore                                     NY                        11706          Single Family
WATERTOWN                                     MA                        02472          Single Family
Freeport                                      NY                        11520          Single Family
Elmont                                        NY                        11003          Single Family
Fort Worth                                    TX                        76135          Single Family
Denton                                        TX                        76208          Single Family
Kellyville                                    OK                        74039          Single Family
Lithia                                        FL                        33547          PUD
CLAYTON                                       NC                        27527          Single Family
BETHESDA                                      MD                        20817          Single Family
Jessup                                        MD                        20794          Single Family
SILVER SPRING                                 MD                        20904          Single Family
Clayton                                       NC                        27527          PUD
LAUREL                                        MD                        20708          Condominium
Leesburg                                      VA                        20176          Single Family
GERMANTOWN                                    MD                        20874          Condominium
Clayton                                       NC                        27527          PUD
Lewiston                                      ME                        04240          Single Family
Portland                                      TX                        78374          Single Family
Harrison Township                             MI                        48045          Condominium
Chicopee                                      MA                        01013          2-4 Family
Highland                                      CA                        92346          Single Family
Converse                                      TX                        78109          Single Family
Emerald Isle                                  NC                        28594          Single Family
Crowley                                       TX                        76036          PUD
Saint Petersburg                              FL                        33713          2-4 Family
Derby                                         KS                        67037          Single Family
Washington                                    DC                        20020          Single Family
PERRYVILLE                                    MD                        21093          PUD
Waukegan                                      IL                        60085          Single Family
Wilmington                                    MA                        01887          Single Family
Charlotte                                     NC                        28286          Single Family
Lebanon                                       NH                        03766          2-4 Family
Denver                                        CO                        80221          Single Family
Raynham                                       MA                        02767          Single Family
San Antonio                                   TX                        78249          Single Family
Freedom                                       ME                        04941          Single Family
San Antonio                                   TX                        78254          PUD
Chicopee                                      MA                        01013          2-4 Family
Pleasant View                                 TN                        37146          PUD
SULLIVAN                                      NH                        03773          Single Family
Weymouth                                      MA                        02191          Hi-Rise Condo
Charlotte                                     NC                        28277          PUD
Dorchester                                    MA                        02124          2-4 Family
Matthews                                      NC                        28104          Single Family
Elkton                                        MD                        21921          Single Family
SAN ANTONIO                                   TX                        78239          Single Family
Assonet                                       MA                        02702          Single Family
Brewer                                        ME                        04412          Single Family
Mashpee                                       MA                        02649          Single Family
GOSHEN                                        CA                        93227          Single Family
TULARE                                        CA                        93274          Single Family
VISALIA                                       CA                        93292          Single Family
FRESNO                                        CA                        93702          Single Family
Las Vegas                                     NV                        89108          Condominium
Las Vegas                                     NV                        89106          Single Family
MURRIETA                                      CA                        92563          Single Family
Maineville                                    OH                        45039          PUD
HAGERSTOWN                                    MD                        21740          Single Family
CHARLOTTESVILLE                               VA                        22901          Condominium
LAUREL                                        MD                        20707          Single Family
CHARLOTTESVILLE                               VA                        22901          Condominium
CHARLOTTESVILLE                               VA                        22901          Condominium
CHARLOTTESVILLE                               VA                        22901          Condominium
CHARLOTTESVILLE                               VA                        22901          Condominium
WICHITA                                       KS                        67205          PUD
CHARLOTTESVILLE                               VA                        22901          Condominium
Charlottesville                               VA                        22901          Condominium
Washington                                    DC                        20002          Single Family
CHARLOTTESVILLE                               VA                        22901          Condominium
MIAMI                                         FL                        33134          2-4 Family
WICHITA                                       KS                        67205          PUD
VIENNA                                        VA                        22180          Single Family
Temple                                        TX                        76501          2-4 Family
Myrtle Beach                                  SC                        29579          PUD
Macon                                         GA                        31211          Single Family
Jacksonville                                  FL                        32259          PUD
San Bernardino                                CA                        92410          2-4 Family
Grand Rapids                                  MI                        49505          Single Family
Weatherford                                   TX                        76088          Single Family
Grand Rapids                                  MI                        49504          Single Family
Myrtle Beach                                  SC                        29588          2-4 Family
Elkmont                                       AL                        35620          Single Family
Kansas City                                   KS                        66102          2-4 Family
Miami                                         FL                        33127          Single Family
Macon                                         GA                        31201          2-4 Family
Rochester                                     NY                        14613          2-4 Family
Saint Augustine                               FL                        32080          Single Family
Riverside Area                                CA                        92504          Single Family
SOUTH LAKE TAHOE                              CA                        96150          Single Family
BELL                                          CA                        90201          2-4 Family
PICO RIVERA                                   CA                        90660          Single Family
KOLOA                                         HI                        96756          Condominium
CASA GRANDE                                   AZ                        85222          Single Family
SHOREVIEW                                     MN                        55126          Condominium
POMONA                                        CA                        91766          Single Family
SANTA ANA                                     CA                        92706          Single Family
N LAS VEGAS                                   NV                        89031          PUD
HENDERSON                                     NV                        89044          PUD
MIDWAY CITY                                   CA                        92655          Single Family
REDLANDS                                      CA                        92374          Single Family
Bay Shore                                     NY                        11706          Single Family
Clifton                                       NJ                        07011          2-4 Family
East Elmhurst                                 NY                        11369          2-4 Family
North Bergen                                  NJ                        07047          Single Family
West Orange                                   NJ                        07052          Single Family
Jamaica                                       NY                        11432          2-4 Family
Passaic                                       NJ                        07055          Single Family
Far Rockaway                                  NY                        11692          2-4 Family
Hyattsville                                   MD                        20784          Single Family
Hyattsville                                   MD                        20781          Single Family
Hyattsville                                   MD                        20782          Single Family
Hahira                                        GA                        31632          Single Family
Coral Springs                                 FL                        33076          Condominium
Beulaville                                    NC                        28518          Single Family
Columbus                                      OH                        43211          Single Family
Lake Oswego                                   OR                        97034          Single Family
WILLINGBORO                                   NJ                        08054          Single Family
Minneapolis                                   MN                        55406          2-4 Family
DOVE CANYON                                   CA                        92679          PUD
VISALIA                                       CA                        93291          Single Family
SAN FRANCISCO                                 CA                        94110          2-4 Family
Concord                                       NC                        28027          Single Family
West New York                                 NJ                        07093          2-4 Family
LAS VEGAS                                     NV                        89123          Single Family
Miami                                         FL                        33133          Single Family
Hialeah                                       FL                        33016          Condominium
Tampa                                         FL                        33615          Condominium
Melbourne                                     FL                        32905          Single Family
Miami Beach                                   FL                        33139          Hi-Rise Condo
MIAMI                                         FL                        33018          Single Family
LOS ANGELES                                   CA                        90022          2-4 Family
MILPITAS                                      CA                        95035          Single Family
GREENFIELD                                    CA                        93927          Single Family
SANTA ANA                                     CA                        92707          Condominium
SAN JOSE                                      CA                        95126          Condominium
ORANGE PARK                                   FL                        32065          PUD
Columbia                                      SC                        29223          Single Family
Savannah                                      GA                        31410          2-4 Family
Jacksonville                                  FL                        32209          Single Family
Jacksonville                                  FL                        32206          Single Family
Jacksonville                                  FL                        32258          PUD
Baltimore                                     MD                        21217          2-4 Family
Easley                                        SC                        29640          Single Family
Mount Pleasant                                SC                        29466          PUD
BRISTOW                                       VA                        20136          PUD
CULPEPER                                      VA                        22701          Single Family
QUEEN CREEK                                   AZ                        85242          PUD
UPPER MARLBORO                                MD                        20774          PUD
LAVEEN                                        AZ                        85339          PUD
LANCASTER                                     CA                        93535          Single Family
SURPRISE                                      AZ                        85379          Single Family
TEMECULA                                      CA                        92591          Single Family
FAIRFIELD                                     CA                        94534          Single Family
Ponte Vedra Beach                             FL                        32082          Single Family
Davie                                         FL                        33314          Condominium
Kennesaw                                      GA                        30144          Single Family
Conyers                                       GA                        30013          Single Family
Orlando                                       FL                        32836          PUD
Covington                                     GA                        30016          PUD
Davie                                         FL                        33325          PUD
Milner                                        GA                        30257          Single Family
Athens                                        GA                        30606          PUD
Hoschton                                      GA                        30548          PUD
Peachtree City                                GA                        30269          Single Family
Pompano Beach                                 FL                        33060          2-4 Family
Pompano Beach                                 FL                        33060          2-4 Family
Atlanta                                       GA                        30342          Single Family
Lawrenceville                                 GA                        30043          Single Family
Boone                                         NC                        28607          Condominium
Monroe                                        GA                        30655          2-4 Family
Stockbridge                                   GA                        30281          Single Family
Maitland                                      FL                        32751          Condominium
Lake Wylie                                    SC                        29710          Single Family
Alpharetta                                    GA                        30004          PUD
Monroe                                        NC                        28110          PUD
Orlando                                       FL                        32839          Condominium
Jacksonville                                  FL                        32256          Condominium
Bradenton                                     FL                        34203          PUD
Brandon                                       FL                        33511          Single Family
Dunedin                                       FL                        34698          Single Family
Tampa                                         FL                        33606          Single Family
Marietta                                      GA                        30008          Condominium
Woodstock                                     GA                        30188          PUD
Buford                                        GA                        30519          Single Family
Stockbridge                                   GA                        30281          Single Family
Virginia Beach                                VA                        23451          Condominium
Cicero                                        NY                        13039          Single Family
PALM BEACH GARDENS                            FL                        33412          Single Family
ALEXANDRIA                                    VA                        22309          Condominium
Roanoke                                       VA                        24018          Single Family
Reisterstown                                  MD                        21136          Single Family
MELBOURNE                                     FL                        32940          PUD
SHERWOOD                                      MD                        21665          Single Family
BEDFORD                                       NY                        10536          Single Family
Arlington                                     VA                        22207          Single Family
Glenn Dale                                    MD                        20769          Single Family
PALM BAY                                      FL                        32907          Single Family
SAINT AUGUSTINE                               FL                        32084          PUD
Lauderhill                                    FL                        33351          Single Family
BRENTWOOD                                     NY                        11717          Single Family
Benicia                                       CA                        94510          Single Family
ORLANDO                                       FL                        32817          Single Family
WEST BABYLON                                  NY                        11704          Single Family
FREDERICK                                     MD                        21703          PUD
Oxnard                                        CA                        93033          Single Family
SAN BERNARDINO                                CA                        92410          2-4 Family
APPLE VALLEY                                  CA                        92308          2-4 Family
Gahanna                                       OH                        43230          PUD
COLUMBUS                                      OH                        43202          2-4 Family
COLUMBUS                                      OH                        43201          2-4 Family
Westerville                                   OH                        43081          Condominium
Westerville                                   OH                        43081          Condominium
COLUMBUS                                      OH                        43202          2-4 Family
Salt Lake City                                UT                        84118          Single Family
Park City                                     UT                        84098          2-4 Family
MIDWAY                                        UT                        84049          Single Family
Park City                                     UT                        84098          Condominium
Oradell                                       NJ                        07649          Single Family
KALAMAZOO                                     MI                        49048          2-4 Family
Union                                         NJ                        07083          Single Family
Zellwood                                      FL                        32798          Single Family
Delray Beach                                  FL                        33444          Condominium
Gainesville                                   FL                        32608          2-4 Family
Ocoee                                         FL                        34761          Single Family
Ocoee                                         FL                        34761          Single Family
Temple Hills                                  MD                        20748          Condominium
Glenwood                                      MD                        21738          Single Family
Bowie                                         MD                        20721          PUD
Villa Rica                                    GA                        30180          Single Family
Deland                                        FL                        32720          Single Family
Wesley Chapel                                 FL                        33543          PUD
Newport News                                  VA                        23607          Single Family
Baltimore                                     MD                        21212          Single Family
Washington                                    DC                        20032          Single Family
Maitland                                      FL                        32751          PUD
Rosemount                                     MN                        55068          Single Family
Minneapolis                                   MN                        55411          Single Family
WILLIS                                        TX                        77318          PUD
Houston                                       TX                        77087          Single Family
HILO                                          HI                        96720          Single Family
SANTA ROSA                                    TX                        78593          Single Family
LEWISVILLE                                    TX                        75067          Single Family
Harahan                                       LA                        70123          2-4 Family
LUBBOCK                                       TX                        79401          Single Family
THE WOODLANDS                                 TX                        77384          Single Family
DESOTO                                        TX                        75115          Single Family
BATON ROUGE                                   LA                        70814          Single Family
GREEN BAY                                     WI                        54303          Single Family
LEWISVILLE                                    TX                        75067          Single Family
WILLIS                                        TX                        77318          PUD
RACINE                                        WI                        53403          2-4 Family
Houston                                       TX                        77084          PUD
LEWISVILLE                                    TX                        75067          Single Family
The Woodlands                                 TX                        77384          PUD
LEAGUE CITY                                   TX                        77573          PUD
DURHAM                                        NC                        27701          Single Family
PEARLAND                                      TX                        77584          PUD
OCEAN SPRINGS                                 MS                        39564          Single Family
Spring                                        TX                        77382          PUD
JONESBOROUGH                                  GA                        30238          PUD
Fountain Valley                               CA                        92708          Single Family
San Gabriel                                   CA                        91776          2-4 Family
MESA                                          AZ                        85201          Single Family
Phoenix                                       AZ                        85022          Single Family
Peoria                                        AZ                        85383          PUD
SUMMIT                                        IL                        60501          Single Family
Bourbonnais                                   IL                        60914          Single Family
Northbrook                                    IL                        60062          Single Family
Franklin                                      WI                        53132          Single Family
Osakis                                        MN                        56360          Single Family
Coon Rapids                                   MN                        55433          Single Family
ST LOUIS                                      TX                        75701          Single Family
CONWAY                                        NC                        27820          Single Family
LONGVIEW                                      TX                        75604          2-4 Family
DALLAS                                        TX                        75210          Single Family
JACKSONVILLE                                  TX                        75766          2-4 Family
LONGVIEW                                      TX                        75604          2-4 Family
LONGVIEW                                      TX                        75693          2-4 Family
DALLAS                                        TX                        75253          Single Family
TYLER                                         TX                        75703          2-4 Family
AZLE                                          TX                        76020          PUD
JACKSONVILLE                                  TX                        75766          2-4 Family
JACKSONVILLE                                  TX                        75766          2-4 Family
HOUSTON                                       TX                        77082          2-4 Family
Bloomington                                   IN                        47404          Single Family
Silverthorne                                  CO                        80498          PUD
Boulder                                       CO                        80301          Single Family
Haiku                                         HI                        96708          Single Family
Parker                                        CO                        80134          PUD
Philadelphia                                  PA                        19119          Single Family
Long Beach                                    CA                        90807          Condominium
Los Angeles                                   CA                        90037          2-4 Family
Los Angeles                                   CA                        90018          Single Family
New Preston Marble Dale                       CT                        06777          Single Family
Riverside                                     CA                        92506          Single Family
Santa Barbara                                 CA                        93110          Single Family
Tarzana                                       CA                        91356          Single Family
Arlington                                     TX                        76014          Single Family
Los Angeles                                   CA                        90066          Single Family
Pebble Beach                                  CA                        93953          Single Family
Merrimac                                      WI                        53561          Single Family
Kansas City                                   MO                        64152          PUD
Staten Island                                 NY                        10301          2-4 Family
Venice                                        CA                        90291          Condominium
Stockton                                      CA                        95209          Single Family
San Diego                                     CA                        92154          Single Family
Orlando                                       FL                        32822          Single Family
Ocean Springs                                 MS                        39564          Single Family
Ventura                                       CA                        93003          Single Family
Albuquerque                                   NM                        87114          Single Family
Phoenix                                       AZ                        85008          Single Family
La Quinta                                     CA                        92253          Single Family
Stevensville                                  MI                        49127          Single Family
San Diego                                     CA                        92107          2-4 Family
Palos Verdes Peninsula                        CA                        90274          Single Family
Delray Beach                                  FL                        33446          PUD
Indian Orchard                                MA                        01151          2-4 Family
Cashiers Townshi[p                            NC                        28774          PUD
Las Vegas                                     NV                        89122          Condominium
Niles                                         MI                        49120          2-4 Family
Glendale                                      AZ                        85301          Single Family
Palmdale                                      CA                        93551          Single Family
Anaheim                                       CA                        92807          Single Family
Phelan                                        CA                        92371          Single Family
Pearl City                                    HI                        96782          Single Family
Long Beach                                    CA                        90814          2-4 Family
Brockton                                      MA                        02302          Single Family
Dallas                                        TX                        75223          Single Family
Rockville                                     MD                        20853          Single Family
Ocala                                         FL                        34473          Single Family
Chesterfield                                  MO                        63017          PUD
Cypress                                       TX                        77433          PUD
Dallas                                        TX                        75210          Single Family
CAIRO                                         GA                        39828          Single Family
Laredo                                        TX                        78045          PUD
Tallahassee                                   FL                        32303          PUD
Houston                                       TX                        77071          PUD
Saint Louis                                   MO                        63128          PUD
KANKAKEE                                      GA                        60901          2-4 Family
Palm Bay                                      FL                        32907          Single Family
Katy                                          TX                        77450          PUD
Bryan                                         TX                        77802          Single Family
DALLAS                                        TX                        75217          Single Family
Crystal City                                  MO                        63019          Single Family
Oklahoma City                                 OK                        73118          2-4 Family
RINGGOLD                                      GA                        30548          Single Family
Jacksonville                                  FL                        32244          Single Family
Summerville                                   GA                        30747          Single Family
Jacksonville                                  FL                        32226          Single Family
Nashville                                     TN                        37207          Single Family
Tulsa                                         OK                        74112          Single Family
Kennesaw                                      GA                        30144          Single Family
Kennesaw                                      GA                        30152          Single Family
Flagler Beach                                 FL                        32136          Single Family
Orlando                                       FL                        32822          Single Family
Ft Lauderdale                                 FL                        33304          Condominium
LONG BEACH TOWNSHIP                           NJ                        08008          Single Family
Ball Ground                                   GA                        30107          Single Family
LINCOLN                                       NE                        68502          Single Family
HARRISON                                      MI                        48625          Single Family
MERIDIAN                                      ID                        83642          PUD
CHICAGO                                       IL                        60660          Condominium
BALTIMORE                                     MD                        21214          Single Family
MADISON                                       WI                        53704          Single Family
GLENDALE                                      WI                        53209          Single Family
NORTH BERGEN                                  NJ                        07047          Single Family
LAKEWOOD                                      OH                        44107          Single Family
BELLEVILLE                                    IL                        62221          PUD
NEW CASTLE                                    DE                        19720          Single Family
Tolleson                                      AZ                        85353          PUD
Thornton                                      CO                        80229          Single Family
Los Angeles                                   CA                        90063          2-4 Family
Lancaster                                     CA                        93536          Single Family
ESCONDIDO                                     CA                        92027          Condominium
Broken Arrow                                  OK                        74012          2-4 Family
Jacksonville                                  AR                        72076          Single Family
Benton                                        AR                        72015          Single Family
Broken Arrow                                  OK                        74012          2-4 Family
Broken Arrow                                  OK                        74012          2-4 Family
Philadelphia                                  PA                        19135          Single Family
Broken Arrow                                  OK                        74012          2-4 Family
Broken Arrow                                  OK                        74012          2-4 Family
Garden Grove                                  CA                        92840          Single Family
Sacramento                                    CA                        95819          Single Family
Bakersfield                                   CA                        93305          Single Family
Gulfport                                      FL                        33707          Single Family
kyle                                          TX                        78640          PUD
Shreveport                                    LA                        71118          Single Family
Lakewood                                      WA                        98498          Single Family
akron                                         OH                        44320          Single Family
portland                                      OR                        97236          Single Family
conley                                        GA                        30288          Single Family
santa fe                                      NM                        87505          Single Family
yers                                          CO                        80103          Single Family
Cleveland                                     TX                        77327          Single Family
houston                                       TX                        77040          PUD
gresham                                       OR                        97030          Single Family
houston                                       TX                        77502          Single Family
post falls                                    ID                        83854          Single Family
houston                                       TX                        77082          PUD
cleveland                                     TX                        77327          Single Family
independence                                  KY                        41051          Single Family
AKRON                                         OH                        44320          Single Family
richmond                                      TX                        77469          PUD
akron                                         OH                        44311          Single Family
fort meyers                                   FL                        33913          Single Family
Cleveland                                     TX                        77327          Single Family
cleveland                                     TX                        77327          Single Family
CHELSEA                                       AL                        35043          PUD
SPRING                                        TX                        77388          PUD
Fountain                                      CO                        80817          Single Family
Arvada                                        CO                        80003          Single Family
Denver                                        CO                        80219          Single Family
Hillsborough                                  CA                        94010          Single Family
BEALETON                                      VA                        22712          PUD
WEST CHESTER                                  OH                        45069          Single Family
RISING SUN                                    MD                        21911          PUD
LUMBERTON                                     NJ                        08048          PUD
PITTSTOWN                                     NJ                        08867          Single Family
ELLICOTT CITY                                 MD                        21043          PUD
Sacramento                                    CA                        95826          Single Family
Oakland                                       CA                        94601          2-4 Family
Tallahassee                                   FL                        32309          PUD
Orlando                                       FL                        32832          PUD
Tampa                                         FL                        33626          PUD
Gilbert                                       AZ                        85297          PUD
Surprise                                      AZ                        85379          PUD
Mesa                                          AZ                        85212          PUD
Pottstown                                     PA                        19465          Single Family
Collegeville                                  PA                        19426          Single Family
Hastings                                      MN                        55033          Single Family
Washington                                    DC                        20019          2-4 Family
COVINGTON                                     GA                        30016          PUD
LAKELAND                                      FL                        33810          PUD
UNION CITY                                    GA                        30291          PUD
Dallas                                        GA                        30157          Single Family
GRIFFIN                                       GA                        30224          Single Family
Suwanee                                       GA                        30024          Single Family
AUSTELL                                       GA                        30168          PUD
Hampton                                       GA                        30228          PUD
EUHARLEE                                      GA                        30145          Single Family
MARIETTA                                      GA                        30062          PUD
DECATUR                                       GA                        30034          Condominium
UNION CITY                                    GA                        30291          PUD
KENNESAW                                      GA                        30152          PUD
VILLA RICA                                    GA                        30180          PUD
TEMPLE                                        GA                        30179          PUD
Dallas                                        GA                        30157          PUD
MCDONOUGH                                     GA                        30253          Single Family
Riverdale                                     GA                        30296          Single Family
CANTON                                        GA                        30114          PUD
NORCROSS                                      GA                        30092          PUD
SNELLVILLE                                    GA                        30039          PUD
SUGAR HILL                                    GA                        30518          Single Family
McDonough                                     GA                        30253          Single Family
JONESBORO                                     GA                        30238          PUD
COLLEGE PARK                                  GA                        30349          Single Family
JONESBORO                                     GA                        30236          Single Family
HIRAM                                         GA                        30141          PUD
HAMPTON                                       GA                        30228          Single Family
NORCROSS                                      GA                        30092          Townhouse
FAIRBURN                                      GA                        30213          PUD
DACULA                                        GA                        30019          PUD
Hartwell                                      GA                        30643          Single Family
Lithia Springs                                GA                        30122          Single Family
Powder Springs                                GA                        30127          PUD
RIVERDALE                                     GA                        30296          Single Family
ACWORTH                                       GA                        30102          PUD
CANTON                                        GA                        30114          PUD
CARTERSVILLE                                  GA                        30121          PUD
KINGSTON                                      GA                        30145          Single Family
MANHATTAN BEACH                               CA                        90266          Condominium
GARDEN GROVE                                  CA                        92840          Single Family
WASHINGTON                                    DC                        20003          2-4 Family
SAN PEDRO                                     CA                        90731          2-4 Family
LAS VEGAS                                     NV                        89119          Condominium
VAN NUYS                                      CA                        91401          Single Family
PALOS VERDES ESTATES                          CA                        90274          Condominium
INGLEWOOD                                     CA                        90301          Single Family
PINEHURST                                     NC                        28374          Single Family
GARDEN GROVE                                  CA                        92841          Single Family
NORWALK                                       CA                        90650          Single Family
Las Vegas                                     NV                        89108          PUD
CRANBERRY TWP                                 PA                        16066          Single Family
RIVERSIDE                                     CA                        92503          Single Family
Rialto                                        CA                        92376          Single Family
CORAL GABLES                                  FL                        33134          Condominium
PHILADELPHIA                                  PA                        19120          2-4 Family
YUCAIPA                                       CA                        92399          Single Family
REDONDO BEACH                                 CA                        90278          Condominium
MIAMI                                         FL                        33162          Single Family
RED BLUFF                                     CA                        96080          Single Family
REDONDO BEACH                                 CA                        90278          2-4 Family
Los Angeles                                   CA                        90501          2-4 Family
NEWTON                                        IA                        50208          Single Family
ETIWANDA                                      CA                        91739          Single Family
Hilaleah                                      FL                        33014          Condominium
LAS VEGAS                                     NV                        89147          Condominium
LOS ANGELES                                   CA                        90026          2-4 Family
FOUNTAIN VALLEY                               CA                        92708          Single Family
GALENA                                        OH                        43021          Single Family
MEDINA                                        OH                        44256          Single Family
ONTARIO                                       CA                        91764          Single Family
CHICAGO                                       IL                        60609          2-4 Family
Rolling Meadows                               IL                        60008          Single Family
Head Of The Harbor                            NY                        11780          Single Family
SAINT LOUIS                                   MO                        63104          Condominium
Saint Louis                                   MO                        63117          Single Family
Dallas                                        TX                        75241          PUD
LOUISVILLE                                    KY                        40219          Single Family
DALLAS                                        TX                        75206          2-4 Family
Houston                                       TX                        77089          PUD
HOUSTON                                       TX                        77067          PUD
Fort Worth                                    TX                        76131          Single Family
Denton                                        TX                        76209          Single Family
Louisville                                    KY                        40210          2-4 Family
Weatherford                                   TX                        76085          Single Family
HOUSTON                                       TX                        77067          PUD
Gunter                                        TX                        75058          2-4 Family
Louisville                                    KY                        40210          2-4 Family
HOUSTON                                       TX                        77067          PUD
Louisville                                    KY                        40210          2-4 Family
Bowling Green                                 KY                        42101          Single Family
DENTON                                        TX                        76205          2-4 Family
Valrico                                       FL                        33594          Single Family
Gahanna                                       OH                        43230          PUD
GILLESPIE                                     IL                        62033          Single Family
Krum                                          TX                        76249          Single Family
WARSAW                                        IL                        62379          Single Family
Sanger                                        TX                        76266          PUD
Cahokia                                       IL                        62206          2-4 Family
Cahokia                                       IL                        62206          2-4 Family
Cahokia                                       IL                        62206          2-4 Family
Stephenville                                  TX                        76401          Single Family
Lewisville                                    TX                        75057          Single Family
Little Elm                                    TX                        75068          PUD
Itasca                                        TX                        76055          Single Family
Alvarado                                      TX                        76009          Single Family
NORWALK                                       CA                        90650          Single Family
burlingame                                    CA                        94010          Single Family
Chattanooga                                   TN                        37406          Single Family
Cumming                                       GA                        30040          PUD
Elberta                                       AL                        36530          Single Family
Mt Pleasant                                   SC                        29464          Single Family
Dallas                                        GA                        30157          Single Family
Yulee                                         FL                        32097          PUD
Kennesaw                                      GA                        30144          Single Family
Chelsea                                       AL                        35043          PUD
Atlanta                                       GA                        30337          Single Family
Gainesville                                   GA                        30506          PUD
Gulf Shores                                   AL                        36542          Single Family
RANCHO CUCAMONGA                              CA                        91739          Single Family
APPLE VALLEY                                  CA                        92308          Single Family
BAKERSFIELD                                   CA                        93311          Single Family
ROSEVILLE                                     CA                        95747          Single Family
LANCASTER                                     CA                        93536          Single Family
APPLE VALLEY                                  CA                        92308          PUD
HOUSTON                                       TX                        77090          PUD
DENTON                                        TX                        76210          PUD
JACKSONVILLE                                  FL                        32224          PUD
NORTH LAS VEGAS                               NV                        89084          PUD
LAS VEGAS                                     NV                        89122          PUD
NAPLES                                        FL                        34114          PUD
ORLANDO                                       FL                        32828          Single Family
NORTH LAS VEGAS                               NV                        89084          PUD
RIVERVIEW                                     FL                        33569          PUD
JACKSONVILLE                                  FL                        32258          Condominium
LAS VEGAS                                     NV                        89131          PUD
Caldwell                                      ID                        83605          2-4 Family
Muskogee                                      OK                        74403          2-4 Family
Caldwell                                      ID                        83605          Single Family
Colorado Springs                              CO                        80919          Single Family
WEST JORDAN                                   UT                        84088          Single Family
COLORADO SPRINGS                              CO                        80915          Single Family
WEST VALLEY CITY                              UT                        84120          Single Family
SAINT GEORGE                                  UT                        84770          Single Family
Roosevelt                                     UT                        84066          Single Family
Aurora                                        CO                        80010          Single Family
EAGLE MOUNTAIN                                UT                        84043          PUD
Norwich                                       CT                        06360          2-4 Family
Temecula                                      CA                        92592          PUD
Murrieta                                      CA                        92562          PUD
Murrieta                                      CA                        92562          Single Family
SPRINGFIELD                                   MA                        01105          Single Family
SOUTHBRIDGE                                   MA                        01550          2-4 Family
MANCHESTER                                    NH                        03103          Condominium
Lebanon                                       TN                        37087          2-4 Family
Roseville                                     MI                        48066          Single Family
Westminster                                   CO                        80031          Single Family
Norcross                                      GA                        30093          Single Family
Henryetta                                     OK                        74437          Single Family
Wichita                                       KS                        67219          Single Family
Humble                                        TX                        77346          Single Family
Detroit                                       MI                        48238          2-4 Family
Williamsburg                                  VA                        23185          Single Family
Columbia                                      SC                        29203          Single Family
Canton                                        GA                        30114          Single Family
Garland                                       TX                        75043          Single Family
Newark                                        NJ                        07103          2-4 Family
Littleton                                     CO                        80125          PUD
Santa Monica                                  CA                        90402          CO-OP
SCOTTSDALE                                    AZ                        85260          Single Family
COLUMBIA                                      TN                        38401          Single Family
THOUSAND OAKS                                 CA                        91362          Condominium
Chino                                         CA                        91710          Single Family
Apple Valley                                  CA                        92307          Single Family
TUSTIN                                        CA                        92782          Condominium
APPLE VALLEY                                  CA                        92308          Single Family
APPLE VALLEY                                  CA                        92307          Single Family
PLEASANT HILL                                 CA                        94523          Single Family
QUARTZ HILL ARE                               CA                        93536          Single Family
LOS ANGELES                                   CA                        90002          Single Family
Williamsburg                                  VA                        23185          PUD
Ft Washington                                 MD                        20744          PUD
Lynchburg                                     VA                        24502          Single Family
College Park                                  GA                        30349          PUD
College Park                                  GA                        30349          PUD
Monroe                                        GA                        30656          Single Family
Marietta                                      GA                        30008          Single Family
Union City                                    GA                        30291          PUD
Phoenix                                       AZ                        85012          2-4 Family
El Mirage                                     AZ                        85335          PUD
Show Low                                      AZ                        85901          Single Family
North Las Vegas                               NV                        89030          Single Family
Colorado Springs                              CO                        80909          2-4 Family
Shawnee                                       OK                        74801          Single Family
Shawnee                                       OK                        74801          Single Family
Long Beach                                    WA                        98631          Single Family
Fort Worth                                    TX                        76119          Single Family
Federal Way                                   WA                        98003          Single Family
ALBUQUERQUE                                   NM                        87114          Single Family
PHOENIX                                       AZ                        85020          Single Family
SCOTTSDALE                                    AZ                        85257          PUD
SAN LUIS                                      AZ                        85349          Single Family
PHOENIX                                       AZ                        85037          Single Family
Glendale                                      AZ                        85304          Single Family
Phoenix                                       AZ                        85051          Condominium
QUEEN CREEK                                   AZ                        85242          PUD
Albuquerque                                   NM                        87114          PUD
ALBUQUERQUE                                   NM                        87114          PUD
Salisbury                                     NC                        28144          2-4 Family
Winston Salem                                 NC                        27105          2-4 Family
Winston Salem                                 NC                        27105          Single Family
Conyers                                       GA                        30013          PUD
Winston                                       GA                        30187          Single Family
Winston Salem                                 NC                        27105          Single Family
Hoschton                                      GA                        30548          PUD
Mckinney                                      TX                        75071          Single Family
Allen                                         TX                        75013          PUD
Arlington                                     TX                        76002          Single Family
Mckinney                                      TX                        75070          Single Family
Lewisville                                    TX                        75057          Townhouse
Kimberly                                      AL                        35091          Single Family
Kiawah Island                                 SC                        29455          Condominium
CONYERS                                       GA                        30094          Single Family
BRUNSWICK                                     GA                        31523          PUD
COLUMBUS                                      GA                        31903          Single Family
KISSIMMEE                                     FL                        34741          Single Family
ORLANDO                                       FL                        32810          PUD
CHARLOTTE                                     NC                        28262          Single Family
WAYCROSS                                      GA                        31501          Single Family
CHARLOTTE                                     NC                        28212          Single Family
PITTSBURGH                                    PA                        15202          Single Family
ORLANDO                                       FL                        32807          Single Family
JACKSONVILLE                                  FL                        32244          PUD
GOOSE CREEK                                   SC                        29445          Townhouse
SATELLITE BEACH                               FL                        32937          Single Family
TAMPA                                         FL                        33618          PUD
DUMFRIES                                      VA                        22026          PUD
BOYCE                                         VA                        22620          Single Family
WEST PALM BEACH                               FL                        33406          Single Family
OGDEN                                         UT                        84403          Condominium
FAIRFAX STATION                               VA                        22039          Single Family
SAGINAW                                       MI                        48601          2-4 Family
PEORIA                                        AZ                        85345          Single Family
KISSIMMEE                                     FL                        34743          Single Family
WAXHAW                                        NC                        28173          Single Family
SCOTTSDALE                                    AZ                        85262          Single Family
NORTH PORT                                    FL                        34286          Single Family
JASPER                                        GA                        30143          Single Family
STATESBORO                                    GA                        30458          Single Family
TAMPA                                         FL                        33610          Single Family
BOULDER                                       CO                        80302          Single Family
ORLANDO                                       FL                        32837          PUD
NAPLES                                        FL                        34120          PUD
Dover                                         FL                        33527          Single Family
ORLANDO                                       FL                        32837          PUD
Fitzgerald                                    GA                        31750          Single Family
ORLANDO                                       FL                        32801          Hi-Rise Condo
CHARLOTTE                                     NC                        28277          PUD
PALM SPRINGS                                  FL                        33461          PUD
SUGAR HILL                                    GA                        30518          PUD
HARTWELL                                      GA                        30643          Single Family
ORLANDO                                       FL                        32811          Condominium
ALEXANDRIA                                    VA                        22305          Single Family
FREDRICKSBERG                                 VA                        22406          PUD
CAMDEN WYOMING                                DE                        19934          Single Family
LOS ANGELES                                   CA                        91367          Single Family
LAWRENCEVILLE                                 GA                        30043          PUD
PITTSBURGH                                    PA                        15227          Single Family
IRMO                                          SC                        29063          Single Family
KISSIMMEE                                     FL                        34759          PUD
NEWPORT NEWS                                  VA                        23601          PUD
RALEIGH                                       NC                        27609          Single Family
KISSIMMEE                                     FL                        34741          PUD
Miami                                         FL                        33133          Hi-Rise Condo
Warren                                        MI                        48093          Condominium
LANSING                                       MI                        48910          Single Family
Aldan                                         PA                        19018          2-4 Family
Phila                                         PA                        19123          Single Family
Doylestown                                    PA                        18901          Single Family
Lake Harmony                                  PA                        18624          Single Family
Philadelphia                                  PA                        19123          Condominium
Devon                                         PA                        19333          Single Family
Dover                                         DE                        19901          Single Family
Blackwood                                     NJ                        08012          2-4 Family
Bear                                          DE                        19701          PUD
Pleasantville                                 NJ                        08232          2-4 Family
Pleasantville                                 NJ                        08232          Single Family
Marcus Hook                                   PA                        19061          Single Family
Pine Hill                                     NJ                        08021          Condominium
Fort Washington                               PA                        19034          Single Family
Wilmington                                    DE                        19803          Single Family
Philadelphia                                  PA                        19146          2-4 Family
Norristown                                    PA                        19401          2-4 Family
Wilmington                                    DE                        19805          Townhouse
WOOLRICH                                      NJ                        08085          Single Family
Wilmington                                    DE                        19810          PUD
Philadelphia                                  PA                        19103          Condominium
MIRAMAR                                       FL                        33027          PUD
SAN DIEGO                                     CA                        92104          PUD
BELL GARDENS                                  CA                        90201          2-4 Family
GRAND PRAIRIE                                 TX                        75052          PUD
NORFOLK                                       VA                        23513          Townhouse
VIRGINIA BCH                                  VA                        23456          Single Family
JACKSONVILLE                                  FL                        32207          Single Family
ST AUGUSTINE                                  FL                        32084          Single Family
Monticello                                    NY                        12701          Single Family
BALTIMORE                                     MD                        21213          Townhouse
VIRGINIA BEACH                                VA                        23452          Single Family
DAVENPORT                                     IA                        52806          Single Family
ATL                                           GA                        30317          Single Family
Des Moines                                    IA                        50311          2-4 Family
Stafford                                      VA                        22554          Single Family
RICHMOND                                      VA                        23222          Single Family
DECATUR                                       GA                        30034          Single Family
Lenigh                                        FL                        33971          Single Family
CEDAR RAPIDS                                  IA                        52405          2-4 Family
HUXLEY                                        IA                        50124          Townhouse
Middletown                                    NJ                        07748          Condominium
MYRTLE BEACH                                  SC                        29588          PUD
BAYVIEW                                       ID                        83803          Single Family
HOMER GLEN                                    IL                        60491          Single Family
Chicago                                       IL                        60639          2-4 Family
Phoenix                                       AZ                        85035          Single Family
PHOENIX                                       AZ                        85023          Single Family
CHESAPEAKE                                    VA                        23322          Single Family
PETERSBURG                                    VA                        23803          Single Family
NEWPORT NEWS                                  VA                        23607          Single Family
Dallas                                        TX                        75232          Single Family
FORT WORTH                                    TX                        76114          Single Family
Plano                                         TX                        75023          2-4 Family
Plano                                         TX                        75075          Condominium
DALLAS                                        TX                        75287          PUD
PLANO                                         TX                        75025          Single Family
Hilton Head                                   SC                        29928          Townhouse
JERSEY CITY                                   NJ                        07304          Single Family
LAKE WORTH                                    FL                        33463          PUD
FRESNO                                        CA                        93711          Single Family
SAVANNAH                                      GA                        31410          Single Family
DURHAM                                        NC                        27701          2-4 Family
Spring                                        TX                        77373          PUD
GREENSBORO                                    NC                        27407          PUD
TIVERTON                                      RI                        02878          Single Family
CEDAR CITY                                    UT                        84720          2-4 Family
SAVANNAH                                      GA                        31401          Single Family
NORMAN                                        OK                        73069          Single Family
CORCORAN                                      CA                        93212          Single Family
MIDWEST CITY                                  OK                        73110          Single Family
CARY                                          NC                        27513          PUD
CEDAR CITY                                    UT                        84720          2-4 Family
HAWAIIAN GARDENS                              CA                        90716          Condominium
MIDWEST CITY                                  OK                        73110          Single Family
RICHMOND                                      VA                        23223          Single Family
HENDERSON                                     NV                        89074          PUD
CHARLOTTESVILLE                               VA                        22901          Single Family
FORT LAUDERDALE                               FL                        33334          PUD
TOLEDO                                        OH                        43605          2-4 Family
SAVANNAH                                      GA                        31401          Single Family
OKLAHOMA CITY                                 OK                        73119          Single Family
PALM HARBOR                                   FL                        34683          Condominium
DACULA                                        GA                        30019          Single Family
PALATINE                                      IL                        60074          Condominium
GLENDALE HEIGHTS                              IL                        60139          Single Family
CATONSVILLE                                   MD                        21228          Single Family
KERNERSVILLE                                  NC                        27284          Condominium
CHARLOTTE                                     NC                        28208          Single Family
SAVANNAH                                      GA                        31401          Single Family
SAVANNAH                                      GA                        31401          Single Family
SAVANNAH                                      GA                        31401          Single Family
MANASSAS                                      VA                        20110          2-4 Family
NEWBERG                                       OR                        97132          Single Family
SAVANNAH                                      GA                        31405          Single Family
LONG BEACH                                    CA                        90810          Single Family
NEWBERG                                       OR                        97132          Single Family
DILLSBURG                                     PA                        17019          Single Family
DILLSBURG                                     PA                        17019          Single Family
FRANKLINTOWN                                  PA                        17323          Single Family
SAVANNAH                                      GA                        31405          2-4 Family
POMPANO BEACH                                 FL                        33068          Single Family
OKLAHOMA CITY                                 OK                        73112          Single Family
MIDWEST CITY                                  OK                        73110          Single Family
VISALIA                                       CA                        93277          Single Family
DOVER                                         PA                        17315          Single Family
CHICAGO                                       IL                        60620          Single Family
LAUDERHILL                                    FL                        33319          PUD
SEATTLE                                       WA                        98136          Single Family
CABOT                                         AR                        72023          Single Family
KAILUA-KONA                                   HI                        96740          Condominium
BALDWIN PARK                                  CA                        91706          Single Family
FRESNO                                        CA                        93706          Single Family
BELGRADE                                      MT                        59714          Single Family
LANSDOWNE                                     PA                        19050          2-4 Family
SAN ANTONIO                                   TX                        78259          PUD
CHICAGO                                       IL                        60636          Single Family
CHINO HILLS                                   CA                        91709          Single Family
LINCOLN CITY                                  OR                        97367          Single Family
LEAGUE CITY                                   TX                        77573          Condominium
VANCOUVER                                     WA                        98662          Single Family
INDIANAPOLIS                                  IN                        46268          Single Family
BELTSVILLE                                    MD                        20705          Single Family
FT THOMAS                                     KY                        41075          Single Family
NASHUA                                        NH                        03060          2-4 Family
ELFRIDA                                       AZ                        85617          Single Family
HOUSTON                                       TX                        77057          Condominium
GLENDALE                                      NY                        11385          2-4 Family
APPLE VALLEY                                  CA                        92308          Single Family
SUN CITY                                      CA                        92585          PUD
CONCORD                                       NC                        28025          PUD

CITY1                                         CURRENT_GROSS                    SERV_FEE                LPMI              MSERV
                                              _COUPON
-----------------------------------------------------------------------------------------------------------------------------------
HIALEAH                                                        6.7500                  0.2500            0.0000             0.0085
MCCLOUD                                                        7.1250                  0.2500            0.0000             0.0085
BETHESDA                                                       6.8750                  0.2500            0.0000             0.0085
Seymour                                                        8.7500                  0.2500            0.0000             0.0085
ARVADA                                                         6.5000                  0.2500            0.0000             0.0085
GARDEN CITY                                                    7.8750                  0.2500            0.0000             0.0085
CICERO                                                         6.8750                  0.2500            0.0000             0.0085
NORTH LAS VEGAS                                                6.8750                  0.2500            0.0000             0.0085
GLEN ALLEN                                                     6.5000                  0.2500            0.0000             0.0085
HAMPTON                                                        6.8750                  0.2500            0.0000             0.0085
HICKORY CREEK                                                  6.5000                  0.2500            0.0000             0.0085
MIDDLEBURG                                                     7.5000                  0.2500            0.0000             0.0085
SACRAMENTO                                                     6.0000                  0.2500            0.0000             0.0085
ASHBURN                                                        6.1250                  0.2500            0.0000             0.0085
PORTLAND                                                       5.8750                  0.2500            0.0000             0.0085
SURPRISE                                                       7.2500                  0.2500            0.0000             0.0085
MIDLAND                                                        6.8750                  0.2500            0.0000             0.0085
PORTLAND                                                       7.2500                  0.2500            0.0000             0.0085
Holly Springs                                                  6.5000                  0.2500            0.0000             0.0085
MONROE                                                         6.7500                  0.2500            0.0000             0.0085
Edison                                                         6.3750                  0.2500            0.0000             0.0085
ALLEN                                                          6.0000                  0.2500            0.0000             0.0085
PAINESVILLE                                                    7.3750                  0.2500            0.0000             0.0085
NEWBERG                                                        6.7500                  0.2500            0.0000             0.0085
GOOSE CREEK                                                    7.2500                  0.2500            0.0000             0.0085
PLANTATION                                                     6.7500                  0.2500            0.0000             0.0085
RALEIGH                                                        7.6250                  0.2500            0.0000             0.0085
MARICOPA                                                       6.1250                  0.2500            0.0000             0.0085
MOUNTAIN TOP                                                   7.5000                  0.2500            0.0000             0.0085
BOISE                                                          6.8750                  0.2500            0.0000             0.0085
ALBANY                                                         6.7500                  0.2500            0.0000             0.0085
BIRMINGHAM                                                     7.5000                  0.2500            0.0000             0.0085
BROOKLYN                                                       7.7500                  0.2500            0.0000             0.0085
WARREN                                                         8.1250                  0.2500            0.0000             0.0085
Ridgeland                                                      6.7500                  0.2500            0.0000             0.0085
MONROE                                                         6.8750                  0.2500            0.0000             0.0085
AVONDALE                                                       7.5000                  0.2500            0.0000             0.0085
MONROE                                                         7.2500                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    7.7500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    7.5000                  0.2500            0.0000             0.0085
Crown Point                                                    8.5000                  0.2500            0.0000             0.0085
Nicholasville                                                  7.5000                  0.2500            0.0000             0.0085
Auburn                                                         9.5000                  0.2500            0.0000             0.0085
Auburn                                                         8.8750                  0.2500            0.0000             0.0085
CHESAPEAKE BEACH                                               6.8750                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.2500                  0.2500            0.0000             0.0085
MIAMI                                                          6.8750                  0.2500            0.0000             0.0085
WELLINGTON                                                     8.3750                  0.2500            0.0000             0.0085
HOUSTON                                                        6.5000                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.7500                  0.2500            0.0000             0.0085
HAYDEN LAKE                                                    7.5000                  0.2500            0.0000             0.0085
Eatontown                                                      6.5000                  0.2500            0.0000             0.0085
FAIRFAX                                                        6.8750                  0.2500            0.0000             0.0085
SIMPSONVILLE                                                   6.6250                  0.2500            0.0000             0.0085
Las Cruces                                                     7.1250                  0.2500            0.0000             0.0085
TOLEDO                                                         7.1250                  0.2500            0.0000             0.0085
Seaside Heights                                                7.6250                  0.2500            0.0000             0.0085
OLD ORCHARD BEACH                                              6.8750                  0.2500            0.0000             0.0085
LEXINGTON PARK                                                 8.2500                  0.2500            0.0000             0.0085
ROCKVILLE                                                      6.8750                  0.2500            0.0000             0.0085
RICHMOND                                                       7.0000                  0.2500            0.0000             0.0085
Paterson                                                       7.2500                  0.2500            0.0000             0.0085
HARRISBURG                                                     6.1250                  0.2500            0.0000             0.0085
COLORADO SPRINGS                                               7.6250                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.0000                  0.2500            0.0000             0.0085
ERIE                                                           8.1250                  0.2500            0.0000             0.0085
HAWLEY                                                         8.0000                  0.2500            0.0000             0.0085
ORLANDO                                                        7.8750                  0.2500            0.0000             0.0085
SAFETY HARBOR                                                  7.6250                  0.2500            0.0000             0.0085
Trenton                                                        8.3750                  0.2500            0.0000             0.0085
KALAMAZOO                                                      6.5000                  0.2500            0.0000             0.0085
RIO RANCHO                                                     7.6250                  0.2500            0.0000             0.0085
CHICAGO                                                        7.1250                  0.2500            0.0000             0.0085
SILVERTON                                                      6.6250                  0.2500            0.0000             0.0085
EAST HAMPTON                                                   6.8750                  0.2500            0.0000             0.0085
PIEDMONT                                                       7.6250                  0.2500            0.0000             0.0085
AKRON                                                          7.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        7.1250                  0.2500            0.0000             0.0085
HOUSTON                                                        6.8750                  0.2500            0.0000             0.0085
CYPRESS                                                        8.5000                  0.2500            0.0000             0.0085
BARTLETT                                                       7.5000                  0.2500            0.0000             0.0085
SALT LAKE CITY                                                 6.7500                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   8.7500                  0.2500            0.0000             0.0085
WACO                                                           8.5000                  0.2500            0.0000             0.0085
WINTER PARK                                                    7.1250                  0.2500            0.0000             0.0085
SALEM                                                          7.0000                  0.2500            0.0000             0.0085
TAMPA                                                          6.7500                  0.2500            0.0000             0.0085
LAKE CITY                                                      7.5000                  0.2500            0.0000             0.0085
MOUNT PLEASANT                                                 6.7500                  0.2500            0.0000             0.0085
TAKOMA PARK                                                    6.8750                  0.2500            0.0000             0.0085
GARDNER                                                        7.2500                  0.2500            0.0000             0.0085
SYRACUSE                                                       8.1250                  0.2500            0.0000             0.0085
WASHINGTON                                                     6.3750                  0.2500            0.0000             0.0085
MUKILTEO                                                       6.6250                  0.2500            0.0000             0.0085
CHICAGO                                                        7.5000                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.7500                  0.2500            0.0000             0.0085
BRIARWOOD                                                      7.2500                  0.2500            0.0000             0.0085
WACO                                                           8.5000                  0.2500            0.0000             0.0085
BRANDON                                                        8.1250                  0.2500            0.0000             0.0085
LOUISVILLE                                                     8.7500                  0.2500            0.0000             0.0085
MARGATE                                                        7.8750                  0.2500            0.0000             0.0085
SYRACUSE                                                       8.6250                  0.2500            0.0000             0.0085
Louisville                                                     8.0000                  0.2500            0.0000             0.0085
MESA                                                           8.0000                  0.2500            0.0000             0.0085
CHICAGO                                                        8.5000                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 8.7500                  0.2500            0.0000             0.0085
LOS BANOS                                                      6.8750                  0.2500            0.0000             0.0085
ORANGE PARK                                                    7.5000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.8750                  0.2500            0.0000             0.0085
CLEVELAND                                                      8.3750                  0.2500            0.0000             0.0085
COTTAGE GROVE                                                  6.6250                  0.2500            0.0000             0.0085
TWIN FALLS                                                     6.7500                  0.2500            0.0000             0.0085
CHANTILLY                                                      6.7500                  0.2500            0.0000             0.0085
BOURBONNAIS                                                    7.8750                  0.2500            0.0000             0.0085
PASADENA                                                       8.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        7.6250                  0.2500            0.0000             0.0085
DRAPER                                                         8.1250                  0.2500            0.0000             0.0085
CHICAGO                                                        8.5000                  0.2500            0.0000             0.0085
CINCINNATI                                                     7.6250                  0.2500            0.0000             0.0085
PLAINFIELD                                                     6.8750                  0.2500            0.0000             0.0085
BOILING SPRINGS                                                6.6250                  0.2500            0.0000             0.0085
Delhi                                                          8.1250                  0.2500            0.0000             0.0085
Montebello                                                     7.5000                  0.2500            0.0000             0.0085
CLEVELAND                                                      8.6250                  0.2500            0.0000             0.0085
DENVER                                                         7.3750                  0.2500            0.0000             0.0085
GARDEN VALLEY                                                  9.1250                  0.2500            0.0000             0.0085
CHICAGO                                                        7.7500                  0.2500            0.0000             0.0085
PEMBROKE PINES                                                 9.7500                  0.2500            0.0000             0.0085
BURKE                                                          8.0000                  0.2500            0.0000             0.0085
NASHVILLE                                                      7.3750                  0.2500            0.0000             0.0085
GARFIELD HEIGHTS                                               8.6250                  0.2500            0.0000             0.0085
CAPE CORAL                                                     6.8750                  0.2500            0.0000             0.0085
Hendersonville                                                 7.7500                  0.2500            0.0000             0.0085
EVERETT                                                        7.6250                  0.2500            0.0000             0.0085
SILVER SPRING                                                  7.1250                  0.2500            0.0000             0.0085
OVIEDO                                                         7.8750                  0.2500            0.0000             0.0085
JOHNSTON                                                       7.0000                  0.2500            0.0000             0.0085
PORTLAND                                                       7.2500                  0.2500            0.0000             0.0085
BROOKLYN                                                       8.0000                  0.2500            0.0000             0.0085
PEORIA                                                         7.7500                  0.2500            0.0000             0.0085
PANAMA CITY BEACH                                              8.2500                  0.2500            0.0000             0.0085
CHESTER                                                        6.0000                  0.2500            0.0000             0.0085
DETROIT                                                        7.8750                  0.2500            0.0000             0.0085
Charlotte                                                      6.5000                  0.2500            0.0000             0.0085
FORT LAUDERDALE                                                7.8750                  0.2500            0.0000             0.0085
MESA                                                           7.5000                  0.2500            0.0000             0.0085
DANBURY                                                        8.5000                  0.2500            0.0000             0.0085
MARRERO                                                        7.6250                  0.2500            0.0000             0.0085
Indianapolis                                                   8.3750                  0.2500            0.0000             0.0085
HYATTSVILLE                                                    7.7500                  0.2500            0.0000             0.0085
Louisville                                                     8.8750                  0.2500            0.0000             0.0085
LOUISVILLE                                                     6.8750                  0.2500            0.0000             0.0085
LINCOLNTON                                                     6.8750                  0.2500            0.0000             0.0085
Lawrenceville                                                  6.8750                  0.2500            0.0000             0.0085
SANGER                                                         8.0000                  0.2500            0.0000             0.0085
PHOENIX                                                        8.0000                  0.2500            0.0000             0.0085
STERLING HEIGHTS                                               6.6250                  0.2500            0.0000             0.0085
ABINGDON                                                       6.5000                  0.2500            0.0000             0.0085
GERMANTOWN                                                     6.5000                  0.2500            0.0000             0.0085
AURORA                                                         8.5000                  0.2500            0.0000             0.0085
TUCSON                                                         6.8750                  0.2500            0.0000             0.0085
Lafayette                                                      8.1250                  0.2500            0.0000             0.0085
MESA                                                           6.7500                  0.2500            0.0000             0.0085
WINTER HAVEN                                                   8.0000                  0.2500            0.0000             0.0085
NORCROSS                                                       7.8750                  0.2500            0.0000             0.0085
KAWKAWLIN                                                      6.8750                  0.2500            0.0000             0.0085
CORONA                                                         8.0000                  0.2500            0.0000             0.0085
GRAVETTE                                                       7.7500                  0.2500            0.0000             0.0085
Charlotte                                                      7.0000                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    7.3750                  0.2500            0.0000             0.0085
CHANDLER                                                       6.6250                  0.2500            0.0000             0.0085
BURTON                                                         7.6250                  0.2500            0.0000             0.0085
STREAMWOOD                                                     8.1250                  0.2500            0.0000             0.0085
MECHANICSBURG                                                  7.5000                  0.2500            0.0000             0.0085
OAKLAND                                                        6.2500                  0.2500            0.0000             0.0085
LAKE WORTH                                                     7.3750                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.3750                  0.2500            0.0000             0.0085
FORT LAUDERDALE                                                8.5000                  0.2500            0.0000             0.0085
Flowery Branch                                                 7.2500                  0.2500            0.0000             0.0085
MIAMI BEACH                                                    7.6250                  0.2500            0.0000             0.0085
Brooklyn                                                       8.5000                  0.2500            0.0000             0.0085
ATLANTIC BEACH                                                 8.0000                  0.2500            0.0000             0.0085
DETROIT                                                        8.3750                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.5000                  0.2500            0.0000             0.0085
PANAMA CITY                                                    8.5000                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.8750                  0.2500            0.0000             0.0085
Garner                                                         7.2500                  0.2500            0.0000             0.0085
STOCKTON                                                       6.3750                  0.2500            0.0000             0.0085
PANAMA CITY BEACH                                              7.5000                  0.2500            0.0000             0.0085
DETROIT                                                        8.5000                  0.2500            0.0000             0.0085
NAPLES                                                         8.5000                  0.2500            0.0000             0.0085
AURORA                                                         7.6250                  0.2500            0.0000             0.0085
WOODBRIDGE                                                     8.1250                  0.2500            0.0000             0.0085
PORT SAINT LUCIE                                               8.5000                  0.2500            0.0000             0.0085
Newark                                                         8.7500                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     6.6250                  0.2500            0.0000             0.0085
GRANDVIEW                                                      9.5000                  0.2500            0.0000             0.0085
GARNER                                                         7.0000                  0.2500            0.0000             0.0085
PHOENIX                                                        6.8750                  0.2500            0.0000             0.0085
ORLANDO                                                        7.3750                  0.2500            0.0000             0.0085
MOORE                                                          6.8750                  0.2500            0.0000             0.0085
OCOEE                                                          8.2500                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.3750                  0.2500            0.0000             0.0085
WACO                                                           8.5000                  0.2500            0.0000             0.0085
TAMPA                                                          8.2500                  0.2500            0.0000             0.0085
PROVIDENCE                                                     8.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
Raleigh                                                        6.5000                  0.2500            0.0000             0.0085
PAHRUMP                                                        7.3750                  0.2500            0.0000             0.0085
JOHNSON CITY                                                   8.1250                  0.2500            0.0000             0.0085
ROCHESTER                                                      7.6250                  0.2500            0.0000             0.0085
KENOSHA                                                        7.5000                  0.2500            0.0000             0.0085
DAVIS                                                          7.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        9.5000                  0.2500            0.0000             0.0085
BURBANK                                                        8.6250                  0.2500            0.0000             0.0085
SALEM                                                          7.5000                  0.2500            0.0000             0.0085
FLAGSTAFF                                                      8.5000                  0.2500            0.0000             0.0085
SILVER SPRING                                                  7.0000                  0.2500            0.0000             0.0085
SOUTH PADRE ISLAND                                             7.8750                  0.2500            0.0000             0.0085
TAMPA                                                          8.5000                  0.2500            0.0000             0.0085
Hyde Park                                                      7.0000                  0.2500            0.0000             0.0085
LAKELAND                                                       8.1250                  0.2500            0.0000             0.0085
LONGMONT                                                       7.7500                  0.2500            0.0000             0.0085
WOODBRIDGE                                                     8.3750                  0.2500            0.0000             0.0085
NORTH CHARLESTON                                               6.7500                  0.2500            0.0000             0.0085
STEVENSVILLE                                                   7.3750                  0.2500            0.0000             0.0085
LADSON                                                         8.7500                  0.2500            0.0000             0.0085
BROUSSARD                                                      7.5000                  0.2500            0.0000             0.0085
GERMANTOWN                                                     7.8750                  0.2500            0.0000             0.0085
VISTA                                                          7.5000                  0.2500            0.0000             0.0085
MAPLE GLEN                                                     8.5000                  0.2500            0.0000             0.0085
VISALIA                                                        8.3750                  0.2500            0.0000             0.0085
SAINT JOSEPH                                                   8.0000                  0.2500            0.0000             0.0085
TAMPA                                                          7.3750                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.8750                  0.2500            0.0000             0.0085
POMPANO BEACH                                                  7.7500                  0.2500            0.0000             0.0085
CARSON                                                         6.5000                  0.2500            0.0000             0.0085
NORFOLK                                                        5.8750                  0.2500            0.0000             0.0085
STAFFORD                                                       6.6250                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   6.5000                  0.2500            0.0000             0.0085
KISSIMMEE                                                      7.8750                  0.2500            0.0000             0.0085
DAYTON                                                         8.2500                  0.2500            0.0000             0.0085
CHANDLER                                                       8.0000                  0.2500            0.0000             0.0085
KENNESAW                                                       7.2500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.7500                  0.2500            0.0000             0.0085
POQUOSON                                                       7.7500                  0.2500            0.0000             0.0085
STERLING                                                       7.0000                  0.2500            0.0000             0.0085
BROOKLYN                                                       8.3750                  0.2500            0.0000             0.0085
CINCINNATI                                                     7.8750                  0.2500            0.0000             0.0085
PASCO                                                          7.2500                  0.2500            0.0000             0.0085
ELGIN                                                          7.3750                  0.2500            0.0000             0.0085
MISSOULA                                                       7.6250                  0.2500            0.0000             0.0085
Pikeville                                                      7.5000                  0.2500            0.0000             0.0085
LEWISVILLE                                                     7.8750                  0.2500            0.0000             0.0085
WEST WARWICK                                                   7.5000                  0.2500            0.0000             0.0085
Passaic                                                        8.1250                  0.2500            0.0000             0.0085
LAND O LAKES                                                   6.7500                  0.2500            0.0000             0.0085
CARSON CITY                                                    7.7500                  0.2500            0.0000             0.0085
EASLEY                                                         7.8750                  0.2500            0.0000             0.0085
SPRING HILL                                                    8.5000                  0.2500            0.0000             0.0085
DEERFIELD BEACH                                                7.6250                  0.2500            0.0000             0.0085
CLARKSTON                                                      7.6250                  0.2500            0.0000             0.0085
SLIDELL                                                        7.1250                  0.2500            0.0000             0.0085
NASHUA                                                         7.5000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      8.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.5000                  0.2500            0.0000             0.0085
Alameda                                                        6.6250                  0.2500            0.0000             0.0085
Bloomfield                                                     7.8750                  0.2500            0.0000             0.0085
DETROIT                                                        7.5000                  0.2500            0.0000             0.0085
MIDDLETOWN                                                     6.3750                  0.2500            0.0000             0.0085
GREENVILLE                                                     8.7500                  0.2500            0.0000             0.0085
REYNOLDSBURG                                                   6.5000                  0.2500            0.0000             0.0085
CANTON                                                         6.8750                  0.2500            0.0000             0.0085
SUN CITY WEST                                                  8.2500                  0.2500            0.0000             0.0085
BAKERSFIELD                                                    6.6250                  0.2500            0.0000             0.0085
CHICKASAW                                                      9.1250                  0.2500            0.0000             0.0085
TAMPA                                                          8.5000                  0.2500            0.0000             0.0085
ROCHESTER                                                      8.1250                  0.2500            0.0000             0.0085
Greensboro                                                     8.0000                  0.2500            0.0000             0.0085
Albuquerque                                                    8.7500                  0.2500            0.0000             0.0085
MARICOPA                                                       8.5000                  0.2500            0.0000             0.0085
OVIEDO                                                         7.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.3750                  0.2500            0.0000             0.0085
South Plainfield                                               7.6250                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.7500                  0.2500            0.0000             0.0085
LOS ANGELES                                                    7.1250                  0.2500            0.0000             0.0085
NORTH WEBSTER                                                  8.0000                  0.2500            0.0000             0.0085
INDIO                                                          6.7500                  0.2500            0.0000             0.0085
HENDERSON                                                      8.2500                  0.2500            0.0000             0.0085
SPRINGDALE                                                     7.5000                  0.2500            0.0000             0.0085
BROOKLYN                                                       8.2500                  0.2500            0.0000             0.0085
SPRINGFIELD                                                    8.1250                  0.2500            0.0000             0.0085
CLINTON                                                        7.8750                  0.2500            0.0000             0.0085
Hampton                                                        8.0000                  0.2500            0.0000             0.0085
Wendell                                                        6.5000                  0.2500            0.0000             0.0085
CLINTON                                                        6.5000                  0.2500            0.0000             0.0085
SAINT PETERSBURG                                               6.7500                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.0000                  0.2500            0.0000             0.0085
Louisville                                                     7.6250                  0.2500            0.0000             0.0085
SUMMERVILLE                                                    7.5000                  0.2500            0.0000             0.0085
Newburgh                                                       7.8750                  0.2500            0.0000             0.0085
SYRACUSE                                                       7.8750                  0.2500            0.0000             0.0085
SYRACUSE                                                       7.8750                  0.2500            0.0000             0.0085
TOPEKA                                                         7.3750                  0.2500            0.0000             0.0085
EVANSTON                                                       6.8750                  0.2500            0.0000             0.0085
SILVER SPRING                                                  8.3750                  0.2500            0.0000             0.0085
BRONX                                                          8.5000                  0.2500            0.0000             0.0085
PARKLAND                                                       8.5000                  0.2500            0.0000             0.0085
Louisville                                                     8.1250                  0.2500            0.0000             0.0085
WOONSOCKET                                                     6.8750                  0.2500            0.0000             0.0085
Waxhaw                                                         6.8750                  0.2500            0.0000             0.0085
AUBURN                                                         7.2500                  0.2500            0.0000             0.0085
CAMDEN                                                         7.7500                  0.2500            0.0000             0.0085
BELTSVILLE                                                     6.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
PHOENIXVILLE                                                   8.5000                  0.2500            0.0000             0.0085
MIAMI                                                          8.5000                  0.2500            0.0000             0.0085
VALLEJO                                                        7.3750                  0.2500            0.0000             0.0085
SPRINGFIELD                                                    9.5000                  0.2500            0.0000             0.0085
LARGO                                                          7.5000                  0.2500            0.0000             0.0085
PORT TOBACCO                                                   7.3750                  0.2500            0.0000             0.0085
HIALEAH                                                        7.0000                  0.2500            0.0000             0.0085
MORENO VALLEY                                                  6.3750                  0.2500            0.0000             0.0085
CHICAGO                                                        7.7500                  0.2500            0.0000             0.0085
Worcester                                                      5.6250                  0.2500            0.0000             0.0085
PEORIA                                                         6.8750                  0.2500            0.0000             0.0085
DETROIT                                                        6.3750                  0.2500            0.0000             0.0085
COLUMBUS                                                       9.7500                  0.2500            0.0000             0.0085
BIRCHRUNVILLE                                                  7.2500                  0.2500            0.0000             0.0085
OAKTON                                                         6.1250                  0.2500            0.0000             0.0085
Newark                                                         7.3750                  0.2500            0.0000             0.0085
Atlanta                                                        7.5000                  0.2500            0.0000             0.0085
ROCHESTER                                                      6.6250                  0.2500            0.0000             0.0085
ROCHESTER                                                      6.6250                  0.2500            0.0000             0.0085
BROWNS VALLEY                                                  6.2500                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    8.5000                  0.2500            0.0000             0.0085
DENVER                                                         6.8750                  0.2500            0.0000             0.0085
MAGNOLIA                                                       6.7500                  0.2500            0.0000             0.0085
HENDERSON                                                      6.3750                  0.2500            0.0000             0.0085
MISSION                                                        7.2500                  0.2500            0.0000             0.0085
Lawrenceville                                                  7.7500                  0.2500            0.0000             0.0085
Beverly                                                        6.6250                  0.2500            0.0000             0.0085
HOUSTON                                                        6.7500                  0.2500            0.0000             0.0085
PALM BAY                                                       8.5000                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.1250                  0.2500            0.0000             0.0085
GARLAND                                                        6.2500                  0.2500            0.0000             0.0085
GARLAND                                                        6.2500                  0.2500            0.0000             0.0085
GARLAND                                                        6.2500                  0.2500            0.0000             0.0085
PORT SAINT LUCIE                                               8.1250                  0.2500            0.0000             0.0085
WYANDANCH                                                      7.1250                  0.2500            0.0000             0.0085
CERES                                                          6.3750                  0.2500            0.0000             0.0085
DESERT HILLS                                                   8.1250                  0.2500            0.0000             0.0085
Nantucket                                                      6.7500                  0.2500            0.0000             0.0085
West Springfield                                               7.7500                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   6.8750                  0.2500            0.0000             0.0085
LIVERPOOL                                                      7.6250                  0.2500            0.0000             0.0085
BOSTON                                                         7.8750                  0.2500            0.0000             0.0085
ORLANDO                                                        6.8750                  0.2500            0.0000             0.0085
PHOENIX                                                        7.6250                  0.2500            0.0000             0.0085
MARCO ISLAND                                                   8.5000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.5000                  0.2500            0.0000             0.0085
TAMPA                                                          6.7500                  0.2500            0.0000             0.0085
THE DALLES                                                     6.2500                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.1250                  0.2500            0.0000             0.0085
CHICAGO                                                        8.3750                  0.2500            0.0000             0.0085
BEND                                                           7.2500                  0.2500            0.0000             0.0085
CINCINNATI                                                     7.6250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   6.8750                  0.2500            0.0000             0.0085
Visalia                                                        7.8750                  0.2500            0.0000             0.0085
NAPLES                                                         7.5000                  0.2500            0.0000             0.0085
SUN CITY                                                       6.8750                  0.2500            0.0000             0.0085
SUMMERVILLE                                                    7.3750                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   8.1250                  0.2500            0.0000             0.0085
DETROIT                                                        8.7500                  0.2500            0.0000             0.0085
COPIAGUE                                                       6.7500                  0.2500            0.0000             0.0085
STUART                                                         7.6250                  0.2500            0.0000             0.0085
LEBANON                                                        7.7500                  0.2500            0.0000             0.0085
ANTHEM                                                         7.6250                  0.2500            0.0000             0.0085
ROYAL PALM BEACH                                               8.0000                  0.2500            0.0000             0.0085
DUMFRIES                                                       8.0000                  0.2500            0.0000             0.0085
CLEVELAND                                                      7.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.2500                  0.2500            0.0000             0.0085
BRONX                                                          7.6250                  0.2500            0.0000             0.0085
GLENDALE                                                       6.6250                  0.2500            0.0000             0.0085
MORENO VALLEY                                                  7.2500                  0.2500            0.0000             0.0085
CHESTERFIELD                                                   6.8750                  0.2500            0.0000             0.0085
Newark                                                         7.0000                  0.2500            0.0000             0.0085
SALEM                                                          7.1250                  0.2500            0.0000             0.0085
ANNAPOLIS                                                      6.0000                  0.2500            0.0000             0.0085
WAYNESBORO                                                     6.5000                  0.2500            0.0000             0.0085
Powder Springs                                                 6.8750                  0.2500            0.0000             0.0085
TEMPE                                                          6.8750                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    6.6250                  0.2500            0.0000             0.0085
TAMPA                                                          7.8750                  0.2500            0.0000             0.0085
DELAND                                                         7.5000                  0.2500            0.0000             0.0085
WOODBRIDGE                                                     6.7500                  0.2500            0.0000             0.0085
FALLON                                                         7.1250                  0.2500            0.0000             0.0085
STREAMWOOD                                                     7.5000                  0.2500            0.0000             0.0085
MCLEAN                                                         8.7500                  0.2500            0.0000             0.0085
YORK                                                           8.1250                  0.2500            0.0000             0.0085
VISALIA                                                        8.3750                  0.2500            0.0000             0.0085
MIDVALE                                                        6.7500                  0.2500            0.0000             0.0085
ANDERSON                                                       8.0000                  0.2500            0.0000             0.0085
PROVIDENCE                                                     7.5000                  0.2500            0.0000             0.0085
HOLLYWOOD                                                      8.7500                  0.2500            0.0000             0.0085
BUCKEYE                                                        7.5000                  0.2500            0.0000             0.0085
Charlotte                                                      8.5000                  0.2500            0.0000             0.0085
EASTON                                                         7.5000                  0.2500            0.0000             0.0085
SARASOTA                                                       7.6250                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    7.5000                  0.2500            0.0000             0.0085
LITHIA                                                         8.1250                  0.2500            0.0000             0.0085
FALLON                                                         7.1250                  0.2500            0.0000             0.0085
Louisville                                                     8.5000                  0.2500            0.0000             0.0085
PORTLAND                                                       6.8750                  0.2500            0.0000             0.0085
RIVIERA BEACH                                                  7.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        8.0000                  0.2500            0.0000             0.0085
CHICAGO                                                        7.8750                  0.2500            0.0000             0.0085
COATESVILLE                                                    6.8750                  0.2500            0.0000             0.0085
GREENFIELD                                                     7.2500                  0.2500            0.0000             0.0085
KNOXVILLE                                                      6.7500                  0.2500            0.0000             0.0085
SEVERN                                                         5.8750                  0.2500            0.0000             0.0085
CITRUS HEIGHTS                                                 7.5000                  0.2500            0.0000             0.0085
BOWIE                                                          8.1250                  0.2500            0.0000             0.0085
BRONX                                                          6.8750                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    8.1250                  0.2500            0.0000             0.0085
BALTIMORE                                                      8.5000                  0.2500            0.0000             0.0085
JOHNSTON                                                       8.1250                  0.2500            0.0000             0.0085
PROVIDENCE                                                     8.0000                  0.2500            0.0000             0.0085
EDGEWATER                                                      6.5000                  0.2500            0.0000             0.0085
SILVER SPRING                                                  7.7500                  0.2500            0.0000             0.0085
Provo                                                          7.6250                  0.2500            0.0000             0.0085
LACEY                                                          7.7500                  0.2500            0.0000             0.0085
roxboro                                                        6.2500                  0.2500            0.0000             0.0085
COCKEYSVILLE                                                   6.0000                  0.2500            0.0000             0.0085
GERMANTOWN                                                     7.1250                  0.2500            0.0000             0.0085
NEILTON                                                        7.0000                  0.2500            0.0000             0.0085
COLUMBIA                                                       8.1250                  0.2500            0.0000             0.0085
HAZEL CREST                                                    8.1250                  0.2500            0.0000             0.0085
SIMPSONVILLE                                                   6.6250                  0.2500            0.0000             0.0085
MAYWOOD                                                        6.8750                  0.2500            0.0000             0.0085
LAKE WORTH                                                     6.5000                  0.2500            0.0000             0.0085
SIMPSONVILLE                                                   8.7500                  0.2500            0.0000             0.0085
OGDEN                                                          7.5000                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   6.8750                  0.2500            0.0000             0.0085
VERO BEACH                                                     6.8750                  0.2500            0.0000             0.0085
CASA GRANDE                                                    7.2500                  0.2500            0.0000             0.0085
DANA POINT                                                     6.8750                  0.2500            0.0000             0.0085
SILVER SPRING                                                  7.1250                  0.2500            0.0000             0.0085
LINDENHURST                                                    7.1250                  0.2500            0.0000             0.0085
TAYLOR                                                         7.1250                  0.2500            0.0000             0.0085
LOS ANGELES                                                    7.5000                  0.2500            0.0000             0.0085
MOUNT POCONO                                                   7.3750                  0.2500            0.0000             0.0085
WARWICK                                                        6.8750                  0.2500            0.0000             0.0085
METAMORA                                                       7.8750                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.1250                  0.2500            0.0000             0.0085
FRISCO                                                         7.6250                  0.2500            0.0000             0.0085
PHOENIX                                                        7.7500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    7.3750                  0.2500            0.0000             0.0085
COLUMBUS                                                       6.7500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    8.0000                  0.2500            0.0000             0.0085
TRAVELERS REST                                                 6.3750                  0.2500            0.0000             0.0085
ALSTEAD                                                        7.8750                  0.2500            0.0000             0.0085
SPRING BRANCH                                                  8.5000                  0.2500            0.0000             0.0085
Plainfield                                                     7.1250                  0.2500            0.0000             0.0085
BROOKLYN                                                       6.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.7500                  0.2500            0.0000             0.0085
BROOKLYN                                                       6.8750                  0.2500            0.0000             0.0085
CHICAGO                                                        7.5000                  0.2500            0.0000             0.0085
SPRING BRANCH                                                  7.0000                  0.2500            0.0000             0.0085
PHOENIX                                                        7.7500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.2500                  0.2500            0.0000             0.0085
DETROIT                                                        8.1250                  0.2500            0.0000             0.0085
BROOKLYN                                                       8.1250                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.8750                  0.2500            0.0000             0.0085
COVINGTON                                                      6.5000                  0.2500            0.0000             0.0085
PUYALLUP                                                       6.7500                  0.2500            0.0000             0.0085
Apollo Beach                                                   6.7500                  0.2500            0.0000             0.0085
MORENO VALLEY                                                  6.5000                  0.2500            0.0000             0.0085
TREASURE ISLAND                                                8.1250                  0.2500            0.0000             0.0085
MERRITT ISLAND                                                 7.1250                  0.2500            0.0000             0.0085
STERLING                                                       6.2500                  0.2500            0.0000             0.0085
BALTIMORE                                                      8.3750                  0.2500            0.0000             0.0085
Atlanta                                                        8.1250                  0.2500            0.0000             0.0085
DERWOOD                                                        7.6250                  0.2500            0.0000             0.0085
COOPER CITY                                                    7.0000                  0.2500            0.0000             0.0085
MIDLOTHIAN                                                     6.8750                  0.2500            0.0000             0.0085
WALTON                                                         7.7500                  0.2500            0.0000             0.0085
WEST PALM BEACH                                                8.1250                  0.2500            0.0000             0.0085
JOLIET                                                         7.2500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    6.5000                  0.2500            0.0000             0.0085
GAINESVILLE                                                    6.7500                  0.2500            0.0000             0.0085
BATON ROUGE                                                    6.8750                  0.2500            0.0000             0.0085
GREENVILLE                                                     8.0000                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   8.1250                  0.2500            0.0000             0.0085
CHARDON                                                        6.7500                  0.2500            0.0000             0.0085
MESA                                                           6.2500                  0.2500            0.0000             0.0085
Billings                                                       7.5000                  0.2500            0.0000             0.0085
CINCINNATI                                                     7.5000                  0.2500            0.0000             0.0085
GIBSONTON                                                      7.7500                  0.2500            0.0000             0.0085
MOBILE                                                         8.1250                  0.2500            0.0000             0.0085
WEST PALM BEACH                                                6.6250                  0.2500            0.0000             0.0085
Fall River                                                     8.1250                  0.2500            0.0000             0.0085
TUCSON                                                         6.2500                  0.2500            0.0000             0.0085
RICHMOND                                                       8.0000                  0.2500            0.0000             0.0085
JACKSON                                                        8.7500                  0.2500            0.0000             0.0085
HEFLIN                                                         8.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.3750                  0.2500            0.0000             0.0085
PANAMA CITY BEACH                                              8.5000                  0.2500            0.0000             0.0085
Charlotte                                                      6.6250                  0.2500            0.0000             0.0085
SPRINGFIELD                                                    7.3750                  0.2500            0.0000             0.0085
AMITYVILLE                                                     6.8750                  0.2500            0.0000             0.0085
DETROIT                                                        8.1250                  0.2500            0.0000             0.0085
BELLINGHAM                                                     6.7500                  0.2500            0.0000             0.0085
ORLANDO                                                        8.1250                  0.2500            0.0000             0.0085
SARASOTA                                                       6.8750                  0.2500            0.0000             0.0085
COLUMBIA                                                       6.7500                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.0000                  0.2500            0.0000             0.0085
TRENTON                                                        7.8750                  0.2500            0.0000             0.0085
RAYTOWN                                                        7.8750                  0.2500            0.0000             0.0085
SYRACUSE                                                       8.6250                  0.2500            0.0000             0.0085
CHANTILLY                                                      7.8750                  0.2500            0.0000             0.0085
SAN CLEMENTE                                                   7.6250                  0.2500            0.0000             0.0085
PONTIAC                                                        8.1250                  0.2500            0.0000             0.0085
WESTFIELD                                                      8.7500                  0.2500            0.0000             0.0085
DETROIT                                                        8.1250                  0.2500            0.0000             0.0085
BELTON                                                         6.6250                  0.2500            0.0000             0.0085
DETROIT                                                        7.7500                  0.2500            0.0000             0.0085
DETROIT                                                        7.7500                  0.2500            0.0000             0.0085
KANSAS CITY                                                    7.7500                  0.2500            0.0000             0.0085
HOUSTON                                                        7.8750                  0.2500            0.0000             0.0085
SUPERIOR                                                       7.6250                  0.2500            0.0000             0.0085
LISLE                                                          8.0000                  0.2500            0.0000             0.0085
REDFORD                                                        8.7500                  0.2500            0.0000             0.0085
Noblesville                                                    6.7500                  0.2500            0.0000             0.0085
Noblesville                                                    6.7500                  0.2500            0.0000             0.0085
Woodstock                                                      6.7500                  0.2500            0.0000             0.0085
SALT LAKE CITY                                                 6.7500                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.2500                  0.2500            0.0000             0.0085
KANSAS CITY                                                    8.0000                  0.2500            0.0000             0.0085
Rio Rancho                                                     8.7500                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     6.7500                  0.2500            0.0000             0.0085
HORN LAKE                                                      7.3750                  0.2500            0.0000             0.0085
Winston Salem                                                  8.2500                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.0000                  0.2500            0.0000             0.0085
COVINGTON                                                      7.8750                  0.2500            0.0000             0.0085
BATON ROUGE                                                    7.2500                  0.2500            0.0000             0.0085
PALM BEACH GARDENS                                             6.7500                  0.2500            0.0000             0.0085
CANTON                                                         7.8750                  0.2500            0.0000             0.0085
BATON ROUGE                                                    7.2500                  0.2500            0.0000             0.0085
OCALA                                                          8.5000                  0.2500            0.0000             0.0085
PORTLAND                                                       8.5000                  0.2500            0.0000             0.0085
KANSAS CITY                                                    8.0000                  0.2500            0.0000             0.0085
KANSAS CITY                                                    8.0000                  0.2500            0.0000             0.0085
WINSTON SALEM                                                  8.2500                  0.2500            0.0000             0.0085
RAYTOWN                                                        7.8750                  0.2500            0.0000             0.0085
SAN BERNARDINO                                                 9.2500                  0.2500            0.0000             0.0085
Charlotte                                                      8.3750                  0.2500            0.0000             0.0085
DALLAS                                                         6.5000                  0.2500            0.0000             0.0085
Winston Salem                                                  8.2500                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.3750                  0.2500            0.0000             0.0085
Winston Salem                                                  7.8750                  0.2500            0.0000             0.0085
Winston Salem                                                  7.8750                  0.2500            0.0000             0.0085
GALVESTON                                                      7.2500                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.3750                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.3750                  0.2500            0.0000             0.0085
FALLS CHURCH                                                   8.8750                  0.2500            0.0000             0.0085
RICHMOND                                                       6.8750                  0.2500            0.0000             0.0085
SOUND BEACH                                                    8.2500                  0.2500            0.0000             0.0085
AUGUSTA                                                        7.2500                  0.2500            0.0000             0.0085
Trenton                                                        7.8750                  0.2500            0.0000             0.0085
TRENTON                                                        7.8750                  0.2500            0.0000             0.0085
KANNAPOLIS                                                     8.5000                  0.2500            0.0000             0.0085
TRENTON                                                        7.8750                  0.2500            0.0000             0.0085
OCOEE                                                          8.0000                  0.2500            0.0000             0.0085
Concord                                                        8.7500                  0.2500            0.0000             0.0085
Pompton Plains                                                 6.2500                  0.2500            0.0000             0.0085
KNOXVILLE                                                      7.0000                  0.2500            0.0000             0.0085
COLUMBIA                                                       7.8750                  0.2500            0.0000             0.0085
SAN LEANDRO                                                    7.3750                  0.2500            0.0000             0.0085
TEMPE                                                          7.1250                  0.2500            0.0000             0.0085
ROCHESTER HILLS                                                8.0000                  0.2500            0.0000             0.0085
Bradenton Beach                                                7.8750                  0.2500            0.0000             0.0085
OAKLAND                                                        7.8750                  0.2500            0.0000             0.0085
ROSELLE                                                        7.6250                  0.2500            0.0000             0.0085
FLAT ROCK                                                      7.8750                  0.2500            0.0000             0.0085
MADRAS                                                         6.8750                  0.2500            0.0000             0.0085
KANSAS CITY                                                    6.7500                  0.2500            0.0000             0.0085
MADRAS                                                         6.8750                  0.2500            0.0000             0.0085
ELK GROVE                                                      6.8750                  0.2500            0.0000             0.0085
DETROIT                                                        8.5000                  0.2500            0.0000             0.0085
PORTSMOUTH                                                     6.3750                  0.2500            0.0000             0.0085
HIALEAH                                                        6.7500                  0.2500            0.0000             0.0085
MOLINE                                                         7.2500                  0.2500            0.0000             0.0085
MANCHESTER                                                     8.5000                  0.2500            0.0000             0.0085
ARVERNE                                                        8.1250                  0.2500            0.0000             0.0085
WOBURN                                                         7.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.0000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.5000                  0.2500            0.0000             0.0085
OCEANSIDE                                                      7.0000                  0.2500            0.0000             0.0085
SPRING                                                         6.7500                  0.2500            0.0000             0.0085
PHOENIX                                                        8.1250                  0.2500            0.0000             0.0085
LAREDO                                                         6.5000                  0.2500            0.0000             0.0085
ROCKVALE                                                       7.5000                  0.2500            0.0000             0.0085
NORTH BELLMORE                                                 6.7500                  0.2500            0.0000             0.0085
Los Angeles                                                    7.5000                  0.2500            0.0000             0.0085
SPARTANBURG                                                    7.5000                  0.2500            0.0000             0.0085
Acworth                                                        8.1250                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.8750                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.1250                  0.2500            0.0000             0.0085
COACHELLA                                                      7.3750                  0.2500            0.0000             0.0085
Lumberton                                                      8.5000                  0.2500            0.0000             0.0085
BILLINGS                                                       7.1250                  0.2500            0.0000             0.0085
SCHENECTADY                                                    8.0000                  0.2500            0.0000             0.0085
BILOXI                                                         7.7500                  0.2500            0.0000             0.0085
GULFPORT                                                       7.7500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    8.7500                  0.2500            0.0000             0.0085
BALTIMORE                                                      8.0000                  0.2500            0.0000             0.0085
SPARTANBURG                                                    8.2500                  0.2500            0.0000             0.0085
WALDORF                                                        8.2500                  0.2500            0.0000             0.0085
ROUND LAKE                                                     7.8750                  0.2500            0.0000             0.0085
Decatur                                                        8.3750                  0.2500            0.0000             0.0085
DES PLAINES                                                    7.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.5000                  0.2500            0.0000             0.0085
PIEDMONT                                                       8.0000                  0.2500            0.0000             0.0085
PORTLAND                                                       7.0000                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.5000                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.3750                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.3750                  0.2500            0.0000             0.0085
CRANSTON                                                       7.6250                  0.2500            0.0000             0.0085
HOUSTON                                                        7.7500                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    8.1250                  0.2500            0.0000             0.0085
DAYTON                                                         7.5000                  0.2500            0.0000             0.0085
Atlanta                                                        8.1250                  0.2500            0.0000             0.0085
EASTPOINTE                                                     7.7500                  0.2500            0.0000             0.0085
LITTLE ROCK                                                    8.0000                  0.2500            0.0000             0.0085
MILFORD                                                        7.1250                  0.2500            0.0000             0.0085
SURPRISE                                                       7.8750                  0.2500            0.0000             0.0085
ROEBUCK                                                        8.2500                  0.2500            0.0000             0.0085
SEVIERVILLE                                                    6.3750                  0.2500            0.0000             0.0085
NEW HAVEN                                                      7.2500                  0.2500            0.0000             0.0085
GATLINBURG                                                     6.3750                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.0000                  0.2500            0.0000             0.0085
SOUTHFIELD                                                     6.7500                  0.2500            0.0000             0.0085
LINCOLNWOOD                                                    7.3750                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.1250                  0.2500            0.0000             0.0085
DOVER                                                          7.6250                  0.2500            0.0000             0.0085
Buckeye                                                        6.5000                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    6.0000                  0.2500            0.0000             0.0085
MESA                                                           8.5000                  0.2500            0.0000             0.0085
Everett                                                        5.7500                  0.2500            0.0000             0.0085
PROVIDENCE                                                     7.3750                  0.2500            0.0000             0.0085
Atlanta                                                        7.7500                  0.2500            0.0000             0.0085
Chickamauga                                                    9.3750                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.7500                  0.2500            0.0000             0.0085
North Bethesda                                                 8.2500                  0.2500            0.0000             0.0085
BRENTWOOD                                                      6.6250                  0.2500            0.0000             0.0085
Glendale                                                       7.8750                  0.2500            0.0000             0.0085
PEMBROKE                                                       8.1250                  0.2500            0.0000             0.0085
PHOENIX                                                        7.8750                  0.2500            0.0000             0.0085
TAMPA                                                          7.2500                  0.2500            0.0000             0.0085
MIAMI BEACH                                                    7.2500                  0.2500            0.0000             0.0085
JERSEY CITY                                                    6.6250                  0.2500            0.0000             0.0085
SIOUX FALLS                                                    8.1250                  0.2500            0.0000             0.0085
MARICOPA                                                       8.5000                  0.2500            0.0000             0.0085
AURORA                                                         8.1250                  0.2500            0.0000             0.0085
Corrales                                                       6.6250                  0.2500            0.0000             0.0085
BOLINGBROOK                                                    8.7500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    8.7500                  0.2500            0.0000             0.0085
NEW YORK                                                       6.8750                  0.2500            0.0000             0.0085
DOUGLASSVILLE                                                  7.2500                  0.2500            0.0000             0.0085
Albuquerque                                                    6.6250                  0.2500            0.0000             0.0085
HILTON HEAD ISLAND                                             8.7500                  0.2500            0.0000             0.0085
ASTORIA                                                        8.1250                  0.2500            0.0000             0.0085
WHEATON                                                        7.2500                  0.2500            0.0000             0.0085
PLATTSBURG                                                     6.8750                  0.2500            0.0000             0.0085
FORT ATKINSON                                                  8.5000                  0.2500            0.0000             0.0085
MIDDLETOWN                                                     6.1250                  0.2500            0.0000             0.0085
BROOKLYN                                                       8.2500                  0.2500            0.0000             0.0085
LAS VEGAS                                                      6.7500                  0.2500            0.0000             0.0085
FORT LAUDERDALE                                                8.0000                  0.2500            0.0000             0.0085
FALLS CHURCH                                                   8.1250                  0.2500            0.0000             0.0085
OXNARD                                                         7.1250                  0.2500            0.0000             0.0085
DETROIT                                                        8.5000                  0.2500            0.0000             0.0085
CHESTER                                                        6.5000                  0.2500            0.0000             0.0085
NORFOLK                                                        6.8750                  0.2500            0.0000             0.0085
SANDPOINT                                                      7.0000                  0.2500            0.0000             0.0085
PARADISE                                                       7.3750                  0.2500            0.0000             0.0085
CAPE CORAL                                                     8.5000                  0.2500            0.0000             0.0085
SEDONA                                                         6.8750                  0.2500            0.0000             0.0085
PAWLEYS ISLAND                                                 7.0000                  0.2500            0.0000             0.0085
COUNTRY CLUB HILLS                                             8.3750                  0.2500            0.0000             0.0085
Passaic                                                        6.8750                  0.2500            0.0000             0.0085
Franklin                                                       8.2500                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.2500                  0.2500            0.0000             0.0085
BRIDGEPORT                                                     7.2500                  0.2500            0.0000             0.0085
SANDY                                                          8.3750                  0.2500            0.0000             0.0085
SURPRISE                                                       8.2500                  0.2500            0.0000             0.0085
CHICAGO                                                        8.5000                  0.2500            0.0000             0.0085
LAKE FOREST                                                    7.7500                  0.2500            0.0000             0.0085
FARMINGVILLE                                                   7.8750                  0.2500            0.0000             0.0085
PALM BAY                                                       8.2500                  0.2500            0.0000             0.0085
BIRMINGHAM                                                     8.5000                  0.2500            0.0000             0.0085
WALDORF                                                        6.6250                  0.2500            0.0000             0.0085
West New York                                                  6.3750                  0.2500            0.0000             0.0085
PHOENIX                                                        8.5000                  0.2500            0.0000             0.0085
DETROIT                                                        7.8750                  0.2500            0.0000             0.0085
CONWAY                                                         7.7500                  0.2500            0.0000             0.0085
HUNTLEY                                                        7.3750                  0.2500            0.0000             0.0085
INDIO                                                          7.5000                  0.2500            0.0000             0.0085
WESTWOOD                                                       9.6250                  0.2500            0.0000             0.0085
TEHACHAI                                                       7.8750                  0.2500            0.0000             0.0085
CLEVELAND                                                      7.6250                  0.2500            0.0000             0.0085
BAKERSFIELD                                                    7.7500                  0.2500            0.0000             0.0085
SWANSEA                                                        8.6250                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     8.0000                  0.2500            0.0000             0.0085
BUCKEYE                                                        6.6250                  0.2500            0.0000             0.0085
WILLOWBROOK                                                    7.2500                  0.2500            0.0000             0.0085
KANSAS CITY                                                    8.1250                  0.2500            0.0000             0.0085
MARICOPA                                                       7.2500                  0.2500            0.0000             0.0085
FOREST GROVE                                                   6.8750                  0.2500            0.0000             0.0085
MARICOPA                                                       7.3750                  0.2500            0.0000             0.0085
RIDGELY                                                        6.7500                  0.2500            0.0000             0.0085
CEDAR POINT                                                    7.5000                  0.2500            0.0000             0.0085
FREDERICKSBURG                                                 8.7500                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.3750                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.8750                  0.2500            0.0000             0.0085
PEORIA                                                         6.3750                  0.2500            0.0000             0.0085
Ahoskie                                                        8.1250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.5000                  0.2500            0.0000             0.0085
Evansville                                                     7.7500                  0.2500            0.0000             0.0085
BRYANS ROAD                                                    7.2500                  0.2500            0.0000             0.0085
WALDORF                                                        7.0000                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.5000                  0.2500            0.0000             0.0085
MEMPHIS                                                        7.8750                  0.2500            0.0000             0.0085
LORTON                                                         7.7500                  0.2500            0.0000             0.0085
SALISBURY                                                      7.6250                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.2500                  0.2500            0.0000             0.0085
Trenton                                                        7.6250                  0.2500            0.0000             0.0085
REDMOND                                                        8.5000                  0.2500            0.0000             0.0085
MEMPHIS                                                        7.8750                  0.2500            0.0000             0.0085
TOLEDO                                                         8.1250                  0.2500            0.0000             0.0085
TAMPA                                                          7.3750                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.2500                  0.2500            0.0000             0.0085
PROVIDENCE                                                     8.1250                  0.2500            0.0000             0.0085
RICHMOND                                                       6.7500                  0.2500            0.0000             0.0085
ISLE OF PALMS                                                  7.8750                  0.2500            0.0000             0.0085
CENTEREACH                                                     6.8750                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.5000                  0.2500            0.0000             0.0085
LANCASTER                                                      7.7500                  0.2500            0.0000             0.0085
NORTH LAS VEGAS                                                6.0000                  0.2500            0.0000             0.0085
Woodstock                                                      7.7500                  0.2500            0.0000             0.0085
LONG BEACH                                                     7.5000                  0.2500            0.0000             0.0085
EVANSTON                                                       7.7500                  0.2500            0.0000             0.0085
PEYTON                                                         6.6250                  0.2500            0.0000             0.0085
Marietta                                                       8.5000                  0.2500            0.0000             0.0085
EVANSTON                                                       7.7500                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   8.3750                  0.2500            0.0000             0.0085
Sunbury                                                        7.7500                  0.2500            0.0000             0.0085
Rome                                                           7.7500                  0.2500            0.0000             0.0085
ORLANDO                                                        7.3750                  0.2500            0.0000             0.0085
EVANSTON                                                       7.7500                  0.2500            0.0000             0.0085
AMSTERDAM                                                      8.5000                  0.2500            0.0000             0.0085
MIAMI                                                          7.7500                  0.2500            0.0000             0.0085
EL PASO                                                        7.6250                  0.2500            0.0000             0.0085
FALLS CHURCH                                                   8.7500                  0.2500            0.0000             0.0085
TYLER                                                          6.8750                  0.2500            0.0000             0.0085
LADYS ISLAND                                                   6.7500                  0.2500            0.0000             0.0085
JAMAICA                                                        6.8750                  0.2500            0.0000             0.0085
CHICAGO                                                        7.2500                  0.2500            0.0000             0.0085
Fort Wayne                                                     7.8750                  0.2500            0.0000             0.0085
BALTIMORE                                                      6.5000                  0.2500            0.0000             0.0085
PALM COAST                                                     7.2500                  0.2500            0.0000             0.0085
Hillsborough                                                   7.8750                  0.2500            0.0000             0.0085
ALEXANDRIA                                                     8.2500                  0.2500            0.0000             0.0085
CRYSTAL SPRINGS                                                7.7500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.3750                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 7.6250                  0.2500            0.0000             0.0085
PORT JEFFERSON STATION                                         7.2500                  0.2500            0.0000             0.0085
DAYTON                                                         8.5000                  0.2500            0.0000             0.0085
BAYONNE                                                        6.3750                  0.2500            0.0000             0.0085
WELLINGTON                                                     8.5000                  0.2500            0.0000             0.0085
AKRON                                                          8.5000                  0.2500            0.0000             0.0085
MARYVILLE                                                      8.7500                  0.2500            0.0000             0.0085
WARRENTON                                                      7.0000                  0.2500            0.0000             0.0085
OGDEN                                                          7.5000                  0.2500            0.0000             0.0085
EL PASO                                                        7.5000                  0.2500            0.0000             0.0085
SOUTH PADRE ISLAND                                             7.8750                  0.2500            0.0000             0.0085
FARMINGTON                                                     6.6250                  0.2500            0.0000             0.0085
FARMINGTON                                                     6.6250                  0.2500            0.0000             0.0085
GRANDVILLE                                                     9.5000                  0.2500            0.0000             0.0085
BAY SHORE                                                      7.2500                  0.2500            0.0000             0.0085
BURNSVILLE                                                     6.3750                  0.2500            0.0000             0.0085
Evansville                                                     8.1250                  0.2500            0.0000             0.0085
KIRKLAND                                                       7.1250                  0.2500            0.0000             0.0085
DUNELLEN                                                       7.6250                  0.2500            0.0000             0.0085
HOLLYWOOD                                                      8.1250                  0.2500            0.0000             0.0085
Tigard                                                         7.1250                  0.2500            0.0000             0.0085
PORT SAINT LUCIE                                               8.5000                  0.2500            0.0000             0.0085
PALISADES                                                      9.7500                  0.2500            0.0000             0.0085
MERCED                                                         7.2500                  0.2500            0.0000             0.0085
SAINT ALBANS                                                   7.6250                  0.2500            0.0000             0.0085
DAYTON                                                         8.1250                  0.2500            0.0000             0.0085
EL MONTE                                                       6.8750                  0.2500            0.0000             0.0085
SIDNEY                                                         7.2500                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.0000                  0.2500            0.0000             0.0085
BRIDGEPORT                                                     7.3750                  0.2500            0.0000             0.0085
LAWRENCEVILLE                                                  8.5000                  0.2500            0.0000             0.0085
WATERFORD                                                      7.1250                  0.2500            0.0000             0.0085
MONROE                                                         7.2500                  0.2500            0.0000             0.0085
Atlantic Beach                                                 7.2500                  0.2500            0.0000             0.0085
Kalamazoo                                                      6.5000                  0.2500            0.0000             0.0085
WINCHESTER                                                     7.2500                  0.2500            0.0000             0.0085
SPOKANE                                                        7.7500                  0.2500            0.0000             0.0085
West Sacramento                                                7.5000                  0.2500            0.0000             0.0085
FORT WORTH                                                     7.0000                  0.2500            0.0000             0.0085
SUNRISE                                                        7.3750                  0.2500            0.0000             0.0085
MARYSVILLE                                                     7.5000                  0.2500            0.0000             0.0085
CONCORD                                                        7.2500                  0.2500            0.0000             0.0085
SIOUX FALLS                                                    8.1250                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.6250                  0.2500            0.0000             0.0085
NEWBERG                                                        7.5000                  0.2500            0.0000             0.0085
BELLEROSE                                                      7.5000                  0.2500            0.0000             0.0085
Paterson                                                       7.8750                  0.2500            0.0000             0.0085
LEWES                                                          5.8750                  0.2500            0.0000             0.0085
Boston                                                         7.0000                  0.2500            0.0000             0.0085
BOOTHWYN                                                       7.7500                  0.2500            0.0000             0.0085
TUCSON                                                         6.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        7.5000                  0.2500            0.0000             0.0085
CHARLOTTE                                                      8.5000                  0.2500            0.0000             0.0085
WHEATON                                                        7.7500                  0.2500            0.0000             0.0085
FORT MYERS                                                     6.8750                  0.2500            0.0000             0.0085
TINLEY PARK                                                    7.6250                  0.2500            0.0000             0.0085
GRANTS PASS                                                    7.8750                  0.2500            0.0000             0.0085
RIGBY                                                          6.6250                  0.2500            0.0000             0.0085
STREAMWOOD                                                     6.8750                  0.2500            0.0000             0.0085
MILTON                                                         7.7500                  0.2500            0.0000             0.0085
Toms River                                                     7.6250                  0.2500            0.0000             0.0085
SAINT GEORGE                                                   8.0000                  0.2500            0.0000             0.0085
PATASKALA                                                      7.1250                  0.2500            0.0000             0.0085
LOVELAND                                                       7.7500                  0.2500            0.0000             0.0085
Boston                                                         7.3750                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 7.3750                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   8.6250                  0.2500            0.0000             0.0085
BOYNTON BEACH                                                  8.1250                  0.2500            0.0000             0.0085
PONTIAC                                                        6.8750                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
NEWBURGH                                                       7.0000                  0.2500            0.0000             0.0085
Mcdonough                                                      8.0000                  0.2500            0.0000             0.0085
Boston                                                         7.3750                  0.2500            0.0000             0.0085
CONWAY                                                         7.5000                  0.2500            0.0000             0.0085
Durham                                                         7.5000                  0.2500            0.0000             0.0085
FORT MYERS                                                     7.3750                  0.2500            0.0000             0.0085
DETROIT                                                        7.6250                  0.2500            0.0000             0.0085
SURPRISE                                                       6.6250                  0.2500            0.0000             0.0085
LEES SUMMIT                                                    7.6250                  0.2500            0.0000             0.0085
AVONDALE                                                       6.7500                  0.2500            0.0000             0.0085
LITHIA                                                         6.5000                  0.2500            0.0000             0.0085
SURPRISE                                                       7.2500                  0.2500            0.0000             0.0085
FAIRVIEW                                                       7.7500                  0.2500            0.0000             0.0085
SHOW LOW                                                       7.8750                  0.2500            0.0000             0.0085
Charlotte                                                      7.5000                  0.2500            0.0000             0.0085
OKLAHOMA CITY                                                  7.1250                  0.2500            0.0000             0.0085
CLEVELAND                                                      7.1250                  0.2500            0.0000             0.0085
ALAMEDA                                                        7.7500                  0.2500            0.0000             0.0085
ORMOND BEACH                                                   8.0000                  0.2500            0.0000             0.0085
EWING                                                          6.8750                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.3750                  0.2500            0.0000             0.0085
FORT PIERCE                                                    8.1250                  0.2500            0.0000             0.0085
RICHMOND                                                       6.8750                  0.2500            0.0000             0.0085
DAYTON                                                         7.8750                  0.2500            0.0000             0.0085
INDEPENDENCE                                                   7.7500                  0.2500            0.0000             0.0085
LARGO                                                          7.5000                  0.2500            0.0000             0.0085
SURPRISE                                                       8.0000                  0.2500            0.0000             0.0085
HANFORD                                                        7.0000                  0.2500            0.0000             0.0085
BRONX                                                          8.1250                  0.2500            0.0000             0.0085
BRANSON                                                        6.7500                  0.2500            0.0000             0.0085
ASHBURN                                                        7.0000                  0.2500            0.0000             0.0085
Belmont                                                        6.6250                  0.2500            0.0000             0.0085
LYNCHBURG                                                      8.1250                  0.2500            0.0000             0.0085
LYNCHBURG                                                      8.1250                  0.2500            0.0000             0.0085
DAYTON                                                         7.5000                  0.2500            0.0000             0.0085
HARLINGEN                                                      6.7500                  0.2500            0.0000             0.0085
LAWSON                                                         7.8750                  0.2500            0.0000             0.0085
EAST DURHAM                                                    7.2500                  0.2500            0.0000             0.0085
STOCKTON                                                       7.0000                  0.2500            0.0000             0.0085
ODENTON                                                        6.7500                  0.2500            0.0000             0.0085
WOODSIDE                                                       8.0000                  0.2500            0.0000             0.0085
CANTON                                                         8.0000                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.7500                  0.2500            0.0000             0.0085
Camden                                                         8.1250                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.5000                  0.2500            0.0000             0.0085
NORTH MIAMI                                                    7.3750                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 6.7500                  0.2500            0.0000             0.0085
KANSAS CITY                                                    7.2500                  0.2500            0.0000             0.0085
AKRON                                                          7.8750                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.7500                  0.2500            0.0000             0.0085
Belton                                                         7.5000                  0.2500            0.0000             0.0085
TOPEKA                                                         8.8750                  0.2500            0.0000             0.0085
GREENVILLE                                                     7.6250                  0.2500            0.0000             0.0085
VIENNA                                                         8.6250                  0.2500            0.0000             0.0085
OZONE PARK                                                     6.5000                  0.2500            0.0000             0.0085
AURORA                                                         6.7500                  0.2500            0.0000             0.0085
GOODLETTSVILLE                                                 6.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   8.0000                  0.2500            0.0000             0.0085
Irvington                                                      7.5000                  0.2500            0.0000             0.0085
MURRIETA                                                       8.5000                  0.2500            0.0000             0.0085
HENDERSON                                                      6.7500                  0.2500            0.0000             0.0085
ZEPHYRHILLS                                                    7.0000                  0.2500            0.0000             0.0085
MERIDEN                                                        6.8750                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   7.8750                  0.2500            0.0000             0.0085
SANTA ROSA                                                     7.3750                  0.2500            0.0000             0.0085
PROVIDENCE                                                     7.5000                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.2500                  0.2500            0.0000             0.0085
GLENDALE                                                       7.1250                  0.2500            0.0000             0.0085
UPPER MARLBORO                                                 7.0000                  0.2500            0.0000             0.0085
RESTON                                                         7.0000                  0.2500            0.0000             0.0085
East Boston                                                    6.2500                  0.2500            0.0000             0.0085
CHICAGO                                                        8.2500                  0.2500            0.0000             0.0085
AURORA                                                         8.1250                  0.2500            0.0000             0.0085
PHOENIX                                                        6.7500                  0.2500            0.0000             0.0085
Cottonwood                                                     7.1250                  0.2500            0.0000             0.0085
HOMESTEAD                                                      6.5000                  0.2500            0.0000             0.0085
KANSAS CITY                                                    8.1250                  0.2500            0.0000             0.0085
HILLSBORO                                                      7.0000                  0.2500            0.0000             0.0085
LAKE OSWEGO                                                    6.8750                  0.2500            0.0000             0.0085
NEW LONDON                                                     7.8750                  0.2500            0.0000             0.0085
GRANTS PASS                                                    7.1250                  0.2500            0.0000             0.0085
WARREN                                                         6.7500                  0.2500            0.0000             0.0085
AIKEN                                                          7.8750                  0.2500            0.0000             0.0085
BUFFALO                                                        7.5000                  0.2500            0.0000             0.0085
CLERMONT                                                       8.5000                  0.2500            0.0000             0.0085
Louisville                                                     8.3750                  0.2500            0.0000             0.0085
NEWPORT NEWS                                                   7.0000                  0.2500            0.0000             0.0085
LOS ANGELES                                                    6.7500                  0.2500            0.0000             0.0085
MIAMI                                                          8.5000                  0.2500            0.0000             0.0085
HOFFMAN ESTATES                                                5.8750                  0.2500            0.0000             0.0085
NAMPA                                                          6.5000                  0.2500            0.0000             0.0085
POWDER SPRINGS                                                 8.7500                  0.2500            0.0000             0.0085
Alpharetta                                                     7.6250                  0.2500            0.0000             0.0085
DETROIT                                                        7.5000                  0.2500            0.0000             0.0085
JACKSONVILLE BEACH                                             7.6250                  0.2500            0.0000             0.0085
ANGOLA                                                         8.1250                  0.2500            0.0000             0.0085
BOILING SPRINGS                                                7.8750                  0.2500            0.0000             0.0085
Apopka                                                         7.6250                  0.2500            0.0000             0.0085
BRONX                                                          7.7500                  0.2500            0.0000             0.0085
SPOKANE                                                        6.7500                  0.2500            0.0000             0.0085
ORLANDO                                                        7.5000                  0.2500            0.0000             0.0085
BROOKLYN                                                       6.5000                  0.2500            0.0000             0.0085
TYLER                                                          7.3750                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   8.1250                  0.2500            0.0000             0.0085
Alpharetta                                                     8.2500                  0.2500            0.0000             0.0085
TOPEKA                                                         7.3750                  0.2500            0.0000             0.0085
CHICAGO                                                        7.7500                  0.2500            0.0000             0.0085
TOPEKA                                                         7.3750                  0.2500            0.0000             0.0085
TOPEKA                                                         7.3750                  0.2500            0.0000             0.0085
E FALLOWFIELD                                                  8.5000                  0.2500            0.0000             0.0085
MESA                                                           8.0000                  0.2500            0.0000             0.0085
GREENVILLE                                                     7.5000                  0.2500            0.0000             0.0085
RENTON                                                         6.5000                  0.2500            0.0000             0.0085
LANSING                                                        8.0000                  0.2500            0.0000             0.0085
EL PASO                                                        7.5000                  0.2500            0.0000             0.0085
Raleigh                                                        7.5000                  0.2500            0.0000             0.0085
BIRMINGHAM                                                     7.7500                  0.2500            0.0000             0.0085
BARTOW                                                         7.8750                  0.2500            0.0000             0.0085
OKLAHOMA CITY                                                  8.0000                  0.2500            0.0000             0.0085
CHICAGO                                                        8.5000                  0.2500            0.0000             0.0085
ORMOND BEACH                                                   8.5000                  0.2500            0.0000             0.0085
DETROIT                                                        7.6250                  0.2500            0.0000             0.0085
HOLLYWOOD                                                      7.5000                  0.2500            0.0000             0.0085
NORTH CHARLESTON                                               6.7500                  0.2500            0.0000             0.0085
VANCOUVER                                                      7.8750                  0.2500            0.0000             0.0085
AVONDALE                                                       7.6250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.1250                  0.2500            0.0000             0.0085
SEGUIN                                                         8.5000                  0.2500            0.0000             0.0085
SOUTHFIELD                                                     8.5000                  0.2500            0.0000             0.0085
KENT                                                           7.7500                  0.2500            0.0000             0.0085
ROWESVILLE                                                     7.5000                  0.2500            0.0000             0.0085
MASPETH                                                        6.8750                  0.2500            0.0000             0.0085
Mutttontown                                                    7.5000                  0.2500            0.0000             0.0085
GLEN OAKS                                                      6.1250                  0.2500            0.0000             0.0085
DARLINGTON                                                     7.0000                  0.2500            0.0000             0.0085
NORTH HOLLYWOOD                                                7.5000                  0.2500            0.0000             0.0085
NEW DURHAM                                                     6.6250                  0.2500            0.0000             0.0085
RANCHO PALOS VERDES                                            5.8750                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.3750                  0.2500            0.0000             0.0085
PORT SAINT LUCIE                                               7.8750                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.8750                  0.2500            0.0000             0.0085
KANSAS CITY                                                    6.7500                  0.2500            0.0000             0.0085
NORTH CHARLESTON                                               7.5000                  0.2500            0.0000             0.0085
FOUNTAIN                                                       8.0000                  0.2500            0.0000             0.0085
BALTIMORE                                                      8.1250                  0.2500            0.0000             0.0085
LAWRENCEVILLE                                                  6.8750                  0.2500            0.0000             0.0085
HOMESTEAD                                                      6.8750                  0.2500            0.0000             0.0085
LA VERGNE                                                      6.5000                  0.2500            0.0000             0.0085
NORTH LAS VEGAS                                                6.0000                  0.2500            0.0000             0.0085
WASHINGTON                                                     8.5000                  0.2500            0.0000             0.0085
ATLANTA                                                        8.5000                  0.2500            0.0000             0.0085
Cumming                                                        7.1250                  0.2500            0.0000             0.0085
HILLSBORO                                                      7.5000                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.8750                  0.2500            0.0000             0.0085
Wilmington                                                     5.8750                  0.2500            0.0000             0.0085
Las Cruces                                                     7.8750                  0.2500            0.0000             0.0085
VISALIA                                                        7.6250                  0.2500            0.0000             0.0085
SCAPPOOSE                                                      7.1250                  0.2500            0.0000             0.0085
SALEM                                                          7.5000                  0.2500            0.0000             0.0085
Santa Maria                                                    6.6250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.2500                  0.2500            0.0000             0.0085
OZARK                                                          7.2500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.2500                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     8.1250                  0.2500            0.0000             0.0085
HOUSTON                                                        7.8750                  0.2500            0.0000             0.0085
ELMHURST                                                       7.7500                  0.2500            0.0000             0.0085
WASHINGTON                                                     9.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
CALDWELL                                                       7.8750                  0.2500            0.0000             0.0085
Powder Springs                                                 8.0000                  0.2500            0.0000             0.0085
PHOENIX                                                        7.7500                  0.2500            0.0000             0.0085
GLENDALE                                                       7.2500                  0.2500            0.0000             0.0085
MODESTO                                                        7.3750                  0.2500            0.0000             0.0085
LAS VEGAS                                                      8.2500                  0.2500            0.0000             0.0085
WALDORF                                                        6.8750                  0.2500            0.0000             0.0085
LISLE                                                          6.8750                  0.2500            0.0000             0.0085
SALEM                                                          8.2500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    8.0000                  0.2500            0.0000             0.0085
SPOKANE                                                        7.8750                  0.2500            0.0000             0.0085
RIDGE                                                          7.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        8.0000                  0.2500            0.0000             0.0085
WAKE FOREST                                                    7.2500                  0.2500            0.0000             0.0085
KANSAS CITY                                                    6.7500                  0.2500            0.0000             0.0085
REDMOND                                                        6.5000                  0.2500            0.0000             0.0085
MINNEAPOLIS                                                    7.5000                  0.2500            0.0000             0.0085
SPRING CITY                                                    7.5000                  0.2500            0.0000             0.0085
PINE BLUFFS                                                    7.6250                  0.2500            0.0000             0.0085
WASHINGTON                                                     9.7500                  0.2500            0.0000             0.0085
MARICOPA                                                       8.1250                  0.2500            0.0000             0.0085
GIBSONTON                                                      8.1250                  0.2500            0.0000             0.0085
CHEYENNE                                                       7.6250                  0.2500            0.0000             0.0085
ANNAPOLIS                                                      6.0000                  0.2500            0.0000             0.0085
SEAFORD                                                        7.8750                  0.2500            0.0000             0.0085
ESSEX                                                          7.2500                  0.2500            0.0000             0.0085
DES MOINES                                                     7.6250                  0.2500            0.0000             0.0085
KANSAS CITY                                                    6.7500                  0.2500            0.0000             0.0085
Scottsdale                                                     8.5000                  0.2500            0.0000             0.0085
MARYSVILLE                                                     6.5000                  0.2500            0.0000             0.0085
FORT LAUDERDALE                                                7.3750                  0.2500            0.0000             0.0085
LIBERTY LAKE                                                   7.2500                  0.2500            0.0000             0.0085
Raleigh                                                        8.0000                  0.2500            0.0000             0.0085
SILVER SPRING                                                  8.6250                  0.2500            0.0000             0.0085
MIRA LOMA                                                      7.0000                  0.2500            0.0000             0.0085
KATONAH                                                        7.8750                  0.2500            0.0000             0.0085
Cary                                                           8.7500                  0.2500            0.0000             0.0085
EVERETT                                                        7.3750                  0.2500            0.0000             0.0085
PROVIDENCE                                                     6.6250                  0.2500            0.0000             0.0085
WOODBRIDGE                                                     8.0000                  0.2500            0.0000             0.0085
CAPE CORAL                                                     7.8750                  0.2500            0.0000             0.0085
Atlanta                                                        7.8750                  0.2500            0.0000             0.0085
RENO                                                           6.0000                  0.2500            0.0000             0.0085
RANDALLSTOWN                                                   5.8750                  0.2500            0.0000             0.0085
PERINTON                                                       5.0000                  0.2500            0.0000             0.0085
FRAMINGHAM                                                     5.0000                  0.2500            0.0000             0.0085
Vienna                                                         6.5000                  0.2500            0.0000             0.0085
Phippsburg                                                     7.5000                  0.2500            0.0000             0.0085
Detroit                                                        7.5000                  0.2500            0.0000             0.0085
Detroit                                                        7.5000                  0.2500            0.0000             0.0085
Washington                                                     7.2500                  0.2500            0.0000             0.0085
Fort Washington                                                6.5000                  0.2500            0.0000             0.0085
Clermont                                                       7.8750                  0.2500            0.0000             0.0085
Manassas                                                       7.3750                  0.2500            0.0000             0.0085
Fort Washington                                                7.5000                  0.2500            0.0000             0.0085
Sterling                                                       7.6250                  0.2500            0.0000             0.0085
Washington                                                     6.3750                  0.2500            0.0000             0.0085
Suisun City                                                    7.1250                  0.2500            0.0000             0.0085
Manassas                                                       7.8750                  0.2500            0.0000             0.0085
Woodbridge                                                     7.8750                  0.2500            0.0000             0.0085
Centreville                                                    7.2500                  0.2500            0.0000             0.0085
Fairfax                                                        7.5000                  0.2500            0.0000             0.0085
Culpeper                                                       7.7500                  0.2500            0.0000             0.0085
Fredericksburg                                                 7.5000                  0.2500            0.0000             0.0085
Hamilton                                                       6.3750                  0.2500            0.0000             0.0085
Fredericksburg                                                 8.2500                  0.2500            0.0000             0.0085
Cooksville                                                     7.1250                  0.2500            0.0000             0.0085
Manassas                                                       7.6250                  0.2500            0.0000             0.0085
Manassas                                                       7.7500                  0.2500            0.0000             0.0085
Winston Salem                                                  7.1250                  0.2500            0.0000             0.0085
Temple Hills                                                   6.8750                  0.2500            0.0000             0.0085
Germantown                                                     6.8750                  0.2500            0.0000             0.0085
Manassas                                                       7.5000                  0.2500            0.0000             0.0085
Richmond                                                       7.2500                  0.2500            0.0000             0.0085
Alexandria                                                     8.1250                  0.2500            0.0000             0.0085
Clinton                                                        7.0000                  0.2500            0.0000             0.0085
Upper Marlboro                                                 8.0000                  0.2500            0.0000             0.0085
Gaithersburg                                                   6.6250                  0.2500            0.0000             0.0085
Arlington                                                      7.2500                  0.2500            0.0000             0.0085
Beltsville                                                     8.0000                  0.2500            0.0000             0.0085
Manassas                                                       7.5000                  0.2500            0.0000             0.0085
Woodbridge                                                     8.2500                  0.2500            0.0000             0.0085
Capitol Heights                                                6.0000                  0.2500            0.0000             0.0085
Culpeper                                                       7.8750                  0.2500            0.0000             0.0085
Alexandria                                                     7.8750                  0.2500            0.0000             0.0085
Woodbridge                                                     7.6250                  0.2500            0.0000             0.0085
Manassas                                                       7.5000                  0.2500            0.0000             0.0085
Takoma Park                                                    7.5000                  0.2500            0.0000             0.0085
Woodbridge                                                     7.0000                  0.2500            0.0000             0.0085
Leesburg                                                       7.8750                  0.2500            0.0000             0.0085
Aldie                                                          7.2500                  0.2500            0.0000             0.0085
TAMARAC                                                        6.7500                  0.2500            0.0000             0.0085
Reston                                                         7.5000                  0.2500            0.0000             0.0085
Manassas                                                       7.5000                  0.2500            0.0000             0.0085
Woodbridge                                                     7.5000                  0.2500            0.0000             0.0085
Falls Church                                                   6.3750                  0.2500            0.0000             0.0085
Baltimore                                                      7.6250                  0.2500            0.0000             0.0085
PORT REPUBLIC                                                  6.7500                  0.2500            0.0000             0.0085
STREAMWOOD                                                     7.3750                  0.2500            0.0000             0.0085
LOUISVILLE                                                     7.2500                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.3750                  0.2500            0.0000             0.0085
Fargo                                                          6.1250                  0.2500            0.0000             0.0085
BEALETON                                                       7.2500                  0.2500            0.0000             0.0085
COLUMBIA                                                       8.2500                  0.2500            0.0000             0.0085
DOVER                                                          7.8750                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.6250                  0.2500            0.0000             0.0085
CARENCRO                                                       8.1250                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.7500                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.6250                  0.2500            0.0000             0.0085
BALTIMORE                                                      8.3750                  0.2500            0.0000             0.0085
WALDORF                                                        6.6250                  0.2500            0.0000             0.0085
ARLINGTON                                                      7.6250                  0.2500            0.0000             0.0085
Pasadena                                                       6.7500                  0.2500            0.0000             0.0085
ARLINGTON                                                      7.6250                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.6250                  0.2500            0.0000             0.0085
ARLINGTON                                                      6.6250                  0.2500            0.0000             0.0085
DAVIDSONVILLE                                                  6.7500                  0.2500            0.0000             0.0085
NEW CASTLE                                                     8.6250                  0.2500            0.0000             0.0085
YORK                                                           8.0000                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 6.6250                  0.2500            0.0000             0.0085
RICHMOND                                                       6.7500                  0.2500            0.0000             0.0085
CUMBERLAND                                                     7.2500                  0.2500            0.0000             0.0085
POTTSTOWN                                                      7.3750                  0.2500            0.0000             0.0085
POTTSTOWN                                                      7.3750                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.2500                  0.2500            0.0000             0.0085
Baltimore                                                      7.2500                  0.2500            0.0000             0.0085
SOUDERTON                                                      8.6250                  0.2500            0.0000             0.0085
Grant                                                          6.8750                  0.2500            0.0000             0.0085
MIAMI                                                          7.0000                  0.2500            0.0000             0.0085
ELMA                                                           8.2500                  0.2500            0.0000             0.0085
TAMPA                                                          7.6250                  0.2500            0.0000             0.0085
Romulus                                                        7.2500                  0.2500            0.0000             0.0085
Lakeland                                                       7.7500                  0.2500            0.0000             0.0085
West Palm Beach                                                6.8750                  0.2500            0.0000             0.0085
UPPER MARLBORO                                                 7.0000                  0.2500            0.0000             0.0085
Albertson                                                      8.2500                  0.2500            0.0000             0.0085
Brooklyn                                                       7.2500                  0.2500            0.0000             0.0085
Wyandanch                                                      7.2500                  0.2500            0.0000             0.0085
ALTURA                                                         7.1250                  0.2500            0.0000             0.0085
Alexandria                                                     6.8750                  0.2500            0.0000             0.0085
APACHE JUNCTION                                                8.5000                  0.2500            0.0000             0.0085
MOUNT LAUREL TOWNSHIP                                          8.2500                  0.2500            0.0000             0.0085
IRVINGTON TOWNSHIP                                             8.6250                  0.2500            0.0000             0.0085
NEW BRUNSWICK                                                  7.5000                  0.2500            0.0000             0.0085
PATERSON                                                       8.1250                  0.2500            0.0000             0.0085
BAYONNE                                                        7.5000                  0.2500            0.0000             0.0085
Trenton                                                        8.6250                  0.2500            0.0000             0.0085
WOODBRIDGE                                                     7.1250                  0.2500            0.0000             0.0085
MT OLIVE TOWNSHIP                                              8.7500                  0.2500            0.0000             0.0085
TRENTON                                                        8.7500                  0.2500            0.0000             0.0085
JERSEY CITY                                                    8.0000                  0.2500            0.0000             0.0085
NORTH BERGEN TWP                                               7.7500                  0.2500            0.0000             0.0085
PASSAIC                                                        7.7500                  0.2500            0.0000             0.0085
EAST ORANGE                                                    8.1250                  0.2500            0.0000             0.0085
EAST ORANGE                                                    7.8750                  0.2500            0.0000             0.0085
JERSEY CITY                                                    8.6250                  0.2500            0.0000             0.0085
MENDHAM TOWNSHIP                                               6.1250                  0.2500            0.0000             0.0085
Miami                                                          7.1250                  0.2500            0.0000             0.0085
Hialeah                                                        8.3750                  0.2500            0.0000             0.0085
Hillsborough                                                   6.3750                  0.2500            0.0000             0.0085
Maurice River Township                                         6.3750                  0.2500            0.0000             0.0085
Elizabeth                                                      7.7500                  0.2500            0.0000             0.0085
Newark                                                         8.6250                  0.2500            0.0000             0.0085
Fitchburg                                                      7.3750                  0.2500            0.0000             0.0085
Lawrence                                                       8.3750                  0.2500            0.0000             0.0085
Orange                                                         8.1250                  0.2500            0.0000             0.0085
Newark                                                         7.7500                  0.2500            0.0000             0.0085
Jersey City                                                    8.2500                  0.2500            0.0000             0.0085
Lynn                                                           7.3750                  0.2500            0.0000             0.0085
Antioch                                                        5.8750                  0.2500            0.0000             0.0085
New Port Richey                                                6.7500                  0.2500            0.0000             0.0085
Mobile                                                         6.8750                  0.2500            0.0000             0.0085
Nashville                                                      6.8750                  0.2500            0.0000             0.0085
Dunedin                                                        6.8750                  0.2500            0.0000             0.0085
Seminole                                                       7.7500                  0.2500            0.0000             0.0085
Largo                                                          7.2500                  0.2500            0.0000             0.0085
Mandeville                                                     6.5000                  0.2500            0.0000             0.0085
Dunedin                                                        6.7500                  0.2500            0.0000             0.0085
Clearwater                                                     7.6250                  0.2500            0.0000             0.0085
Ocala                                                          7.6250                  0.2500            0.0000             0.0085
Clearwater                                                     6.7500                  0.2500            0.0000             0.0085
Chattanooga                                                    7.1250                  0.2500            0.0000             0.0085
Hendersonville                                                 7.7500                  0.2500            0.0000             0.0085
Iuka                                                           7.2500                  0.2500            0.0000             0.0085
Auburn                                                         6.1250                  0.2500            0.0000             0.0085
Cape Coral                                                     6.0000                  0.2500            0.0000             0.0085
Jackson                                                        7.3750                  0.2500            0.0000             0.0085
Celebration                                                    7.1250                  0.2500            0.0000             0.0085
Orlando                                                        6.8750                  0.2500            0.0000             0.0085
Gulf Breeze                                                    6.7500                  0.2500            0.0000             0.0085
Nashville                                                      7.3750                  0.2500            0.0000             0.0085
Birmingham                                                     6.0000                  0.2500            0.0000             0.0085
JONESBORO                                                      8.0000                  0.2500            0.0000             0.0085
LITHONIA                                                       7.0000                  0.2500            0.0000             0.0085
Cincinnati                                                     7.5000                  0.2500            0.0000             0.0085
LAKE ALFRED                                                    8.7500                  0.2500            0.0000             0.0085
MIAMI                                                          7.5000                  0.2500            0.0000             0.0085
Cincinnati                                                     7.5000                  0.2500            0.0000             0.0085
MARIETTA                                                       7.7500                  0.2500            0.0000             0.0085
Kennesaw                                                       7.5000                  0.2500            0.0000             0.0085
BLUE RIDGE                                                     7.6250                  0.2500            0.0000             0.0085
HIGH POINT                                                     7.7500                  0.2500            0.0000             0.0085
ATLANTA                                                        8.7500                  0.2500            0.0000             0.0085
Cincinnati                                                     8.2500                  0.2500            0.0000             0.0085
Port Chester                                                   6.5000                  0.2500            0.0000             0.0085
Bayside                                                        7.2500                  0.2500            0.0000             0.0085
Fresh Meadows                                                  6.8750                  0.2500            0.0000             0.0085
Philadelphia                                                   7.8750                  0.2500            0.0000             0.0085
Westampton                                                     7.5000                  0.2500            0.0000             0.0085
Philadelphia                                                   6.8750                  0.2500            0.0000             0.0085
Northfield                                                     7.2500                  0.2500            0.0000             0.0085
Woodbury                                                       7.3750                  0.2500            0.0000             0.0085
Ocean City                                                     7.5000                  0.2500            0.0000             0.0085
BROOKLYN                                                       7.7500                  0.2500            0.0000             0.0085
Brooklyn                                                       6.6250                  0.2500            0.0000             0.0085
College Point                                                  7.5000                  0.2500            0.0000             0.0085
Laurel                                                         7.6250                  0.2500            0.0000             0.0085
Chicago                                                        7.3750                  0.2500            0.0000             0.0085
JERSEY CITY                                                    7.8750                  0.2500            0.0000             0.0085
NOGALES                                                        7.5000                  0.2500            0.0000             0.0085
PLACENTIA                                                      6.8750                  0.2500            0.0000             0.0085
SURPRISE                                                       8.5000                  0.2500            0.0000             0.0085
UPLAND                                                         6.8750                  0.2500            0.0000             0.0085
CHINO                                                          6.8750                  0.2500            0.0000             0.0085
PLACENTIA                                                      6.8750                  0.2500            0.0000             0.0085
EL CENTRO                                                      6.1250                  0.2500            0.0000             0.0085
YUMA                                                           7.0000                  0.2500            0.0000             0.0085
Laredo                                                         6.7500                  0.2500            0.0000             0.0085
GREELEY                                                        7.3750                  0.2500            0.0000             0.0085
GREELEY                                                        7.3750                  0.2500            0.0000             0.0085
GREELEY                                                        7.3750                  0.2500            0.0000             0.0085
PALM SPRINGS                                                   7.1250                  0.2500            0.0000             0.0085
Rio Rico                                                       7.8750                  0.2500            0.0000             0.0085
Richardson                                                     7.0000                  0.2500            0.0000             0.0085
Chicago                                                        6.8750                  0.2500            0.0000             0.0085
Minneapolis                                                    7.7500                  0.2500            0.0000             0.0085
Chicago                                                        6.8750                  0.2500            0.0000             0.0085
Little Rock                                                    7.2500                  0.2500            0.0000             0.0085
Murphy                                                         7.2500                  0.2500            0.0000             0.0085
Brighton                                                       6.8750                  0.2500            0.0000             0.0085
KINGSVILLE                                                     6.6250                  0.2500            0.0000             0.0085
Chicago                                                        6.8750                  0.2500            0.0000             0.0085
Florissant                                                     7.5000                  0.2500            0.0000             0.0085
Atlanta                                                        7.7500                  0.2500            0.0000             0.0085
Orlando                                                        7.0000                  0.2500            0.0000             0.0085
Orlando                                                        7.1250                  0.2500            0.0000             0.0085
Ellijay                                                        7.8750                  0.2500            0.0000             0.0085
Tampa                                                          7.1250                  0.2500            0.0000             0.0085
New River                                                      7.0000                  0.2500            0.0000             0.0085
Millington                                                     7.2500                  0.2500            0.0000             0.0085
Savannah                                                       7.1250                  0.2500            0.0000             0.0085
Arvada                                                         7.5000                  0.2500            0.0000             0.0085
Davie Beach                                                    7.8750                  0.2500            0.0000             0.0085
York                                                           8.1250                  0.2500            0.0000             0.0085
Granbury                                                       7.7500                  0.2500            0.0000             0.0085
Chicago                                                        6.8750                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.5000                  0.2500            0.0000             0.0085
ELLICOTT CITY                                                  6.8750                  0.2500            0.0000             0.0085
FORKED RIVER                                                   7.8750                  0.2500            0.0000             0.0085
EASTON                                                         9.6250                  0.2500            0.0000             0.0085
LAREDO                                                         6.5000                  0.2500            0.0000             0.0085
MESA                                                           6.2500                  0.2500            0.0000             0.0085
LANHAM                                                         7.2500                  0.2500            0.0000             0.0085
MISSION                                                        8.0000                  0.2500            0.0000             0.0085
PHOENIX                                                        6.1250                  0.2500            0.0000             0.0085
BELLEVUE                                                       7.0000                  0.2500            0.0000             0.0085
ORANGE                                                         6.6250                  0.2500            0.0000             0.0085
MCALLEN                                                        7.6250                  0.2500            0.0000             0.0085
HIGLEY                                                         8.2500                  0.2500            0.0000             0.0085
SEVERNA PARK                                                   7.5000                  0.2500            0.0000             0.0085
SUN CITY WEST                                                  6.8750                  0.2500            0.0000             0.0085
WESLACO                                                        7.6250                  0.2500            0.0000             0.0085
CEDAR PARK                                                     7.2500                  0.2500            0.0000             0.0085
DECATUR                                                        8.6250                  0.2500            0.0000             0.0085
FORT WORTH                                                     6.8750                  0.2500            0.0000             0.0085
LEESBURG                                                       6.8750                  0.2500            0.0000             0.0085
DAVENPORT                                                      7.1250                  0.2500            0.0000             0.0085
GREAT FALLS                                                    7.1250                  0.2500            0.0000             0.0085
SILVER SPRING                                                  5.7500                  0.2500            0.0000             0.0085
ATHENS                                                         7.7500                  0.2500            0.0000             0.0085
SILVER SPRING                                                  6.8750                  0.2500            0.0000             0.0085
MIDDLETOWN                                                     6.7500                  0.2500            0.0000             0.0085
CAPITOL HEIGHTS                                                7.7500                  0.2500            0.0000             0.0085
MESA                                                           6.2500                  0.2500            0.0000             0.0085
ROUND ROCK                                                     7.0000                  0.2500            0.0000             0.0085
MCALLEN                                                        8.2500                  0.2500            0.0000             0.0085
CEDAR PARK                                                     6.6250                  0.2500            0.0000             0.0085
GILBERT                                                        7.6250                  0.2500            0.0000             0.0085
MESA                                                           7.7500                  0.2500            0.0000             0.0085
CLAREMONT                                                      5.8750                  0.2500            0.0000             0.0085
ORANGE                                                         8.1250                  0.2500            0.0000             0.0085
CHANDLER                                                       7.0000                  0.2500            0.0000             0.0085
SAN FRANCISCO                                                  6.7500                  0.2500            0.0000             0.0085
KELLER                                                         7.0000                  0.2500            0.0000             0.0085
MISSION                                                        8.6250                  0.2500            0.0000             0.0085
SANTA ANA                                                      7.0000                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    6.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.3750                  0.2500            0.0000             0.0085
GREAT FALLS                                                    6.1250                  0.2500            0.0000             0.0085
TOMS RIVER                                                     7.2500                  0.2500            0.0000             0.0085
SPRING LAKE                                                    6.6250                  0.2500            0.0000             0.0085
HOLLYWOOD                                                      7.3750                  0.2500            0.0000             0.0085
HILLSDALE                                                      6.8750                  0.2500            0.0000             0.0085
MINNEAPOLIS                                                    7.3750                  0.2500            0.0000             0.0085
BROWNSVILLE                                                    7.0000                  0.2500            0.0000             0.0085
MINNEAPOLIS                                                    7.5000                  0.2500            0.0000             0.0085
LAREDO                                                         7.3750                  0.2500            0.0000             0.0085
PHOENIX                                                        6.0000                  0.2500            0.0000             0.0085
BIG BEAR LAKE                                                  7.2500                  0.2500            0.0000             0.0085
YONKERS                                                        7.5000                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.1250                  0.2500            0.0000             0.0085
TOTOWA                                                         6.8750                  0.2500            0.0000             0.0085
BELLINGHAM                                                     7.1250                  0.2500            0.0000             0.0085
RICHMOND                                                       7.2500                  0.2500            0.0000             0.0085
TAKOMA PARK                                                    6.6250                  0.2500            0.0000             0.0085
CORONA                                                         7.2500                  0.2500            0.0000             0.0085
WESLACO                                                        7.3750                  0.2500            0.0000             0.0085
MCALLEN                                                        9.7500                  0.2500            0.0000             0.0085
ARIZONA CITY                                                   6.8750                  0.2500            0.0000             0.0085
WASHINGTON                                                     6.6250                  0.2500            0.0000             0.0085
MESA                                                           6.2500                  0.2500            0.0000             0.0085
REMINGTON                                                      6.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        6.8750                  0.2500            0.0000             0.0085
BALTIMORE                                                      6.3750                  0.2500            0.0000             0.0085
Encino                                                         7.6250                  0.2500            0.0000             0.0085
San Antonio                                                    8.2500                  0.2500            0.0000             0.0085
OAK POINT                                                      7.6250                  0.2500            0.0000             0.0085
Dallas                                                         7.1250                  0.2500            0.0000             0.0085
OAK POINT                                                      7.6250                  0.2500            0.0000             0.0085
Bethlehem                                                      7.5000                  0.2500            0.0000             0.0085
Stockbridge                                                    7.5000                  0.2500            0.0000             0.0085
Frisco                                                         7.2500                  0.2500            0.0000             0.0085
Bryan                                                          7.8750                  0.2500            0.0000             0.0085
Ellenwood                                                      6.8750                  0.2500            0.0000             0.0085
Loris                                                          6.5000                  0.2500            0.0000             0.0085
Round Rock                                                     6.8750                  0.2500            0.0000             0.0085
Plano                                                          6.5000                  0.2500            0.0000             0.0085
Stockbridge                                                    7.8750                  0.2500            0.0000             0.0085
Rockport                                                       7.7500                  0.2500            0.0000             0.0085
Hapeville                                                      8.2500                  0.2500            0.0000             0.0085
Dallas                                                         7.8750                  0.2500            0.0000             0.0085
San Diego                                                      6.7500                  0.2500            0.0000             0.0085
Dallas                                                         7.5000                  0.2500            0.0000             0.0085
Prescott                                                       6.7500                  0.2500            0.0000             0.0085
Lincoln                                                        7.5000                  0.2500            0.0000             0.0085
Pflugerville                                                   6.8750                  0.2500            0.0000             0.0085
FT WORTH                                                       7.0000                  0.2500            0.0000             0.0085
Dacula                                                         7.7500                  0.2500            0.0000             0.0085
Aubrey                                                         7.3750                  0.2500            0.0000             0.0085
San Diego                                                      7.0000                  0.2500            0.0000             0.0085
Mckinney                                                       7.2500                  0.2500            0.0000             0.0085
Mesquite                                                       8.0000                  0.2500            0.0000             0.0085
Midway City                                                    6.8750                  0.2500            0.0000             0.0085
Mcdonough                                                      6.3750                  0.2500            0.0000             0.0085
Los Angeles                                                    6.8750                  0.2500            0.0000             0.0085
San Diego                                                      6.2500                  0.2500            0.0000             0.0085
Grand Prairie                                                  8.5000                  0.2500            0.0000             0.0085
Houston                                                        7.8750                  0.2500            0.0000             0.0085
Dallas                                                         7.7500                  0.2500            0.0000             0.0085
Vista                                                          7.1250                  0.2500            0.0000             0.0085
Marietta                                                       7.0000                  0.2500            0.0000             0.0085
FATE                                                           6.2500                  0.2500            0.0000             0.0085
Lewisville                                                     7.8750                  0.2500            0.0000             0.0085
Abingdon                                                       7.3750                  0.2500            0.0000             0.0085
Valdosta                                                       7.7500                  0.2500            0.0000             0.0085
Mcallen                                                        7.6250                  0.2500            0.0000             0.0085
Albuquerque                                                    7.5000                  0.2500            0.0000             0.0085
Riverdale                                                      8.2500                  0.2500            0.0000             0.0085
San Antonio                                                    7.2500                  0.2500            0.0000             0.0085
Douglasville                                                   6.5000                  0.2500            0.0000             0.0085
Deer Park                                                      7.8750                  0.2500            0.0000             0.0085
Myrtle Beach                                                   7.3750                  0.2500            0.0000             0.0085
Valdosta                                                       7.8750                  0.2500            0.0000             0.0085
Spring                                                         6.7500                  0.2500            0.0000             0.0085
Forney                                                         7.8750                  0.2500            0.0000             0.0085
Forney                                                         6.1250                  0.2500            0.0000             0.0085
DENTON                                                         7.5000                  0.2500            0.0000             0.0085
Mesquite                                                       7.8750                  0.2500            0.0000             0.0085
Irving                                                         7.2500                  0.2500            0.0000             0.0085
Eden Prairie                                                   6.8750                  0.2500            0.0000             0.0085
Houston                                                        7.6250                  0.2500            0.0000             0.0085
Stockbridge                                                    6.7500                  0.2500            0.0000             0.0085
OAK POINT                                                      7.5000                  0.2500            0.0000             0.0085
Dallas                                                         7.0000                  0.2500            0.0000             0.0085
Jefferson                                                      6.8750                  0.2500            0.0000             0.0085
Arlington                                                      7.2500                  0.2500            0.0000             0.0085
Houston                                                        6.8750                  0.2500            0.0000             0.0085
OAK POINT                                                      7.5000                  0.2500            0.0000             0.0085
Farmers Branch                                                 7.5000                  0.2500            0.0000             0.0085
Albuquerque                                                    7.0000                  0.2500            0.0000             0.0085
Oklahoma City                                                  6.5000                  0.2500            0.0000             0.0085
Honolulu                                                       7.6250                  0.2500            0.0000             0.0085
Las Vegas                                                      6.8750                  0.2500            0.0000             0.0085
Pasadena                                                       6.5000                  0.2500            0.0000             0.0085
ANTIOCH                                                        6.3750                  0.2500            0.0000             0.0085
SAN MARCOS                                                     6.7500                  0.2500            0.0000             0.0085
COEUR D ALENE                                                  7.2500                  0.2500            0.0000             0.0085
DUARTE                                                         7.5000                  0.2500            0.0000             0.0085
SPOKANE                                                        7.2500                  0.2500            0.0000             0.0085
CARMEL VALLEY                                                  6.7500                  0.2500            0.0000             0.0085
Muldrow                                                        6.8750                  0.2500            0.0000             0.0085
Carrollton                                                     7.0000                  0.2500            0.0000             0.0085
ALPINE FOREST                                                  7.5000                  0.2500            0.0000             0.0085
CERES                                                          7.6250                  0.2500            0.0000             0.0085
Indianapolis                                                   7.3750                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
CAMPBELL                                                       7.8750                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   7.3750                  0.2500            0.0000             0.0085
COSHOCTON                                                      7.6250                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   7.6250                  0.2500            0.0000             0.0085
LOUISVILLE                                                     7.2500                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
Aurora                                                         7.5000                  0.2500            0.0000             0.0085
Milwaukee                                                      7.3750                  0.2500            0.0000             0.0085
Cape Coral                                                     7.6250                  0.2500            0.0000             0.0085
Keystone                                                       7.0000                  0.2500            0.0000             0.0085
Kenosha                                                        7.5000                  0.2500            0.0000             0.0085
Milwaukee                                                      7.3750                  0.2500            0.0000             0.0085
Thorton                                                        7.7500                  0.2500            0.0000             0.0085
Coral Gables                                                   6.7500                  0.2500            0.0000             0.0085
Ashburn                                                        7.8750                  0.2500            0.0000             0.0085
Shelter Island                                                 6.6250                  0.2500            0.0000             0.0085
Alexandria                                                     7.5000                  0.2500            0.0000             0.0085
Manassas                                                       7.2500                  0.2500            0.0000             0.0085
Silver Spring                                                  7.3750                  0.2500            0.0000             0.0085
Alexandria                                                     6.7500                  0.2500            0.0000             0.0085
Alexandria                                                     7.7500                  0.2500            0.0000             0.0085
Falls Church                                                   7.5000                  0.2500            0.0000             0.0085
Cape Coral                                                     6.7500                  0.2500            0.0000             0.0085
Washington                                                     6.7500                  0.2500            0.0000             0.0085
Manassas                                                       7.1250                  0.2500            0.0000             0.0085
CLEVELAND                                                      8.0000                  0.2500            0.0000             0.0085
KAILUA                                                         6.7500                  0.2500            0.0000             0.0085
PINEVILLE                                                      8.2500                  0.2500            0.0000             0.0085
Honolulu                                                       6.3750                  0.2500            0.0000             0.0085
PLEASANT HILL                                                  7.1250                  0.2500            0.0000             0.0085
HENDERSON                                                      7.6250                  0.2500            0.0000             0.0085
Chapin                                                         7.3750                  0.2500            0.0000             0.0085
Elberton                                                       7.0000                  0.2500            0.0000             0.0085
Ventura                                                        6.5000                  0.2500            0.0000             0.0085
Gilbert                                                        7.3750                  0.2500            0.0000             0.0085
Mesa                                                           6.8750                  0.2500            0.0000             0.0085
Tucson                                                         7.3750                  0.2500            0.0000             0.0085
Sun City                                                       6.5000                  0.2500            0.0000             0.0085
Myrtle                                                         8.6250                  0.2500            0.0000             0.0085
Scottsdale                                                     6.8750                  0.2500            0.0000             0.0085
Tempe                                                          7.5000                  0.2500            0.0000             0.0085
Olathe                                                         8.7500                  0.2500            0.0000             0.0085
Phoenix                                                        8.0000                  0.2500            0.0000             0.0085
Phoenix                                                        7.3750                  0.2500            0.0000             0.0085
Tucson                                                         7.5000                  0.2500            0.0000             0.0085
Paradise Valley                                                7.3750                  0.2500            0.0000             0.0085
Cottonwood                                                     7.5000                  0.2500            0.0000             0.0085
Kansas City                                                    8.0000                  0.2500            0.0000             0.0085
Phoenix                                                        6.3750                  0.2500            0.0000             0.0085
Kansas City                                                    8.0000                  0.2500            0.0000             0.0085
Phoenix                                                        6.5000                  0.2500            0.0000             0.0085
Apache Junction                                                7.2500                  0.2500            0.0000             0.0085
Yuma                                                           6.3750                  0.2500            0.0000             0.0085
Phoenix                                                        6.7500                  0.2500            0.0000             0.0085
Phoenix                                                        8.2500                  0.2500            0.0000             0.0085
WEST FARGO                                                     7.6250                  0.2500            0.0000             0.0085
SPRING                                                         7.8750                  0.2500            0.0000             0.0085
HOUSTON                                                        7.7500                  0.2500            0.0000             0.0085
SPRING                                                         7.8750                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    7.0000                  0.2500            0.0000             0.0085
HOUSTON                                                        7.8750                  0.2500            0.0000             0.0085
GROSSE POINTE FARMS                                            7.3750                  0.2500            0.0000             0.0085
SPRING                                                         7.8750                  0.2500            0.0000             0.0085
Palm Bay                                                       7.2500                  0.2500            0.0000             0.0085
Titusville                                                     7.5000                  0.2500            0.0000             0.0085
palmbay                                                        7.3750                  0.2500            0.0000             0.0085
San Diego                                                      6.5000                  0.2500            0.0000             0.0085
San Diego                                                      6.5000                  0.2500            0.0000             0.0085
Hiram                                                          6.6250                  0.2500            0.0000             0.0085
Cincinnati                                                     7.7500                  0.2500            0.0000             0.0085
West Springfield                                               8.0000                  0.2500            0.0000             0.0085
Columbus                                                       7.2500                  0.2500            0.0000             0.0085
Acosta                                                         8.2500                  0.2500            0.0000             0.0085
Newark                                                         6.3750                  0.2500            0.0000             0.0085
Fredericktown                                                  7.8750                  0.2500            0.0000             0.0085
Pittsburgh                                                     7.3750                  0.2500            0.0000             0.0085
Columbus                                                       7.5000                  0.2500            0.0000             0.0085
Pennsburg                                                      6.6250                  0.2500            0.0000             0.0085
Fredericktown                                                  7.0000                  0.2500            0.0000             0.0085
Harrisburg                                                     8.6250                  0.2500            0.0000             0.0085
Union                                                          7.8750                  0.2500            0.0000             0.0085
BETHEL                                                         8.6250                  0.2500            0.0000             0.0085
Westbury                                                       7.1250                  0.2500            0.0000             0.0085
Bay Shore                                                      6.2500                  0.2500            0.0000             0.0085
WATERTOWN                                                      7.1250                  0.2500            0.0000             0.0085
Freeport                                                       6.8750                  0.2500            0.0000             0.0085
Elmont                                                         7.7500                  0.2500            0.0000             0.0085
Fort Worth                                                     7.7500                  0.2500            0.0000             0.0085
Denton                                                         7.0000                  0.2500            0.0000             0.0085
Kellyville                                                     8.7500                  0.2500            0.0000             0.0085
Lithia                                                         6.8750                  0.2500            0.0000             0.0085
CLAYTON                                                        7.0000                  0.2500            0.0000             0.0085
BETHESDA                                                       7.8750                  0.2500            0.0000             0.0085
Jessup                                                         7.2500                  0.2500            0.0000             0.0085
SILVER SPRING                                                  6.7500                  0.2500            0.0000             0.0085
Clayton                                                        7.7500                  0.2500            0.0000             0.0085
LAUREL                                                         7.3750                  0.2500            0.0000             0.0085
Leesburg                                                       6.3750                  0.2500            0.0000             0.0085
GERMANTOWN                                                     7.3750                  0.2500            0.0000             0.0085
Clayton                                                        6.8750                  0.2500            0.0000             0.0085
Lewiston                                                       6.5000                  0.2500            0.0000             0.0085
Portland                                                       6.6250                  0.2500            0.0000             0.0085
Harrison Township                                              7.8750                  0.2500            0.0000             0.0085
Chicopee                                                       7.8750                  0.2500            0.0000             0.0085
Highland                                                       7.0000                  0.2500            0.0000             0.0085
Converse                                                       7.0000                  0.2500            0.0000             0.0085
Emerald Isle                                                   7.3750                  0.2500            0.0000             0.0085
Crowley                                                        7.2500                  0.2500            0.0000             0.0085
Saint Petersburg                                               7.1250                  0.2500            0.0000             0.0085
Derby                                                          7.7500                  0.2500            0.0000             0.0085
Washington                                                     6.5000                  0.2500            0.0000             0.0085
PERRYVILLE                                                     7.5000                  0.2500            0.0000             0.0085
Waukegan                                                       8.0000                  0.2500            0.0000             0.0085
Wilmington                                                     6.8750                  0.2500            0.0000             0.0085
Charlotte                                                      7.2500                  0.2500            0.0000             0.0085
Lebanon                                                        6.6250                  0.2500            0.0000             0.0085
Denver                                                         7.2500                  0.2500            0.0000             0.0085
Raynham                                                        6.6250                  0.2500            0.0000             0.0085
San Antonio                                                    7.5000                  0.2500            0.0000             0.0085
Freedom                                                        6.2500                  0.2500            0.0000             0.0085
San Antonio                                                    7.8750                  0.2500            0.0000             0.0085
Chicopee                                                       7.8750                  0.2500            0.0000             0.0085
Pleasant View                                                  6.8750                  0.2500            0.0000             0.0085
SULLIVAN                                                       7.2500                  0.2500            0.0000             0.0085
Weymouth                                                       6.8750                  0.2500            0.0000             0.0085
Charlotte                                                      7.0000                  0.2500            0.0000             0.0085
Dorchester                                                     6.8750                  0.2500            0.0000             0.0085
Matthews                                                       6.2500                  0.2500            0.0000             0.0085
Elkton                                                         7.5000                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    7.6250                  0.2500            0.0000             0.0085
Assonet                                                        6.8750                  0.2500            0.0000             0.0085
Brewer                                                         6.5000                  0.2500            0.0000             0.0085
Mashpee                                                        6.7500                  0.2500            0.0000             0.0085
GOSHEN                                                         8.7500                  0.2500            0.0000             0.0085
TULARE                                                         8.8750                  0.2500            0.0000             0.0085
VISALIA                                                        8.6250                  0.2500            0.0000             0.0085
FRESNO                                                         8.6250                  0.2500            0.0000             0.0085
Las Vegas                                                      8.1250                  0.2500            0.0000             0.0085
Las Vegas                                                      7.3750                  0.2500            0.0000             0.0085
MURRIETA                                                       7.2500                  0.2500            0.0000             0.0085
Maineville                                                     7.0000                  0.2500            0.0000             0.0085
HAGERSTOWN                                                     6.2500                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.0000                  0.2500            0.0000             0.0085
LAUREL                                                         8.3750                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.5000                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.0000                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.2500                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.3750                  0.2500            0.0000             0.0085
WICHITA                                                        7.3750                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                7.0000                  0.2500            0.0000             0.0085
Charlottesville                                                6.2500                  0.2500            0.0000             0.0085
Washington                                                     7.3750                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.3750                  0.2500            0.0000             0.0085
MIAMI                                                          7.7500                  0.2500            0.0000             0.0085
WICHITA                                                        7.3750                  0.2500            0.0000             0.0085
VIENNA                                                         6.7500                  0.2500            0.0000             0.0085
Temple                                                         8.3750                  0.2500            0.0000             0.0085
Myrtle Beach                                                   6.5000                  0.2500            0.0000             0.0085
Macon                                                          8.8750                  0.2500            0.0000             0.0085
Jacksonville                                                   7.5000                  0.2500            0.0000             0.0085
San Bernardino                                                 7.8750                  0.2500            0.0000             0.0085
Grand Rapids                                                   8.2500                  0.2500            0.0000             0.0085
Weatherford                                                    8.7500                  0.2500            0.0000             0.0085
Grand Rapids                                                   8.2500                  0.2500            0.0000             0.0085
Myrtle Beach                                                   6.6250                  0.2500            0.0000             0.0085
Elkmont                                                        7.1250                  0.2500            0.0000             0.0085
Kansas City                                                    7.1250                  0.2500            0.0000             0.0085
Miami                                                          6.5000                  0.2500            0.0000             0.0085
Macon                                                          8.0000                  0.2500            0.0000             0.0085
Rochester                                                      8.0000                  0.2500            0.0000             0.0085
Saint Augustine                                                7.1250                  0.2500            0.0000             0.0085
Riverside Area                                                 6.5000                  0.2500            0.0000             0.0085
SOUTH LAKE TAHOE                                               7.1250                  0.2500            0.0000             0.0085
BELL                                                           6.7500                  0.2500            0.0000             0.0085
PICO RIVERA                                                    7.0000                  0.2500            0.0000             0.0085
KOLOA                                                          6.8750                  0.2500            0.0000             0.0085
CASA GRANDE                                                    7.0000                  0.2500            0.0000             0.0085
SHOREVIEW                                                      6.7500                  0.2500            0.0000             0.0085
POMONA                                                         7.0000                  0.2500            0.0000             0.0085
SANTA ANA                                                      7.2500                  0.2500            0.0000             0.0085
N LAS VEGAS                                                    7.2500                  0.2500            0.0000             0.0085
HENDERSON                                                      7.5000                  0.2500            0.0000             0.0085
MIDWAY CITY                                                    7.5000                  0.2500            0.0000             0.0085
REDLANDS                                                       7.3750                  0.2500            0.0000             0.0085
Bay Shore                                                      7.0000                  0.2500            0.0000             0.0085
Clifton                                                        7.2500                  0.2500            0.0000             0.0085
East Elmhurst                                                  7.0000                  0.2500            0.0000             0.0085
North Bergen                                                   6.8750                  0.2500            0.0000             0.0085
West Orange                                                    7.2500                  0.2500            0.0000             0.0085
Jamaica                                                        7.0000                  0.2500            0.0000             0.0085
Passaic                                                        7.2500                  0.2500            0.0000             0.0085
Far Rockaway                                                   6.7500                  0.2500            0.0000             0.0085
Hyattsville                                                    7.2500                  0.2500            0.0000             0.0085
Hyattsville                                                    7.2500                  0.2500            0.0000             0.0085
Hyattsville                                                    7.2500                  0.2500            0.0000             0.0085
Hahira                                                         7.1250                  0.2500            0.0000             0.0085
Coral Springs                                                  7.7500                  0.2500            0.0000             0.0085
Beulaville                                                     8.1250                  0.2500            0.0000             0.0085
Columbus                                                       7.8750                  0.2500            0.0000             0.0085
Lake Oswego                                                    9.5000                  0.2500            0.0000             0.0085
WILLINGBORO                                                    7.0000                  0.2500            0.0000             0.0085
Minneapolis                                                    8.6250                  0.2500            0.0000             0.0085
DOVE CANYON                                                    6.5000                  0.2500            0.0000             0.0085
VISALIA                                                        7.3750                  0.2500            0.0000             0.0085
SAN FRANCISCO                                                  6.8750                  0.2500            0.0000             0.0085
Concord                                                        8.1250                  0.2500            0.0000             0.0085
West New York                                                  6.2500                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.7500                  0.2500            0.0000             0.0085
Miami                                                          6.7500                  0.2500            0.0000             0.0085
Hialeah                                                        7.5000                  0.2500            0.0000             0.0085
Tampa                                                          7.8750                  0.2500            0.0000             0.0085
Melbourne                                                      7.1250                  0.2500            0.0000             0.0085
Miami Beach                                                    6.8750                  0.2500            0.0000             0.0085
MIAMI                                                          7.5000                  0.2500            0.0000             0.0085
LOS ANGELES                                                    6.8750                  0.2500            0.0000             0.0085
MILPITAS                                                       6.6250                  0.2500            0.0000             0.0085
GREENFIELD                                                     6.6250                  0.2500            0.0000             0.0085
SANTA ANA                                                      6.8750                  0.2500            0.0000             0.0085
SAN JOSE                                                       7.6250                  0.2500            0.0000             0.0085
ORANGE PARK                                                    7.1250                  0.2500            0.0000             0.0085
Columbia                                                       8.5000                  0.2500            0.0000             0.0085
Savannah                                                       7.8750                  0.2500            0.0000             0.0085
Jacksonville                                                   7.1250                  0.2500            0.0000             0.0085
Jacksonville                                                   7.0000                  0.2500            0.0000             0.0085
Jacksonville                                                   7.2500                  0.2500            0.0000             0.0085
Baltimore                                                      7.0000                  0.2500            0.0000             0.0085
Easley                                                         7.6250                  0.2500            0.0000             0.0085
Mount Pleasant                                                 7.2500                  0.2500            0.0000             0.0085
BRISTOW                                                        6.8750                  0.2500            0.0000             0.0085
CULPEPER                                                       6.8750                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    6.7500                  0.2500            0.0000             0.0085
UPPER MARLBORO                                                 6.2500                  0.2500            0.0000             0.0085
LAVEEN                                                         7.2500                  0.2500            0.0000             0.0085
LANCASTER                                                      6.8750                  0.2500            0.0000             0.0085
SURPRISE                                                       7.5000                  0.2500            0.0000             0.0085
TEMECULA                                                       7.0000                  0.2500            0.0000             0.0085
FAIRFIELD                                                      6.6250                  0.2500            0.0000             0.0085
Ponte Vedra Beach                                              7.0000                  0.2500            0.0000             0.0085
Davie                                                          8.1250                  0.2500            0.0000             0.0085
Kennesaw                                                       7.1250                  0.2500            0.0000             0.0085
Conyers                                                        7.1250                  0.2500            0.0000             0.0085
Orlando                                                        6.8750                  0.2500            0.0000             0.0085
Covington                                                      7.0000                  0.2500            0.0000             0.0085
Davie                                                          6.6250                  0.2500            0.0000             0.0085
Milner                                                         7.5000                  0.2500            0.0000             0.0085
Athens                                                         6.6250                  0.2500            0.0000             0.0085
Hoschton                                                       7.3750                  0.2500            0.0000             0.0085
Peachtree City                                                 6.6250                  0.2500            0.0000             0.0085
Pompano Beach                                                  7.0000                  0.2500            0.0000             0.0085
Pompano Beach                                                  7.8750                  0.2500            0.0000             0.0085
Atlanta                                                        7.5000                  0.2500            0.0000             0.0085
Lawrenceville                                                  7.7500                  0.2500            0.0000             0.0085
Boone                                                          8.0000                  0.2500            0.0000             0.0085
Monroe                                                         7.5000                  0.2500            0.0000             0.0085
Stockbridge                                                    7.6250                  0.2500            0.0000             0.0085
Maitland                                                       7.2500                  0.2500            0.0000             0.0085
Lake Wylie                                                     5.8750                  0.2500            0.0000             0.0085
Alpharetta                                                     6.1250                  0.2500            0.0000             0.0085
Monroe                                                         7.1250                  0.2500            0.0000             0.0085
Orlando                                                        7.0000                  0.2500            0.0000             0.0085
Jacksonville                                                   7.2500                  0.2500            0.0000             0.0085
Bradenton                                                      7.7500                  0.2500            0.0000             0.0085
Brandon                                                        6.6250                  0.2500            0.0000             0.0085
Dunedin                                                        6.5000                  0.2500            0.0000             0.0085
Tampa                                                          6.3750                  0.2500            0.0000             0.0085
Marietta                                                       6.7500                  0.2500            0.0000             0.0085
Woodstock                                                      7.8750                  0.2500            0.0000             0.0085
Buford                                                         6.3750                  0.2500            0.0000             0.0085
Stockbridge                                                    7.6250                  0.2500            0.0000             0.0085
Virginia Beach                                                 8.1250                  0.2500            0.0000             0.0085
Cicero                                                         7.5000                  0.2500            0.0000             0.0085
PALM BEACH GARDENS                                             7.6250                  0.2500            0.0000             0.0085
ALEXANDRIA                                                     7.6250                  0.2500            0.0000             0.0085
Roanoke                                                        7.5000                  0.2500            0.0000             0.0085
Reisterstown                                                   6.6250                  0.2500            0.0000             0.0085
MELBOURNE                                                      7.3750                  0.2500            0.0000             0.0085
SHERWOOD                                                       7.6250                  0.2500            0.0000             0.0085
BEDFORD                                                        6.3750                  0.2500            0.0000             0.0085
Arlington                                                      7.3750                  0.2500            0.0000             0.0085
Glenn Dale                                                     7.1250                  0.2500            0.0000             0.0085
PALM BAY                                                       7.3750                  0.2500            0.0000             0.0085
SAINT AUGUSTINE                                                7.2500                  0.2500            0.0000             0.0085
Lauderhill                                                     8.7500                  0.2500            0.0000             0.0085
BRENTWOOD                                                      6.7500                  0.2500            0.0000             0.0085
Benicia                                                        6.8750                  0.2500            0.0000             0.0085
ORLANDO                                                        6.8750                  0.2500            0.0000             0.0085
WEST BABYLON                                                   7.5000                  0.2500            0.0000             0.0085
FREDERICK                                                      7.0000                  0.2500            0.0000             0.0085
Oxnard                                                         7.5000                  0.2500            0.0000             0.0085
SAN BERNARDINO                                                 6.6250                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   7.2500                  0.2500            0.0000             0.0085
Gahanna                                                        5.1250                  0.2500            0.0000             0.0085
COLUMBUS                                                       5.8750                  0.2500            0.0000             0.0085
COLUMBUS                                                       5.8750                  0.2500            0.0000             0.0085
Westerville                                                    5.2500                  0.2500            0.0000             0.0085
Westerville                                                    5.0000                  0.2500            0.0000             0.0085
COLUMBUS                                                       5.9900                  0.2500            0.0000             0.0085
Salt Lake City                                                 7.2500                  0.2500            0.0000             0.0085
Park City                                                      6.8750                  0.2500            0.0000             0.0085
MIDWAY                                                         6.3750                  0.2500            0.0000             0.0085
Park City                                                      7.3750                  0.2500            0.0000             0.0085
Oradell                                                        7.1250                  0.2500            0.0000             0.0085
KALAMAZOO                                                      6.0000                  0.2500            0.0000             0.0085
Union                                                          6.6250                  0.2500            0.0000             0.0085
Zellwood                                                       7.7500                  0.2500            0.0000             0.0085
Delray Beach                                                   6.3750                  0.2500            0.0000             0.0085
Gainesville                                                    7.8750                  0.2500            0.0000             0.0085
Ocoee                                                          7.3750                  0.2500            0.0000             0.0085
Ocoee                                                          7.7500                  0.2500            0.0000             0.0085
Temple Hills                                                   7.0000                  0.2500            0.0000             0.0085
Glenwood                                                       6.3750                  0.2500            0.0000             0.0085
Bowie                                                          7.0000                  0.2500            0.0000             0.0085
Villa Rica                                                     7.7500                  0.2500            0.0000             0.0085
Deland                                                         6.7500                  0.2500            0.0000             0.0085
Wesley Chapel                                                  7.2500                  0.2500            0.0000             0.0085
Newport News                                                   7.7500                  0.2500            0.0000             0.0085
Baltimore                                                      6.8750                  0.2500            0.0000             0.0085
Washington                                                     6.8750                  0.2500            0.0000             0.0085
Maitland                                                       6.8750                  0.2500            0.0000             0.0085
Rosemount                                                      7.5000                  0.2500            0.0000             0.0085
Minneapolis                                                    7.2500                  0.2500            0.0000             0.0085
WILLIS                                                         8.6250                  0.2500            0.0000             0.0085
Houston                                                        8.6250                  0.2500            0.0000             0.0085
HILO                                                           7.2500                  0.2500            0.0000             0.0085
SANTA ROSA                                                     8.0000                  0.2500            0.0000             0.0085
LEWISVILLE                                                     7.8750                  0.2500            0.0000             0.0085
Harahan                                                        6.7500                  0.2500            0.0000             0.0085
LUBBOCK                                                        8.5000                  0.2500            0.0000             0.0085
THE WOODLANDS                                                  7.3750                  0.2500            0.0000             0.0085
DESOTO                                                         7.5000                  0.2500            0.0000             0.0085
BATON ROUGE                                                    7.7500                  0.2500            0.0000             0.0085
GREEN BAY                                                      8.3750                  0.2500            0.0000             0.0085
LEWISVILLE                                                     7.8750                  0.2500            0.0000             0.0085
WILLIS                                                         8.1250                  0.2500            0.0000             0.0085
RACINE                                                         8.6250                  0.2500            0.0000             0.0085
Houston                                                        6.7500                  0.2500            0.0000             0.0085
LEWISVILLE                                                     7.8750                  0.2500            0.0000             0.0085
The Woodlands                                                  7.3750                  0.2500            0.0000             0.0085
LEAGUE CITY                                                    7.5000                  0.2500            0.0000             0.0085
DURHAM                                                         6.8750                  0.2500            0.0000             0.0085
PEARLAND                                                       7.6250                  0.2500            0.0000             0.0085
OCEAN SPRINGS                                                  6.8750                  0.2500            0.0000             0.0085
Spring                                                         7.8750                  0.2500            0.0000             0.0085
JONESBOROUGH                                                   6.8750                  0.2500            0.0000             0.0085
Fountain Valley                                                6.6250                  0.2500            0.0000             0.0085
San Gabriel                                                    6.8750                  0.2500            0.0000             0.0085
MESA                                                           6.2500                  0.2500            0.0000             0.0085
Phoenix                                                        6.8750                  0.2500            0.0000             0.0085
Peoria                                                         6.8750                  0.2500            0.0000             0.0085
SUMMIT                                                         7.5000                  0.2500            0.0000             0.0085
Bourbonnais                                                    7.5000                  0.2500            0.0000             0.0085
Northbrook                                                     8.1250                  0.2500            0.0000             0.0085
Franklin                                                       7.0000                  0.2500            0.0000             0.0085
Osakis                                                         7.2500                  0.2500            0.0000             0.0085
Coon Rapids                                                    7.5000                  0.2500            0.0000             0.0085
ST LOUIS                                                       7.5000                  0.2500            0.0000             0.0085
CONWAY                                                         8.6250                  0.2500            0.0000             0.0085
LONGVIEW                                                       7.6250                  0.2500            0.0000             0.0085
DALLAS                                                         8.6250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.1250                  0.2500            0.0000             0.0085
LONGVIEW                                                       7.6250                  0.2500            0.0000             0.0085
LONGVIEW                                                       7.6250                  0.2500            0.0000             0.0085
DALLAS                                                         8.6250                  0.2500            0.0000             0.0085
TYLER                                                          7.5000                  0.2500            0.0000             0.0085
AZLE                                                           6.8750                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.1250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.1250                  0.2500            0.0000             0.0085
HOUSTON                                                        9.0000                  0.2500            0.0000             0.0085
Bloomington                                                    7.2500                  0.2500            0.0000             0.0085
Silverthorne                                                   7.2500                  0.2500            0.0000             0.0085
Boulder                                                        6.7500                  0.2500            0.0000             0.0085
Haiku                                                          6.6250                  0.2500            0.0000             0.0085
Parker                                                         7.6250                  0.2500            0.0000             0.0085
Philadelphia                                                   7.7500                  0.2500            0.0000             0.0085
Long Beach                                                     6.6250                  0.2500            0.0000             0.0085
Los Angeles                                                    7.1250                  0.2500            0.0000             0.0085
Los Angeles                                                    6.7500                  0.2500            0.0000             0.0085
New Preston Marble Dale                                        7.1250                  0.2500            0.0000             0.0085
Riverside                                                      6.6250                  0.2500            0.0000             0.0085
Santa Barbara                                                  6.2500                  0.2500            0.0000             0.0085
Tarzana                                                        7.2500                  0.2500            0.0000             0.0085
Arlington                                                      7.5000                  0.2500            0.0000             0.0085
Los Angeles                                                    6.5000                  0.2500            0.0000             0.0085
Pebble Beach                                                   7.5000                  0.2500            0.0000             0.0085
Merrimac                                                       7.1250                  0.2500            0.0000             0.0085
Kansas City                                                    6.8750                  0.2500            0.0000             0.0085
Staten Island                                                  7.8750                  0.2500            0.0000             0.0085
Venice                                                         6.7500                  0.2500            0.0000             0.0085
Stockton                                                       7.5000                  0.2500            0.0000             0.0085
San Diego                                                      8.6250                  0.2500            0.0000             0.0085
Orlando                                                        7.5000                  0.2500            0.0000             0.0085
Ocean Springs                                                  7.0000                  0.2500            0.0000             0.0085
Ventura                                                        7.5000                  0.2500            0.0000             0.0085
Albuquerque                                                    7.5000                  0.2500            0.0000             0.0085
Phoenix                                                        6.8750                  0.2500            0.0000             0.0085
La Quinta                                                      7.2500                  0.2500            0.0000             0.0085
Stevensville                                                   7.7500                  0.2500            0.0000             0.0085
San Diego                                                      6.7500                  0.2500            0.0000             0.0085
Palos Verdes Peninsula                                         6.8750                  0.2500            0.0000             0.0085
Delray Beach                                                   6.8750                  0.2500            0.0000             0.0085
Indian Orchard                                                 7.2500                  0.2500            0.0000             0.0085
Cashiers Townshi[p                                             7.5000                  0.2500            0.0000             0.0085
Las Vegas                                                      6.8750                  0.2500            0.0000             0.0085
Niles                                                          7.5000                  0.2500            0.0000             0.0085
Glendale                                                       6.6250                  0.2500            0.0000             0.0085
Palmdale                                                       7.2500                  0.2500            0.0000             0.0085
Anaheim                                                        7.1250                  0.2500            0.0000             0.0085
Phelan                                                         6.8750                  0.2500            0.0000             0.0085
Pearl City                                                     6.8750                  0.2500            0.0000             0.0085
Long Beach                                                     7.8750                  0.2500            0.0000             0.0085
Brockton                                                       6.7500                  0.2500            0.0000             0.0085
Dallas                                                         7.2500                  0.2500            0.0000             0.0085
Rockville                                                      7.6250                  0.2500            0.0000             0.0085
Ocala                                                          8.7500                  0.2500            0.0000             0.0085
Chesterfield                                                   7.7500                  0.2500            0.0000             0.0085
Cypress                                                        8.1250                  0.2500            0.0000             0.0085
Dallas                                                         8.6250                  0.2500            0.0000             0.0085
CAIRO                                                          8.6250                  0.2500            0.0000             0.0085
Laredo                                                         7.5000                  0.2500            0.0000             0.0085
Tallahassee                                                    7.8750                  0.2500            0.0000             0.0085
Houston                                                        7.5000                  0.2500            0.0000             0.0085
Saint Louis                                                    8.1250                  0.2500            0.0000             0.0085
KANKAKEE                                                       7.8750                  0.2500            0.0000             0.0085
Palm Bay                                                       7.5000                  0.2500            0.0000             0.0085
Katy                                                           7.1250                  0.2500            0.0000             0.0085
Bryan                                                          7.7500                  0.2500            0.0000             0.0085
DALLAS                                                         8.0000                  0.2500            0.0000             0.0085
Crystal City                                                   8.7500                  0.2500            0.0000             0.0085
Oklahoma City                                                  7.3750                  0.2500            0.0000             0.0085
RINGGOLD                                                       6.7500                  0.2500            0.0000             0.0085
Jacksonville                                                   6.8750                  0.2500            0.0000             0.0085
Summerville                                                    6.8750                  0.2500            0.0000             0.0085
Jacksonville                                                   7.5000                  0.2500            0.0000             0.0085
Nashville                                                      7.8750                  0.2500            0.0000             0.0085
Tulsa                                                          7.5000                  0.2500            0.0000             0.0085
Kennesaw                                                       7.0000                  0.2500            0.0000             0.0085
Kennesaw                                                       7.0000                  0.2500            0.0000             0.0085
Flagler Beach                                                  7.1250                  0.2500            0.0000             0.0085
Orlando                                                        6.8750                  0.2500            0.0000             0.0085
Ft Lauderdale                                                  6.8750                  0.2500            0.0000             0.0085
LONG BEACH TOWNSHIP                                            6.3750                  0.2500            0.0000             0.0085
Ball Ground                                                    7.2500                  0.2500            0.0000             0.0085
LINCOLN                                                        6.8750                  0.2500            0.0000             0.0085
HARRISON                                                       7.7500                  0.2500            0.0000             0.0085
MERIDIAN                                                       6.2500                  0.2500            0.0000             0.0085
CHICAGO                                                        6.7500                  0.2500            0.0000             0.0085
BALTIMORE                                                      6.1250                  0.2500            0.0000             0.0085
MADISON                                                        6.3750                  0.2500            0.0000             0.0085
GLENDALE                                                       6.7500                  0.2500            0.0000             0.0085
NORTH BERGEN                                                   6.6250                  0.2500            0.0000             0.0085
LAKEWOOD                                                       6.8750                  0.2500            0.0000             0.0085
BELLEVILLE                                                     6.7500                  0.2500            0.0000             0.0085
NEW CASTLE                                                     7.2500                  0.2500            0.0000             0.0085
Tolleson                                                       7.3750                  0.2500            0.0000             0.0085
Thornton                                                       8.0000                  0.2500            0.0000             0.0085
Los Angeles                                                    6.8750                  0.2500            0.0000             0.0085
Lancaster                                                      7.0000                  0.2500            0.0000             0.0085
ESCONDIDO                                                      6.6250                  0.2500            0.0000             0.0085
Broken Arrow                                                   7.7500                  0.2500            0.0000             0.0085
Jacksonville                                                   7.5000                  0.2500            0.0000             0.0085
Benton                                                         7.8750                  0.2500            0.0000             0.0085
Broken Arrow                                                   7.7500                  0.2500            0.0000             0.0085
Broken Arrow                                                   7.7500                  0.2500            0.0000             0.0085
Philadelphia                                                   7.3750                  0.2500            0.0000             0.0085
Broken Arrow                                                   7.7500                  0.2500            0.0000             0.0085
Broken Arrow                                                   7.7500                  0.2500            0.0000             0.0085
Garden Grove                                                   6.7500                  0.2500            0.0000             0.0085
Sacramento                                                     6.0000                  0.2500            0.0000             0.0085
Bakersfield                                                    6.0000                  0.2500            0.0000             0.0085
Gulfport                                                       6.2500                  0.2500            0.0000             0.0085
kyle                                                           6.1250                  0.2500            0.0000             0.0085
Shreveport                                                     8.2500                  0.2500            0.0000             0.0085
Lakewood                                                       7.6250                  0.2500            0.0000             0.0085
akron                                                          7.8750                  0.2500            0.0000             0.0085
portland                                                       6.5000                  0.2500            0.0000             0.0085
conley                                                         6.7500                  0.2500            0.0000             0.0085
santa fe                                                       7.5000                  0.2500            0.0000             0.0085
yers                                                           7.0000                  0.2500            0.0000             0.0085
Cleveland                                                      7.2500                  0.2500            0.0000             0.0085
houston                                                        6.2500                  0.2500            0.0000             0.0085
gresham                                                        6.6250                  0.2500            0.0000             0.0085
houston                                                        6.7500                  0.2500            0.0000             0.0085
post falls                                                     7.0000                  0.2500            0.0000             0.0085
houston                                                        6.3750                  0.2500            0.0000             0.0085
cleveland                                                      7.2500                  0.2500            0.0000             0.0085
independence                                                   7.1250                  0.2500            0.0000             0.0085
AKRON                                                          7.8750                  0.2500            0.0000             0.0085
richmond                                                       6.3750                  0.2500            0.0000             0.0085
akron                                                          8.0000                  0.2500            0.0000             0.0085
fort meyers                                                    6.6250                  0.2500            0.0000             0.0085
Cleveland                                                      7.2500                  0.2500            0.0000             0.0085
cleveland                                                      7.2500                  0.2500            0.0000             0.0085
CHELSEA                                                        6.6250                  0.2500            0.0000             0.0085
SPRING                                                         7.7500                  0.2500            0.0000             0.0085
Fountain                                                       8.6250                  0.2500            0.0000             0.0085
Arvada                                                         6.3750                  0.2500            0.0000             0.0085
Denver                                                         7.5000                  0.2500            0.0000             0.0085
Hillsborough                                                   7.7500                  0.2500            0.0000             0.0085
BEALETON                                                       7.5000                  0.2500            0.0000             0.0085
WEST CHESTER                                                   7.8750                  0.2500            0.0000             0.0085
RISING SUN                                                     7.7500                  0.2500            0.0000             0.0085
LUMBERTON                                                      7.8750                  0.2500            0.0000             0.0085
PITTSTOWN                                                      7.7500                  0.2500            0.0000             0.0085
ELLICOTT CITY                                                  7.6250                  0.2500            0.0000             0.0085
Sacramento                                                     6.5000                  0.2500            0.0000             0.0085
Oakland                                                        6.7500                  0.2500            0.0000             0.0085
Tallahassee                                                    7.1250                  0.2500            0.0000             0.0085
Orlando                                                        7.0000                  0.2500            0.0000             0.0085
Tampa                                                          7.0000                  0.2500            0.0000             0.0085
Gilbert                                                        6.8750                  0.2500            0.0000             0.0085
Surprise                                                       7.2500                  0.2500            0.0000             0.0085
Mesa                                                           7.8750                  0.2500            0.0000             0.0085
Pottstown                                                      6.8750                  0.2500            0.0000             0.0085
Collegeville                                                   7.0000                  0.2500            0.0000             0.0085
Hastings                                                       6.5000                  0.2500            0.0000             0.0085
Washington                                                     7.3750                  0.2500            0.0000             0.0085
COVINGTON                                                      6.2500                  0.2500            0.0000             0.0085
LAKELAND                                                       7.5000                  0.2500            0.0000             0.0085
UNION CITY                                                     7.3750                  0.2500            0.0000             0.0085
Dallas                                                         7.6250                  0.2500            0.0000             0.0085
GRIFFIN                                                        7.5000                  0.2500            0.0000             0.0085
Suwanee                                                        6.6250                  0.2500            0.0000             0.0085
AUSTELL                                                        7.0000                  0.2500            0.0000             0.0085
Hampton                                                        7.3750                  0.2500            0.0000             0.0085
EUHARLEE                                                       7.2500                  0.2500            0.0000             0.0085
MARIETTA                                                       7.5000                  0.2500            0.0000             0.0085
DECATUR                                                        6.8750                  0.2500            0.0000             0.0085
UNION CITY                                                     7.3750                  0.2500            0.0000             0.0085
KENNESAW                                                       5.6250                  0.2500            0.0000             0.0085
VILLA RICA                                                     7.3750                  0.2500            0.0000             0.0085
TEMPLE                                                         6.7500                  0.2500            0.0000             0.0085
Dallas                                                         7.1250                  0.2500            0.0000             0.0085
MCDONOUGH                                                      7.3750                  0.2500            0.0000             0.0085
Riverdale                                                      7.0000                  0.2500            0.0000             0.0085
CANTON                                                         5.6250                  0.2500            0.0000             0.0085
NORCROSS                                                       6.7500                  0.2500            0.0000             0.0085
SNELLVILLE                                                     7.6250                  0.2500            0.0000             0.0085
SUGAR HILL                                                     6.3750                  0.2500            0.0000             0.0085
McDonough                                                      6.6250                  0.2500            0.0000             0.0085
JONESBORO                                                      7.0000                  0.2500            0.0000             0.0085
COLLEGE PARK                                                   7.8750                  0.2500            0.0000             0.0085
JONESBORO                                                      7.5000                  0.2500            0.0000             0.0085
HIRAM                                                          6.5000                  0.2500            0.0000             0.0085
HAMPTON                                                        7.1250                  0.2500            0.0000             0.0085
NORCROSS                                                       6.7500                  0.2500            0.0000             0.0085
FAIRBURN                                                       6.5000                  0.2500            0.0000             0.0085
DACULA                                                         7.5000                  0.2500            0.0000             0.0085
Hartwell                                                       6.5000                  0.2500            0.0000             0.0085
Lithia Springs                                                 7.2500                  0.2500            0.0000             0.0085
Powder Springs                                                 7.5000                  0.2500            0.0000             0.0085
RIVERDALE                                                      7.0000                  0.2500            0.0000             0.0085
ACWORTH                                                        6.2500                  0.2500            0.0000             0.0085
CANTON                                                         7.7500                  0.2500            0.0000             0.0085
CARTERSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
KINGSTON                                                       7.7500                  0.2500            0.0000             0.0085
MANHATTAN BEACH                                                6.3750                  0.2500            0.0000             0.0085
GARDEN GROVE                                                   6.8750                  0.2500            0.0000             0.0085
WASHINGTON                                                     5.7500                  0.2500            0.0000             0.0085
SAN PEDRO                                                      6.7500                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.0000                  0.2500            0.0000             0.0085
VAN NUYS                                                       6.6250                  0.2500            0.0000             0.0085
PALOS VERDES ESTATES                                           6.8750                  0.2500            0.0000             0.0085
INGLEWOOD                                                      6.5000                  0.2500            0.0000             0.0085
PINEHURST                                                      6.8750                  0.2500            0.0000             0.0085
GARDEN GROVE                                                   6.5000                  0.2500            0.0000             0.0085
NORWALK                                                        6.5000                  0.2500            0.0000             0.0085
Las Vegas                                                      6.6250                  0.2500            0.0000             0.0085
CRANBERRY TWP                                                  7.0000                  0.2500            0.0000             0.0085
RIVERSIDE                                                      6.7500                  0.2500            0.0000             0.0085
Rialto                                                         6.8750                  0.2500            0.0000             0.0085
CORAL GABLES                                                   7.1250                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   7.8750                  0.2500            0.0000             0.0085
YUCAIPA                                                        6.3750                  0.2500            0.0000             0.0085
REDONDO BEACH                                                  6.3750                  0.2500            0.0000             0.0085
MIAMI                                                          6.8750                  0.2500            0.0000             0.0085
RED BLUFF                                                      6.7500                  0.2500            0.0000             0.0085
REDONDO BEACH                                                  6.8750                  0.2500            0.0000             0.0085
Los Angeles                                                    5.8750                  0.2500            0.0000             0.0085
NEWTON                                                         6.8750                  0.2500            0.0000             0.0085
ETIWANDA                                                       6.8750                  0.2500            0.0000             0.0085
Hilaleah                                                       6.8750                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.2500                  0.2500            0.0000             0.0085
LOS ANGELES                                                    6.8750                  0.2500            0.0000             0.0085
FOUNTAIN VALLEY                                                6.5000                  0.2500            0.0000             0.0085
GALENA                                                         6.6250                  0.2500            0.0000             0.0085
MEDINA                                                         6.5000                  0.2500            0.0000             0.0085
ONTARIO                                                        6.0000                  0.2500            0.0000             0.0085
CHICAGO                                                        6.7500                  0.2500            0.0000             0.0085
Rolling Meadows                                                7.1250                  0.2500            0.0000             0.0085
Head Of The Harbor                                             7.5000                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.1250                  0.2500            0.0000             0.0085
Saint Louis                                                    6.8750                  0.2500            0.0000             0.0085
Dallas                                                         8.7500                  0.2500            0.0000             0.0085
LOUISVILLE                                                     7.7500                  0.2500            0.0000             0.0085
DALLAS                                                         7.8750                  0.2500            0.0000             0.0085
Houston                                                        8.3750                  0.2500            0.0000             0.0085
HOUSTON                                                        8.6250                  0.2500            0.0000             0.0085
Fort Worth                                                     7.2500                  0.2500            0.0000             0.0085
Denton                                                         7.7500                  0.2500            0.0000             0.0085
Louisville                                                     8.6250                  0.2500            0.0000             0.0085
Weatherford                                                    7.2500                  0.2500            0.0000             0.0085
HOUSTON                                                        8.6250                  0.2500            0.0000             0.0085
Gunter                                                         7.8750                  0.2500            0.0000             0.0085
Louisville                                                     8.6250                  0.2500            0.0000             0.0085
HOUSTON                                                        8.6250                  0.2500            0.0000             0.0085
Louisville                                                     8.6250                  0.2500            0.0000             0.0085
Bowling Green                                                  7.8750                  0.2500            0.0000             0.0085
DENTON                                                         7.8750                  0.2500            0.0000             0.0085
Valrico                                                        7.1250                  0.2500            0.0000             0.0085
Gahanna                                                        7.1250                  0.2500            0.0000             0.0085
GILLESPIE                                                      8.1250                  0.2500            0.0000             0.0085
Krum                                                           6.5000                  0.2500            0.0000             0.0085
WARSAW                                                         8.6250                  0.2500            0.0000             0.0085
Sanger                                                         6.7500                  0.2500            0.0000             0.0085
Cahokia                                                        9.2500                  0.2500            0.0000             0.0085
Cahokia                                                        9.2500                  0.2500            0.0000             0.0085
Cahokia                                                        9.2500                  0.2500            0.0000             0.0085
Stephenville                                                   7.2500                  0.2500            0.0000             0.0085
Lewisville                                                     8.0000                  0.2500            0.0000             0.0085
Little Elm                                                     7.5000                  0.2500            0.0000             0.0085
Itasca                                                         8.2500                  0.2500            0.0000             0.0085
Alvarado                                                       8.5000                  0.2500            0.0000             0.0085
NORWALK                                                        6.0000                  0.2500            0.0000             0.0085
burlingame                                                     7.0000                  0.2500            0.0000             0.0085
Chattanooga                                                    7.6250                  0.2500            0.0000             0.0085
Cumming                                                        7.3750                  0.2500            0.0000             0.0085
Elberta                                                        7.5000                  0.2500            0.0000             0.0085
Mt Pleasant                                                    7.7500                  0.2500            0.0000             0.0085
Dallas                                                         7.6250                  0.2500            0.0000             0.0085
Yulee                                                          7.3750                  0.2500            0.0000             0.0085
Kennesaw                                                       6.7500                  0.2500            0.0000             0.0085
Chelsea                                                        7.5000                  0.2500            0.0000             0.0085
Atlanta                                                        7.0000                  0.2500            0.0000             0.0085
Gainesville                                                    7.7500                  0.2500            0.0000             0.0085
Gulf Shores                                                    7.6250                  0.2500            0.0000             0.0085
RANCHO CUCAMONGA                                               7.5000                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   8.5000                  0.2500            0.0000             0.0085
BAKERSFIELD                                                    8.3750                  0.2500            0.0000             0.0085
ROSEVILLE                                                      6.5000                  0.2500            0.0000             0.0085
LANCASTER                                                      7.1250                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   8.1250                  0.2500            0.0000             0.0085
HOUSTON                                                        7.3750                  0.2500            0.0000             0.0085
DENTON                                                         6.5000                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   6.5000                  0.2500            0.0000             0.0085
NORTH LAS VEGAS                                                7.0000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.6250                  0.2500            0.0000             0.0085
NAPLES                                                         8.3750                  0.2500            0.0000             0.0085
ORLANDO                                                        6.7500                  0.2500            0.0000             0.0085
NORTH LAS VEGAS                                                7.0000                  0.2500            0.0000             0.0085
RIVERVIEW                                                      6.7500                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.5000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.0000                  0.2500            0.0000             0.0085
Caldwell                                                       8.6250                  0.2500            0.0000             0.0085
Muskogee                                                       6.7500                  0.2500            0.0000             0.0085
Caldwell                                                       8.6250                  0.2500            0.0000             0.0085
Colorado Springs                                               7.2500                  0.2500            0.0000             0.0085
WEST JORDAN                                                    7.0000                  0.2500            0.0000             0.0085
COLORADO SPRINGS                                               7.0000                  0.2500            0.0000             0.0085
WEST VALLEY CITY                                               7.5000                  0.2500            0.0000             0.0085
SAINT GEORGE                                                   6.7500                  0.2500            0.0000             0.0085
Roosevelt                                                      8.6250                  0.2500            0.0000             0.0085
Aurora                                                         8.5000                  0.2500            0.0000             0.0085
EAGLE MOUNTAIN                                                 7.5000                  0.2500            0.0000             0.0085
Norwich                                                        8.6250                  0.2500            0.0000             0.0085
Temecula                                                       8.6250                  0.2500            0.0000             0.0085
Murrieta                                                       8.6250                  0.2500            0.0000             0.0085
Murrieta                                                       8.6250                  0.2500            0.0000             0.0085
SPRINGFIELD                                                    8.7500                  0.2500            0.0000             0.0085
SOUTHBRIDGE                                                    8.2500                  0.2500            0.0000             0.0085
MANCHESTER                                                     7.5000                  0.2500            0.0000             0.0085
Lebanon                                                        7.6250                  0.2500            0.0000             0.0085
Roseville                                                      6.6250                  0.2500            0.0000             0.0085
Westminster                                                    7.1250                  0.2500            0.0000             0.0085
Norcross                                                       8.2500                  0.2500            0.0000             0.0085
Henryetta                                                      7.7500                  0.2500            0.0000             0.0085
Wichita                                                        8.2500                  0.2500            0.0000             0.0085
Humble                                                         8.0000                  0.2500            0.0000             0.0085
Detroit                                                        8.2500                  0.2500            0.0000             0.0085
Williamsburg                                                   7.2500                  0.2500            0.0000             0.0085
Columbia                                                       8.2500                  0.2500            0.0000             0.0085
Canton                                                         6.7500                  0.2500            0.0000             0.0085
Garland                                                        8.2500                  0.2500            0.0000             0.0085
Newark                                                         8.5000                  0.2500            0.0000             0.0085
Littleton                                                      6.8750                  0.2500            0.0000             0.0085
Santa Monica                                                   7.5000                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     7.2500                  0.2500            0.0000             0.0085
COLUMBIA                                                       7.5000                  0.2500            0.0000             0.0085
THOUSAND OAKS                                                  7.5000                  0.2500            0.0000             0.0085
Chino                                                          6.7500                  0.2500            0.0000             0.0085
Apple Valley                                                   7.7500                  0.2500            0.0000             0.0085
TUSTIN                                                         6.3750                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   7.5000                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   7.5000                  0.2500            0.0000             0.0085
PLEASANT HILL                                                  6.3750                  0.2500            0.0000             0.0085
QUARTZ HILL ARE                                                6.0000                  0.2500            0.0000             0.0085
LOS ANGELES                                                    6.5000                  0.2500            0.0000             0.0085
Williamsburg                                                   6.5000                  0.2500            0.0000             0.0085
Ft Washington                                                  6.7500                  0.2500            0.0000             0.0085
Lynchburg                                                      6.7500                  0.2500            0.0000             0.0085
College Park                                                   7.7500                  0.2500            0.0000             0.0085
College Park                                                   8.0000                  0.2500            0.0000             0.0085
Monroe                                                         7.7500                  0.2500            0.0000             0.0085
Marietta                                                       7.3750                  0.2500            0.0000             0.0085
Union City                                                     7.0000                  0.2500            0.0000             0.0085
Phoenix                                                        7.0000                  0.2500            0.0000             0.0085
El Mirage                                                      7.5000                  0.2500            0.0000             0.0085
Show Low                                                       7.2500                  0.2500            0.0000             0.0085
North Las Vegas                                                7.2500                  0.2500            0.0000             0.0085
Colorado Springs                                               7.7500                  0.2500            0.0000             0.0085
Shawnee                                                        8.7500                  0.2500            0.0000             0.0085
Shawnee                                                        8.0000                  0.2500            0.0000             0.0085
Long Beach                                                     6.8750                  0.2500            0.0000             0.0085
Fort Worth                                                     7.8750                  0.2500            0.0000             0.0085
Federal Way                                                    7.0000                  0.2500            0.0000             0.0085
ALBUQUERQUE                                                    6.8750                  0.2500            0.0000             0.0085
PHOENIX                                                        6.8750                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     7.2500                  0.2500            0.0000             0.0085
SAN LUIS                                                       7.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.1250                  0.2500            0.0000             0.0085
Glendale                                                       7.2500                  0.2500            0.0000             0.0085
Phoenix                                                        6.7500                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    7.8750                  0.2500            0.0000             0.0085
Albuquerque                                                    6.8750                  0.2500            0.0000             0.0085
ALBUQUERQUE                                                    6.8750                  0.2500            0.0000             0.0085
Salisbury                                                      7.6250                  0.2500            0.0000             0.0085
Winston Salem                                                  7.1250                  0.2500            0.0000             0.0085
Winston Salem                                                  7.7500                  0.2500            0.0000             0.0085
Conyers                                                        7.6250                  0.2500            0.0000             0.0085
Winston                                                        7.5000                  0.2500            0.0000             0.0085
Winston Salem                                                  7.1250                  0.2500            0.0000             0.0085
Hoschton                                                       6.6250                  0.2500            0.0000             0.0085
Mckinney                                                       6.7500                  0.2500            0.0000             0.0085
Allen                                                          6.2500                  0.2500            0.0000             0.0085
Arlington                                                      6.8750                  0.2500            0.0000             0.0085
Mckinney                                                       8.1250                  0.2500            0.0000             0.0085
Lewisville                                                     8.5000                  0.2500            0.0000             0.0085
Kimberly                                                       8.3750                  0.2500            0.0000             0.0085
Kiawah Island                                                  7.8750                  0.2500            0.0000             0.0085
CONYERS                                                        7.7500                  0.2500            0.0000             0.0085
BRUNSWICK                                                      6.5000                  0.2500            0.0000             0.0085
COLUMBUS                                                       8.2500                  0.2500            0.0000             0.0085
KISSIMMEE                                                      7.6250                  0.2500            0.0000             0.0085
ORLANDO                                                        6.8750                  0.2500            0.0000             0.0085
CHARLOTTE                                                      8.1250                  0.2500            0.0000             0.0085
WAYCROSS                                                       6.7500                  0.2500            0.0000             0.0085
CHARLOTTE                                                      7.5000                  0.2500            0.0000             0.0085
PITTSBURGH                                                     6.3750                  0.2500            0.0000             0.0085
ORLANDO                                                        8.1250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.8750                  0.2500            0.0000             0.0085
GOOSE CREEK                                                    6.7500                  0.2500            0.0000             0.0085
SATELLITE BEACH                                                6.6250                  0.2500            0.0000             0.0085
TAMPA                                                          6.8750                  0.2500            0.0000             0.0085
DUMFRIES                                                       7.2500                  0.2500            0.0000             0.0085
BOYCE                                                          6.2500                  0.2500            0.0000             0.0085
WEST PALM BEACH                                                6.3750                  0.2500            0.0000             0.0085
OGDEN                                                          7.5000                  0.2500            0.0000             0.0085
FAIRFAX STATION                                                6.0000                  0.2500            0.0000             0.0085
SAGINAW                                                        7.8750                  0.2500            0.0000             0.0085
PEORIA                                                         5.5000                  0.2500            0.0000             0.0085
KISSIMMEE                                                      7.2500                  0.2500            0.0000             0.0085
WAXHAW                                                         6.5000                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     5.5000                  0.2500            0.0000             0.0085
NORTH PORT                                                     6.0000                  0.2500            0.0000             0.0085
JASPER                                                         6.6250                  0.2500            0.0000             0.0085
STATESBORO                                                     7.0000                  0.2500            0.0000             0.0085
TAMPA                                                          6.3750                  0.2500            0.0000             0.0085
BOULDER                                                        5.5000                  0.2500            0.0000             0.0085
ORLANDO                                                        8.1250                  0.2500            0.0000             0.0085
NAPLES                                                         6.5000                  0.2500            0.0000             0.0085
Dover                                                          6.1250                  0.2500            0.0000             0.0085
ORLANDO                                                        5.8750                  0.2500            0.0000             0.0085
Fitzgerald                                                     7.0000                  0.2500            0.0000             0.0085
ORLANDO                                                        7.7500                  0.2500            0.0000             0.0085
CHARLOTTE                                                      6.2500                  0.2500            0.0000             0.0085
PALM SPRINGS                                                   6.1250                  0.2500            0.0000             0.0085
SUGAR HILL                                                     6.0000                  0.2500            0.0000             0.0085
HARTWELL                                                       6.8750                  0.2500            0.0000             0.0085
ORLANDO                                                        7.6250                  0.2500            0.0000             0.0085
ALEXANDRIA                                                     5.8750                  0.2500            0.0000             0.0085
FREDRICKSBERG                                                  5.5000                  0.2500            0.0000             0.0085
CAMDEN WYOMING                                                 6.5000                  0.2500            0.0000             0.0085
LOS ANGELES                                                    5.5000                  0.2500            0.0000             0.0085
LAWRENCEVILLE                                                  5.5000                  0.2500            0.0000             0.0085
PITTSBURGH                                                     6.6250                  0.2500            0.0000             0.0085
IRMO                                                           7.6250                  0.2500            0.0000             0.0085
KISSIMMEE                                                      7.6250                  0.2500            0.0000             0.0085
NEWPORT NEWS                                                   5.8750                  0.2500            0.0000             0.0085
RALEIGH                                                        5.8750                  0.2500            0.0000             0.0085
KISSIMMEE                                                      7.6750                  0.2500            0.0000             0.0085
Miami                                                          7.0000                  0.2500            0.0000             0.0085
Warren                                                         7.2500                  0.2500            0.0000             0.0085
LANSING                                                        7.5000                  0.2500            0.0000             0.0085
Aldan                                                          7.6250                  0.2500            0.0000             0.0085
Phila                                                          6.7500                  0.2500            0.0000             0.0085
Doylestown                                                     7.2500                  0.2500            0.0000             0.0085
Lake Harmony                                                   6.6250                  0.2500            0.0000             0.0085
Philadelphia                                                   7.5000                  0.2500            0.0000             0.0085
Devon                                                          6.8750                  0.2500            0.0000             0.0085
Dover                                                          7.0000                  0.2500            0.0000             0.0085
Blackwood                                                      7.8750                  0.2500            0.0000             0.0085
Bear                                                           7.2500                  0.2500            0.0000             0.0085
Pleasantville                                                  7.3750                  0.2500            0.0000             0.0085
Pleasantville                                                  7.5000                  0.2500            0.0000             0.0085
Marcus Hook                                                    7.0000                  0.2500            0.0000             0.0085
Pine Hill                                                      7.2500                  0.2500            0.0000             0.0085
Fort Washington                                                6.7500                  0.2500            0.0000             0.0085
Wilmington                                                     7.3750                  0.2500            0.0000             0.0085
Philadelphia                                                   7.1250                  0.2500            0.0000             0.0085
Norristown                                                     7.0000                  0.2500            0.0000             0.0085
Wilmington                                                     7.8750                  0.2500            0.0000             0.0085
WOOLRICH                                                       8.1250                  0.2500            0.0000             0.0085
Wilmington                                                     7.7500                  0.2500            0.0000             0.0085
Philadelphia                                                   6.7500                  0.2500            0.0000             0.0085
MIRAMAR                                                        6.5000                  0.2500            0.0000             0.0085
SAN DIEGO                                                      7.3750                  0.2500            0.0000             0.0085
BELL GARDENS                                                   6.5000                  0.2500            0.0000             0.0085
GRAND PRAIRIE                                                  8.0000                  0.2500            0.0000             0.0085
NORFOLK                                                        7.1250                  0.2500            0.0000             0.0085
VIRGINIA BCH                                                   6.2500                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.0000                  0.2500            0.0000             0.0085
ST AUGUSTINE                                                   7.6250                  0.2500            0.0000             0.0085
Monticello                                                     7.3750                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.0000                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 7.3750                  0.2500            0.0000             0.0085
DAVENPORT                                                      6.6250                  0.2500            0.0000             0.0085
ATL                                                            7.5000                  0.2500            0.0000             0.0085
Des Moines                                                     7.6250                  0.2500            0.0000             0.0085
Stafford                                                       7.2500                  0.2500            0.0000             0.0085
RICHMOND                                                       7.7500                  0.2500            0.0000             0.0085
DECATUR                                                        7.3750                  0.2500            0.0000             0.0085
Lenigh                                                         6.8750                  0.2500            0.0000             0.0085
CEDAR RAPIDS                                                   8.0000                  0.2500            0.0000             0.0085
HUXLEY                                                         7.5000                  0.2500            0.0000             0.0085
Middletown                                                     9.5000                  0.2500            0.0000             0.0085
MYRTLE BEACH                                                   6.7500                  0.2500            0.0000             0.0085
BAYVIEW                                                        7.0000                  0.2500            0.0000             0.0085
HOMER GLEN                                                     6.3750                  0.2500            0.0000             0.0085
Chicago                                                        6.0000                  0.2500            0.0000             0.0085
Phoenix                                                        7.3750                  0.2500            0.0000             0.0085
PHOENIX                                                        6.8750                  0.2500            0.0000             0.0085
CHESAPEAKE                                                     6.8750                  0.2500            0.0000             0.0085
PETERSBURG                                                     7.3750                  0.2500            0.0000             0.0085
NEWPORT NEWS                                                   7.1250                  0.2500            0.0000             0.0085
Dallas                                                         9.0000                  0.2500            0.0000             0.0085
FORT WORTH                                                     7.0000                  0.2500            0.0000             0.0085
Plano                                                          7.5000                  0.2500            0.0000             0.0085
Plano                                                          7.2500                  0.2500            0.0000             0.0085
DALLAS                                                         7.5000                  0.2500            0.0000             0.0085
PLANO                                                          7.8750                  0.2500            0.0000             0.0085
Hilton Head                                                    7.0000                  0.2500            0.0000             0.0085
JERSEY CITY                                                    8.6250                  0.2500            0.0000             0.0085
LAKE WORTH                                                     8.8750                  0.2500            0.0000             0.0085
FRESNO                                                         8.5000                  0.2500            0.0000             0.0085
SAVANNAH                                                       8.5000                  0.2500            0.0000             0.0085
DURHAM                                                         6.5000                  0.2500            0.0000             0.0085
Spring                                                         7.8750                  0.2500            0.0000             0.0085
GREENSBORO                                                     6.8750                  0.2500            0.0000             0.0085
TIVERTON                                                       6.8750                  0.2500            0.0000             0.0085
CEDAR CITY                                                     5.8750                  0.2500            0.0000             0.0085
SAVANNAH                                                       7.5000                  0.2500            0.0000             0.0085
NORMAN                                                         6.7500                  0.2500            0.0000             0.0085
CORCORAN                                                       6.5000                  0.2500            0.0000             0.0085
MIDWEST CITY                                                   5.7500                  0.2500            0.0000             0.0085
CARY                                                           5.6250                  0.2500            0.0000             0.0085
CEDAR CITY                                                     5.8750                  0.2500            0.0000             0.0085
HAWAIIAN GARDENS                                               6.8750                  0.2500            0.0000             0.0085
MIDWEST CITY                                                   5.7500                  0.2500            0.0000             0.0085
RICHMOND                                                       6.8750                  0.2500            0.0000             0.0085
HENDERSON                                                      6.0000                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.6250                  0.2500            0.0000             0.0085
FORT LAUDERDALE                                                7.5000                  0.2500            0.0000             0.0085
TOLEDO                                                         7.0000                  0.2500            0.0000             0.0085
SAVANNAH                                                       7.5000                  0.2500            0.0000             0.0085
OKLAHOMA CITY                                                  5.7500                  0.2500            0.0000             0.0085
PALM HARBOR                                                    6.2500                  0.2500            0.0000             0.0085
DACULA                                                         6.7500                  0.2500            0.0000             0.0085
PALATINE                                                       6.2500                  0.2500            0.0000             0.0085
GLENDALE HEIGHTS                                               6.7500                  0.2500            0.0000             0.0085
CATONSVILLE                                                    6.8750                  0.2500            0.0000             0.0085
KERNERSVILLE                                                   7.7500                  0.2500            0.0000             0.0085
CHARLOTTE                                                      7.0000                  0.2500            0.0000             0.0085
SAVANNAH                                                       7.5000                  0.2500            0.0000             0.0085
SAVANNAH                                                       7.5000                  0.2500            0.0000             0.0085
SAVANNAH                                                       7.5000                  0.2500            0.0000             0.0085
MANASSAS                                                       6.7500                  0.2500            0.0000             0.0085
NEWBERG                                                        6.0000                  0.2500            0.0000             0.0085
SAVANNAH                                                       6.6250                  0.2500            0.0000             0.0085
LONG BEACH                                                     5.1250                  0.2500            0.0000             0.0085
NEWBERG                                                        6.0000                  0.2500            0.0000             0.0085
DILLSBURG                                                      5.6250                  0.2500            0.0000             0.0085
DILLSBURG                                                      5.6250                  0.2500            0.0000             0.0085
FRANKLINTOWN                                                   5.6250                  0.2500            0.0000             0.0085
SAVANNAH                                                       6.6250                  0.2500            0.0000             0.0085
POMPANO BEACH                                                  7.1250                  0.2500            0.0000             0.0085
OKLAHOMA CITY                                                  5.7500                  0.2500            0.0000             0.0085
MIDWEST CITY                                                   5.7500                  0.2500            0.0000             0.0085
VISALIA                                                        6.0000                  0.2500            0.0000             0.0085
DOVER                                                          5.6250                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
LAUDERHILL                                                     5.6250                  0.2500            0.0000             0.0085
SEATTLE                                                        6.6250                  0.2500            0.0000             0.0085
CABOT                                                          8.0000                  0.2500            0.0000             0.0085
KAILUA-KONA                                                    5.7500                  0.2500            0.0000             0.0085
BALDWIN PARK                                                   6.2500                  0.2500            0.0000             0.0085
FRESNO                                                         6.5000                  0.2500            0.0000             0.0085
BELGRADE                                                       6.0000                  0.2500            0.0000             0.0085
LANSDOWNE                                                      9.5000                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    6.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
CHINO HILLS                                                    6.2500                  0.2500            0.0000             0.0085
LINCOLN CITY                                                   6.7500                  0.2500            0.0000             0.0085
LEAGUE CITY                                                    8.0000                  0.2500            0.0000             0.0085
VANCOUVER                                                      6.1250                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   6.7500                  0.2500            0.0000             0.0085
BELTSVILLE                                                     5.8750                  0.2500            0.0000             0.0085
FT THOMAS                                                      6.2500                  0.2500            0.0000             0.0085
NASHUA                                                         7.2500                  0.2500            0.0000             0.0085
ELFRIDA                                                        6.8750                  0.2500            0.0000             0.0085
HOUSTON                                                        5.6250                  0.2500            0.0000             0.0085
GLENDALE                                                       6.2500                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   6.6250                  0.2500            0.0000             0.0085
SUN CITY                                                       5.5000                  0.2500            0.0000             0.0085
CONCORD                                                        7.0000                  0.2500            0.0000             0.0085

CITY1                                         CURRENT_                    MATURITY              STATED_
                                              NET_COUPON                  _DATE                 ORIGINAL_TERM
----------------------------------------------------------------------------------------------------------------------
HIALEAH                                                   6.4915              20360301                            360
MCCLOUD                                                   6.8665              20360301                            360
BETHESDA                                                  6.6165              20360301                            360
Seymour                                                   8.4915              20360201                            360
ARVADA                                                    6.2415              20360301                            360
GARDEN CITY                                               7.6165              20360301                            360
CICERO                                                    6.6165              20360201                            360
NORTH LAS VEGAS                                           6.6165              20360201                            360
GLEN ALLEN                                                6.2415              20360301                            360
HAMPTON                                                   6.6165              20360301                            360
HICKORY CREEK                                             6.2415              20360301                            360
MIDDLEBURG                                                7.2415              20360301                            360
SACRAMENTO                                                5.7415              20360301                            360
ASHBURN                                                   5.8665              20360301                            360
PORTLAND                                                  5.6165              20351001                            360
SURPRISE                                                  6.9915              20350901                            360
MIDLAND                                                   6.6165              20360301                            360
PORTLAND                                                  6.9915              20350901                            360
Holly Springs                                             6.2415              20360301                            360
MONROE                                                    6.4915              20210301                            180
Edison                                                    6.1165              20210301                            180
ALLEN                                                     5.7415              20210301                            180
PAINESVILLE                                               7.1165              20210301                            180
NEWBERG                                                   6.4915              20210301                            180
GOOSE CREEK                                               6.9915              20210301                            180
PLANTATION                                                6.4915              20210301                            180
RALEIGH                                                   7.3665              20210301                            180
MARICOPA                                                  5.8665              20210201                            180
MOUNTAIN TOP                                              7.2415              20210301                            180
BOISE                                                     6.6165              20210301                            180
ALBANY                                                    6.4915              20210201                            180
BIRMINGHAM                                                7.2415              20210301                            180
BROOKLYN                                                  7.4915              20210301                            180
WARREN                                                    7.8665              20210301                            180
Ridgeland                                                 6.4915              20210301                            180
MONROE                                                    6.6165              20210301                            180
AVONDALE                                                  7.2415              20210301                            180
MONROE                                                    6.9915              20210301                            180
SAN ANTONIO                                               7.4915              20210301                            180
SPARTANBURG                                               7.2415              20210201                            180
Crown Point                                               8.2415              20360201                            360
Nicholasville                                             7.2415              20360201                            360
Auburn                                                    9.2415              20360301                            360
Auburn                                                    8.6165              20360301                            360
CHESAPEAKE BEACH                                          6.6165              20360301                            360
WASHINGTON                                                6.9915              20360301                            360
MIAMI                                                     6.6165              20360301                            360
WELLINGTON                                                8.1165              20360301                            360
HOUSTON                                                   6.2415              20360301                            360
MEMPHIS                                                   8.4915              20360301                            360
HAYDEN LAKE                                               7.2415              20360301                            360
Eatontown                                                 6.2415              20360201                            360
FAIRFAX                                                   6.6165              20360301                            360
SIMPSONVILLE                                              6.3665              20360301                            360
Las Cruces                                                6.8665              20360201                            360
TOLEDO                                                    6.8665              20360301                            360
Seaside Heights                                           7.3665              20360301                            360
OLD ORCHARD BEACH                                         6.6165              20360301                            360
LEXINGTON PARK                                            7.9915              20360301                            360
ROCKVILLE                                                 6.6165              20360301                            360
RICHMOND                                                  6.7415              20360301                            360
Paterson                                                  6.9915              20360301                            360
HARRISBURG                                                5.8665              20360301                            360
COLORADO SPRINGS                                          7.3665              20360301                            360
SAN ANTONIO                                               7.7415              20360301                            360
ERIE                                                      7.8665              20360301                            360
HAWLEY                                                    7.7415              20360301                            360
ORLANDO                                                   7.6165              20360301                            360
SAFETY HARBOR                                             7.3665              20360301                            360
Trenton                                                   8.1165              20360301                            360
KALAMAZOO                                                 6.2415              20360301                            360
RIO RANCHO                                                7.3665              20360301                            360
CHICAGO                                                   6.8665              20360301                            360
SILVERTON                                                 6.3665              20360301                            360
EAST HAMPTON                                              6.6165              20360301                            360
PIEDMONT                                                  7.3665              20360301                            360
AKRON                                                     7.2415              20360301                            360
CHICAGO                                                   6.8665              20360301                            360
HOUSTON                                                   6.6165              20360201                            360
CYPRESS                                                   8.2415              20360301                            360
BARTLETT                                                  7.2415              20360301                            360
SALT LAKE CITY                                            6.4915              20360301                            360
INDIANAPOLIS                                              8.4915              20360301                            360
WACO                                                      8.2415              20360301                            360
WINTER PARK                                               6.8665              20360301                            360
SALEM                                                     6.7415              20360301                            360
TAMPA                                                     6.4915              20360301                            360
LAKE CITY                                                 7.2415              20210301                            180
MOUNT PLEASANT                                            6.4915              20360301                            360
TAKOMA PARK                                               6.6165              20360301                            360
GARDNER                                                   6.9915              20360301                            360
SYRACUSE                                                  7.8665              20360301                            360
WASHINGTON                                                6.1165              20360301                            360
MUKILTEO                                                  6.3665              20360301                            360
CHICAGO                                                   7.2415              20360301                            360
MEMPHIS                                                   8.4915              20360301                            360
BRIARWOOD                                                 6.9915              20360301                            360
WACO                                                      8.2415              20360301                            360
BRANDON                                                   7.8665              20360301                            360
LOUISVILLE                                                8.4915              20360301                            360
MARGATE                                                   7.6165              20360301                            360
SYRACUSE                                                  8.3665              20360301                            360
Louisville                                                7.7415              20360301                            360
MESA                                                      7.7415              20360301                            360
CHICAGO                                                   8.2415              20360301                            360
VIRGINIA BEACH                                            8.4915              20360301                            360
LOS BANOS                                                 6.6165              20360301                            360
ORANGE PARK                                               7.2415              20360301                            360
LAS VEGAS                                                 7.6165              20360301                            360
CLEVELAND                                                 8.1165              20360301                            360
COTTAGE GROVE                                             6.3665              20360301                            360
TWIN FALLS                                                6.4915              20360301                            360
CHANTILLY                                                 6.4915              20360301                            360
BOURBONNAIS                                               7.6165              20360301                            360
PASADENA                                                  8.2415              20360301                            360
CHICAGO                                                   7.3665              20360301                            360
DRAPER                                                    7.8665              20360201                            360
CHICAGO                                                   8.2415              20360301                            360
CINCINNATI                                                7.3665              20360301                            360
PLAINFIELD                                                6.6165              20360301                            360
BOILING SPRINGS                                           6.3665              20360301                            360
Delhi                                                     7.8665              20360301                            360
Montebello                                                7.2415              20360301                            360
CLEVELAND                                                 8.3665              20360301                            360
DENVER                                                    7.1165              20360301                            360
GARDEN VALLEY                                             8.8665              20360301                            360
CHICAGO                                                   7.4915              20360301                            360
PEMBROKE PINES                                            9.4915              20360201                            360
BURKE                                                     7.7415              20360301                            360
NASHVILLE                                                 7.1165              20360301                            360
GARFIELD HEIGHTS                                          8.3665              20360301                            360
CAPE CORAL                                                6.6165              20360301                            360
Hendersonville                                            7.4915              20360301                            360
EVERETT                                                   7.3665              20360301                            360
SILVER SPRING                                             6.8665              20360301                            360
OVIEDO                                                    7.6165              20360301                            360
JOHNSTON                                                  6.7415              20360301                            360
PORTLAND                                                  6.9915              20360301                            360
BROOKLYN                                                  7.7415              20360301                            360
PEORIA                                                    7.4915              20360301                            360
PANAMA CITY BEACH                                         7.9915              20360301                            360
CHESTER                                                   5.7415              20360301                            360
DETROIT                                                   7.6165              20360301                            360
Charlotte                                                 6.2415              20360301                            360
FORT LAUDERDALE                                           7.6165              20360301                            360
MESA                                                      7.2415              20360301                            360
DANBURY                                                   8.2415              20360301                            360
MARRERO                                                   7.3665              20360201                            360
Indianapolis                                              8.1165              20360301                            360
HYATTSVILLE                                               7.4915              20360301                            360
Louisville                                                8.6165              20360301                            360
LOUISVILLE                                                6.6165              20360301                            360
LINCOLNTON                                                6.6165              20360301                            360
Lawrenceville                                             6.6165              20360301                            360
SANGER                                                    7.7415              20360301                            360
PHOENIX                                                   7.7415              20360301                            360
STERLING HEIGHTS                                          6.3665              20360301                            360
ABINGDON                                                  6.2415              20360301                            360
GERMANTOWN                                                6.2415              20360301                            360
AURORA                                                    8.2415              20360301                            360
TUCSON                                                    6.6165              20360301                            360
Lafayette                                                 7.8665              20360301                            360
MESA                                                      6.4915              20360301                            360
WINTER HAVEN                                              7.7415              20360301                            360
NORCROSS                                                  7.6165              20360301                            360
KAWKAWLIN                                                 6.6165              20360301                            360
CORONA                                                    7.7415              20360301                            360
GRAVETTE                                                  7.4915              20360301                            360
Charlotte                                                 6.7415              20360301                            360
QUEEN CREEK                                               7.1165              20360301                            360
CHANDLER                                                  6.3665              20360301                            360
BURTON                                                    7.3665              20360301                            360
STREAMWOOD                                                7.8665              20360301                            360
MECHANICSBURG                                             7.2415              20360301                            360
OAKLAND                                                   5.9915              20360301                            360
LAKE WORTH                                                7.1165              20360301                            360
SAINT LOUIS                                               8.1165              20360301                            360
FORT LAUDERDALE                                           8.2415              20360301                            360
Flowery Branch                                            6.9915              20360301                            360
MIAMI BEACH                                               7.3665              20360301                            360
Brooklyn                                                  8.2415              20360301                            360
ATLANTIC BEACH                                            7.7415              20360301                            360
DETROIT                                                   8.1165              20360301                            360
SAINT LOUIS                                               8.2415              20360301                            360
PANAMA CITY                                               8.2415              20360301                            360
COLUMBUS                                                  7.6165              20360301                            360
Garner                                                    6.9915              20360301                            360
STOCKTON                                                  6.1165              20360301                            360
PANAMA CITY BEACH                                         7.2415              20360301                            360
DETROIT                                                   8.2415              20360301                            360
NAPLES                                                    8.2415              20360301                            360
AURORA                                                    7.3665              20360301                            360
WOODBRIDGE                                                7.8665              20360301                            360
PORT SAINT LUCIE                                          8.2415              20360301                            360
Newark                                                    8.4915              20360301                            360
SCOTTSDALE                                                6.3665              20360301                            360
GRANDVIEW                                                 9.2415              20360201                            360
GARNER                                                    6.7415              20360301                            360
PHOENIX                                                   6.6165              20360301                            360
ORLANDO                                                   7.1165              20360301                            360
MOORE                                                     6.6165              20360201                            360
OCOEE                                                     7.9915              20360301                            360
MEMPHIS                                                   8.1165              20360301                            360
WACO                                                      8.2415              20360301                            360
TAMPA                                                     7.9915              20360301                            360
PROVIDENCE                                                8.2415              20360301                            360
CHICAGO                                                   7.8665              20360301                            360
Raleigh                                                   6.2415              20360301                            360
PAHRUMP                                                   7.1165              20360301                            360
JOHNSON CITY                                              7.8665              20360201                            360
ROCHESTER                                                 7.3665              20360301                            360
KENOSHA                                                   7.2415              20360301                            360
DAVIS                                                     7.4915              20210201                            180
CHICAGO                                                   9.2415              20360201                            360
BURBANK                                                   8.3665              20360301                            360
SALEM                                                     7.2415              20360301                            360
FLAGSTAFF                                                 8.2415              20360301                            360
SILVER SPRING                                             6.7415              20360301                            360
SOUTH PADRE ISLAND                                        7.6165              20360301                            360
TAMPA                                                     8.2415              20360301                            360
Hyde Park                                                 6.7415              20360301                            360
LAKELAND                                                  7.8665              20360301                            360
LONGMONT                                                  7.4915              20360301                            360
WOODBRIDGE                                                8.1165              20360301                            360
NORTH CHARLESTON                                          6.4915              20360301                            360
STEVENSVILLE                                              7.1165              20360301                            360
LADSON                                                    8.4915              20360301                            360
BROUSSARD                                                 7.2415              20360301                            360
GERMANTOWN                                                7.6165              20360301                            360
VISTA                                                     7.2415              20360301                            360
MAPLE GLEN                                                8.2415              20360301                            360
VISALIA                                                   8.1165              20360301                            360
SAINT JOSEPH                                              7.7415              20360301                            360
TAMPA                                                     7.1165              20360301                            360
BALTIMORE                                                 7.6165              20360201                            360
POMPANO BEACH                                             7.4915              20360301                            360
CARSON                                                    6.2415              20360201                            360
NORFOLK                                                   5.6165              20210301                            180
STAFFORD                                                  6.3665              20360301                            360
PHILADELPHIA                                              6.2415              20360201                            360
KISSIMMEE                                                 7.6165              20360301                            360
DAYTON                                                    7.9915              20360301                            360
CHANDLER                                                  7.7415              20360301                            360
KENNESAW                                                  6.9915              20360301                            360
CHICAGO                                                   7.4915              20360301                            360
POQUOSON                                                  7.4915              20360301                            360
STERLING                                                  6.7415              20360301                            360
BROOKLYN                                                  8.1165              20360301                            360
CINCINNATI                                                7.6165              20360301                            360
PASCO                                                     6.9915              20360301                            360
ELGIN                                                     7.1165              20360301                            360
MISSOULA                                                  7.3665              20360301                            360
Pikeville                                                 7.2415              20360301                            360
LEWISVILLE                                                7.6165              20360301                            360
WEST WARWICK                                              7.2415              20360301                            360
Passaic                                                   7.8665              20360301                            360
LAND O LAKES                                              6.4915              20360301                            360
CARSON CITY                                               7.4915              20360301                            360
EASLEY                                                    7.6165              20360301                            360
SPRING HILL                                               8.2415              20360301                            360
DEERFIELD BEACH                                           7.3665              20360201                            360
CLARKSTON                                                 7.3665              20360301                            360
SLIDELL                                                   6.8665              20360301                            360
NASHUA                                                    7.2415              20360301                            360
LAS VEGAS                                                 8.4915              20360201                            360
CHICAGO                                                   7.2415              20360301                            360
Alameda                                                   6.3665              20360301                            360
Bloomfield                                                7.6165              20360201                            360
DETROIT                                                   7.2415              20360301                            360
MIDDLETOWN                                                6.1165              20360301                            360
GREENVILLE                                                8.4915              20360201                            360
REYNOLDSBURG                                              6.2415              20360301                            360
CANTON                                                    6.6165              20360301                            360
SUN CITY WEST                                             7.9915              20360301                            360
BAKERSFIELD                                               6.3665              20360301                            360
CHICKASAW                                                 8.8665              20360301                            360
TAMPA                                                     8.2415              20360301                            360
ROCHESTER                                                 7.8665              20360301                            360
Greensboro                                                7.7415              20360301                            360
Albuquerque                                               8.4915              20360301                            360
MARICOPA                                                  8.2415              20360301                            360
OVIEDO                                                    7.4915              20360301                            360
CHICAGO                                                   7.1165              20360301                            360
South Plainfield                                          7.3665              20360301                            360
MEMPHIS                                                   8.4915              20360301                            360
LOS ANGELES                                               6.8665              20360201                            360
NORTH WEBSTER                                             7.7415              20360201                            360
INDIO                                                     6.4915              20360301                            360
HENDERSON                                                 7.9915              20360301                            360
SPRINGDALE                                                7.2415              20360201                            360
BROOKLYN                                                  7.9915              20360301                            360
SPRINGFIELD                                               7.8665              20360301                            360
CLINTON                                                   7.6165              20360301                            360
Hampton                                                   7.7415              20360201                            360
Wendell                                                   6.2415              20360301                            360
CLINTON                                                   6.2415              20360301                            360
SAINT PETERSBURG                                          6.4915              20360301                            360
JACKSONVILLE                                              7.7415              20360301                            360
Louisville                                                7.3665              20360301                            360
SUMMERVILLE                                               7.2415              20360301                            360
Newburgh                                                  7.6165              20360301                            360
SYRACUSE                                                  7.6165              20360301                            360
SYRACUSE                                                  7.6165              20360301                            360
TOPEKA                                                    7.1165              20360301                            360
EVANSTON                                                  6.6165              20360301                            360
SILVER SPRING                                             8.1165              20360301                            360
BRONX                                                     8.2415              20360301                            360
PARKLAND                                                  8.2415              20360301                            360
Louisville                                                7.8665              20360201                            360
WOONSOCKET                                                6.6165              20360301                            360
Waxhaw                                                    6.6165              20360301                            360
AUBURN                                                    6.9915              20360301                            360
CAMDEN                                                    7.4915              20360301                            360
BELTSVILLE                                                6.4915              20360301                            360
CHICAGO                                                   7.8665              20360301                            360
PHOENIXVILLE                                              8.2415              20360301                            360
MIAMI                                                     8.2415              20360301                            360
VALLEJO                                                   7.1165              20360301                            360
SPRINGFIELD                                               9.2415              20360101                            360
LARGO                                                     7.2415              20360301                            360
PORT TOBACCO                                              7.1165              20360301                            360
HIALEAH                                                   6.7415              20360301                            360
MORENO VALLEY                                             6.1165              20350901                            360
CHICAGO                                                   7.4915              20360301                            360
Worcester                                                 5.3665              20350701                            360
PEORIA                                                    6.6165              20360301                            360
DETROIT                                                   6.1165              20350801                            360
COLUMBUS                                                  9.4915              20360301                            360
BIRCHRUNVILLE                                             6.9915              20351001                            360
OAKTON                                                    5.8665              20360301                            360
Newark                                                    7.1165              20360301                            360
Atlanta                                                   7.2415              20360301                            360
ROCHESTER                                                 6.3665              20360301                            360
ROCHESTER                                                 6.3665              20360301                            360
BROWNS VALLEY                                             5.9915              20360301                            360
QUEEN CREEK                                               8.2415              20360301                            360
DENVER                                                    6.6165              20360301                            360
MAGNOLIA                                                  6.4915              20360301                            360
HENDERSON                                                 6.1165              20360301                            360
MISSION                                                   6.9915              20360301                            360
Lawrenceville                                             7.4915              20360301                            360
Beverly                                                   6.3665              20360301                            360
HOUSTON                                                   6.4915              20360301                            360
PALM BAY                                                  8.2415              20351001                            360
WASHINGTON                                                6.8665              20350501                            360
GARLAND                                                   5.9915              20350801                            360
GARLAND                                                   5.9915              20350801                            360
GARLAND                                                   5.9915              20350801                            360
PORT SAINT LUCIE                                          7.8665              20360301                            360
WYANDANCH                                                 6.8665              20350801                            360
CERES                                                     6.1165              20360301                            360
DESERT HILLS                                              7.8665              20360301                            360
Nantucket                                                 6.4915              20360301                            360
West Springfield                                          7.4915              20360301                            360
PHILADELPHIA                                              6.6165              20360301                            360
LIVERPOOL                                                 7.3665              20360301                            360
BOSTON                                                    7.6165              20360301                            360
ORLANDO                                                   6.6165              20360301                            360
PHOENIX                                                   7.3665              20360301                            360
MARCO ISLAND                                              8.2415              20360301                            360
LAS VEGAS                                                 7.2415              20360301                            360
TAMPA                                                     6.4915              20360301                            360
THE DALLES                                                5.9915              20360301                            360
COLUMBUS                                                  6.8665              20360301                            360
CHICAGO                                                   8.1165              20360301                            360
BEND                                                      6.9915              20360301                            360
CINCINNATI                                                7.3665              20360301                            360
JACKSONVILLE                                              6.6165              20360301                            360
Visalia                                                   7.6165              20360301                            360
NAPLES                                                    7.2415              20360301                            360
SUN CITY                                                  6.6165              20360301                            360
SUMMERVILLE                                               7.1165              20360301                            360
INDIANAPOLIS                                              7.8665              20360301                            360
DETROIT                                                   8.4915              20360301                            360
COPIAGUE                                                  6.4915              20360301                            360
STUART                                                    7.3665              20360301                            360
LEBANON                                                   7.4915              20360301                            360
ANTHEM                                                    7.3665              20360301                            360
ROYAL PALM BEACH                                          7.7415              20360301                            360
DUMFRIES                                                  7.7415              20360301                            360
CLEVELAND                                                 7.4915              20360301                            360
CHICAGO                                                   6.9915              20360301                            360
BRONX                                                     7.3665              20360301                            360
GLENDALE                                                  6.3665              20360301                            360
MORENO VALLEY                                             6.9915              20360301                            360
CHESTERFIELD                                              6.6165              20360301                            360
Newark                                                    6.7415              20360301                            360
SALEM                                                     6.8665              20360301                            360
ANNAPOLIS                                                 5.7415              20360301                            360
WAYNESBORO                                                6.2415              20360301                            360
Powder Springs                                            6.6165              20360301                            360
TEMPE                                                     6.6165              20360301                            360
QUEEN CREEK                                               6.3665              20360301                            360
TAMPA                                                     7.6165              20360301                            360
DELAND                                                    7.2415              20360301                            360
WOODBRIDGE                                                6.4915              20360301                            360
FALLON                                                    6.8665              20360201                            360
STREAMWOOD                                                7.2415              20360301                            360
MCLEAN                                                    8.4915              20360301                            360
YORK                                                      7.8665              20360301                            360
VISALIA                                                   8.1165              20360301                            360
MIDVALE                                                   6.4915              20360301                            360
ANDERSON                                                  7.7415              20360301                            360
PROVIDENCE                                                7.2415              20360301                            360
HOLLYWOOD                                                 8.4915              20360301                            360
BUCKEYE                                                   7.2415              20360301                            360
Charlotte                                                 8.2415              20360301                            360
EASTON                                                    7.2415              20360301                            360
SARASOTA                                                  7.3665              20360301                            360
QUEEN CREEK                                               7.2415              20360301                            360
LITHIA                                                    7.8665              20360301                            360
FALLON                                                    6.8665              20360201                            360
Louisville                                                8.2415              20360301                            360
PORTLAND                                                  6.6165              20360201                            360
RIVIERA BEACH                                             7.2415              20360301                            360
CHICAGO                                                   7.7415              20360301                            360
CHICAGO                                                   7.6165              20360201                            360
COATESVILLE                                               6.6165              20360301                            360
GREENFIELD                                                6.9915              20360201                            360
KNOXVILLE                                                 6.4915              20360301                            360
SEVERN                                                    5.6165              20360301                            360
CITRUS HEIGHTS                                            7.2415              20360301                            360
BOWIE                                                     7.8665              20360301                            360
BRONX                                                     6.6165              20360301                            360
QUEEN CREEK                                               7.8665              20360301                            360
BALTIMORE                                                 8.2415              20360301                            360
JOHNSTON                                                  7.8665              20360301                            360
PROVIDENCE                                                7.7415              20360301                            360
EDGEWATER                                                 6.2415              20360301                            360
SILVER SPRING                                             7.4915              20360301                            360
Provo                                                     7.3665              20360301                            360
LACEY                                                     7.4915              20360201                            360
roxboro                                                   5.9915              20360301                            360
COCKEYSVILLE                                              5.7415              20210301                            180
GERMANTOWN                                                6.8665              20360301                            360
NEILTON                                                   6.7415              20360301                            360
COLUMBIA                                                  7.8665              20360301                            360
HAZEL CREST                                               7.8665              20360301                            360
SIMPSONVILLE                                              6.3665              20360301                            360
MAYWOOD                                                   6.6165              20360301                            360
LAKE WORTH                                                6.2415              20360301                            360
SIMPSONVILLE                                              8.4915              20360301                            360
OGDEN                                                     7.2415              20360201                            360
JACKSONVILLE                                              6.6165              20360301                            360
VERO BEACH                                                6.6165              20360201                            360
CASA GRANDE                                               6.9915              20360301                            360
DANA POINT                                                6.6165              20360301                            360
SILVER SPRING                                             6.8665              20360301                            360
LINDENHURST                                               6.8665              20360301                            360
TAYLOR                                                    6.8665              20360301                            360
LOS ANGELES                                               7.2415              20360301                            360
MOUNT POCONO                                              7.1165              20360301                            360
WARWICK                                                   6.6165              20360301                            360
METAMORA                                                  7.6165              20360301                            360
MEMPHIS                                                   7.8665              20360201                            360
FRISCO                                                    7.3665              20360301                            360
PHOENIX                                                   7.4915              20360301                            360
SPARTANBURG                                               7.1165              20360301                            360
COLUMBUS                                                  6.4915              20360301                            360
SPARTANBURG                                               7.7415              20360301                            360
TRAVELERS REST                                            6.1165              20360301                            360
ALSTEAD                                                   7.6165              20360301                            360
SPRING BRANCH                                             8.2415              20360301                            360
Plainfield                                                6.8665              20360301                            360
BROOKLYN                                                  5.9915              20360301                            360
PHOENIX                                                   7.4915              20360301                            360
BROOKLYN                                                  6.6165              20360201                            360
CHICAGO                                                   7.2415              20360301                            360
SPRING BRANCH                                             6.7415              20360201                            360
PHOENIX                                                   7.4915              20360301                            360
PHOENIX                                                   6.9915              20360301                            360
DETROIT                                                   7.8665              20360301                            360
BROOKLYN                                                  7.8665              20360301                            360
WASHINGTON                                                7.6165              20360301                            360
COVINGTON                                                 6.2415              20360301                            360
PUYALLUP                                                  6.4915              20360301                            360
Apollo Beach                                              6.4915              20360301                            360
MORENO VALLEY                                             6.2415              20360301                            360
TREASURE ISLAND                                           7.8665              20360301                            360
MERRITT ISLAND                                            6.8665              20360301                            360
STERLING                                                  5.9915              20360201                            360
BALTIMORE                                                 8.1165              20360301                            360
Atlanta                                                   7.8665              20360301                            360
DERWOOD                                                   7.3665              20360301                            360
COOPER CITY                                               6.7415              20360301                            360
MIDLOTHIAN                                                6.6165              20360301                            360
WALTON                                                    7.4915              20360301                            360
WEST PALM BEACH                                           7.8665              20360301                            360
JOLIET                                                    6.9915              20360301                            360
SPARTANBURG                                               6.2415              20360301                            360
GAINESVILLE                                               6.4915              20360301                            360
BATON ROUGE                                               6.6165              20360201                            360
GREENVILLE                                                7.7415              20360301                            360
PHILADELPHIA                                              7.8665              20360301                            360
CHARDON                                                   6.4915              20360301                            360
MESA                                                      5.9915              20360301                            360
Billings                                                  7.2415              20360301                            360
CINCINNATI                                                7.2415              20360301                            360
GIBSONTON                                                 7.4915              20360301                            360
MOBILE                                                    7.8665              20360301                            360
WEST PALM BEACH                                           6.3665              20360301                            360
Fall River                                                7.8665              20360301                            360
TUCSON                                                    5.9915              20360301                            360
RICHMOND                                                  7.7415              20360301                            360
JACKSON                                                   8.4915              20360301                            360
HEFLIN                                                    7.9915              20360301                            360
PHOENIX                                                   7.1165              20210301                            180
PANAMA CITY BEACH                                         8.2415              20360301                            360
Charlotte                                                 6.3665              20360301                            360
SPRINGFIELD                                               7.1165              20360301                            360
AMITYVILLE                                                6.6165              20360301                            360
DETROIT                                                   7.8665              20360301                            360
BELLINGHAM                                                6.4915              20360301                            360
ORLANDO                                                   7.8665              20360301                            360
SARASOTA                                                  6.6165              20360301                            360
COLUMBIA                                                  6.4915              20360301                            360
WASHINGTON                                                6.7415              20360301                            360
TRENTON                                                   7.6165              20360301                            360
RAYTOWN                                                   7.6165              20360301                            360
SYRACUSE                                                  8.3665              20360301                            360
CHANTILLY                                                 7.6165              20360301                            360
SAN CLEMENTE                                              7.3665              20360301                            360
PONTIAC                                                   7.8665              20360301                            360
WESTFIELD                                                 8.4915              20360301                            360
DETROIT                                                   7.8665              20360301                            360
BELTON                                                    6.3665              20360301                            360
DETROIT                                                   7.4915              20360301                            360
DETROIT                                                   7.4915              20360301                            360
KANSAS CITY                                               7.4915              20360301                            360
HOUSTON                                                   7.6165              20360301                            360
SUPERIOR                                                  7.3665              20360301                            360
LISLE                                                     7.7415              20360301                            360
REDFORD                                                   8.4915              20360301                            360
Noblesville                                               6.4915              20360301                            360
Noblesville                                               6.4915              20360301                            360
Woodstock                                                 6.4915              20360201                            360
SALT LAKE CITY                                            6.4915              20360301                            360
MEMPHIS                                                   7.9915              20360301                            360
KANSAS CITY                                               7.7415              20360201                            360
Rio Rancho                                                8.4915              20360301                            360
SCOTTSDALE                                                6.4915              20360301                            360
HORN LAKE                                                 7.1165              20360201                            360
Winston Salem                                             7.9915              20360301                            360
BALTIMORE                                                 6.7415              20360301                            360
COVINGTON                                                 7.6165              20360301                            360
BATON ROUGE                                               6.9915              20360301                            360
PALM BEACH GARDENS                                        6.4915              20360301                            360
CANTON                                                    7.6165              20360301                            360
BATON ROUGE                                               6.9915              20360301                            360
OCALA                                                     8.2415              20360301                            360
PORTLAND                                                  8.2415              20360301                            360
KANSAS CITY                                               7.7415              20360201                            360
KANSAS CITY                                               7.7415              20360201                            360
WINSTON SALEM                                             7.9915              20360301                            360
RAYTOWN                                                   7.6165              20360301                            360
SAN BERNARDINO                                            8.9915              20360301                            360
Charlotte                                                 8.1165              20360301                            360
DALLAS                                                    6.2415              20360301                            360
Winston Salem                                             7.9915              20360301                            360
MEMPHIS                                                   8.1165              20360301                            360
Winston Salem                                             7.6165              20360301                            360
Winston Salem                                             7.6165              20360301                            360
GALVESTON                                                 6.9915              20360301                            360
MEMPHIS                                                   8.1165              20360301                            360
MEMPHIS                                                   8.1165              20360301                            360
FALLS CHURCH                                              8.6165              20360301                            360
RICHMOND                                                  6.6165              20360301                            360
SOUND BEACH                                               7.9915              20360301                            360
AUGUSTA                                                   6.9915              20360301                            360
Trenton                                                   7.6165              20360301                            360
TRENTON                                                   7.6165              20360301                            360
KANNAPOLIS                                                8.2415              20360301                            360
TRENTON                                                   7.6165              20360301                            360
OCOEE                                                     7.7415              20360301                            360
Concord                                                   8.4915              20360301                            360
Pompton Plains                                            5.9915              20360301                            360
KNOXVILLE                                                 6.7415              20360301                            360
COLUMBIA                                                  7.6165              20360301                            360
SAN LEANDRO                                               7.1165              20360301                            360
TEMPE                                                     6.8665              20360301                            360
ROCHESTER HILLS                                           7.7415              20360301                            360
Bradenton Beach                                           7.6165              20360301                            360
OAKLAND                                                   7.6165              20360301                            360
ROSELLE                                                   7.3665              20360301                            360
FLAT ROCK                                                 7.6165              20360301                            360
MADRAS                                                    6.6165              20360301                            360
KANSAS CITY                                               6.4915              20210301                            180
MADRAS                                                    6.6165              20360301                            360
ELK GROVE                                                 6.6165              20360301                            360
DETROIT                                                   8.2415              20360301                            360
PORTSMOUTH                                                6.1165              20360301                            360
HIALEAH                                                   6.4915              20360301                            360
MOLINE                                                    6.9915              20360301                            360
MANCHESTER                                                8.2415              20360301                            360
ARVERNE                                                   7.8665              20360301                            360
WOBURN                                                    6.9915              20360301                            360
PHOENIX                                                   6.7415              20360301                            360
LAS VEGAS                                                 7.2415              20360301                            360
OCEANSIDE                                                 6.7415              20360301                            360
SPRING                                                    6.4915              20360301                            360
PHOENIX                                                   7.8665              20360301                            360
LAREDO                                                    6.2415              20360301                            360
ROCKVALE                                                  7.2415              20360301                            360
NORTH BELLMORE                                            6.4915              20360301                            360
Los Angeles                                               7.2415              20360301                            360
SPARTANBURG                                               7.2415              20360301                            360
Acworth                                                   7.8665              20360301                            360
COLUMBUS                                                  7.6165              20360301                            360
LAS VEGAS                                                 6.8665              20360301                            360
COACHELLA                                                 7.1165              20360301                            360
Lumberton                                                 8.2415              20360301                            360
BILLINGS                                                  6.8665              20360201                            360
SCHENECTADY                                               7.7415              20360301                            360
BILOXI                                                    7.4915              20360301                            360
GULFPORT                                                  7.4915              20360301                            360
SPARTANBURG                                               8.4915              20360301                            360
BALTIMORE                                                 7.7415              20360301                            360
SPARTANBURG                                               7.9915              20360301                            360
WALDORF                                                   7.9915              20360301                            360
ROUND LAKE                                                7.6165              20360301                            360
Decatur                                                   8.1165              20360301                            360
DES PLAINES                                               7.4915              20360301                            360
CHICAGO                                                   7.2415              20360301                            360
PIEDMONT                                                  7.7415              20360301                            360
PORTLAND                                                  6.7415              20360301                            360
SAN ANTONIO                                               8.2415              20360301                            360
SAN ANTONIO                                               8.1165              20360301                            360
SAN ANTONIO                                               8.1165              20360301                            360
CRANSTON                                                  7.3665              20210301                            180
HOUSTON                                                   7.4915              20360301                            360
QUEEN CREEK                                               7.8665              20360301                            360
DAYTON                                                    7.2415              20360301                            360
Atlanta                                                   7.8665              20360301                            360
EASTPOINTE                                                7.4915              20360301                            360
LITTLE ROCK                                               7.7415              20360301                            360
MILFORD                                                   6.8665              20360301                            360
SURPRISE                                                  7.6165              20360301                            360
ROEBUCK                                                   7.9915              20360301                            360
SEVIERVILLE                                               6.1165              20360301                            360
NEW HAVEN                                                 6.9915              20360301                            360
GATLINBURG                                                6.1165              20360301                            360
WASHINGTON                                                6.7415              20360301                            360
SOUTHFIELD                                                6.4915              20360301                            360
LINCOLNWOOD                                               7.1165              20360301                            360
COLUMBUS                                                  6.8665              20360301                            360
DOVER                                                     7.3665              20360301                            360
Buckeye                                                   6.2415              20360201                            360
QUEEN CREEK                                               5.7415              20360301                            360
MESA                                                      8.2415              20360301                            360
Everett                                                   5.4915              20351001                            360
PROVIDENCE                                                7.1165              20360301                            360
Atlanta                                                   7.4915              20360301                            360
Chickamauga                                               9.1165              20360101                            360
JACKSONVILLE                                              7.4915              20360301                            360
North Bethesda                                            7.9915              20360301                            360
BRENTWOOD                                                 6.3665              20360301                            360
Glendale                                                  7.6165              20360301                            360
PEMBROKE                                                  7.8665              20360301                            360
PHOENIX                                                   7.6165              20360301                            360
TAMPA                                                     6.9915              20360301                            360
MIAMI BEACH                                               6.9915              20360301                            360
JERSEY CITY                                               6.3665              20360301                            360
SIOUX FALLS                                               7.8665              20360201                            360
MARICOPA                                                  8.2415              20360301                            360
AURORA                                                    7.8665              20360201                            360
Corrales                                                  6.3665              20360301                            360
BOLINGBROOK                                               8.4915              20360301                            360
SPARTANBURG                                               8.4915              20360201                            360
NEW YORK                                                  6.6165              20360301                            360
DOUGLASSVILLE                                             6.9915              20360301                            360
Albuquerque                                               6.3665              20360301                            360
HILTON HEAD ISLAND                                        8.4915              20360301                            360
ASTORIA                                                   7.8665              20360301                            360
WHEATON                                                   6.9915              20360301                            360
PLATTSBURG                                                6.6165              20360301                            360
FORT ATKINSON                                             8.2415              20360301                            360
MIDDLETOWN                                                5.8665              20360201                            360
BROOKLYN                                                  7.9915              20360301                            360
LAS VEGAS                                                 6.4915              20360301                            360
FORT LAUDERDALE                                           7.7415              20360301                            360
FALLS CHURCH                                              7.8665              20360301                            360
OXNARD                                                    6.8665              20360301                            360
DETROIT                                                   8.2415              20360301                            360
CHESTER                                                   6.2415              20360301                            360
NORFOLK                                                   6.6165              20360301                            360
SANDPOINT                                                 6.7415              20360301                            360
PARADISE                                                  7.1165              20360301                            360
CAPE CORAL                                                8.2415              20360301                            360
SEDONA                                                    6.6165              20360301                            360
PAWLEYS ISLAND                                            6.7415              20360301                            360
COUNTRY CLUB HILLS                                        8.1165              20360301                            360
Passaic                                                   6.6165              20360301                            360
Franklin                                                  7.9915              20360301                            360
SAN ANTONIO                                               7.9915              20360301                            360
BRIDGEPORT                                                6.9915              20360301                            360
SANDY                                                     8.1165              20360301                            360
SURPRISE                                                  7.9915              20360301                            360
CHICAGO                                                   8.2415              20360301                            360
LAKE FOREST                                               7.4915              20360301                            360
FARMINGVILLE                                              7.6165              20360301                            360
PALM BAY                                                  7.9915              20360301                            360
BIRMINGHAM                                                8.2415              20360301                            360
WALDORF                                                   6.3665              20360301                            360
West New York                                             6.1165              20360301                            360
PHOENIX                                                   8.2415              20360301                            360
DETROIT                                                   7.6165              20360301                            360
CONWAY                                                    7.4915              20360301                            360
HUNTLEY                                                   7.1165              20360301                            360
INDIO                                                     7.2415              20360301                            360
WESTWOOD                                                  9.3665              20360201                            360
TEHACHAI                                                  7.6165              20360301                            360
CLEVELAND                                                 7.3665              20360301                            360
BAKERSFIELD                                               7.4915              20360301                            360
SWANSEA                                                   8.3665              20360301                            360
SCOTTSDALE                                                7.7415              20360301                            360
BUCKEYE                                                   6.3665              20360301                            360
WILLOWBROOK                                               6.9915              20360301                            360
KANSAS CITY                                               7.8665              20360301                            360
MARICOPA                                                  6.9915              20360301                            360
FOREST GROVE                                              6.6165              20360301                            360
MARICOPA                                                  7.1165              20360301                            360
RIDGELY                                                   6.4915              20360201                            360
CEDAR POINT                                               7.2415              20360301                            360
FREDERICKSBURG                                            8.4915              20360301                            360
BALTIMORE                                                 7.1165              20210301                            180
LAS VEGAS                                                 7.6165              20360301                            360
PEORIA                                                    6.1165              20360301                            360
Ahoskie                                                   7.8665              20360301                            360
JACKSONVILLE                                              8.2415              20360301                            360
Evansville                                                7.4915              20360301                            360
BRYANS ROAD                                               6.9915              20360301                            360
WALDORF                                                   6.7415              20360301                            360
JACKSONVILLE                                              8.2415              20360301                            360
MEMPHIS                                                   7.6165              20360301                            360
LORTON                                                    7.4915              20360301                            360
SALISBURY                                                 7.3665              20360301                            360
SAINT LOUIS                                               7.9915              20360301                            360
Trenton                                                   7.3665              20360201                            360
REDMOND                                                   8.2415              20360301                            360
MEMPHIS                                                   7.6165              20360301                            360
TOLEDO                                                    7.8665              20360201                            360
TAMPA                                                     7.1165              20360301                            360
SAINT LOUIS                                               7.9915              20360301                            360
PROVIDENCE                                                7.8665              20360301                            360
RICHMOND                                                  6.4915              20360201                            360
ISLE OF PALMS                                             7.6165              20360301                            360
CENTEREACH                                                6.6165              20360301                            360
SAINT LOUIS                                               8.2415              20360301                            360
LANCASTER                                                 7.4915              20360201                            360
NORTH LAS VEGAS                                           5.7415              20360301                            360
Woodstock                                                 7.4915              20360301                            360
LONG BEACH                                                7.2415              20360301                            360
EVANSTON                                                  7.4915              20360301                            360
PEYTON                                                    6.3665              20360301                            360
Marietta                                                  8.2415              20360301                            360
EVANSTON                                                  7.4915              20360301                            360
INDIANAPOLIS                                              8.1165              20360301                            360
Sunbury                                                   7.4915              20360301                            360
Rome                                                      7.4915              20360301                            360
ORLANDO                                                   7.1165              20360301                            360
EVANSTON                                                  7.4915              20360301                            360
AMSTERDAM                                                 8.2415              20360301                            360
MIAMI                                                     7.4915              20360301                            360
EL PASO                                                   7.3665              20360301                            360
FALLS CHURCH                                              8.4915              20360301                            360
TYLER                                                     6.6165              20360301                            360
LADYS ISLAND                                              6.4915              20360301                            360
JAMAICA                                                   6.6165              20360301                            360
CHICAGO                                                   6.9915              20360301                            360
Fort Wayne                                                7.6165              20360301                            360
BALTIMORE                                                 6.2415              20360301                            360
PALM COAST                                                6.9915              20360301                            360
Hillsborough                                              7.6165              20360301                            360
ALEXANDRIA                                                7.9915              20360301                            360
CRYSTAL SPRINGS                                           7.4915              20360301                            360
PHOENIX                                                   7.1165              20360301                            360
VIRGINIA BEACH                                            7.3665              20360301                            360
PORT JEFFERSON STATION                                    6.9915              20360301                            360
DAYTON                                                    8.2415              20360301                            360
BAYONNE                                                   6.1165              20360301                            360
WELLINGTON                                                8.2415              20360301                            360
AKRON                                                     8.2415              20360301                            360
MARYVILLE                                                 8.4915              20360301                            360
WARRENTON                                                 6.7415              20360301                            360
OGDEN                                                     7.2415              20360201                            360
EL PASO                                                   7.2415              20360301                            360
SOUTH PADRE ISLAND                                        7.6165              20360301                            360
FARMINGTON                                                6.3665              20360301                            360
FARMINGTON                                                6.3665              20360301                            360
GRANDVILLE                                                9.2415              20360201                            360
BAY SHORE                                                 6.9915              20360301                            360
BURNSVILLE                                                6.1165              20360301                            360
Evansville                                                7.8665              20360301                            360
KIRKLAND                                                  6.8665              20360301                            360
DUNELLEN                                                  7.3665              20360201                            360
HOLLYWOOD                                                 7.8665              20360301                            360
Tigard                                                    6.8665              20360101                            360
PORT SAINT LUCIE                                          8.2415              20360301                            360
PALISADES                                                 9.4915              20360201                            360
MERCED                                                    6.9915              20360301                            360
SAINT ALBANS                                              7.3665              20360301                            360
DAYTON                                                    7.8665              20360301                            360
EL MONTE                                                  6.6165              20360201                            360
SIDNEY                                                    6.9915              20360301                            360
JACKSONVILLE                                              6.7415              20360301                            360
BRIDGEPORT                                                7.1165              20360301                            360
LAWRENCEVILLE                                             8.2415              20360301                            360
WATERFORD                                                 6.8665              20360301                            360
MONROE                                                    6.9915              20210301                            180
Atlantic Beach                                            6.9915              20360301                            360
Kalamazoo                                                 6.2415              20360301                            360
WINCHESTER                                                6.9915              20360301                            360
SPOKANE                                                   7.4915              20360301                            360
West Sacramento                                           7.2415              20360301                            360
FORT WORTH                                                6.7415              20360301                            360
SUNRISE                                                   7.1165              20360301                            360
MARYSVILLE                                                7.2415              20360301                            360
CONCORD                                                   6.9915              20360301                            360
SIOUX FALLS                                               7.8665              20360201                            360
COLUMBUS                                                  7.3665              20360301                            360
NEWBERG                                                   7.2415              20360301                            360
BELLEROSE                                                 7.2415              20360301                            360
Paterson                                                  7.6165              20360301                            360
LEWES                                                     5.6165              20360301                            360
Boston                                                    6.7415              20360201                            360
BOOTHWYN                                                  7.4915              20360301                            360
TUCSON                                                    6.2415              20360301                            360
CHICAGO                                                   7.2415              20350801                            360
CHARLOTTE                                                 8.2415              20360301                            360
WHEATON                                                   7.4915              20360301                            360
FORT MYERS                                                6.6165              20350901                            360
TINLEY PARK                                               7.3665              20360301                            360
GRANTS PASS                                               7.6165              20360301                            360
RIGBY                                                     6.3665              20350901                            360
STREAMWOOD                                                6.6165              20350901                            360
MILTON                                                    7.4915              20360301                            360
Toms River                                                7.3665              20360301                            360
SAINT GEORGE                                              7.7415              20360301                            360
PATASKALA                                                 6.8665              20351001                            360
LOVELAND                                                  7.4915              20360301                            360
Boston                                                    7.1165              20360301                            360
VIRGINIA BEACH                                            7.1165              20360301                            360
APPLE VALLEY                                              8.3665              20360301                            360
BOYNTON BEACH                                             7.8665              20360301                            360
PONTIAC                                                   6.6165              20350901                            360
CHICAGO                                                   7.8665              20360301                            360
NEWBURGH                                                  6.7415              20350901                            360
Mcdonough                                                 7.7415              20360301                            360
Boston                                                    7.1165              20360301                            360
CONWAY                                                    7.2415              20360301                            360
Durham                                                    7.2415              20350901                            360
FORT MYERS                                                7.1165              20351001                            360
DETROIT                                                   7.3665              20351001                            360
SURPRISE                                                  6.3665              20351001                            360
LEES SUMMIT                                               7.3665              20360301                            360
AVONDALE                                                  6.4915              20351001                            360
LITHIA                                                    6.2415              20350901                            360
SURPRISE                                                  6.9915              20351001                            360
FAIRVIEW                                                  7.4915              20360301                            360
SHOW LOW                                                  7.6165              20360301                            360
Charlotte                                                 7.2415              20360301                            360
OKLAHOMA CITY                                             6.8665              20360301                            360
CLEVELAND                                                 6.8665              20351101                            360
ALAMEDA                                                   7.4915              20360301                            360
ORMOND BEACH                                              7.7415              20360301                            360
EWING                                                     6.6165              20351001                            360
SAN ANTONIO                                               8.1165              20360301                            360
FORT PIERCE                                               7.8665              20360301                            360
RICHMOND                                                  6.6165              20360301                            360
DAYTON                                                    7.6165              20360301                            360
INDEPENDENCE                                              7.4915              20360301                            360
LARGO                                                     7.2415              20360301                            360
SURPRISE                                                  7.7415              20360301                            360
HANFORD                                                   6.7415              20360301                            360
BRONX                                                     7.8665              20360301                            360
BRANSON                                                   6.4915              20360301                            360
ASHBURN                                                   6.7415              20360301                            360
Belmont                                                   6.3665              20360301                            360
LYNCHBURG                                                 7.8665              20360301                            360
LYNCHBURG                                                 7.8665              20360301                            360
DAYTON                                                    7.2415              20360301                            360
HARLINGEN                                                 6.4915              20360301                            360
LAWSON                                                    7.6165              20360301                            360
EAST DURHAM                                               6.9915              20360301                            360
STOCKTON                                                  6.7415              20360301                            360
ODENTON                                                   6.4915              20360301                            360
WOODSIDE                                                  7.7415              20360301                            360
CANTON                                                    7.7415              20360301                            360
SAINT LOUIS                                               8.4915              20360301                            360
Camden                                                    7.8665              20360301                            360
COLUMBUS                                                  7.2415              20360301                            360
NORTH MIAMI                                               7.1165              20360301                            360
VIRGINIA BEACH                                            6.4915              20360301                            360
KANSAS CITY                                               6.9915              20360301                            360
AKRON                                                     7.6165              20360301                            360
SAINT LOUIS                                               8.4915              20360301                            360
Belton                                                    7.2415              20360301                            360
TOPEKA                                                    8.6165              20360301                            360
GREENVILLE                                                7.3665              20360301                            360
VIENNA                                                    8.3665              20360301                            360
OZONE PARK                                                6.2415              20360301                            360
AURORA                                                    6.4915              20360301                            360
GOODLETTSVILLE                                            6.4915              20360301                            360
CHICAGO                                                   7.8665              20360301                            360
APPLE VALLEY                                              7.7415              20360301                            360
Irvington                                                 7.2415              20360301                            360
MURRIETA                                                  8.2415              20360301                            360
HENDERSON                                                 6.4915              20360301                            360
ZEPHYRHILLS                                               6.7415              20360301                            360
MERIDEN                                                   6.6165              20360301                            360
PHILADELPHIA                                              7.6165              20360301                            360
SANTA ROSA                                                7.1165              20360301                            360
PROVIDENCE                                                7.2415              20360301                            360
WASHINGTON                                                6.9915              20360201                            360
GLENDALE                                                  6.8665              20360301                            360
UPPER MARLBORO                                            6.7415              20360301                            360
RESTON                                                    6.7415              20360201                            360
East Boston                                               5.9915              20360301                            360
CHICAGO                                                   7.9915              20360301                            360
AURORA                                                    7.8665              20360301                            360
PHOENIX                                                   6.4915              20360301                            360
Cottonwood                                                6.8665              20360301                            360
HOMESTEAD                                                 6.2415              20360301                            360
KANSAS CITY                                               7.8665              20360301                            360
HILLSBORO                                                 6.7415              20360301                            360
LAKE OSWEGO                                               6.6165              20360201                            360
NEW LONDON                                                7.6165              20360301                            360
GRANTS PASS                                               6.8665              20360301                            360
WARREN                                                    6.4915              20360301                            360
AIKEN                                                     7.6165              20360301                            360
BUFFALO                                                   7.2415              20360301                            360
CLERMONT                                                  8.2415              20360301                            360
Louisville                                                8.1165              20360301                            360
NEWPORT NEWS                                              6.7415              20360301                            360
LOS ANGELES                                               6.4915              20360201                            360
MIAMI                                                     8.2415              20360301                            360
HOFFMAN ESTATES                                           5.6165              20350801                            360
NAMPA                                                     6.2415              20360301                            360
POWDER SPRINGS                                            8.4915              20360301                            360
Alpharetta                                                7.3665              20351001                            360
DETROIT                                                   7.2415              20360301                            360
JACKSONVILLE BEACH                                        7.3665              20360301                            360
ANGOLA                                                    7.8665              20360301                            360
BOILING SPRINGS                                           7.6165              20360301                            360
Apopka                                                    7.3665              20360301                            360
BRONX                                                     7.4915              20360301                            360
SPOKANE                                                   6.4915              20360301                            360
ORLANDO                                                   7.2415              20360301                            360
BROOKLYN                                                  6.2415              20360301                            360
TYLER                                                     7.1165              20360301                            360
PHILADELPHIA                                              7.8665              20360301                            360
Alpharetta                                                7.9915              20360301                            360
TOPEKA                                                    7.1165              20360301                            360
CHICAGO                                                   7.4915              20360301                            360
TOPEKA                                                    7.1165              20360301                            360
TOPEKA                                                    7.1165              20360301                            360
E FALLOWFIELD                                             8.2415              20360301                            360
MESA                                                      7.7415              20360301                            360
GREENVILLE                                                7.2415              20360301                            360
RENTON                                                    6.2415              20360301                            360
LANSING                                                   7.7415              20360301                            360
EL PASO                                                   7.2415              20360301                            360
Raleigh                                                   7.2415              20360301                            360
BIRMINGHAM                                                7.4915              20360301                            360
BARTOW                                                    7.6165              20360301                            360
OKLAHOMA CITY                                             7.7415              20360201                            360
CHICAGO                                                   8.2415              20360301                            360
ORMOND BEACH                                              8.2415              20360301                            360
DETROIT                                                   7.3665              20360301                            360
HOLLYWOOD                                                 7.2415              20360201                            360
NORTH CHARLESTON                                          6.4915              20360301                            360
VANCOUVER                                                 7.6165              20360301                            360
AVONDALE                                                  7.3665              20360301                            360
JACKSONVILLE                                              7.8665              20360301                            360
SEGUIN                                                    8.2415              20360301                            360
SOUTHFIELD                                                8.2415              20360301                            360
KENT                                                      7.4915              20360301                            360
ROWESVILLE                                                7.2415              20360301                            360
MASPETH                                                   6.6165              20360301                            360
Mutttontown                                               7.2415              20360301                            360
GLEN OAKS                                                 5.8665              20351101                            360
DARLINGTON                                                6.7415              20360301                            360
NORTH HOLLYWOOD                                           7.2415              20360301                            360
NEW DURHAM                                                6.3665              20360301                            360
RANCHO PALOS VERDES                                       5.6165              20351001                            360
SAN ANTONIO                                               8.1165              20360301                            360
PORT SAINT LUCIE                                          7.6165              20360301                            360
COLUMBUS                                                  7.6165              20360301                            360
KANSAS CITY                                               6.4915              20360301                            360
NORTH CHARLESTON                                          7.2415              20360301                            360
FOUNTAIN                                                  7.7415              20360301                            360
BALTIMORE                                                 7.8665              20360301                            360
LAWRENCEVILLE                                             6.6165              20360301                            360
HOMESTEAD                                                 6.6165              20360301                            360
LA VERGNE                                                 6.2415              20360301                            360
NORTH LAS VEGAS                                           5.7415              20360301                            360
WASHINGTON                                                8.2415              20360301                            360
ATLANTA                                                   8.2415              20360301                            360
Cumming                                                   6.8665              20360201                            360
HILLSBORO                                                 7.2415              20360301                            360
JACKSONVILLE                                              7.6165              20360301                            360
Wilmington                                                5.6165              20351101                            360
Las Cruces                                                7.6165              20360301                            360
VISALIA                                                   7.3665              20360301                            360
SCAPPOOSE                                                 6.8665              20360301                            360
SALEM                                                     7.2415              20360301                            360
Santa Maria                                               6.3665              20360301                            360
JACKSONVILLE                                              7.9915              20360301                            360
OZARK                                                     6.9915              20360301                            360
CHICAGO                                                   6.9915              20360301                            360
SCOTTSDALE                                                7.8665              20360301                            360
HOUSTON                                                   7.6165              20360301                            360
ELMHURST                                                  7.4915              20360301                            360
WASHINGTON                                                9.4915              20360301                            360
CHICAGO                                                   7.8665              20360301                            360
CALDWELL                                                  7.6165              20360301                            360
Powder Springs                                            7.7415              20360301                            360
PHOENIX                                                   7.4915              20360301                            360
GLENDALE                                                  6.9915              20360301                            360
MODESTO                                                   7.1165              20360301                            360
LAS VEGAS                                                 7.9915              20360301                            360
WALDORF                                                   6.6165              20360301                            360
LISLE                                                     6.6165              20360301                            360
SALEM                                                     7.9915              20360301                            360
SPARTANBURG                                               7.7415              20360301                            360
SPOKANE                                                   7.6165              20360301                            360
RIDGE                                                     6.9915              20360301                            360
PHOENIX                                                   7.7415              20360301                            360
WAKE FOREST                                               6.9915              20360301                            360
KANSAS CITY                                               6.4915              20360301                            360
REDMOND                                                   6.2415              20360301                            360
MINNEAPOLIS                                               7.2415              20360301                            360
SPRING CITY                                               7.2415              20360301                            360
PINE BLUFFS                                               7.3665              20360301                            360
WASHINGTON                                                9.4915              20360301                            360
MARICOPA                                                  7.8665              20360301                            360
GIBSONTON                                                 7.8665              20360301                            360
CHEYENNE                                                  7.3665              20360301                            360
ANNAPOLIS                                                 5.7415              20360301                            360
SEAFORD                                                   7.6165              20360301                            360
ESSEX                                                     6.9915              20360301                            360
DES MOINES                                                7.3665              20360301                            360
KANSAS CITY                                               6.4915              20360301                            360
Scottsdale                                                8.2415              20360301                            360
MARYSVILLE                                                6.2415              20360301                            360
FORT LAUDERDALE                                           7.1165              20360301                            360
LIBERTY LAKE                                              6.9915              20360301                            360
Raleigh                                                   7.7415              20360301                            360
SILVER SPRING                                             8.3665              20360301                            360
MIRA LOMA                                                 6.7415              20360301                            360
KATONAH                                                   7.6165              20360301                            360
Cary                                                      8.4915              20360301                            360
EVERETT                                                   7.1165              20360301                            360
PROVIDENCE                                                6.3665              20360301                            360
WOODBRIDGE                                                7.7415              20360301                            360
CAPE CORAL                                                7.6165              20360301                            360
Atlanta                                                   7.6165              20360301                            360
RENO                                                      5.7415              20350801                            360
RANDALLSTOWN                                              5.6165              20350801                            360
PERINTON                                                  4.7415              20180801                            180
FRAMINGHAM                                                4.7415              20330801                            360
Vienna                                                    6.2415              20351201                            360
Phippsburg                                                7.2415              20360201                            360
Detroit                                                   7.2415              20360301                            360
Detroit                                                   7.2415              20360201                            360
Washington                                                6.9915              20360201                            360
Fort Washington                                           6.2415              20360301                            360
Clermont                                                  7.6165              20360301                            360
Manassas                                                  7.1165              20360301                            360
Fort Washington                                           7.2415              20360201                            360
Sterling                                                  7.3665              20360301                            360
Washington                                                6.1165              20360301                            360
Suisun City                                               6.8665              20360301                            360
Manassas                                                  7.6165              20360301                            360
Woodbridge                                                7.6165              20360201                            360
Centreville                                               6.9915              20360301                            360
Fairfax                                                   7.2415              20360201                            360
Culpeper                                                  7.4915              20360201                            360
Fredericksburg                                            7.2415              20360301                            360
Hamilton                                                  6.1165              20360201                            360
Fredericksburg                                            7.9915              20360201                            360
Cooksville                                                6.8665              20360301                            360
Manassas                                                  7.3665              20360201                            360
Manassas                                                  7.4915              20360301                            360
Winston Salem                                             6.8665              20360201                            360
Temple Hills                                              6.6165              20360201                            360
Germantown                                                6.6165              20360201                            360
Manassas                                                  7.2415              20360301                            360
Richmond                                                  6.9915              20360201                            360
Alexandria                                                7.8665              20360201                            360
Clinton                                                   6.7415              20360301                            360
Upper Marlboro                                            7.7415              20360201                            360
Gaithersburg                                              6.3665              20360301                            360
Arlington                                                 6.9915              20360201                            360
Beltsville                                                7.7415              20360201                            360
Manassas                                                  7.2415              20360201                            360
Woodbridge                                                7.9915              20360201                            360
Capitol Heights                                           5.7415              20350901                            360
Culpeper                                                  7.6165              20360201                            360
Alexandria                                                7.6165              20360201                            360
Woodbridge                                                7.3665              20360201                            360
Manassas                                                  7.2415              20360201                            360
Takoma Park                                               7.2415              20360301                            360
Woodbridge                                                6.7415              20360301                            360
Leesburg                                                  7.6165              20360201                            360
Aldie                                                     6.9915              20360201                            360
TAMARAC                                                   6.4915              20360201                            360
Reston                                                    7.2415              20360201                            360
Manassas                                                  7.2415              20360301                            360
Woodbridge                                                7.2415              20351201                            360
Falls Church                                              6.1165              20360201                            360
Baltimore                                                 7.3665              20360201                            360
PORT REPUBLIC                                             6.4915              20360201                            360
STREAMWOOD                                                7.1165              20360201                            360
LOUISVILLE                                                6.9915              20360201                            360
BALTIMORE                                                 7.1165              20360301                            360
Fargo                                                     5.8665              20360201                            360
BEALETON                                                  6.9915              20360101                            360
COLUMBIA                                                  7.9915              20360201                            360
DOVER                                                     7.6165              20360201                            360
BALTIMORE                                                 7.3665              20360301                            360
CARENCRO                                                  7.8665              20360201                            360
BALTIMORE                                                 7.4915              20360201                            360
BALTIMORE                                                 7.3665              20360201                            360
BALTIMORE                                                 8.1165              20360201                            360
WALDORF                                                   6.3665              20360301                            360
ARLINGTON                                                 7.3665              20360201                            360
Pasadena                                                  6.4915              20360301                            360
ARLINGTON                                                 7.3665              20360201                            360
BALTIMORE                                                 7.3665              20360201                            360
ARLINGTON                                                 6.3665              20360301                            360
DAVIDSONVILLE                                             6.4915              20360201                            360
NEW CASTLE                                                8.3665              20360201                            360
YORK                                                      7.7415              20360301                            360
VIRGINIA BEACH                                            6.3665              20360101                            360
RICHMOND                                                  6.4915              20360201                            360
CUMBERLAND                                                6.9915              20360301                            360
POTTSTOWN                                                 7.1165              20360301                            360
POTTSTOWN                                                 7.1165              20360301                            360
BALTIMORE                                                 6.9915              20360201                            360
Baltimore                                                 6.9915              20360201                            360
SOUDERTON                                                 8.3665              20360301                            360
Grant                                                     6.6165              20200601                            180
MIAMI                                                     6.7415              20360301                            360
ELMA                                                      7.9915              20360301                            360
TAMPA                                                     7.3665              20360201                            360
Romulus                                                   6.9915              20360301                            360
Lakeland                                                  7.4915              20350901                            360
West Palm Beach                                           6.6165              20351201                            360
UPPER MARLBORO                                            6.7415              20350901                            360
Albertson                                                 7.9915              20360301                            360
Brooklyn                                                  6.9915              20360101                            360
Wyandanch                                                 6.9915              20360201                            360
ALTURA                                                    6.8665              20360301                            360
Alexandria                                                6.6165              20360301                            360
APACHE JUNCTION                                           8.2415              20360201                            360
MOUNT LAUREL TOWNSHIP                                     7.9915              20360201                            360
IRVINGTON TOWNSHIP                                        8.3665              20360201                            360
NEW BRUNSWICK                                             7.2415              20360301                            360
PATERSON                                                  7.8665              20360301                            360
BAYONNE                                                   7.2415              20360201                            360
Trenton                                                   8.3665              20360201                            360
WOODBRIDGE                                                6.8665              20360101                            360
MT OLIVE TOWNSHIP                                         8.4915              20360201                            360
TRENTON                                                   8.4915              20360201                            360
JERSEY CITY                                               7.7415              20360201                            360
NORTH BERGEN TWP                                          7.4915              20360201                            360
PASSAIC                                                   7.4915              20360201                            360
EAST ORANGE                                               7.8665              20360301                            360
EAST ORANGE                                               7.6165              20360301                            360
JERSEY CITY                                               8.3665              20360201                            360
MENDHAM TOWNSHIP                                          5.8665              20360201                            360
Miami                                                     6.8665              20360301                            360
Hialeah                                                   8.1165              20360201                            360
Hillsborough                                              6.1165              20351101                            360
Maurice River Township                                    6.1165              20351201                            360
Elizabeth                                                 7.4915              20360201                            360
Newark                                                    8.3665              20360301                            360
Fitchburg                                                 7.1165              20360201                            360
Lawrence                                                  8.1165              20360101                            360
Orange                                                    7.8665              20360201                            360
Newark                                                    7.4915              20360201                            360
Jersey City                                               7.9915              20360201                            360
Lynn                                                      7.1165              20360201                            360
Antioch                                                   5.6165              20350801                            360
New Port Richey                                           6.4915              20360201                            360
Mobile                                                    6.6165              20360201                            360
Nashville                                                 6.6165              20360201                            360
Dunedin                                                   6.6165              20360201                            360
Seminole                                                  7.4915              20360201                            360
Largo                                                     6.9915              20360201                            360
Mandeville                                                6.2415              20360201                            360
Dunedin                                                   6.4915              20360201                            360
Clearwater                                                7.3665              20360101                            360
Ocala                                                     7.3665              20360201                            360
Clearwater                                                6.4915              20360201                            360
Chattanooga                                               6.8665              20360201                            360
Hendersonville                                            7.4915              20360301                            360
Iuka                                                      6.9915              20360301                            360
Auburn                                                    5.8665              20200901                            180
Cape Coral                                                5.7415              20200901                            180
Jackson                                                   7.1165              20360201                            360
Celebration                                               6.8665              20360201                            360
Orlando                                                   6.6165              20360201                            360
Gulf Breeze                                               6.4915              20360101                            360
Nashville                                                 7.1165              20360201                            360
Birmingham                                                5.7415              20351101                            360
JONESBORO                                                 7.7415              20360301                            360
LITHONIA                                                  6.7415              20360201                            360
Cincinnati                                                7.2415              20360201                            360
LAKE ALFRED                                               8.4915              20360301                            360
MIAMI                                                     7.2415              20360301                            360
Cincinnati                                                7.2415              20360201                            360
MARIETTA                                                  7.4915              20360201                            360
Kennesaw                                                  7.2415              20360301                            360
BLUE RIDGE                                                7.3665              20360301                            360
HIGH POINT                                                7.4915              20360301                            360
ATLANTA                                                   8.4915              20360301                            360
Cincinnati                                                7.9915              20360101                            360
Port Chester                                              6.2415              20360201                            360
Bayside                                                   6.9915              20360201                            360
Fresh Meadows                                             6.6165              20360301                            360
Philadelphia                                              7.6165              20360301                            360
Westampton                                                7.2415              20360301                            360
Philadelphia                                              6.6165              20360201                            360
Northfield                                                6.9915              20360201                            360
Woodbury                                                  7.1165              20360201                            360
Ocean City                                                7.2415              20360301                            360
BROOKLYN                                                  7.4915              20360301                            360
Brooklyn                                                  6.3665              20360201                            360
College Point                                             7.2415              20360101                            360
Laurel                                                    7.3665              20360101                            360
Chicago                                                   7.1165              20360201                            360
JERSEY CITY                                               7.6165              20360201                            360
NOGALES                                                   7.2415              20360201                            360
PLACENTIA                                                 6.6165              20360301                            360
SURPRISE                                                  8.2415              20360301                            360
UPLAND                                                    6.6165              20360301                            360
CHINO                                                     6.6165              20360301                            360
PLACENTIA                                                 6.6165              20360301                            360
EL CENTRO                                                 5.8665              20360201                            360
YUMA                                                      6.7415              20360201                            360
Laredo                                                    6.4915              20201001                            180
GREELEY                                                   7.1165              20360301                            360
GREELEY                                                   7.1165              20360301                            360
GREELEY                                                   7.1165              20360301                            360
PALM SPRINGS                                              6.8665              20360301                            360
Rio Rico                                                  7.6165              20360301                            360
Richardson                                                6.7415              20360301                            360
Chicago                                                   6.6165              20360201                            360
Minneapolis                                               7.4915              20360201                            360
Chicago                                                   6.6165              20360201                            360
Little Rock                                               6.9915              20351201                            360
Murphy                                                    6.9915              20360201                            360
Brighton                                                  6.6165              20360101                            360
KINGSVILLE                                                6.3665              20360201                            360
Chicago                                                   6.6165              20360201                            360
Florissant                                                7.2415              20360201                            360
Atlanta                                                   7.4915              20360101                            360
Orlando                                                   6.7415              20360201                            360
Orlando                                                   6.8665              20360201                            360
Ellijay                                                   7.6165              20360301                            360
Tampa                                                     6.8665              20360301                            360
New River                                                 6.7415              20351201                            360
Millington                                                6.9915              20360101                            360
Savannah                                                  6.8665              20360101                            360
Arvada                                                    7.2415              20360301                            360
Davie Beach                                               7.6165              20360201                            360
York                                                      7.8665              20360301                            360
Granbury                                                  7.4915              20360201                            360
Chicago                                                   6.6165              20360201                            360
WASHINGTON                                                7.2415              20360201                            360
ELLICOTT CITY                                             6.6165              20360201                            360
FORKED RIVER                                              7.6165              20360201                            360
EASTON                                                    9.3665              20360301                            360
LAREDO                                                    6.2415              20360101                            360
MESA                                                      5.9915              20360301                            360
LANHAM                                                    6.9915              20360201                            360
MISSION                                                   7.7415              20360301                            360
PHOENIX                                                   5.8665              20210201                            180
BELLEVUE                                                  6.7415              20360301                            360
ORANGE                                                    6.3665              20360201                            360
MCALLEN                                                   7.3665              20360301                            360
HIGLEY                                                    7.9915              20360301                            360
SEVERNA PARK                                              7.2415              20360301                            360
SUN CITY WEST                                             6.6165              20360301                            360
WESLACO                                                   7.3665              20210301                            180
CEDAR PARK                                                6.9915              20360201                            360
DECATUR                                                   8.3665              20360301                            360
FORT WORTH                                                6.6165              20360201                            360
LEESBURG                                                  6.6165              20360201                            360
DAVENPORT                                                 6.8665              20210301                            180
GREAT FALLS                                               6.8665              20360301                            360
SILVER SPRING                                             5.4915              20210201                            180
ATHENS                                                    7.4915              20360301                            360
SILVER SPRING                                             6.6165              20360201                            360
MIDDLETOWN                                                6.4915              20360301                            360
CAPITOL HEIGHTS                                           7.4915              20360301                            360
MESA                                                      5.9915              20360301                            360
ROUND ROCK                                                6.7415              20360201                            360
MCALLEN                                                   7.9915              20360101                            360
CEDAR PARK                                                6.3665              20360301                            360
GILBERT                                                   7.3665              20360301                            360
MESA                                                      7.4915              20360301                            360
CLAREMONT                                                 5.6165              20360201                            360
ORANGE                                                    7.8665              20360301                            360
CHANDLER                                                  6.7415              20360101                            360
SAN FRANCISCO                                             6.4915              20360201                            360
KELLER                                                    6.7415              20360301                            360
MISSION                                                   8.3665              20360201                            360
SANTA ANA                                                 6.7415              20360301                            360
SAN ANTONIO                                               5.9915              20360301                            360
PHOENIX                                                   7.1165              20360301                            360
GREAT FALLS                                               5.8665              20360201                            360
TOMS RIVER                                                6.9915              20360301                            360
SPRING LAKE                                               6.3665              20360301                            360
HOLLYWOOD                                                 7.1165              20360301                            360
HILLSDALE                                                 6.6165              20360301                            360
MINNEAPOLIS                                               7.1165              20360301                            360
BROWNSVILLE                                               6.7415              20360201                            360
MINNEAPOLIS                                               7.2415              20360201                            360
LAREDO                                                    7.1165              20360201                            360
PHOENIX                                                   5.7415              20360301                            360
BIG BEAR LAKE                                             6.9915              20360201                            360
YONKERS                                                   7.2415              20360201                            360
WASHINGTON                                                6.8665              20360201                            360
TOTOWA                                                    6.6165              20360301                            360
BELLINGHAM                                                6.8665              20360301                            360
RICHMOND                                                  6.9915              20360301                            360
TAKOMA PARK                                               6.3665              20360301                            360
CORONA                                                    6.9915              20360301                            360
WESLACO                                                   7.1165              20360101                            360
MCALLEN                                                   9.4915              20360301                            360
ARIZONA CITY                                              6.6165              20360301                            360
WASHINGTON                                                6.3665              20360201                            360
MESA                                                      5.9915              20360301                            360
REMINGTON                                                 5.9915              20360201                            360
PHOENIX                                                   6.6165              20360301                            360
BALTIMORE                                                 6.1165              20360301                            360
Encino                                                    7.3665              20360201                            360
San Antonio                                               7.9915              20360101                            360
OAK POINT                                                 7.3665              20360301                            360
Dallas                                                    6.8665              20360301                            360
OAK POINT                                                 7.3665              20360301                            360
Bethlehem                                                 7.2415              20360301                            360
Stockbridge                                               7.2415              20360301                            360
Frisco                                                    6.9915              20360201                            360
Bryan                                                     7.6165              20360201                            360
Ellenwood                                                 6.6165              20360201                            360
Loris                                                     6.2415              20351001                            360
Round Rock                                                6.6165              20351201                            360
Plano                                                     6.2415              20360201                            360
Stockbridge                                               7.6165              20360301                            360
Rockport                                                  7.4915              20360201                            360
Hapeville                                                 7.9915              20360201                            360
Dallas                                                    7.6165              20360301                            360
San Diego                                                 6.4915              20360301                            360
Dallas                                                    7.2415              20360201                            360
Prescott                                                  6.4915              20360201                            360
Lincoln                                                   7.2415              20360301                            360
Pflugerville                                              6.6165              20360301                            360
FT WORTH                                                  6.7415              20360301                            360
Dacula                                                    7.4915              20360301                            360
Aubrey                                                    7.1165              20360201                            360
San Diego                                                 6.7415              20360301                            360
Mckinney                                                  6.9915              20360301                            360
Mesquite                                                  7.7415              20351201                            360
Midway City                                               6.6165              20360301                            360
Mcdonough                                                 6.1165              20360201                            360
Los Angeles                                               6.6165              20360301                            360
San Diego                                                 5.9915              20360201                            360
Grand Prairie                                             8.2415              20360201                            360
Houston                                                   7.6165              20360201                            360
Dallas                                                    7.4915              20351201                            360
Vista                                                     6.8665              20360301                            360
Marietta                                                  6.7415              20360301                            360
FATE                                                      5.9915              20350901                            360
Lewisville                                                7.6165              20360201                            360
Abingdon                                                  7.1165              20360301                            360
Valdosta                                                  7.4915              20360301                            360
Mcallen                                                   7.3665              20351101                            360
Albuquerque                                               7.2415              20360201                            360
Riverdale                                                 7.9915              20360301                            360
San Antonio                                               6.9915              20360301                            360
Douglasville                                              6.2415              20360301                            360
Deer Park                                                 7.6165              20360301                            360
Myrtle Beach                                              7.1165              20360101                            360
Valdosta                                                  7.6165              20360201                            360
Spring                                                    6.4915              20360201                            360
Forney                                                    7.6165              20360201                            360
Forney                                                    5.8665              20360201                            360
DENTON                                                    7.2415              20360301                            360
Mesquite                                                  7.6165              20360201                            360
Irving                                                    6.9915              20351201                            360
Eden Prairie                                              6.6165              20360201                            360
Houston                                                   7.3665              20360301                            360
Stockbridge                                               6.4915              20360201                            360
OAK POINT                                                 7.2415              20360101                            360
Dallas                                                    6.7415              20360201                            360
Jefferson                                                 6.6165              20360201                            360
Arlington                                                 6.9915              20360301                            360
Houston                                                   6.6165              20360101                            360
OAK POINT                                                 7.2415              20360201                            360
Farmers Branch                                            7.2415              20360101                            360
Albuquerque                                               6.7415              20360301                            360
Oklahoma City                                             6.2415              20360301                            360
Honolulu                                                  7.3665              20360201                            360
Las Vegas                                                 6.6165              20360201                            360
Pasadena                                                  6.2415              20360301                            360
ANTIOCH                                                   6.1165              20360301                            360
SAN MARCOS                                                6.4915              20360301                            360
COEUR D ALENE                                             6.9915              20360201                            360
DUARTE                                                    7.2415              20360301                            360
SPOKANE                                                   6.9915              20360301                            360
CARMEL VALLEY                                             6.4915              20360201                            360
Muldrow                                                   6.6165              20360201                            360
Carrollton                                                6.7415              20360301                            360
ALPINE FOREST                                             7.2415              20360301                            360
CERES                                                     7.3665              20360201                            360
Indianapolis                                              7.1165              20360301                            360
HOPKINSVILLE                                              7.2415              20360201                            360
CAMPBELL                                                  7.6165              20360301                            360
INDIANAPOLIS                                              7.1165              20360301                            360
COSHOCTON                                                 7.3665              20360201                            360
HOPKINSVILLE                                              7.2415              20360201                            360
INDIANAPOLIS                                              7.3665              20360301                            360
LOUISVILLE                                                6.9915              20360401                            360
HOPKINSVILLE                                              7.2415              20360201                            360
HOPKINSVILLE                                              7.2415              20360201                            360
HOPKINSVILLE                                              7.2415              20360201                            360
HOPKINSVILLE                                              7.2415              20360201                            360
Aurora                                                    7.2415              20360201                            360
Milwaukee                                                 7.1165              20360201                            360
Cape Coral                                                7.3665              20351201                            360
Keystone                                                  6.7415              20360201                            360
Kenosha                                                   7.2415              20360201                            360
Milwaukee                                                 7.1165              20360201                            360
Thorton                                                   7.4915              20360301                            360
Coral Gables                                              6.4915              20360301                            360
Ashburn                                                   7.6165              20360101                            360
Shelter Island                                            6.3665              20360101                            360
Alexandria                                                7.2415              20360201                            360
Manassas                                                  6.9915              20360101                            360
Silver Spring                                             7.1165              20360101                            360
Alexandria                                                6.4915              20360201                            360
Alexandria                                                7.4915              20360201                            360
Falls Church                                              7.2415              20360201                            360
Cape Coral                                                6.4915              20360201                            360
Washington                                                6.4915              20360101                            360
Manassas                                                  6.8665              20360201                            360
CLEVELAND                                                 7.7415              20360201                            360
KAILUA                                                    6.4915              20360301                            360
PINEVILLE                                                 7.9915              20360201                            360
Honolulu                                                  6.1165              20360201                            360
PLEASANT HILL                                             6.8665              20360301                            360
HENDERSON                                                 7.3665              20360201                            360
Chapin                                                    7.1165              20360301                            360
Elberton                                                  6.7415              20360301                            360
Ventura                                                   6.2415              20200801                            180
Gilbert                                                   7.1165              20360201                            360
Mesa                                                      6.6165              20360301                            360
Tucson                                                    7.1165              20360301                            360
Sun City                                                  6.2415              20351001                            360
Myrtle                                                    8.3665              20360201                            360
Scottsdale                                                6.6165              20360201                            360
Tempe                                                     7.2415              20360201                            360
Olathe                                                    8.4915              20360201                            360
Phoenix                                                   7.7415              20360101                            360
Phoenix                                                   7.1165              20360301                            360
Tucson                                                    7.2415              20360101                            360
Paradise Valley                                           7.1165              20360201                            360
Cottonwood                                                7.2415              20360301                            360
Kansas City                                               7.7415              20360101                            360
Phoenix                                                   6.1165              20351201                            360
Kansas City                                               7.7415              20360101                            360
Phoenix                                                   6.2415              20360201                            360
Apache Junction                                           6.9915              20360201                            360
Yuma                                                      6.1165              20360301                            360
Phoenix                                                   6.4915              20201201                            180
Phoenix                                                   7.9915              20360101                            360
WEST FARGO                                                7.3665              20360301                            360
SPRING                                                    7.6165              20351201                            360
HOUSTON                                                   7.4915              20360301                            360
SPRING                                                    7.6165              20351201                            360
SAN ANTONIO                                               6.7415              20360301                            360
HOUSTON                                                   7.6165              20351201                            360
GROSSE POINTE FARMS                                       7.1165              20360201                            360
SPRING                                                    7.6165              20351201                            360
Palm Bay                                                  6.9915              20360301                            360
Titusville                                                7.2415              20360201                            360
palmbay                                                   7.1165              20360201                            360
San Diego                                                 6.2415              20360201                            360
San Diego                                                 6.2415              20360201                            360
Hiram                                                     6.3665              20360301                            360
Cincinnati                                                7.4915              20360301                            360
West Springfield                                          7.7415              20360201                            360
Columbus                                                  6.9915              20360201                            360
Acosta                                                    7.9915              20360201                            360
Newark                                                    6.1165              20360301                            360
Fredericktown                                             7.6165              20360301                            360
Pittsburgh                                                7.1165              20360301                            360
Columbus                                                  7.2415              20360301                            360
Pennsburg                                                 6.3665              20360301                            360
Fredericktown                                             6.7415              20360301                            360
Harrisburg                                                8.3665              20360301                            360
Union                                                     7.6165              20360301                            360
BETHEL                                                    8.3665              20360201                            360
Westbury                                                  6.8665              20360301                            360
Bay Shore                                                 5.9915              20360301                            360
WATERTOWN                                                 6.8665              20360201                            360
Freeport                                                  6.6165              20260301                            240
Elmont                                                    7.4915              20360201                            360
Fort Worth                                                7.4915              20360301                            360
Denton                                                    6.7415              20360301                            360
Kellyville                                                8.4915              20360301                            360
Lithia                                                    6.6165              20360301                            360
CLAYTON                                                   6.7415              20360301                            360
BETHESDA                                                  7.6165              20360301                            360
Jessup                                                    6.9915              20360301                            360
SILVER SPRING                                             6.4915              20360201                            360
Clayton                                                   7.4915              20360101                            360
LAUREL                                                    7.1165              20360201                            360
Leesburg                                                  6.1165              20360101                            360
GERMANTOWN                                                7.1165              20360301                            360
Clayton                                                   6.6165              20360201                            360
Lewiston                                                  6.2415              20360201                            360
Portland                                                  6.3665              20360201                            360
Harrison Township                                         7.6165              20360301                            360
Chicopee                                                  7.6165              20360301                            360
Highland                                                  6.7415              20360301                            360
Converse                                                  6.7415              20360201                            360
Emerald Isle                                              7.1165              20360201                            360
Crowley                                                   6.9915              20360201                            360
Saint Petersburg                                          6.8665              20360201                            360
Derby                                                     7.4915              20360301                            360
Washington                                                6.2415              20360201                            360
PERRYVILLE                                                7.2415              20360301                            360
Waukegan                                                  7.7415              20360301                            360
Wilmington                                                6.6165              20360301                            360
Charlotte                                                 6.9915              20360201                            360
Lebanon                                                   6.3665              20360101                            360
Denver                                                    6.9915              20360201                            360
Raynham                                                   6.3665              20360301                            360
San Antonio                                               7.2415              20360101                            360
Freedom                                                   5.9915              20360201                            360
San Antonio                                               7.6165              20360301                            360
Chicopee                                                  7.6165              20360301                            360
Pleasant View                                             6.6165              20360201                            360
SULLIVAN                                                  6.9915              20360201                            360
Weymouth                                                  6.6165              20360301                            360
Charlotte                                                 6.7415              20360201                            360
Dorchester                                                6.6165              20360301                            360
Matthews                                                  5.9915              20360201                            360
Elkton                                                    7.2415              20360201                            360
SAN ANTONIO                                               7.3665              20360201                            360
Assonet                                                   6.6165              20360201                            360
Brewer                                                    6.2415              20360301                            360
Mashpee                                                   6.4915              20360201                            360
GOSHEN                                                    8.4915              20360301                            360
TULARE                                                    8.6165              20360301                            360
VISALIA                                                   8.3665              20360201                            360
FRESNO                                                    8.3665              20360201                            360
Las Vegas                                                 7.8665              20360301                            360
Las Vegas                                                 7.1165              20360201                            360
MURRIETA                                                  6.9915              20360201                            360
Maineville                                                6.7415              20360301                            360
HAGERSTOWN                                                5.9915              20360201                            360
CHARLOTTESVILLE                                           5.7415              20360201                            360
LAUREL                                                    8.1165              20360301                            360
CHARLOTTESVILLE                                           6.2415              20360201                            360
CHARLOTTESVILLE                                           5.7415              20360201                            360
CHARLOTTESVILLE                                           5.9915              20360201                            360
CHARLOTTESVILLE                                           6.1165              20360301                            360
WICHITA                                                   7.1165              20360201                            360
CHARLOTTESVILLE                                           6.7415              20360301                            360
Charlottesville                                           5.9915              20360201                            360
Washington                                                7.1165              20360201                            360
CHARLOTTESVILLE                                           6.1165              20360301                            360
MIAMI                                                     7.4915              20360301                            360
WICHITA                                                   7.1165              20360201                            360
VIENNA                                                    6.4915              20360301                            360
Temple                                                    8.1165              20360101                            360
Myrtle Beach                                              6.2415              20360201                            360
Macon                                                     8.6165              20351201                            360
Jacksonville                                              7.2415              20360101                            360
San Bernardino                                            7.6165              20351101                            360
Grand Rapids                                              7.9915              20351201                            360
Weatherford                                               8.4915              20351101                            360
Grand Rapids                                              7.9915              20351201                            360
Myrtle Beach                                              6.3665              20351201                            360
Elkmont                                                   6.8665              20350801                            360
Kansas City                                               6.8665              20360101                            360
Miami                                                     6.2415              20350801                            360
Macon                                                     7.7415              20351101                            360
Rochester                                                 7.7415              20360101                            360
Saint Augustine                                           6.8665              20360201                            360
Riverside Area                                            6.2415              20351101                            360
SOUTH LAKE TAHOE                                          6.8665              20360301                            360
BELL                                                      6.4915              20360301                            360
PICO RIVERA                                               6.7415              20360201                            360
KOLOA                                                     6.6165              20360201                            360
CASA GRANDE                                               6.7415              20360201                            360
SHOREVIEW                                                 6.4915              20360201                            360
POMONA                                                    6.7415              20360201                            360
SANTA ANA                                                 6.9915              20360201                            360
N LAS VEGAS                                               6.9915              20360301                            360
HENDERSON                                                 7.2415              20360301                            360
MIDWAY CITY                                               7.2415              20360201                            360
REDLANDS                                                  7.1165              20360201                            360
Bay Shore                                                 6.7415              20360201                            360
Clifton                                                   6.9915              20360101                            360
East Elmhurst                                             6.7415              20360301                            360
North Bergen                                              6.6165              20360301                            360
West Orange                                               6.9915              20360201                            360
Jamaica                                                   6.7415              20360201                            360
Passaic                                                   6.9915              20360201                            360
Far Rockaway                                              6.4915              20360201                            360
Hyattsville                                               6.9915              20360301                            360
Hyattsville                                               6.9915              20360301                            360
Hyattsville                                               6.9915              20360301                            360
Hahira                                                    6.8665              20360201                            360
Coral Springs                                             7.4915              20351101                            360
Beulaville                                                7.8665              20360301                            360
Columbus                                                  7.6165              20360101                            360
Lake Oswego                                               9.2415              20360101                            360
WILLINGBORO                                               6.7415              20350901                            360
Minneapolis                                               8.3665              20360101                            360
DOVE CANYON                                               6.2415              20360301                            360
VISALIA                                                   7.1165              20360301                            360
SAN FRANCISCO                                             6.6165              20360301                            360
Concord                                                   7.8665              20360201                            360
West New York                                             5.9915              20360301                            360
LAS VEGAS                                                 7.4915              20360301                            360
Miami                                                     6.4915              20351101                            360
Hialeah                                                   7.2415              20360301                            360
Tampa                                                     7.6165              20360301                            360
Melbourne                                                 6.8665              20360301                            360
Miami Beach                                               6.6165              20360201                            360
MIAMI                                                     7.2415              20360301                            360
LOS ANGELES                                               6.6165              20360301                            360
MILPITAS                                                  6.3665              20360201                            360
GREENFIELD                                                6.3665              20360201                            360
SANTA ANA                                                 6.6165              20360201                            360
SAN JOSE                                                  7.3665              20360201                            360
ORANGE PARK                                               6.8665              20360301                            360
Columbia                                                  8.2415              20360301                            360
Savannah                                                  7.6165              20360201                            360
Jacksonville                                              6.8665              20360201                            360
Jacksonville                                              6.7415              20360301                            360
Jacksonville                                              6.9915              20360301                            360
Baltimore                                                 6.7415              20360201                            360
Easley                                                    7.3665              20360301                            360
Mount Pleasant                                            6.9915              20360201                            360
BRISTOW                                                   6.6165              20360301                            360
CULPEPER                                                  6.6165              20360101                            360
QUEEN CREEK                                               6.4915              20360101                            360
UPPER MARLBORO                                            5.9915              20360201                            360
LAVEEN                                                    6.9915              20360201                            360
LANCASTER                                                 6.6165              20360201                            360
SURPRISE                                                  7.2415              20360301                            360
TEMECULA                                                  6.7415              20360301                            360
FAIRFIELD                                                 6.3665              20360101                            360
Ponte Vedra Beach                                         6.7415              20360201                            360
Davie                                                     7.8665              20360301                            360
Kennesaw                                                  6.8665              20360301                            360
Conyers                                                   6.8665              20360301                            360
Orlando                                                   6.6165              20360201                            360
Covington                                                 6.7415              20360301                            360
Davie                                                     6.3665              20350901                            360
Milner                                                    7.2415              20360301                            360
Athens                                                    6.3665              20350901                            360
Hoschton                                                  7.1165              20360301                            360
Peachtree City                                            6.3665              20360201                            360
Pompano Beach                                             6.7415              20360201                            360
Pompano Beach                                             7.6165              20360201                            360
Atlanta                                                   7.2415              20360201                            360
Lawrenceville                                             7.4915              20360201                            360
Boone                                                     7.7415              20360301                            360
Monroe                                                    7.2415              20360201                            360
Stockbridge                                               7.3665              20360201                            360
Maitland                                                  6.9915              20360301                            360
Lake Wylie                                                5.6165              20360201                            360
Alpharetta                                                5.8665              20360301                            360
Monroe                                                    6.8665              20351101                            360
Orlando                                                   6.7415              20360201                            360
Jacksonville                                              6.9915              20360201                            360
Bradenton                                                 7.4915              20360301                            360
Brandon                                                   6.3665              20350701                            360
Dunedin                                                   6.2415              20351001                            360
Tampa                                                     6.1165              20360201                            360
Marietta                                                  6.4915              20360201                            360
Woodstock                                                 7.6165              20360301                            360
Buford                                                    6.1165              20360301                            360
Stockbridge                                               7.3665              20360201                            360
Virginia Beach                                            7.8665              20360201                            360
Cicero                                                    7.2415              20360201                            360
PALM BEACH GARDENS                                        7.3665              20360301                            360
ALEXANDRIA                                                7.3665              20360301                            360
Roanoke                                                   7.2415              20360301                            360
Reisterstown                                              6.3665              20360201                            360
MELBOURNE                                                 7.1165              20360201                            360
SHERWOOD                                                  7.3665              20360401                            360
BEDFORD                                                   6.1165              20360301                            360
Arlington                                                 7.1165              20360301                            360
Glenn Dale                                                6.8665              20360301                            360
PALM BAY                                                  7.1165              20360201                            360
SAINT AUGUSTINE                                           6.9915              20360301                            360
Lauderhill                                                8.4915              20360201                            360
BRENTWOOD                                                 6.4915              20360301                            360
Benicia                                                   6.6165              20360301                            360
ORLANDO                                                   6.6165              20360301                            360
WEST BABYLON                                              7.2415              20360401                            360
FREDERICK                                                 6.7415              20360301                            360
Oxnard                                                    7.2415              20360201                            360
SAN BERNARDINO                                            6.3665              20360201                            360
APPLE VALLEY                                              6.9915              20360101                            360
Gahanna                                                   4.8665              20351001                            360
COLUMBUS                                                  5.6165              20350801                            360
COLUMBUS                                                  5.6165              20350801                            360
Westerville                                               4.9915              20351201                            360
Westerville                                               4.7415              20351101                            360
COLUMBUS                                                  5.7315              20350901                            360
Salt Lake City                                            6.9915              20360301                            360
Park City                                                 6.6165              20360301                            360
MIDWAY                                                    6.1165              20351201                            360
Park City                                                 7.1165              20360401                            360
Oradell                                                   6.8665              20360201                            360
KALAMAZOO                                                 5.7415              20351001                            360
Union                                                     6.3665              20360201                            360
Zellwood                                                  7.4915              20360201                            360
Delray Beach                                              6.1165              20351101                            360
Gainesville                                               7.6165              20360301                            360
Ocoee                                                     7.1165              20360301                            360
Ocoee                                                     7.4915              20360201                            360
Temple Hills                                              6.7415              20360301                            360
Glenwood                                                  6.1165              20360301                            360
Bowie                                                     6.7415              20360201                            360
Villa Rica                                                7.4915              20360301                            360
Deland                                                    6.4915              20360201                            360
Wesley Chapel                                             6.9915              20360101                            360
Newport News                                              7.4915              20360301                            360
Baltimore                                                 6.6165              20360201                            360
Washington                                                6.6165              20360201                            360
Maitland                                                  6.6165              20360201                            360
Rosemount                                                 7.2415              20360201                            360
Minneapolis                                               6.9915              20360201                            360
WILLIS                                                    8.3665              20360301                            360
Houston                                                   8.3665              20360301                            360
HILO                                                      6.9915              20360301                            360
SANTA ROSA                                                7.7415              20360201                            360
LEWISVILLE                                                7.6165              20360301                            360
Harahan                                                   6.4915              20350901                            360
LUBBOCK                                                   8.2415              20360201                            360
THE WOODLANDS                                             7.1165              20360301                            360
DESOTO                                                    7.2415              20360201                            360
BATON ROUGE                                               7.4915              20360201                            360
GREEN BAY                                                 8.1165              20360301                            360
LEWISVILLE                                                7.6165              20360301                            360
WILLIS                                                    7.8665              20360301                            360
RACINE                                                    8.3665              20360201                            360
Houston                                                   6.4915              20360201                            360
LEWISVILLE                                                7.6165              20360301                            360
The Woodlands                                             7.1165              20360301                            360
LEAGUE CITY                                               7.2415              20360201                            360
DURHAM                                                    6.6165              20360301                            360
PEARLAND                                                  7.3665              20360301                            360
OCEAN SPRINGS                                             6.6165              20350701                            360
Spring                                                    7.6165              20360201                            360
JONESBOROUGH                                              6.6165              20350401                            360
Fountain Valley                                           6.3665              20360201                            360
San Gabriel                                               6.6165              20360301                            360
MESA                                                      5.9915              20351001                            360
Phoenix                                                   6.6165              20360201                            360
Peoria                                                    6.6165              20360301                            360
SUMMIT                                                    7.2415              20360301                            360
Bourbonnais                                               7.2415              20360201                            360
Northbrook                                                7.8665              20360201                            360
Franklin                                                  6.7415              20351101                            360
Osakis                                                    6.9915              20360201                            360
Coon Rapids                                               7.2415              20360301                            360
ST LOUIS                                                  7.2415              20360301                            360
CONWAY                                                    8.3665              20360301                            360
LONGVIEW                                                  7.3665              20360301                            360
DALLAS                                                    8.3665              20360201                            360
JACKSONVILLE                                              6.8665              20360301                            360
LONGVIEW                                                  7.3665              20360301                            360
LONGVIEW                                                  7.3665              20360301                            360
DALLAS                                                    8.3665              20360201                            360
TYLER                                                     7.2415              20360101                            360
AZLE                                                      6.6165              20360201                            360
JACKSONVILLE                                              6.8665              20360201                            360
JACKSONVILLE                                              6.8665              20360301                            360
HOUSTON                                                   8.7415              20360301                            360
Bloomington                                               6.9915              20360301                            360
Silverthorne                                              6.9915              20360301                            360
Boulder                                                   6.4915              20360201                            360
Haiku                                                     6.3665              20360201                            360
Parker                                                    7.3665              20360101                            360
Philadelphia                                              7.4915              20360201                            360
Long Beach                                                6.3665              20360101                            360
Los Angeles                                               6.8665              20360201                            360
Los Angeles                                               6.4915              20360101                            360
New Preston Marble Dale                                   6.8665              20360101                            360
Riverside                                                 6.3665              20351201                            360
Santa Barbara                                             5.9915              20351201                            360
Tarzana                                                   6.9915              20360201                            360
Arlington                                                 7.2415              20351201                            360
Los Angeles                                               6.2415              20360201                            360
Pebble Beach                                              7.2415              20360201                            360
Merrimac                                                  6.8665              20360201                            360
Kansas City                                               6.6165              20360101                            360
Staten Island                                             7.6165              20360201                            360
Venice                                                    6.4915              20360201                            360
Stockton                                                  7.2415              20360201                            360
San Diego                                                 8.3665              20360201                            360
Orlando                                                   7.2415              20360101                            360
Ocean Springs                                             6.7415              20360201                            360
Ventura                                                   7.2415              20360201                            360
Albuquerque                                               7.2415              20360201                            360
Phoenix                                                   6.6165              20360101                            360
La Quinta                                                 6.9915              20360301                            360
Stevensville                                              7.4915              20360201                            360
San Diego                                                 6.4915              20360201                            360
Palos Verdes Peninsula                                    6.6165              20360101                            360
Delray Beach                                              6.6165              20360201                            360
Indian Orchard                                            6.9915              20360301                            360
Cashiers Townshi[p                                        7.2415              20360301                            360
Las Vegas                                                 6.6165              20360201                            360
Niles                                                     7.2415              20360201                            360
Glendale                                                  6.3665              20351101                            360
Palmdale                                                  6.9915              20360201                            360
Anaheim                                                   6.8665              20360201                            360
Phelan                                                    6.6165              20360301                            360
Pearl City                                                6.6165              20351101                            360
Long Beach                                                7.6165              20360201                            360
Brockton                                                  6.4915              20360201                            360
Dallas                                                    6.9915              20360201                            360
Rockville                                                 7.3665              20360201                            360
Ocala                                                     8.4915              20360201                            360
Chesterfield                                              7.4915              20360201                            360
Cypress                                                   7.8665              20360201                            360
Dallas                                                    8.3665              20360301                            360
CAIRO                                                     8.3665              20360301                            360
Laredo                                                    7.2415              20360301                            360
Tallahassee                                               7.6165              20360301                            360
Houston                                                   7.2415              20360201                            360
Saint Louis                                               7.8665              20351101                            360
KANKAKEE                                                  7.6165              20360301                            360
Palm Bay                                                  7.2415              20351201                            360
Katy                                                      6.8665              20360201                            360
Bryan                                                     7.4915              20360201                            360
DALLAS                                                    7.7415              20360301                            360
Crystal City                                              8.4915              20360301                            360
Oklahoma City                                             7.1165              20360101                            360
RINGGOLD                                                  6.4915              20360301                            360
Jacksonville                                              6.6165              20360301                            360
Summerville                                               6.6165              20360201                            360
Jacksonville                                              7.2415              20360201                            360
Nashville                                                 7.6165              20360201                            360
Tulsa                                                     7.2415              20360301                            360
Kennesaw                                                  6.7415              20360101                            360
Kennesaw                                                  6.7415              20360101                            360
Flagler Beach                                             6.8665              20360201                            360
Orlando                                                   6.6165              20351201                            360
Ft Lauderdale                                             6.6165              20360201                            360
LONG BEACH TOWNSHIP                                       6.1165              20360301                            360
Ball Ground                                               6.9915              20360101                            360
LINCOLN                                                   6.6165              20351101                            360
HARRISON                                                  7.4915              20351101                            360
MERIDIAN                                                  5.9915              20351201                            360
CHICAGO                                                   6.4915              20351201                            360
BALTIMORE                                                 5.8665              20351101                            360
MADISON                                                   6.1165              20351001                            360
GLENDALE                                                  6.4915              20351101                            360
NORTH BERGEN                                              6.3665              20351101                            360
LAKEWOOD                                                  6.6165              20351101                            360
BELLEVILLE                                                6.4915              20351001                            360
NEW CASTLE                                                6.9915              20351101                            360
Tolleson                                                  7.1165              20360201                            360
Thornton                                                  7.7415              20360201                            360
Los Angeles                                               6.6165              20360301                            360
Lancaster                                                 6.7415              20360201                            360
ESCONDIDO                                                 6.3665              20350901                            360
Broken Arrow                                              7.4915              20360301                            360
Jacksonville                                              7.2415              20360201                            360
Benton                                                    7.6165              20351201                            360
Broken Arrow                                              7.4915              20360301                            360
Broken Arrow                                              7.4915              20360301                            360
Philadelphia                                              7.1165              20360301                            360
Broken Arrow                                              7.4915              20360301                            360
Broken Arrow                                              7.4915              20360301                            360
Garden Grove                                              6.4915              20360301                            360
Sacramento                                                5.7415              20351201                            360
Bakersfield                                               5.7415              20351201                            360
Gulfport                                                  5.9915              20351101                            360
kyle                                                      5.8665              20360201                            360
Shreveport                                                7.9915              20360201                            360
Lakewood                                                  7.3665              20360301                            360
akron                                                     7.6165              20360301                            360
portland                                                  6.2415              20360301                            360
conley                                                    6.4915              20360201                            360
santa fe                                                  7.2415              20360301                            360
yers                                                      6.7415              20360301                            360
Cleveland                                                 6.9915              20360301                            360
houston                                                   5.9915              20360301                            360
gresham                                                   6.3665              20360201                            360
houston                                                   6.4915              20360201                            360
post falls                                                6.7415              20360201                            360
houston                                                   6.1165              20360301                            360
cleveland                                                 6.9915              20360301                            360
independence                                              6.8665              20360301                            360
AKRON                                                     7.6165              20360301                            360
richmond                                                  6.1165              20360201                            360
akron                                                     7.7415              20360301                            360
fort meyers                                               6.3665              20360301                            360
Cleveland                                                 6.9915              20360301                            360
cleveland                                                 6.9915              20360301                            360
CHELSEA                                                   6.3665              20360301                            360
SPRING                                                    7.4915              20360101                            360
Fountain                                                  8.3665              20360301                            360
Arvada                                                    6.1165              20351101                            360
Denver                                                    7.2415              20360201                            360
Hillsborough                                              7.4915              20360301                            360
BEALETON                                                  7.2415              20360301                            360
WEST CHESTER                                              7.6165              20360201                            360
RISING SUN                                                7.4915              20360301                            360
LUMBERTON                                                 7.6165              20360101                            360
PITTSTOWN                                                 7.4915              20360301                            360
ELLICOTT CITY                                             7.3665              20360201                            360
Sacramento                                                6.2415              20360201                            360
Oakland                                                   6.4915              20360301                            360
Tallahassee                                               6.8665              20360301                            360
Orlando                                                   6.7415              20360201                            360
Tampa                                                     6.7415              20351101                            360
Gilbert                                                   6.6165              20360301                            360
Surprise                                                  6.9915              20360101                            360
Mesa                                                      7.6165              20360301                            360
Pottstown                                                 6.6165              20360201                            360
Collegeville                                              6.7415              20360301                            360
Hastings                                                  6.2415              20360201                            360
Washington                                                7.1165              20360201                            360
COVINGTON                                                 5.9915              20360201                            360
LAKELAND                                                  7.2415              20360101                            360
UNION CITY                                                7.1165              20360101                            360
Dallas                                                    7.3665              20351201                            360
GRIFFIN                                                   7.2415              20360101                            360
Suwanee                                                   6.3665              20360201                            360
AUSTELL                                                   6.7415              20360101                            360
Hampton                                                   7.1165              20360201                            360
EUHARLEE                                                  6.9915              20360101                            360
MARIETTA                                                  7.2415              20360201                            360
DECATUR                                                   6.6165              20360201                            360
UNION CITY                                                7.1165              20360101                            360
KENNESAW                                                  5.3665              20201101                            180
VILLA RICA                                                7.1165              20360101                            360
TEMPLE                                                    6.4915              20360201                            360
Dallas                                                    6.8665              20360101                            360
MCDONOUGH                                                 7.1165              20360101                            360
Riverdale                                                 6.7415              20360301                            360
CANTON                                                    5.3665              20360101                            360
NORCROSS                                                  6.4915              20360201                            360
SNELLVILLE                                                7.3665              20360201                            360
SUGAR HILL                                                6.1165              20360201                            360
McDonough                                                 6.3665              20351201                            360
JONESBORO                                                 6.7415              20360201                            360
COLLEGE PARK                                              7.6165              20360101                            360
JONESBORO                                                 7.2415              20360201                            360
HIRAM                                                     6.2415              20360201                            360
HAMPTON                                                   6.8665              20360101                            360
NORCROSS                                                  6.4915              20360201                            360
FAIRBURN                                                  6.2415              20360201                            360
DACULA                                                    7.2415              20360201                            360
Hartwell                                                  6.2415              20360101                            360
Lithia Springs                                            6.9915              20360101                            360
Powder Springs                                            7.2415              20360101                            360
RIVERDALE                                                 6.7415              20360101                            360
ACWORTH                                                   5.9915              20350801                            360
CANTON                                                    7.4915              20360201                            360
CARTERSVILLE                                              7.2415              20360201                            360
KINGSTON                                                  7.4915              20360201                            360
MANHATTAN BEACH                                           6.1165              20351201                            360
GARDEN GROVE                                              6.6165              20360301                            360
WASHINGTON                                                5.4915              20201201                            180
SAN PEDRO                                                 6.4915              20351201                            360
LAS VEGAS                                                 6.7415              20360201                            360
VAN NUYS                                                  6.3665              20351201                            360
PALOS VERDES ESTATES                                      6.6165              20360301                            360
INGLEWOOD                                                 6.2415              20351201                            360
PINEHURST                                                 6.6165              20360201                            360
GARDEN GROVE                                              6.2415              20360201                            360
NORWALK                                                   6.2415              20351201                            360
Las Vegas                                                 6.3665              20360201                            360
CRANBERRY TWP                                             6.7415              20360301                            360
RIVERSIDE                                                 6.4915              20360301                            360
Rialto                                                    6.6165              20351201                            360
CORAL GABLES                                              6.8665              20360201                            360
PHILADELPHIA                                              7.6165              20360101                            360
YUCAIPA                                                   6.1165              20351201                            360
REDONDO BEACH                                             6.1165              20351201                            360
MIAMI                                                     6.6165              20360201                            360
RED BLUFF                                                 6.4915              20360301                            360
REDONDO BEACH                                             6.6165              20360301                            360
Los Angeles                                               5.6165              20201201                            180
NEWTON                                                    6.6165              20360301                            360
ETIWANDA                                                  6.6165              20360301                            360
Hilaleah                                                  6.6165              20360301                            360
LAS VEGAS                                                 6.9915              20360301                            360
LOS ANGELES                                               6.6165              20360301                            360
FOUNTAIN VALLEY                                           6.2415              20351201                            360
GALENA                                                    6.3665              20360301                            360
MEDINA                                                    6.2415              20360301                            360
ONTARIO                                                   5.7415              20351101                            360
CHICAGO                                                   6.4915              20360201                            360
Rolling Meadows                                           6.8665              20360101                            360
Head Of The Harbor                                        7.2415              20360301                            360
SAINT LOUIS                                               7.8665              20360301                            360
Saint Louis                                               6.6165              20351201                            360
Dallas                                                    8.4915              20351201                            360
LOUISVILLE                                                7.4915              20360201                            360
DALLAS                                                    7.6165              20360401                            360
Houston                                                   8.1165              20351201                            360
HOUSTON                                                   8.3665              20360101                            360
Fort Worth                                                6.9915              20360201                            360
Denton                                                    7.4915              20360101                            360
Louisville                                                8.3665              20360201                            360
Weatherford                                               6.9915              20351201                            360
HOUSTON                                                   8.3665              20360101                            360
Gunter                                                    7.6165              20351101                            360
Louisville                                                8.3665              20360201                            360
HOUSTON                                                   8.3665              20360101                            360
Louisville                                                8.3665              20360201                            360
Bowling Green                                             7.6165              20351201                            360
DENTON                                                    7.6165              20360301                            360
Valrico                                                   6.8665              20360101                            360
Gahanna                                                   6.8665              20360101                            360
GILLESPIE                                                 7.8665              20360301                            360
Krum                                                      6.2415              20360201                            360
WARSAW                                                    8.3665              20360201                            360
Sanger                                                    6.4915              20351001                            360
Cahokia                                                   8.9915              20360201                            360
Cahokia                                                   8.9915              20360201                            360
Cahokia                                                   8.9915              20360201                            360
Stephenville                                              6.9915              20360201                            360
Lewisville                                                7.7415              20351201                            360
Little Elm                                                7.2415              20360101                            360
Itasca                                                    7.9915              20351201                            360
Alvarado                                                  8.2415              20360201                            360
NORWALK                                                   5.7415              20210101                            180
burlingame                                                6.7415              20360201                            360
Chattanooga                                               7.3665              20360201                            360
Cumming                                                   7.1165              20360201                            360
Elberta                                                   7.2415              20360201                            360
Mt Pleasant                                               7.4915              20360301                            360
Dallas                                                    7.3665              20360201                            360
Yulee                                                     7.1165              20360301                            360
Kennesaw                                                  6.4915              20360201                            360
Chelsea                                                   7.2415              20360301                            360
Atlanta                                                   6.7415              20360301                            360
Gainesville                                               7.4915              20360301                            360
Gulf Shores                                               7.3665              20360301                            360
RANCHO CUCAMONGA                                          7.2415              20360101                            360
APPLE VALLEY                                              8.2415              20360301                            360
BAKERSFIELD                                               8.1165              20360101                            360
ROSEVILLE                                                 6.2415              20360201                            360
LANCASTER                                                 6.8665              20360101                            360
APPLE VALLEY                                              7.8665              20360201                            360
HOUSTON                                                   7.1165              20360201                            360
DENTON                                                    6.2415              20360101                            360
JACKSONVILLE                                              6.2415              20360301                            360
NORTH LAS VEGAS                                           6.7415              20360301                            360
LAS VEGAS                                                 7.3665              20360201                            360
NAPLES                                                    8.1165              20360201                            360
ORLANDO                                                   6.4915              20360201                            360
NORTH LAS VEGAS                                           6.7415              20360101                            360
RIVERVIEW                                                 6.4915              20360201                            360
JACKSONVILLE                                              7.2415              20360301                            360
LAS VEGAS                                                 6.7415              20360301                            360
Caldwell                                                  8.3665              20360201                            360
Muskogee                                                  6.4915              20351201                            360
Caldwell                                                  8.3665              20360201                            360
Colorado Springs                                          6.9915              20360201                            360
WEST JORDAN                                               6.7415              20360301                            360
COLORADO SPRINGS                                          6.7415              20360301                            360
WEST VALLEY CITY                                          7.2415              20360301                            360
SAINT GEORGE                                              6.4915              20360301                            360
Roosevelt                                                 8.3665              20360201                            360
Aurora                                                    8.2415              20360201                            360
EAGLE MOUNTAIN                                            7.2415              20360301                            360
Norwich                                                   8.3665              20360201                            360
Temecula                                                  8.3665              20360201                            360
Murrieta                                                  8.3665              20360201                            360
Murrieta                                                  8.3665              20360101                            360
SPRINGFIELD                                               8.4915              20351201                            360
SOUTHBRIDGE                                               7.9915              20360201                            360
MANCHESTER                                                7.2415              20360301                            360
Lebanon                                                   7.3665              20360201                            360
Roseville                                                 6.3665              20360201                            360
Westminster                                               6.8665              20360201                            360
Norcross                                                  7.9915              20360101                            360
Henryetta                                                 7.4915              20360301                            360
Wichita                                                   7.9915              20360201                            360
Humble                                                    7.7415              20360301                            360
Detroit                                                   7.9915              20360201                            360
Williamsburg                                              6.9915              20360201                            360
Columbia                                                  7.9915              20360201                            360
Canton                                                    6.4915              20360201                            360
Garland                                                   7.9915              20360201                            360
Newark                                                    8.2415              20360201                            360
Littleton                                                 6.6165              20360201                            360
Santa Monica                                              7.2415              20360201                            360
SCOTTSDALE                                                6.9915              20360301                            360
COLUMBIA                                                  7.2415              20360201                            360
THOUSAND OAKS                                             7.2415              20360301                            360
Chino                                                     6.4915              20360201                            360
Apple Valley                                              7.4915              20360201                            360
TUSTIN                                                    6.1165              20360101                            360
APPLE VALLEY                                              7.2415              20351201                            360
APPLE VALLEY                                              7.2415              20351201                            360
PLEASANT HILL                                             6.1165              20351201                            360
QUARTZ HILL ARE                                           5.7415              20351101                            360
LOS ANGELES                                               6.2415              20351201                            360
Williamsburg                                              6.2415              20360301                            360
Ft Washington                                             6.4915              20360201                            360
Lynchburg                                                 6.4915              20360201                            360
College Park                                              7.4915              20360101                            360
College Park                                              7.7415              20360201                            360
Monroe                                                    7.4915              20360201                            360
Marietta                                                  7.1165              20360101                            360
Union City                                                6.7415              20360101                            360
Phoenix                                                   6.7415              20360301                            360
El Mirage                                                 7.2415              20360301                            360
Show Low                                                  6.9915              20360301                            360
North Las Vegas                                           6.9915              20360201                            360
Colorado Springs                                          7.4915              20360101                            360
Shawnee                                                   8.4915              20360301                            360
Shawnee                                                   7.7415              20360301                            360
Long Beach                                                6.6165              20360301                            360
Fort Worth                                                7.6165              20360301                            360
Federal Way                                               6.7415              20360201                            360
ALBUQUERQUE                                               6.6165              20360201                            360
PHOENIX                                                   6.6165              20360301                            360
SCOTTSDALE                                                6.9915              20360301                            360
SAN LUIS                                                  6.9915              20360201                            360
PHOENIX                                                   6.8665              20360301                            360
Glendale                                                  6.9915              20360301                            360
Phoenix                                                   6.4915              20360301                            360
QUEEN CREEK                                               7.6165              20360301                            360
Albuquerque                                               6.6165              20360201                            360
ALBUQUERQUE                                               6.6165              20360201                            360
Salisbury                                                 7.3665              20360201                            360
Winston Salem                                             6.8665              20360101                            360
Winston Salem                                             7.4915              20360201                            360
Conyers                                                   7.3665              20360201                            360
Winston                                                   7.2415              20360301                            360
Winston Salem                                             6.8665              20360201                            360
Hoschton                                                  6.3665              20360101                            360
Mckinney                                                  6.4915              20360201                            360
Allen                                                     5.9915              20360201                            360
Arlington                                                 6.6165              20360201                            360
Mckinney                                                  7.8665              20360201                            360
Lewisville                                                8.2415              20360201                            360
Kimberly                                                  8.1165              20360201                            360
Kiawah Island                                             7.6165              20360201                            360
CONYERS                                                   7.4915              20360301                            360
BRUNSWICK                                                 6.2415              20360101                            360
COLUMBUS                                                  7.9915              20350901                            360
KISSIMMEE                                                 7.3665              20350901                            360
ORLANDO                                                   6.6165              20350901                            360
CHARLOTTE                                                 7.8665              20350801                            360
WAYCROSS                                                  6.4915              20350701                            360
CHARLOTTE                                                 7.2415              20350701                            360
PITTSBURGH                                                6.1165              20350701                            360
ORLANDO                                                   7.8665              20350701                            360
JACKSONVILLE                                              7.6165              20350901                            360
GOOSE CREEK                                               6.4915              20350701                            360
SATELLITE BEACH                                           6.3665              20351001                            360
TAMPA                                                     6.6165              20350801                            360
DUMFRIES                                                  6.9915              20350901                            360
BOYCE                                                     5.9915              20200701                            180
WEST PALM BEACH                                           6.1165              20350901                            360
OGDEN                                                     7.2415              20350701                            360
FAIRFAX STATION                                           5.7415              20351001                            360
SAGINAW                                                   7.6165              20350901                            360
PEORIA                                                    5.2415              20350801                            360
KISSIMMEE                                                 6.9915              20350901                            360
WAXHAW                                                    6.2415              20351001                            360
SCOTTSDALE                                                5.2415              20350801                            360
NORTH PORT                                                5.7415              20350901                            360
JASPER                                                    6.3665              20350701                            360
STATESBORO                                                6.7415              20351001                            360
TAMPA                                                     6.1165              20351001                            360
BOULDER                                                   5.2415              20350801                            360
ORLANDO                                                   7.8665              20350901                            360
NAPLES                                                    6.2415              20350801                            360
Dover                                                     5.8665              20200601                            180
ORLANDO                                                   5.6165              20350901                            360
Fitzgerald                                                6.7415              20200601                            180
ORLANDO                                                   7.4915              20350901                            360
CHARLOTTE                                                 5.9915              20350901                            360
PALM SPRINGS                                              5.8665              20200701                            180
SUGAR HILL                                                5.7415              20350801                            360
HARTWELL                                                  6.6165              20351001                            360
ORLANDO                                                   7.3665              20351001                            360
ALEXANDRIA                                                5.6165              20350901                            360
FREDRICKSBERG                                             5.2415              20350701                            360
CAMDEN WYOMING                                            6.2415              20350601                            360
LOS ANGELES                                               5.2415              20200601                            180
LAWRENCEVILLE                                             5.2415              20350701                            360
PITTSBURGH                                                6.3665              20350701                            360
IRMO                                                      7.3665              20350701                            360
KISSIMMEE                                                 7.3665              20350901                            360
NEWPORT NEWS                                              5.6165              20200801                            180
RALEIGH                                                   5.6165              20200901                            180
KISSIMMEE                                                 7.4165              20350701                            360
Miami                                                     6.7415              20360101                            360
Warren                                                    6.9915              20351201                            360
LANSING                                                   7.2415              20360201                            360
Aldan                                                     7.3665              20360201                            360
Phila                                                     6.4915              20151201                            120
Doylestown                                                6.9915              20360301                            360
Lake Harmony                                              6.3665              20351001                            360
Philadelphia                                              7.2415              20360201                            360
Devon                                                     6.6165              20360201                            360
Dover                                                     6.7415              20360201                            360
Blackwood                                                 7.6165              20360301                            360
Bear                                                      6.9915              20360201                            360
Pleasantville                                             7.1165              20360201                            360
Pleasantville                                             7.2415              20360301                            360
Marcus Hook                                               6.7415              20360301                            360
Pine Hill                                                 6.9915              20360301                            360
Fort Washington                                           6.4915              20360301                            360
Wilmington                                                7.1165              20360201                            360
Philadelphia                                              6.8665              20360201                            360
Norristown                                                6.7415              20360201                            360
Wilmington                                                7.6165              20360301                            360
WOOLRICH                                                  7.8665              20360201                            360
Wilmington                                                7.4915              20360201                            360
Philadelphia                                              6.4915              20360301                            360
MIRAMAR                                                   6.2415              20350801                            360
SAN DIEGO                                                 7.1165              20360201                            360
BELL GARDENS                                              6.2415              20360301                            360
GRAND PRAIRIE                                             7.7415              20360201                            360
NORFOLK                                                   6.8665              20360201                            360
VIRGINIA BCH                                              5.9915              20360301                            360
JACKSONVILLE                                              7.7415              20360201                            360
ST AUGUSTINE                                              7.3665              20360301                            360
Monticello                                                7.1165              20360201                            360
BALTIMORE                                                 6.7415              20360301                            360
VIRGINIA BEACH                                            7.1165              20360201                            360
DAVENPORT                                                 6.3665              20360301                            360
ATL                                                       7.2415              20360301                            360
Des Moines                                                7.3665              20360201                            360
Stafford                                                  6.9915              20360301                            360
RICHMOND                                                  7.4915              20360301                            360
DECATUR                                                   7.1165              20360301                            360
Lenigh                                                    6.6165              20360201                            360
CEDAR RAPIDS                                              7.7415              20360201                            360
HUXLEY                                                    7.2415              20360201                            360
Middletown                                                9.2415              20360301                            360
MYRTLE BEACH                                              6.4915              20350901                            360
BAYVIEW                                                   6.7415              20360201                            360
HOMER GLEN                                                6.1165              20351001                            360
Chicago                                                   5.7415              20351101                            360
Phoenix                                                   7.1165              20360201                            360
PHOENIX                                                   6.6165              20360301                            360
CHESAPEAKE                                                6.6165              20360301                            360
PETERSBURG                                                7.1165              20360201                            360
NEWPORT NEWS                                              6.8665              20360201                            360
Dallas                                                    8.7415              20351001                            360
FORT WORTH                                                6.7415              20360201                            360
Plano                                                     7.2415              20360301                            360
Plano                                                     6.9915              20360201                            360
DALLAS                                                    7.2415              20360201                            360
PLANO                                                     7.6165              20360201                            360
Hilton Head                                               6.7415              20360301                            360
JERSEY CITY                                               8.3665              20321201                            360
LAKE WORTH                                                8.6165              20320201                            360
FRESNO                                                    8.2415              20321001                            360
SAVANNAH                                                  8.2415              20321101                            360
DURHAM                                                    6.2415              20210201                            180
Spring                                                    7.6165              20341201                            360
GREENSBORO                                                6.6165              20360101                            360
TIVERTON                                                  6.6165              20360101                            360
CEDAR CITY                                                5.6165              20201201                            180
SAVANNAH                                                  7.2415              20360101                            360
NORMAN                                                    6.4915              20351201                            360
CORCORAN                                                  6.2415              20360101                            360
MIDWEST CITY                                              5.4915              20201201                            180
CARY                                                      5.3665              20350801                            360
CEDAR CITY                                                5.6165              20201201                            180
HAWAIIAN GARDENS                                          6.6165              20360101                            360
MIDWEST CITY                                              5.4915              20201201                            180
RICHMOND                                                  6.6165              20360101                            360
HENDERSON                                                 5.7415              20351201                            360
CHARLOTTESVILLE                                           6.3665              20360101                            360
FORT LAUDERDALE                                           7.2415              20360101                            360
TOLEDO                                                    6.7415              20351201                            360
SAVANNAH                                                  7.2415              20360101                            360
OKLAHOMA CITY                                             5.4915              20201201                            180
PALM HARBOR                                               5.9915              20360101                            360
DACULA                                                    6.4915              20351201                            360
PALATINE                                                  5.9915              20360101                            360
GLENDALE HEIGHTS                                          6.4915              20360101                            360
CATONSVILLE                                               6.6165              20360101                            360
KERNERSVILLE                                              7.4915              20360101                            360
CHARLOTTE                                                 6.7415              20351201                            360
SAVANNAH                                                  7.2415              20360101                            360
SAVANNAH                                                  7.2415              20360101                            360
SAVANNAH                                                  7.2415              20360101                            360
MANASSAS                                                  6.4915              20351201                            360
NEWBERG                                                   5.7415              20201101                            180
SAVANNAH                                                  6.3665              20360101                            360
LONG BEACH                                                4.8665              20201001                            180
NEWBERG                                                   5.7415              20201101                            180
DILLSBURG                                                 5.3665              20210101                            180
DILLSBURG                                                 5.3665              20210101                            180
FRANKLINTOWN                                              5.3665              20210101                            180
SAVANNAH                                                  6.3665              20351201                            360
POMPANO BEACH                                             6.8665              20360101                            360
OKLAHOMA CITY                                             5.4915              20201201                            180
MIDWEST CITY                                              5.4915              20201201                            180
VISALIA                                                   5.7415              20351101                            360
DOVER                                                     5.3665              20210101                            180
CHICAGO                                                   7.8665              20360101                            360
LAUDERHILL                                                5.3665              20351001                            360
SEATTLE                                                   6.3665              20341201                            360
CABOT                                                     7.7415              20340701                            360
KAILUA-KONA                                               5.4915              20340701                            360
BALDWIN PARK                                              5.9915              20201101                            180
FRESNO                                                    6.2415              20340901                            360
BELGRADE                                                  5.7415              20340601                            360
LANSDOWNE                                                 9.2415              20360101                            360
SAN ANTONIO                                               6.2415              20210101                            180
CHICAGO                                                   7.8665              20351201                            360
CHINO HILLS                                               5.9915              20351001                            360
LINCOLN CITY                                              6.4915              20360201                            360
LEAGUE CITY                                               7.7415              20351201                            360
VANCOUVER                                                 5.8665              20350401                            360
INDIANAPOLIS                                              6.4915              20350401                            360
BELTSVILLE                                                5.6165              20200501                            180
FT THOMAS                                                 5.9915              20200501                            180
NASHUA                                                    6.9915              20340901                            360
ELFRIDA                                                   6.6165              20351201                            360
HOUSTON                                                   5.3665              20200701                            180
GLENDALE                                                  5.9915              20360101                            360
APPLE VALLEY                                              6.3665              20351201                            360
SUN CITY                                                  5.2415              20200801                            180
CONCORD                                                   6.7415              20321101                            360

CITY1                                         ORIGINAL_                            ORIGINAL_                  FIRST_
                                              AMORTIZATION_TERM                    BALANCE                    PAY_DATE
----------------------------------------------------------------------------------------------------------------------------
HIALEAH                                                               360                 226,800.00               20060401
MCCLOUD                                                               360                 195,000.00               20060401
BETHESDA                                                              360                 410,000.00               20060401
Seymour                                                               360                  50,250.00               20060301
ARVADA                                                                360                 168,000.00               20060401
GARDEN CITY                                                           360                 104,000.00               20060401
CICERO                                                                360                 107,200.00               20060301
NORTH LAS VEGAS                                                       360                 192,000.00               20060301
GLEN ALLEN                                                            360                 168,000.00               20060401
HAMPTON                                                               360                 104,000.00               20060401
HICKORY CREEK                                                         360                 195,700.00               20060401
MIDDLEBURG                                                            360                 203,000.00               20060401
SACRAMENTO                                                            360                 157,500.00               20060401
ASHBURN                                                               360                 303,920.00               20060401
PORTLAND                                                              360                  78,000.00               20051101
SURPRISE                                                              360                 223,750.00               20051001
MIDLAND                                                               360                  82,600.00               20060401
PORTLAND                                                              360                 130,000.00               20051001
Holly Springs                                                         360                 144,400.00               20060401
MONROE                                                                180                  38,000.00               20060401
Edison                                                                180                 217,000.00               20060401
ALLEN                                                                 180                 133,400.00               20060401
PAINESVILLE                                                           180                  71,920.00               20060401
NEWBERG                                                               180                  67,500.00               20060401
GOOSE CREEK                                                           180                 103,447.00               20060401
PLANTATION                                                            180                  70,000.00               20060401
RALEIGH                                                               180                  42,000.00               20060401
MARICOPA                                                              180                 110,000.00               20060301
MOUNTAIN TOP                                                          180                  30,000.00               20060401
BOISE                                                                 180                 113,400.00               20060401
ALBANY                                                                180                  81,000.00               20060301
BIRMINGHAM                                                            180                  34,400.00               20060401
BROOKLYN                                                              180                 444,500.00               20060401
WARREN                                                                180                  56,000.00               20060401
Ridgeland                                                             180                  76,000.00               20060401
MONROE                                                                180                  38,000.00               20060401
AVONDALE                                                              180                 266,000.00               20060401
MONROE                                                                180                  45,000.00               20060401
SAN ANTONIO                                                           180                  30,500.00               20060401
SPARTANBURG                                                           180                  30,000.00               20060301
Crown Point                                                           360                  65,100.00               20060301
Nicholasville                                                         360                  75,800.00               20060301
Auburn                                                                360                  59,900.00               20060401
Auburn                                                                360                  78,750.00               20060401
CHESAPEAKE BEACH                                                      360                 268,100.00               20060401
WASHINGTON                                                            360                 252,800.00               20060401
MIAMI                                                                 360                 139,789.00               20060401
WELLINGTON                                                            360                 700,000.00               20060401
HOUSTON                                                               360                 126,000.00               20060401
MEMPHIS                                                               360                  36,000.00               20060401
HAYDEN LAKE                                                           360                 209,930.00               20060401
Eatontown                                                             360                 236,000.00               20060301
FAIRFAX                                                               360                 416,250.00               20060401
SIMPSONVILLE                                                          360                 105,630.00               20060401
Las Cruces                                                            360                 100,800.00               20060301
TOLEDO                                                                360                 115,500.00               20060401
Seaside Heights                                                       360                 222,375.00               20060401
OLD ORCHARD BEACH                                                     360                 101,600.00               20060401
LEXINGTON PARK                                                        360                 234,000.00               20060401
ROCKVILLE                                                             360                 103,000.00               20060401
RICHMOND                                                              360                 108,000.00               20060401
Paterson                                                              360                 248,500.00               20060401
HARRISBURG                                                            360                 115,920.00               20060401
COLORADO SPRINGS                                                      360                 122,400.00               20060401
SAN ANTONIO                                                           360                  76,500.00               20060401
ERIE                                                                  360                  60,900.00               20060401
HAWLEY                                                                360                 148,000.00               20060401
ORLANDO                                                               360                 347,850.00               20060401
SAFETY HARBOR                                                         360                 156,100.00               20060401
Trenton                                                               360                  62,400.00               20060401
KALAMAZOO                                                             360                  68,700.00               20060401
RIO RANCHO                                                            360                 104,000.00               20060401
CHICAGO                                                               360                 269,500.00               20060401
SILVERTON                                                             360                 209,650.00               20060401
EAST HAMPTON                                                          360                 449,750.00               20060401
PIEDMONT                                                              360                 227,500.00               20060401
AKRON                                                                 360                  45,500.00               20060401
CHICAGO                                                               360                 352,000.00               20060401
HOUSTON                                                               360                  90,558.00               20060301
CYPRESS                                                               360                 333,900.00               20060401
BARTLETT                                                              360                 169,600.00               20060401
SALT LAKE CITY                                                        360                 175,700.00               20060401
INDIANAPOLIS                                                          360                 104,000.00               20060401
WACO                                                                  360                  40,000.00               20060401
WINTER PARK                                                           360                 114,000.00               20060401
SALEM                                                                 360                 179,200.00               20060401
TAMPA                                                                 360                 100,000.00               20060401
LAKE CITY                                                             180                 148,000.00               20060401
MOUNT PLEASANT                                                        360                 359,100.00               20060401
TAKOMA PARK                                                           360                 384,000.00               20060401
GARDNER                                                               360                 142,800.00               20060401
SYRACUSE                                                              360                  38,500.00               20060401
WASHINGTON                                                            360                 530,800.00               20060401
MUKILTEO                                                              360                 291,750.00               20060401
CHICAGO                                                               360                 416,500.00               20060401
MEMPHIS                                                               360                  36,000.00               20060401
BRIARWOOD                                                             360                 240,000.00               20060401
WACO                                                                  360                  40,000.00               20060401
BRANDON                                                               360                 156,000.00               20060401
LOUISVILLE                                                            360                  64,000.00               20060401
MARGATE                                                               360                 244,000.00               20060401
SYRACUSE                                                              360                  99,750.00               20060401
Louisville                                                            360                  66,400.00               20060401
MESA                                                                  360                 131,500.00               20060401
CHICAGO                                                               360                 352,100.00               20060401
VIRGINIA BEACH                                                        360                 296,800.00               20060401
LOS BANOS                                                             360                 336,000.00               20060401
ORANGE PARK                                                           360                 128,000.00               20060401
LAS VEGAS                                                             360                 244,000.00               20060401
CLEVELAND                                                             360                  91,200.00               20060401
COTTAGE GROVE                                                         360                 137,960.00               20060401
TWIN FALLS                                                            360                 124,600.00               20060401
CHANTILLY                                                             360                 516,000.00               20060401
BOURBONNAIS                                                           360                 112,000.00               20060401
PASADENA                                                              360                 218,400.00               20060401
CHICAGO                                                               360                 206,500.00               20060401
DRAPER                                                                360                 650,000.00               20060301
CHICAGO                                                               360                 189,000.00               20060401
CINCINNATI                                                            360                 232,000.00               20060401
PLAINFIELD                                                            360                 212,550.00               20060401
BOILING SPRINGS                                                       360                  82,500.00               20060401
Delhi                                                                 360                 252,000.00               20060401
Montebello                                                            360                 352,000.00               20060401
CLEVELAND                                                             360                  73,700.00               20060401
DENVER                                                                360                 144,000.00               20060401
GARDEN VALLEY                                                         360                 520,000.00               20060401
CHICAGO                                                               360                 456,680.00               20060401
PEMBROKE PINES                                                        360                 300,000.00               20060301
BURKE                                                                 360                 340,000.00               20060401
NASHVILLE                                                             360                  87,920.00               20060401
GARFIELD HEIGHTS                                                      360                  84,000.00               20060401
CAPE CORAL                                                            360                 185,500.00               20060401
Hendersonville                                                        360                 235,000.00               20060401
EVERETT                                                               360                 296,000.00               20060401
SILVER SPRING                                                         360                 388,000.00               20060401
OVIEDO                                                                360                 105,000.00               20060401
JOHNSTON                                                              360                 320,000.00               20060401
PORTLAND                                                              360                 203,200.00               20060401
BROOKLYN                                                              360                 900,000.00               20060401
PEORIA                                                                360                 164,500.00               20060401
PANAMA CITY BEACH                                                     360                 975,000.00               20060401
CHESTER                                                               360                 232,800.00               20060401
DETROIT                                                               360                  73,600.00               20060401
Charlotte                                                             360                 108,430.00               20060401
FORT LAUDERDALE                                                       360                 304,500.00               20060401
MESA                                                                  360                 148,800.00               20060401
DANBURY                                                               360                 440,000.00               20060401
MARRERO                                                               360                 103,500.00               20060301
Indianapolis                                                          360                  37,450.00               20060401
HYATTSVILLE                                                           360                 336,000.00               20060401
Louisville                                                            360                  51,700.00               20060401
LOUISVILLE                                                            360                 133,000.00               20060401
LINCOLNTON                                                            360                 128,000.00               20060401
Lawrenceville                                                         360                 344,000.00               20060401
SANGER                                                                360                 185,500.00               20060401
PHOENIX                                                               360                 328,000.00               20060401
STERLING HEIGHTS                                                      360                 135,100.00               20060401
ABINGDON                                                              360                 414,781.00               20060401
GERMANTOWN                                                            360                 348,000.00               20060401
AURORA                                                                360                 100,000.00               20060401
TUCSON                                                                360                 240,000.00               20060401
Lafayette                                                             360                  74,800.00               20060401
MESA                                                                  360                 154,000.00               20060401
WINTER HAVEN                                                          360                 136,450.00               20060401
NORCROSS                                                              360                 101,600.00               20060401
KAWKAWLIN                                                             360                 175,000.00               20060401
CORONA                                                                360                 892,950.00               20060401
GRAVETTE                                                              360                  62,800.00               20060401
Charlotte                                                             360                 106,050.00               20060401
QUEEN CREEK                                                           360                 210,100.00               20060401
CHANDLER                                                              360                 191,920.00               20060401
BURTON                                                                360                  53,060.00               20060401
STREAMWOOD                                                            360                 232,512.00               20060401
MECHANICSBURG                                                         360                 239,211.00               20060401
OAKLAND                                                               360                 339,500.00               20060401
LAKE WORTH                                                            360                 702,980.00               20060401
SAINT LOUIS                                                           360                  75,000.00               20060401
FORT LAUDERDALE                                                       360                 327,750.00               20060401
Flowery Branch                                                        360                  80,000.00               20060401
MIAMI BEACH                                                           360                 245,000.00               20060401
Brooklyn                                                              360               1,000,000.00               20060401
ATLANTIC BEACH                                                        360                 178,400.00               20060401
DETROIT                                                               360                  96,800.00               20060401
SAINT LOUIS                                                           360                 168,000.00               20060401
PANAMA CITY                                                           360                 960,000.00               20060401
COLUMBUS                                                              360                  64,000.00               20060401
Garner                                                                360                 300,000.00               20060401
STOCKTON                                                              360                 343,000.00               20060401
PANAMA CITY BEACH                                                     360                 290,000.00               20060401
DETROIT                                                               360                  64,800.00               20060401
NAPLES                                                                360                 330,210.00               20060401
AURORA                                                                360                 152,000.00               20060401
WOODBRIDGE                                                            360                 220,500.00               20060401
PORT SAINT LUCIE                                                      360                 254,511.00               20060401
Newark                                                                360                 247,125.00               20060401
SCOTTSDALE                                                            360                 332,000.00               20060401
GRANDVIEW                                                             360                  59,300.00               20060301
GARNER                                                                360                 204,684.80               20060401
PHOENIX                                                               360                 354,000.00               20060401
ORLANDO                                                               360                 156,000.00               20060401
MOORE                                                                 360                  89,550.00               20060301
OCOEE                                                                 360                 251,450.00               20060401
MEMPHIS                                                               360                  50,200.00               20060401
WACO                                                                  360                  40,000.00               20060401
TAMPA                                                                 360                 124,400.00               20060401
PROVIDENCE                                                            360                 220,000.00               20060401
CHICAGO                                                               360                 234,000.00               20060401
Raleigh                                                               360                  92,750.00               20060401
PAHRUMP                                                               360                 208,000.00               20060401
JOHNSON CITY                                                          360                  71,752.00               20060301
ROCHESTER                                                             360                  33,600.00               20060401
KENOSHA                                                               360                 103,600.00               20060401
DAVIS                                                                 180                  43,750.00               20060301
CHICAGO                                                               360                 122,500.00               20060301
BURBANK                                                               360                 171,700.00               20060401
SALEM                                                                 360                 132,000.00               20060401
FLAGSTAFF                                                             360                 255,000.00               20060401
SILVER SPRING                                                         360                 150,300.00               20060401
SOUTH PADRE ISLAND                                                    360                 490,000.00               20060401
TAMPA                                                                 360                 160,000.00               20060401
Hyde Park                                                             360                 318,500.00               20060401
LAKELAND                                                              360                  81,200.00               20060401
LONGMONT                                                              360                 231,200.00               20060401
WOODBRIDGE                                                            360                 315,750.00               20060401
NORTH CHARLESTON                                                      360                 108,920.00               20060401
STEVENSVILLE                                                          360                 417,000.00               20060401
LADSON                                                                360                 123,500.00               20060401
BROUSSARD                                                             360                 148,000.00               20060401
GERMANTOWN                                                            360                 370,000.00               20060401
VISTA                                                                 360                 423,857.00               20060401
MAPLE GLEN                                                            360                 460,000.00               20060401
VISALIA                                                               360                 132,000.00               20060401
SAINT JOSEPH                                                          360                 211,704.00               20060401
TAMPA                                                                 360                 128,000.00               20060401
BALTIMORE                                                             360                  40,800.00               20060301
POMPANO BEACH                                                         360                 196,000.00               20060401
CARSON                                                                360                 433,600.00               20060301
NORFOLK                                                               180                 220,000.00               20060401
STAFFORD                                                              360                 308,800.00               20060401
PHILADELPHIA                                                          360                 141,700.00               20060301
KISSIMMEE                                                             360                 304,000.00               20060401
DAYTON                                                                360                  57,500.00               20060401
CHANDLER                                                              360                 635,150.00               20060401
KENNESAW                                                              360                 175,920.00               20060401
CHICAGO                                                               360                 273,000.00               20060401
POQUOSON                                                              360                  68,000.00               20060401
STERLING                                                              360                 276,500.00               20060401
BROOKLYN                                                              360                 510,880.00               20060401
CINCINNATI                                                            360                 120,000.00               20060401
PASCO                                                                 360                 126,700.00               20060401
ELGIN                                                                 360                 227,900.00               20060401
MISSOULA                                                              360                 136,000.00               20060401
Pikeville                                                             360                 116,400.00               20060401
LEWISVILLE                                                            360                 102,000.00               20060401
WEST WARWICK                                                          360                 179,200.00               20060401
Passaic                                                               360                 308,000.00               20060401
LAND O LAKES                                                          360                 238,000.00               20060401
CARSON CITY                                                           360                 172,000.00               20060401
EASLEY                                                                360                 166,500.00               20060401
SPRING HILL                                                           360                 131,600.00               20060401
DEERFIELD BEACH                                                       360                 720,000.00               20060301
CLARKSTON                                                             360                 115,200.00               20060401
SLIDELL                                                               360                 100,800.00               20060401
NASHUA                                                                360                 304,500.00               20060401
LAS VEGAS                                                             360                 235,300.00               20060301
CHICAGO                                                               360                 194,000.00               20060401
Alameda                                                               360                 595,000.00               20060401
Bloomfield                                                            360                 312,000.00               20060301
DETROIT                                                               360                  59,580.00               20060401
MIDDLETOWN                                                            360                 417,000.00               20060401
GREENVILLE                                                            360                  45,600.00               20060301
REYNOLDSBURG                                                          360                 118,400.00               20060401
CANTON                                                                360                  68,500.00               20060401
SUN CITY WEST                                                         360                 282,000.00               20060401
BAKERSFIELD                                                           360                 159,565.00               20060401
CHICKASAW                                                             360                  38,400.00               20060401
TAMPA                                                                 360                 444,500.00               20060401
ROCHESTER                                                             360                  66,430.00               20060401
Greensboro                                                            360                  52,000.00               20060401
Albuquerque                                                           360                 200,000.00               20060401
MARICOPA                                                              360                 270,296.00               20060401
OVIEDO                                                                360                 220,500.00               20060401
CHICAGO                                                               360                 280,000.00               20060401
South Plainfield                                                      360                 325,500.00               20060401
MEMPHIS                                                               360                  35,200.00               20060401
LOS ANGELES                                                           360                 133,500.00               20060301
NORTH WEBSTER                                                         360                 124,000.00               20060301
INDIO                                                                 360                 393,350.00               20060401
HENDERSON                                                             360                 424,000.00               20060401
SPRINGDALE                                                            360                 206,400.00               20060301
BROOKLYN                                                              360                 419,300.00               20060401
SPRINGFIELD                                                           360                 104,000.00               20060401
CLINTON                                                               360                 271,920.00               20060401
Hampton                                                               360                 122,750.00               20060301
Wendell                                                               360                 121,600.00               20060401
CLINTON                                                               360                 324,000.00               20060401
SAINT PETERSBURG                                                      360                 101,500.00               20060401
JACKSONVILLE                                                          360                  72,000.00               20060401
Louisville                                                            360                 324,000.00               20060401
SUMMERVILLE                                                           360                  96,373.00               20060401
Newburgh                                                              360                 152,000.00               20060401
SYRACUSE                                                              360                  47,920.00               20060401
SYRACUSE                                                              360                  32,000.00               20060401
TOPEKA                                                                360                  32,800.00               20060401
EVANSTON                                                              360                 276,000.00               20060401
SILVER SPRING                                                         360                 412,500.00               20060401
BRONX                                                                 360                 371,000.00               20060401
PARKLAND                                                              360                 930,000.00               20060401
Louisville                                                            360                  86,400.00               20060301
WOONSOCKET                                                            360                 200,000.00               20060401
Waxhaw                                                                360                 119,268.00               20060401
AUBURN                                                                360                 131,600.00               20060401
CAMDEN                                                                360                 243,961.00               20060401
BELTSVILLE                                                            360                 184,000.00               20060401
CHICAGO                                                               360                 244,000.00               20060401
PHOENIXVILLE                                                          360                 136,000.00               20060401
MIAMI                                                                 360                 463,396.00               20060401
VALLEJO                                                               360                 302,950.00               20060401
SPRINGFIELD                                                           360                  82,125.00               20060201
LARGO                                                                 360                 118,790.00               20060401
PORT TOBACCO                                                          360                 515,000.00               20060401
HIALEAH                                                               360                 156,000.00               20060401
MORENO VALLEY                                                         360                 437,500.00               20051001
CHICAGO                                                               360                 311,200.00               20060401
Worcester                                                             360                 172,500.00               20050801
PEORIA                                                                360                 201,600.00               20060401
DETROIT                                                               360                  50,400.00               20050901
COLUMBUS                                                              360                  49,000.00               20060401
BIRCHRUNVILLE                                                         360                 965,000.00               20051101
OAKTON                                                                360                 770,000.00               20060401
Newark                                                                360                 264,000.00               20060401
Atlanta                                                               360                 144,300.00               20060401
ROCHESTER                                                             360                 207,329.00               20060401
ROCHESTER                                                             360                 207,532.00               20060401
BROWNS VALLEY                                                         360                 519,200.00               20060401
QUEEN CREEK                                                           360                 226,900.00               20060401
DENVER                                                                360                 155,920.00               20060401
MAGNOLIA                                                              360                 345,600.00               20060401
HENDERSON                                                             360                 454,095.20               20060401
MISSION                                                               360                 103,313.00               20060401
Lawrenceville                                                         360                 112,000.00               20060401
Beverly                                                               360               1,000,000.00               20060401
HOUSTON                                                               360                 217,873.00               20060401
PALM BAY                                                              360                 158,600.00               20051101
WASHINGTON                                                            360                 172,000.00               20050601
GARLAND                                                               360                  56,024.00               20050901
GARLAND                                                               360                  56,197.00               20050901
GARLAND                                                               360                  54,992.00               20050901
PORT SAINT LUCIE                                                      360                 248,890.00               20060401
WYANDANCH                                                             360                 214,291.00               20050901
CERES                                                                 360                 174,500.00               20060401
DESERT HILLS                                                          360                 640,000.00               20060401
Nantucket                                                             360                 450,000.00               20060401
West Springfield                                                      360                 181,600.00               20060401
PHILADELPHIA                                                          360                  80,000.00               20060401
LIVERPOOL                                                             360                  84,800.00               20060401
BOSTON                                                                360                 395,500.00               20060401
ORLANDO                                                               360                 206,500.00               20060401
PHOENIX                                                               360                 245,800.00               20060401
MARCO ISLAND                                                          360                 800,000.00               20060401
LAS VEGAS                                                             360                 132,000.00               20060401
TAMPA                                                                 360                 117,600.00               20060401
THE DALLES                                                            360                  85,750.00               20060401
COLUMBUS                                                              360                 140,000.00               20060401
CHICAGO                                                               360                 152,000.00               20060401
BEND                                                                  360                 248,000.00               20060401
CINCINNATI                                                            360                 148,000.00               20060401
JACKSONVILLE                                                          360                 144,750.00               20060401
Visalia                                                               360                 219,200.00               20060401
NAPLES                                                                360                 247,920.00               20060401
SUN CITY                                                              360                 383,524.00               20060401
SUMMERVILLE                                                           360                 106,800.00               20060401
INDIANAPOLIS                                                          360                  34,400.00               20060401
DETROIT                                                               360                 100,000.00               20060401
COPIAGUE                                                              360                 332,500.00               20060401
STUART                                                                360                 182,400.00               20060401
LEBANON                                                               360                 193,200.00               20060401
ANTHEM                                                                360                 272,000.00               20060401
ROYAL PALM BEACH                                                      360                 300,000.00               20060401
DUMFRIES                                                              360                 483,750.00               20060401
CLEVELAND                                                             360                  68,000.00               20060401
CHICAGO                                                               360                 301,600.00               20060401
BRONX                                                                 360                 371,000.00               20060401
GLENDALE                                                              360                 476,000.00               20060401
MORENO VALLEY                                                         360                 314,000.00               20060401
CHESTERFIELD                                                          360                 165,600.00               20060401
Newark                                                                360                 227,500.00               20060401
SALEM                                                                 360                 127,350.00               20060401
ANNAPOLIS                                                             360                 245,000.00               20060401
WAYNESBORO                                                            360                 216,000.00               20060401
Powder Springs                                                        360                 233,000.00               20060401
TEMPE                                                                 360                 280,000.00               20060401
QUEEN CREEK                                                           360                 175,000.00               20060401
TAMPA                                                                 360                 178,000.00               20060401
DELAND                                                                360                 215,000.00               20060401
WOODBRIDGE                                                            360                 247,100.00               20060401
FALLON                                                                360                  73,600.00               20060301
STREAMWOOD                                                            360                 204,000.00               20060401
MCLEAN                                                                360                 300,000.00               20060401
YORK                                                                  360                  51,200.00               20060401
VISALIA                                                               360                 180,800.00               20060401
MIDVALE                                                               360                 149,100.00               20060401
ANDERSON                                                              360                 140,000.00               20060401
PROVIDENCE                                                            360                 192,000.00               20060401
HOLLYWOOD                                                             360                  98,000.00               20060401
BUCKEYE                                                               360                 149,443.00               20060401
Charlotte                                                             360                 164,800.00               20060401
EASTON                                                                360                 380,000.00               20060401
SARASOTA                                                              360                 480,000.00               20060401
QUEEN CREEK                                                           360                 209,600.00               20060401
LITHIA                                                                360                 182,850.00               20060401
FALLON                                                                360                 116,000.00               20060301
Louisville                                                            360                 292,000.00               20060401
PORTLAND                                                              360                 160,000.00               20060301
RIVIERA BEACH                                                         360                 260,000.00               20060401
CHICAGO                                                               360                 208,000.00               20060401
CHICAGO                                                               360                 100,000.00               20060301
COATESVILLE                                                           360                 187,920.00               20060401
GREENFIELD                                                            360                 197,300.00               20060301
KNOXVILLE                                                             360                  88,000.00               20060401
SEVERN                                                                360                 242,000.00               20060401
CITRUS HEIGHTS                                                        360                 315,200.00               20060401
BOWIE                                                                 360                 507,100.00               20060401
BRONX                                                                 360                 490,000.00               20060401
QUEEN CREEK                                                           360                 243,000.00               20060401
BALTIMORE                                                             360                  52,000.00               20060401
JOHNSTON                                                              360                 172,200.00               20060401
PROVIDENCE                                                            360                 159,250.00               20060401
EDGEWATER                                                             360                 285,000.00               20060401
SILVER SPRING                                                         360                 352,750.00               20060401
Provo                                                                 360               1,950,000.00               20060401
LACEY                                                                 360                 216,000.00               20060301
roxboro                                                               360                 165,200.00               20060401
COCKEYSVILLE                                                          180                 917,000.00               20060401
GERMANTOWN                                                            360                 185,200.00               20060401
NEILTON                                                               360                  98,900.00               20060401
COLUMBIA                                                              360                  57,600.00               20060401
HAZEL CREST                                                           360                  73,600.00               20060401
SIMPSONVILLE                                                          360                  99,330.00               20060401
MAYWOOD                                                               360                 168,000.00               20060401
LAKE WORTH                                                            360                 140,500.00               20060401
SIMPSONVILLE                                                          360                 307,325.00               20060401
OGDEN                                                                 360                  69,200.00               20060301
JACKSONVILLE                                                          360                  66,400.00               20060401
VERO BEACH                                                            360                 210,000.00               20060301
CASA GRANDE                                                           360                 168,000.00               20060401
DANA POINT                                                            360                 623,000.00               20060401
SILVER SPRING                                                         360                 267,200.00               20060401
LINDENHURST                                                           360                 330,000.00               20060401
TAYLOR                                                                360                  96,000.00               20060401
LOS ANGELES                                                           360                 280,000.00               20060401
MOUNT POCONO                                                          360                 105,000.00               20060401
WARWICK                                                               360                 196,000.00               20060401
METAMORA                                                              360                 139,300.00               20060401
MEMPHIS                                                               360                  42,000.00               20060301
FRISCO                                                                360                 273,382.00               20060401
PHOENIX                                                               360                 240,000.00               20060401
SPARTANBURG                                                           360                 120,000.00               20060401
COLUMBUS                                                              360                 216,400.00               20060401
SPARTANBURG                                                           360                  44,000.00               20060401
TRAVELERS REST                                                        360                 152,000.00               20060401
ALSTEAD                                                               360                 125,650.00               20060401
SPRING BRANCH                                                         360                 110,700.00               20060401
Plainfield                                                            360                 320,000.00               20060401
BROOKLYN                                                              360                 720,000.00               20060401
PHOENIX                                                               360                 260,800.00               20060401
BROOKLYN                                                              360                 598,000.00               20060301
CHICAGO                                                               360                 223,200.00               20060401
SPRING BRANCH                                                         360                 128,000.00               20060301
PHOENIX                                                               360                 258,400.00               20060401
PHOENIX                                                               360                 142,320.00               20060401
DETROIT                                                               360                  58,400.00               20060401
BROOKLYN                                                              360                 448,000.00               20060401
WASHINGTON                                                            360                 692,000.00               20060401
COVINGTON                                                             360                 142,990.00               20060401
PUYALLUP                                                              360                 393,520.00               20060401
Apollo Beach                                                          360               1,000,000.00               20060401
MORENO VALLEY                                                         360                 232,500.00               20060401
TREASURE ISLAND                                                       360                 494,000.00               20060401
MERRITT ISLAND                                                        360                 317,500.00               20060401
STERLING                                                              360                 332,000.00               20060301
BALTIMORE                                                             360                  39,400.00               20060401
Atlanta                                                               360                 148,000.00               20060401
DERWOOD                                                               360                 416,000.00               20060401
COOPER CITY                                                           360                 368,000.00               20060401
MIDLOTHIAN                                                            360                 123,160.00               20060401
WALTON                                                                360                 296,000.00               20060401
WEST PALM BEACH                                                       360                 382,500.00               20060401
JOLIET                                                                360                 119,200.00               20060401
SPARTANBURG                                                           360                  44,000.00               20060401
GAINESVILLE                                                           360                  60,000.00               20060401
BATON ROUGE                                                           360                 111,900.00               20060301
GREENVILLE                                                            360                 144,000.00               20060401
PHILADELPHIA                                                          360                  48,000.00               20060401
CHARDON                                                               360                 200,000.00               20060401
MESA                                                                  360                 220,000.00               20060401
Billings                                                              360                 124,000.00               20060401
CINCINNATI                                                            360                  74,600.00               20060401
GIBSONTON                                                             360                 219,300.00               20060401
MOBILE                                                                360                  41,325.00               20060401
WEST PALM BEACH                                                       360                 229,500.00               20060401
Fall River                                                            360                 196,000.00               20060401
TUCSON                                                                360                 281,250.00               20060401
RICHMOND                                                              360                 112,000.00               20060401
JACKSON                                                               360                  41,600.00               20060401
HEFLIN                                                                360                 215,910.00               20060401
PHOENIX                                                               180                 108,000.00               20060401
PANAMA CITY BEACH                                                     360                 787,500.00               20060401
Charlotte                                                             360                  92,750.00               20060401
SPRINGFIELD                                                           360                 322,400.00               20060401
AMITYVILLE                                                            360                 535,000.00               20060401
DETROIT                                                               360                  37,600.00               20060401
BELLINGHAM                                                            360                 104,000.00               20060401
ORLANDO                                                               360                 106,621.00               20060401
SARASOTA                                                              360                 169,400.00               20060401
COLUMBIA                                                              360                  77,968.00               20060401
WASHINGTON                                                            360                 296,000.00               20060401
TRENTON                                                               360                 100,000.00               20060401
RAYTOWN                                                               360                  60,900.00               20060401
SYRACUSE                                                              360                  72,000.00               20060401
CHANTILLY                                                             360                 662,000.00               20060401
SAN CLEMENTE                                                          360                 980,000.00               20060401
PONTIAC                                                               360                  52,500.00               20060401
WESTFIELD                                                             360                  54,400.00               20060401
DETROIT                                                               360                  53,000.00               20060401
BELTON                                                                360                  86,100.00               20060401
DETROIT                                                               360                  56,000.00               20060401
DETROIT                                                               360                  55,200.00               20060401
KANSAS CITY                                                           360                  57,000.00               20060401
HOUSTON                                                               360                  52,500.00               20060401
SUPERIOR                                                              360                  64,400.00               20060401
LISLE                                                                 360                 356,250.00               20060401
REDFORD                                                               360                  63,000.00               20060401
Noblesville                                                           360                  91,600.00               20060401
Noblesville                                                           360                  91,600.00               20060401
Woodstock                                                             360                  86,100.00               20060301
SALT LAKE CITY                                                        360                  71,400.00               20060401
MEMPHIS                                                               360                  55,250.00               20060401
KANSAS CITY                                                           360                  60,900.00               20060301
Rio Rancho                                                            360                  66,500.00               20060401
SCOTTSDALE                                                            360                 163,800.00               20060401
HORN LAKE                                                             360                  66,150.00               20060301
Winston Salem                                                         360                  56,000.00               20060401
BALTIMORE                                                             360                  55,250.00               20060401
COVINGTON                                                             360                  53,600.00               20060401
BATON ROUGE                                                           360                  76,900.00               20060401
PALM BEACH GARDENS                                                    360                 462,700.00               20060401
CANTON                                                                360                  53,600.00               20060401
BATON ROUGE                                                           360                  76,900.00               20060401
OCALA                                                                 360                  72,100.00               20060401
PORTLAND                                                              360                 103,100.00               20060401
KANSAS CITY                                                           360                  62,900.00               20060301
KANSAS CITY                                                           360                  63,750.00               20060301
WINSTON SALEM                                                         360                  50,225.00               20060401
RAYTOWN                                                               360                  60,900.00               20060401
SAN BERNARDINO                                                        360                 140,000.00               20060401
Charlotte                                                             360                  65,600.00               20060401
DALLAS                                                                360                  47,600.00               20060401
Winston Salem                                                         360                  50,000.00               20060401
MEMPHIS                                                               360                  53,500.00               20060401
Winston Salem                                                         360                  56,800.00               20060401
Winston Salem                                                         360                  56,800.00               20060401
GALVESTON                                                             360                  65,450.00               20060401
MEMPHIS                                                               360                  50,100.00               20060401
MEMPHIS                                                               360                  55,200.00               20060401
FALLS CHURCH                                                          360                 535,296.00               20060401
RICHMOND                                                              360                  64,000.00               20060401
SOUND BEACH                                                           360                 185,500.00               20060401
AUGUSTA                                                               360                  52,000.00               20060401
Trenton                                                               360                  84,000.00               20060401
TRENTON                                                               360                  92,000.00               20060401
KANNAPOLIS                                                            360                  79,600.00               20060401
TRENTON                                                               360                  84,000.00               20060401
OCOEE                                                                 360                 240,350.00               20060401
Concord                                                               360                  64,400.00               20060401
Pompton Plains                                                        360                 268,100.00               20060401
KNOXVILLE                                                             360                 343,200.00               20060401
COLUMBIA                                                              360                  72,800.00               20060401
SAN LEANDRO                                                           360                 367,500.00               20060401
TEMPE                                                                 360                 144,000.00               20060401
ROCHESTER HILLS                                                       360                 128,000.00               20060401
Bradenton Beach                                                       360               1,000,000.00               20060401
OAKLAND                                                               360                 400,000.00               20060401
ROSELLE                                                               360                 131,600.00               20060401
FLAT ROCK                                                             360                 104,000.00               20060401
MADRAS                                                                360                  88,500.00               20060401
KANSAS CITY                                                           180                  34,295.00               20060401
MADRAS                                                                360                  88,500.00               20060401
ELK GROVE                                                             360                 890,000.00               20060401
DETROIT                                                               360                  64,000.00               20060401
PORTSMOUTH                                                            360                 241,500.00               20060401
HIALEAH                                                               360                  99,330.00               20060401
MOLINE                                                                360                 104,000.00               20060401
MANCHESTER                                                            360                  90,000.00               20060401
ARVERNE                                                               360                 420,000.00               20060401
WOBURN                                                                360                 304,000.00               20060401
PHOENIX                                                               360                 282,000.00               20060401
LAS VEGAS                                                             360                 240,300.00               20060401
OCEANSIDE                                                             360                 290,250.00               20060401
SPRING                                                                360                 179,200.00               20060401
PHOENIX                                                               360                 277,000.00               20060401
LAREDO                                                                360                 224,000.00               20060401
ROCKVALE                                                              360                 164,500.00               20060401
NORTH BELLMORE                                                        360                 245,000.00               20060401
Los Angeles                                                           360                 417,000.00               20060401
SPARTANBURG                                                           360                  97,600.00               20060401
Acworth                                                               360                 350,320.00               20060401
COLUMBUS                                                              360                  63,200.00               20060401
LAS VEGAS                                                             360                 281,450.00               20060401
COACHELLA                                                             360                 280,792.00               20060401
Lumberton                                                             360                  51,775.00               20060401
BILLINGS                                                              360                 120,000.00               20060301
SCHENECTADY                                                           360                  40,000.00               20060401
BILOXI                                                                360                 143,920.00               20060401
GULFPORT                                                              360                 160,000.00               20060401
SPARTANBURG                                                           360                  57,600.00               20060401
BALTIMORE                                                             360                 235,800.00               20060401
SPARTANBURG                                                           360                  44,000.00               20060401
WALDORF                                                               360                 260,000.00               20060401
ROUND LAKE                                                            360                 101,500.00               20060401
Decatur                                                               360                 129,600.00               20060401
DES PLAINES                                                           360                 176,000.00               20060401
CHICAGO                                                               360                 260,000.00               20060401
PIEDMONT                                                              360                 101,600.00               20060401
PORTLAND                                                              360                 188,000.00               20060401
SAN ANTONIO                                                           360                  46,400.00               20060401
SAN ANTONIO                                                           360                  46,400.00               20060401
SAN ANTONIO                                                           360                  46,400.00               20060401
CRANSTON                                                              180                 236,000.00               20060401
HOUSTON                                                               360                 208,000.00               20060401
QUEEN CREEK                                                           360                 177,100.00               20060401
DAYTON                                                                360                  44,000.00               20060401
Atlanta                                                               360                 108,000.00               20060401
EASTPOINTE                                                            360                  62,400.00               20060401
LITTLE ROCK                                                           360                 130,000.00               20060401
MILFORD                                                               360                 144,000.00               20060401
SURPRISE                                                              360                 441,100.00               20060401
ROEBUCK                                                               360                  47,900.00               20060401
SEVIERVILLE                                                           360                 455,000.00               20060401
NEW HAVEN                                                             360                 119,350.00               20060401
GATLINBURG                                                            360                 487,000.00               20060401
WASHINGTON                                                            360                 396,000.00               20060401
SOUTHFIELD                                                            360                 119,000.00               20060401
LINCOLNWOOD                                                           360                 360,000.00               20060401
COLUMBUS                                                              360                  49,280.00               20060401
DOVER                                                                 360                  92,435.00               20060401
Buckeye                                                               360                 168,287.00               20060301
QUEEN CREEK                                                           360                 228,750.00               20060401
MESA                                                                  360                 452,000.00               20060401
Everett                                                               360                 354,626.00               20051101
PROVIDENCE                                                            360                 144,000.00               20060401
Atlanta                                                               360                 131,200.00               20060401
Chickamauga                                                           360                  35,600.00               20060201
JACKSONVILLE                                                          360                 111,200.00               20060401
North Bethesda                                                        360               1,313,622.00               20060401
BRENTWOOD                                                             360                 313,600.00               20060401
Glendale                                                              360               1,200,000.00               20060401
PEMBROKE                                                              360                 185,500.00               20060401
PHOENIX                                                               360                 156,000.00               20060401
TAMPA                                                                 360                 135,000.00               20060401
MIAMI BEACH                                                           360                 650,000.00               20060401
JERSEY CITY                                                           360                 390,000.00               20060401
SIOUX FALLS                                                           360                  87,750.00               20060301
MARICOPA                                                              360                 187,245.00               20060401
AURORA                                                                360                  34,200.00               20060301
Corrales                                                              360                 256,000.00               20060401
BOLINGBROOK                                                           360                 157,500.00               20060401
SPARTANBURG                                                           360                  48,450.00               20060301
NEW YORK                                                              360                 945,000.00               20060401
DOUGLASSVILLE                                                         360                 222,400.00               20060401
Albuquerque                                                           360                 121,100.00               20060401
HILTON HEAD ISLAND                                                    360                  47,600.00               20060401
ASTORIA                                                               360                 577,500.00               20060401
WHEATON                                                               360                 160,000.00               20060401
PLATTSBURG                                                            360                 256,000.00               20060401
FORT ATKINSON                                                         360                 116,000.00               20060401
MIDDLETOWN                                                            360                 407,400.00               20060301
BROOKLYN                                                              360                 516,000.00               20060401
LAS VEGAS                                                             360                 236,000.00               20060401
FORT LAUDERDALE                                                       360                 260,000.00               20060401
FALLS CHURCH                                                          360                 467,720.00               20060401
OXNARD                                                                360                 420,000.00               20060401
DETROIT                                                               360                 104,800.00               20060401
CHESTER                                                               360                 159,835.00               20060401
NORFOLK                                                               360                  81,900.00               20060401
SANDPOINT                                                             360                 190,000.00               20060401
PARADISE                                                              360                 231,200.00               20060401
CAPE CORAL                                                            360                 323,100.00               20060401
SEDONA                                                                360                 287,200.00               20060401
PAWLEYS ISLAND                                                        360                 650,000.00               20060401
COUNTRY CLUB HILLS                                                    360                  88,000.00               20060401
Passaic                                                               360                 324,000.00               20060401
Franklin                                                              360                 285,600.00               20060401
SAN ANTONIO                                                           360                 122,250.00               20060401
BRIDGEPORT                                                            360                 304,000.00               20060401
SANDY                                                                 360                 371,200.00               20060401
SURPRISE                                                              360                 211,450.00               20060401
CHICAGO                                                               360                  88,000.00               20060401
LAKE FOREST                                                           360                 488,000.00               20060401
FARMINGVILLE                                                          360                 360,000.00               20060401
PALM BAY                                                              360                 123,834.00               20060401
BIRMINGHAM                                                            360                  72,000.00               20060401
WALDORF                                                               360                 210,000.00               20060401
West New York                                                         360                 424,000.00               20060401
PHOENIX                                                               360                 220,000.00               20060401
DETROIT                                                               360                  73,600.00               20060401
CONWAY                                                                360                  78,245.00               20060401
HUNTLEY                                                               360                 156,000.00               20060401
INDIO                                                                 360                 231,000.00               20060401
WESTWOOD                                                              360                 340,000.00               20060301
TEHACHAI                                                              360                 204,000.00               20060401
CLEVELAND                                                             360                  48,000.00               20060401
BAKERSFIELD                                                           360                 163,065.00               20060401
SWANSEA                                                               360                  78,030.00               20060401
SCOTTSDALE                                                            360               1,500,000.00               20060401
BUCKEYE                                                               360                 202,706.00               20060401
WILLOWBROOK                                                           360                 180,000.00               20060401
KANSAS CITY                                                           360                  68,000.00               20060401
MARICOPA                                                              360                 219,480.00               20060401
FOREST GROVE                                                          360                 233,600.00               20060401
MARICOPA                                                              360                 205,789.00               20060401
RIDGELY                                                               360                 375,000.00               20060301
CEDAR POINT                                                           360                 112,000.00               20060401
FREDERICKSBURG                                                        360                 388,980.00               20060401
BALTIMORE                                                             180                 112,500.00               20060401
LAS VEGAS                                                             360                 562,500.00               20060401
PEORIA                                                                360                 178,700.00               20060401
Ahoskie                                                               360                  52,000.00               20060401
JACKSONVILLE                                                          360                 111,600.00               20060401
Evansville                                                            360                  48,000.00               20060401
BRYANS ROAD                                                           360                 450,400.00               20060401
WALDORF                                                               360                 294,400.00               20060401
JACKSONVILLE                                                          360                 111,600.00               20060401
MEMPHIS                                                               360                  48,800.00               20060401
LORTON                                                                360                 276,000.00               20060401
SALISBURY                                                             360                  51,900.00               20060401
SAINT LOUIS                                                           360                  50,000.00               20060401
Trenton                                                               360                 100,000.00               20060301
REDMOND                                                               360                 120,000.00               20060401
MEMPHIS                                                               360                  50,400.00               20060401
TOLEDO                                                                360                  40,000.00               20060301
TAMPA                                                                 360                 143,500.00               20060401
SAINT LOUIS                                                           360                  50,000.00               20060401
PROVIDENCE                                                            360                 175,200.00               20060401
RICHMOND                                                              360                 239,600.00               20060301
ISLE OF PALMS                                                         360                 712,500.00               20060401
CENTEREACH                                                            360                 472,500.00               20060401
SAINT LOUIS                                                           360                  58,400.00               20060401
LANCASTER                                                             360                 122,400.00               20060301
NORTH LAS VEGAS                                                       360                 366,000.00               20060401
Woodstock                                                             360                 328,000.00               20060401
LONG BEACH                                                            360                 133,000.00               20060401
EVANSTON                                                              360                 108,000.00               20060401
PEYTON                                                                360                 162,400.00               20060401
Marietta                                                              360                 165,730.00               20060401
EVANSTON                                                              360                 104,000.00               20060401
INDIANAPOLIS                                                          360                  65,600.00               20060401
Sunbury                                                               360                 152,440.00               20060401
Rome                                                                  360                  92,800.00               20060401
ORLANDO                                                               360                 158,400.00               20060401
EVANSTON                                                              360                  98,800.00               20060401
AMSTERDAM                                                             360                  48,000.00               20060401
MIAMI                                                                 360                 148,750.00               20060401
EL PASO                                                               360                 100,000.00               20060401
FALLS CHURCH                                                          360                 553,350.00               20060401
TYLER                                                                 360                 112,847.00               20060401
LADYS ISLAND                                                          360                 244,300.00               20060401
JAMAICA                                                               360                 496,000.00               20060401
CHICAGO                                                               360                 224,000.00               20060401
Fort Wayne                                                            360                  48,800.00               20060401
BALTIMORE                                                             360                 113,750.00               20060401
PALM COAST                                                            360                 640,500.00               20060401
Hillsborough                                                          360                 224,000.00               20060401
ALEXANDRIA                                                            360                 210,000.00               20060401
CRYSTAL SPRINGS                                                       360                 117,000.00               20060401
PHOENIX                                                               360                 172,000.00               20060401
VIRGINIA BEACH                                                        360                  81,900.00               20060401
PORT JEFFERSON STATION                                                360                 235,000.00               20060401
DAYTON                                                                360                  59,300.00               20060401
BAYONNE                                                               360                 242,000.00               20060401
WELLINGTON                                                            360                 717,500.00               20060401
AKRON                                                                 360                  61,600.00               20060401
MARYVILLE                                                             360                  88,000.00               20060401
WARRENTON                                                             360                 192,000.00               20060401
OGDEN                                                                 360                  69,200.00               20060301
EL PASO                                                               360                 221,250.00               20060401
SOUTH PADRE ISLAND                                                    360                 140,000.00               20060401
FARMINGTON                                                            360                 162,400.00               20060401
FARMINGTON                                                            360                 162,400.00               20060401
GRANDVILLE                                                            360                  59,300.00               20060301
BAY SHORE                                                             360                 333,000.00               20060401
BURNSVILLE                                                            360                 208,000.00               20060401
Evansville                                                            360                  48,000.00               20060401
KIRKLAND                                                              360                 187,960.00               20060401
DUNELLEN                                                              360                 275,200.00               20060301
HOLLYWOOD                                                             360                 360,000.00               20060401
Tigard                                                                360                 220,000.00               20060201
PORT SAINT LUCIE                                                      360                 261,250.00               20060401
PALISADES                                                             360                 344,000.00               20060301
MERCED                                                                360                 265,000.00               20060401
SAINT ALBANS                                                          360                 316,000.00               20060401
DAYTON                                                                360                  50,400.00               20060401
EL MONTE                                                              360                 160,000.00               20060301
SIDNEY                                                                360                  40,900.00               20060401
JACKSONVILLE                                                          360                  77,760.00               20060401
BRIDGEPORT                                                            360                 190,000.00               20060401
LAWRENCEVILLE                                                         360                 123,025.00               20060401
WATERFORD                                                             360                 193,920.00               20060401
MONROE                                                                180                  37,500.00               20060401
Atlantic Beach                                                        360                 192,000.00               20060401
Kalamazoo                                                             360                 526,560.00               20060401
WINCHESTER                                                            360                 343,200.00               20060401
SPOKANE                                                               360                 311,920.00               20060401
West Sacramento                                                       360                 100,000.00               20060401
FORT WORTH                                                            360                 137,900.00               20060401
SUNRISE                                                               360                 228,000.00               20060401
MARYSVILLE                                                            360                 176,000.00               20060401
CONCORD                                                               360                 357,600.00               20060401
SIOUX FALLS                                                           360                 106,600.00               20060301
COLUMBUS                                                              360                 148,000.00               20060401
NEWBERG                                                               360                 192,000.00               20060401
BELLEROSE                                                             360                 383,500.00               20060401
Paterson                                                              360                 368,000.00               20060401
LEWES                                                                 360                 241,600.00               20060401
Boston                                                                360                 272,000.00               20060301
BOOTHWYN                                                              360                  90,400.00               20060401
TUCSON                                                                360                 148,000.00               20060401
CHICAGO                                                               360                 145,600.00               20050901
CHARLOTTE                                                             360                 128,000.00               20060401
WHEATON                                                               360                 340,000.00               20060401
FORT MYERS                                                            360                 200,800.00               20051001
TINLEY PARK                                                           360                 194,000.00               20060401
GRANTS PASS                                                           360                 152,000.00               20060401
RIGBY                                                                 360                 110,400.00               20051001
STREAMWOOD                                                            360                 169,000.00               20051001
MILTON                                                                360                 184,720.00               20060401
Toms River                                                            360                 191,900.00               20060401
SAINT GEORGE                                                          360                 202,000.00               20060401
PATASKALA                                                             360                 131,600.00               20051101
LOVELAND                                                              360                 120,000.00               20060401
Boston                                                                360                 427,000.00               20060401
VIRGINIA BEACH                                                        360                 224,000.00               20060401
APPLE VALLEY                                                          360                 224,000.00               20060401
BOYNTON BEACH                                                         360                 132,000.00               20060401
PONTIAC                                                               360                 115,100.00               20051001
CHICAGO                                                               360                 150,500.00               20060401
NEWBURGH                                                              360                 188,000.00               20051001
Mcdonough                                                             360                 158,650.00               20060401
Boston                                                                360                 455,000.00               20060401
CONWAY                                                                360                  80,000.00               20060401
Durham                                                                360                  55,000.00               20051001
FORT MYERS                                                            360                  74,400.00               20051101
DETROIT                                                               360                  60,000.00               20051101
SURPRISE                                                              360                 198,030.00               20051101
LEES SUMMIT                                                           360                 310,574.00               20060401
AVONDALE                                                              360                 214,700.00               20051101
LITHIA                                                                360                 204,400.00               20051001
SURPRISE                                                              360                 189,600.00               20051101
FAIRVIEW                                                              360                 335,000.00               20060401
SHOW LOW                                                              360                 353,350.00               20060401
Charlotte                                                             360                 108,404.00               20060401
OKLAHOMA CITY                                                         360                  68,400.00               20060401
CLEVELAND                                                             360                  83,200.00               20051201
ALAMEDA                                                               360                 380,000.00               20060401
ORMOND BEACH                                                          360                 232,000.00               20060401
EWING                                                                 360                 295,000.00               20051101
SAN ANTONIO                                                           360                  72,800.00               20060401
FORT PIERCE                                                           360                 136,000.00               20060401
RICHMOND                                                              360                  87,200.00               20060401
DAYTON                                                                360                  44,800.00               20060401
INDEPENDENCE                                                          360                 105,600.00               20060401
LARGO                                                                 360                 140,100.00               20060401
SURPRISE                                                              360                 204,300.00               20060401
HANFORD                                                               360                 149,000.00               20060401
BRONX                                                                 360                 353,500.00               20060401
BRANSON                                                               360                  96,000.00               20060401
ASHBURN                                                               360                 312,000.00               20060401
Belmont                                                               360                 525,000.00               20060401
LYNCHBURG                                                             360                  98,400.00               20060401
LYNCHBURG                                                             360                  98,400.00               20060401
DAYTON                                                                360                  43,200.00               20060401
HARLINGEN                                                             360                 107,940.00               20060401
LAWSON                                                                360                 284,000.00               20060401
EAST DURHAM                                                           360                 101,500.00               20060401
STOCKTON                                                              360                 215,250.00               20060401
ODENTON                                                               360                 259,200.00               20060401
WOODSIDE                                                              360                 400,000.00               20060401
CANTON                                                                360                 219,200.00               20060401
SAINT LOUIS                                                           360                  94,500.00               20060401
Camden                                                                360                  61,600.00               20060401
COLUMBUS                                                              360                 220,920.00               20060401
NORTH MIAMI                                                           360                  84,000.00               20060401
VIRGINIA BEACH                                                        360                 158,450.00               20060401
KANSAS CITY                                                           360                  87,200.00               20060401
AKRON                                                                 360                  53,600.00               20060401
SAINT LOUIS                                                           360                 101,500.00               20060401
Belton                                                                360                 200,000.00               20060401
TOPEKA                                                                360                  40,000.00               20060401
GREENVILLE                                                            360                  59,250.00               20060401
VIENNA                                                                360                 700,000.00               20060401
OZONE PARK                                                            360                 297,500.00               20060401
AURORA                                                                360                 126,000.00               20060401
GOODLETTSVILLE                                                        360                 134,640.00               20060401
CHICAGO                                                               360                 115,120.00               20060401
APPLE VALLEY                                                          360                 228,000.00               20060401
Irvington                                                             360                 183,400.00               20060401
MURRIETA                                                              360                 470,400.00               20060401
HENDERSON                                                             360                 249,600.00               20060401
ZEPHYRHILLS                                                           360                 301,600.00               20060401
MERIDEN                                                               360                 192,000.00               20060401
PHILADELPHIA                                                          360                  54,400.00               20060401
SANTA ROSA                                                            360                 401,120.00               20060401
PROVIDENCE                                                            360                 227,200.00               20060401
WASHINGTON                                                            360                 377,000.00               20060301
GLENDALE                                                              360                 244,800.00               20060401
UPPER MARLBORO                                                        360                 276,000.00               20060401
RESTON                                                                360                 254,400.00               20060301
East Boston                                                           360                 417,000.00               20060401
CHICAGO                                                               360                 147,200.00               20060401
AURORA                                                                360                 131,200.00               20060401
PHOENIX                                                               360                 136,500.00               20060401
Cottonwood                                                            360                 156,800.00               20060401
HOMESTEAD                                                             360                 162,750.00               20060401
KANSAS CITY                                                           360                  68,000.00               20060401
HILLSBORO                                                             360                 106,750.00               20060401
LAKE OSWEGO                                                           360                 259,200.00               20060301
NEW LONDON                                                            360                  54,720.00               20060401
GRANTS PASS                                                           360                 164,500.00               20060401
WARREN                                                                360                 245,000.00               20060401
AIKEN                                                                 360                  68,000.00               20060401
BUFFALO                                                               360                  39,920.00               20060401
CLERMONT                                                              360                 283,500.00               20060401
Louisville                                                            360                  68,000.00               20060401
NEWPORT NEWS                                                          360                 182,400.00               20060401
LOS ANGELES                                                           360                 580,000.00               20060301
MIAMI                                                                 360                 464,000.00               20060401
HOFFMAN ESTATES                                                       360                 149,600.00               20050901
NAMPA                                                                 360                 115,500.00               20060401
POWDER SPRINGS                                                        360                 104,000.00               20060401
Alpharetta                                                            360               1,000,000.00               20051101
DETROIT                                                               360                  71,010.00               20060401
JACKSONVILLE BEACH                                                    360                 220,500.00               20060401
ANGOLA                                                                360                 612,000.00               20060401
BOILING SPRINGS                                                       360                 111,200.00               20060401
Apopka                                                                360               1,000,000.00               20060401
BRONX                                                                 360                 357,000.00               20060401
SPOKANE                                                               360                 119,000.00               20060401
ORLANDO                                                               360                 155,000.00               20060401
BROOKLYN                                                              360                 417,000.00               20060401
TYLER                                                                 360                  93,600.00               20060401
PHILADELPHIA                                                          360                 101,600.00               20060401
Alpharetta                                                            360                 515,920.00               20060401
TOPEKA                                                                360                  30,000.00               20060401
CHICAGO                                                               360                 163,920.00               20060401
TOPEKA                                                                360                  30,000.00               20060401
TOPEKA                                                                360                  36,000.00               20060401
E FALLOWFIELD                                                         360                 277,950.00               20060401
MESA                                                                  360                 860,000.00               20060401
GREENVILLE                                                            360                 101,600.00               20060401
RENTON                                                                360                 280,000.00               20060401
LANSING                                                               360                  84,000.00               20060401
EL PASO                                                               360                  98,000.00               20060401
Raleigh                                                               360                 136,500.00               20060401
BIRMINGHAM                                                            360                  55,920.00               20060401
BARTOW                                                                360                 328,000.00               20060401
OKLAHOMA CITY                                                         360                  47,200.00               20060301
CHICAGO                                                               360                 507,500.00               20060401
ORMOND BEACH                                                          360                 180,800.00               20060401
DETROIT                                                               360                  65,100.00               20060401
HOLLYWOOD                                                             360                 284,000.00               20060301
NORTH CHARLESTON                                                      360                  80,430.00               20060401
VANCOUVER                                                             360                 181,250.00               20060401
AVONDALE                                                              360                 244,200.00               20060401
JACKSONVILLE                                                          360                  93,400.00               20060401
SEGUIN                                                                360                  99,200.00               20060401
SOUTHFIELD                                                            360                 248,000.00               20060401
KENT                                                                  360                 287,200.00               20060401
ROWESVILLE                                                            360                  78,248.00               20060401
MASPETH                                                               360                 447,000.00               20060401
Mutttontown                                                           360               1,470,000.00               20060401
GLEN OAKS                                                             360                 451,750.00               20051201
DARLINGTON                                                            360                 300,000.00               20060401
NORTH HOLLYWOOD                                                       360                 417,000.00               20060401
NEW DURHAM                                                            360                 367,500.00               20060401
RANCHO PALOS VERDES                                                   360                 999,500.00               20051101
SAN ANTONIO                                                           360                  57,600.00               20060401
PORT SAINT LUCIE                                                      360                 235,753.00               20060401
COLUMBUS                                                              360                  68,000.00               20060401
KANSAS CITY                                                           360                  79,100.00               20060401
NORTH CHARLESTON                                                      360                 143,834.00               20060401
FOUNTAIN                                                              360                 129,500.00               20060401
BALTIMORE                                                             360                 116,000.00               20060401
LAWRENCEVILLE                                                         360                 231,200.00               20060401
HOMESTEAD                                                             360                 109,070.00               20060401
LA VERGNE                                                             360                 116,000.00               20060401
NORTH LAS VEGAS                                                       360                 393,600.00               20060401
WASHINGTON                                                            360                 107,040.00               20060401
ATLANTA                                                               360                 116,800.00               20060401
Cumming                                                               360                 108,500.00               20060301
HILLSBORO                                                             360                 106,890.00               20060401
JACKSONVILLE                                                          360                 108,000.00               20060401
Wilmington                                                            360                 308,000.00               20051201
Las Cruces                                                            360                 272,000.00               20060401
VISALIA                                                               360                 217,000.00               20060401
SCAPPOOSE                                                             360                 184,000.00               20060401
SALEM                                                                 360                  85,600.00               20060401
Santa Maria                                                           360                 296,000.00               20060401
JACKSONVILLE                                                          360                  60,000.00               20060401
OZARK                                                                 360                 213,750.00               20060401
CHICAGO                                                               360                 188,000.00               20060401
SCOTTSDALE                                                            360                 404,800.00               20060401
HOUSTON                                                               360                  52,500.00               20060401
ELMHURST                                                              360                 592,400.00               20060401
WASHINGTON                                                            360                 438,750.00               20060401
CHICAGO                                                               360                 211,000.00               20060401
CALDWELL                                                              360                 119,200.00               20060401
Powder Springs                                                        360                 352,000.00               20060401
PHOENIX                                                               360                 192,000.00               20060401
GLENDALE                                                              360                 125,000.00               20060401
MODESTO                                                               360                 320,000.00               20060401
LAS VEGAS                                                             360                 104,000.00               20060401
WALDORF                                                               360                 510,000.00               20060401
LISLE                                                                 360                 155,000.00               20060401
SALEM                                                                 360                 115,500.00               20060401
SPARTANBURG                                                           360                  40,500.00               20060401
SPOKANE                                                               360                  60,800.00               20060401
RIDGE                                                                 360                 331,660.00               20060401
PHOENIX                                                               360                 116,000.00               20060401
WAKE FOREST                                                           360                 106,800.00               20060401
KANSAS CITY                                                           360                  91,000.00               20060401
REDMOND                                                               360                 154,400.00               20060401
MINNEAPOLIS                                                           360                 160,000.00               20060401
SPRING CITY                                                           360                 238,500.00               20060401
PINE BLUFFS                                                           360                  64,000.00               20060401
WASHINGTON                                                            360                 446,250.00               20060401
MARICOPA                                                              360                 167,920.00               20060401
GIBSONTON                                                             360                 175,250.00               20060401
CHEYENNE                                                              360                  66,000.00               20060401
ANNAPOLIS                                                             360                 280,000.00               20060401
SEAFORD                                                               360                 520,000.00               20060401
ESSEX                                                                 360                 274,500.00               20060401
DES MOINES                                                            360                 216,000.00               20060401
KANSAS CITY                                                           360                  79,100.00               20060401
Scottsdale                                                            360                 263,120.00               20060401
MARYSVILLE                                                            360                 158,620.00               20060401
FORT LAUDERDALE                                                       360                 210,000.00               20060401
LIBERTY LAKE                                                          360                 139,000.00               20060401
Raleigh                                                               360                 171,950.00               20060401
SILVER SPRING                                                         360                 352,000.00               20060401
MIRA LOMA                                                             360                 235,000.00               20060401
KATONAH                                                               360                 650,000.00               20060401
Cary                                                                  360                 333,600.00               20060401
EVERETT                                                               360                 196,000.00               20060401
PROVIDENCE                                                            360                 170,000.00               20060401
WOODBRIDGE                                                            360                 480,800.00               20060401
CAPE CORAL                                                            360                 241,500.00               20060401
Atlanta                                                               360                 107,300.00               20060401
RENO                                                                  360                 307,000.00               20050901
RANDALLSTOWN                                                          360                 165,000.00               20050901
PERINTON                                                              180                 109,250.00               20030901
FRAMINGHAM                                                            360                 231,200.00               20030901
Vienna                                                                360                 460,000.00               20060101
Phippsburg                                                            360                 218,000.00               20060301
Detroit                                                               360                  68,000.00               20060401
Detroit                                                               360                  58,500.00               20060301
Washington                                                            360                 708,000.00               20060301
Fort Washington                                                       360                 483,920.00               20060401
Clermont                                                              360                 296,000.00               20060401
Manassas                                                              360                 336,000.00               20060401
Fort Washington                                                       360                 264,000.00               20060301
Sterling                                                              360                 319,120.00               20060401
Washington                                                            360                 345,520.00               20060401
Suisun City                                                           360                 343,300.00               20060401
Manassas                                                              360                 393,200.00               20060401
Woodbridge                                                            360                 312,000.00               20060301
Centreville                                                           360                 290,400.00               20060401
Fairfax                                                               360                 460,000.00               20060301
Culpeper                                                              360                 318,400.00               20060301
Fredericksburg                                                        360                 160,000.00               20060401
Hamilton                                                              360                 600,000.00               20060301
Fredericksburg                                                        360                 208,000.00               20060301
Cooksville                                                            360                 768,000.00               20060401
Manassas                                                              360                 287,920.00               20060301
Manassas                                                              360                 300,000.00               20060401
Winston Salem                                                         360                  79,500.00               20060301
Temple Hills                                                          360                 318,150.00               20060301
Germantown                                                            360                 158,000.00               20060301
Manassas                                                              360                 297,600.00               20060401
Richmond                                                              360                 132,000.00               20060301
Alexandria                                                            360                 212,400.00               20060301
Clinton                                                               360                 467,712.00               20060401
Upper Marlboro                                                        360                 551,014.00               20060301
Gaithersburg                                                          360                 167,050.00               20060401
Arlington                                                             360                 420,000.00               20060301
Beltsville                                                            360                 152,800.00               20060301
Manassas                                                              360                 245,200.00               20060301
Woodbridge                                                            360                 263,200.00               20060301
Capitol Heights                                                       360                 143,000.00               20051001
Culpeper                                                              360                 138,400.00               20060301
Alexandria                                                            360                 200,000.00               20060301
Woodbridge                                                            360                 316,000.00               20060301
Manassas                                                              360                 350,400.00               20060301
Takoma Park                                                           360                 393,600.00               20060401
Woodbridge                                                            360                 510,400.00               20060401
Leesburg                                                              360                 287,548.00               20060301
Aldie                                                                 360                 438,384.00               20060301
TAMARAC                                                               360                 193,600.00               20060301
Reston                                                                360                 240,000.00               20060301
Manassas                                                              360                 241,200.00               20060401
Woodbridge                                                            360                 235,200.00               20060101
Falls Church                                                          360                 440,000.00               20060301
Baltimore                                                             360                  89,600.00               20060301
PORT REPUBLIC                                                         360                 456,000.00               20060301
STREAMWOOD                                                            360                 162,750.00               20060301
LOUISVILLE                                                            360                 120,000.00               20060301
BALTIMORE                                                             480                  58,100.00               20060401
Fargo                                                                 360                  68,600.00               20060301
BEALETON                                                              360                 424,450.00               20060201
COLUMBIA                                                              360                  44,960.00               20060301
DOVER                                                                 360                 276,000.00               20060301
BALTIMORE                                                             360                  86,800.00               20060401
CARENCRO                                                              360                  40,000.00               20060301
BALTIMORE                                                             360                  59,200.00               20060301
BALTIMORE                                                             360                 100,000.00               20060301
BALTIMORE                                                             360                  40,400.00               20060301
WALDORF                                                               360                 246,000.00               20060401
ARLINGTON                                                             360                 104,000.00               20060301
Pasadena                                                              360                 181,000.00               20060401
ARLINGTON                                                             360                 102,000.00               20060301
BALTIMORE                                                             360                 104,000.00               20060301
ARLINGTON                                                             360                  92,000.00               20060401
DAVIDSONVILLE                                                         360                 770,000.00               20060301
NEW CASTLE                                                            360                  41,600.00               20060301
YORK                                                                  360                  64,000.00               20060401
VIRGINIA BEACH                                                        360                 189,600.00               20060201
RICHMOND                                                              360                 164,736.00               20060301
CUMBERLAND                                                            360                  72,800.00               20060401
POTTSTOWN                                                             360                  69,600.00               20060401
POTTSTOWN                                                             360                  99,900.00               20060401
BALTIMORE                                                             360                 106,800.00               20060301
Baltimore                                                             360                 111,750.00               20060301
SOUDERTON                                                             360                 280,000.00               20060401
Grant                                                                 180                  89,000.00               20050701
MIAMI                                                                 360                 456,950.00               20060401
ELMA                                                                  360                  60,000.00               20060401
TAMPA                                                                 360                 103,000.00               20060301
Romulus                                                               360                  59,500.00               20060401
Lakeland                                                              360                 144,000.00               20051001
West Palm Beach                                                       360                 230,000.00               20060101
UPPER MARLBORO                                                        360                 216,800.00               20051001
Albertson                                                             360                 538,000.00               20060401
Brooklyn                                                              360                 500,000.00               20060201
Wyandanch                                                             360                 158,550.00               20060301
ALTURA                                                                360                 104,200.00               20060401
Alexandria                                                            360                 824,000.00               20060401
APACHE JUNCTION                                                       360                  53,200.00               20060301
MOUNT LAUREL TOWNSHIP                                                 360                 206,200.00               20060301
IRVINGTON TOWNSHIP                                                    360                 255,500.00               20060301
NEW BRUNSWICK                                                         360                 269,750.00               20060401
PATERSON                                                              360                 312,000.00               20060401
BAYONNE                                                               360                 325,000.00               20060301
Trenton                                                               360                  94,500.00               20060301
WOODBRIDGE                                                            360                 300,000.00               20060201
MT OLIVE TOWNSHIP                                                     360                 140,000.00               20060301
TRENTON                                                               360                 105,000.00               20060301
JERSEY CITY                                                           360                 337,500.00               20060301
NORTH BERGEN TWP                                                      360                 360,500.00               20060301
PASSAIC                                                               360                 298,400.00               20060301
EAST ORANGE                                                           360                 238,800.00               20060401
EAST ORANGE                                                           360                 304,000.00               20060401
JERSEY CITY                                                           360                 680,000.00               20060301
MENDHAM TOWNSHIP                                                      360                 608,000.00               20060301
Miami                                                                 360                 440,000.00               20060401
Hialeah                                                               360                 242,392.00               20060301
Hillsborough                                                          360                 276,000.00               20051201
Maurice River Township                                                360                  85,000.00               20060101
Elizabeth                                                             360                 417,000.00               20060301
Newark                                                                360                 212,000.00               20060401
Fitchburg                                                             360                 232,000.00               20060301
Lawrence                                                              360                 279,920.00               20060201
Orange                                                                360                 272,000.00               20060301
Newark                                                                360                 364,000.00               20060301
Jersey City                                                           360                 292,000.00               20060301
Lynn                                                                  360                 311,920.00               20060301
Antioch                                                               360                 174,200.00               20050901
New Port Richey                                                       360                 228,000.00               20060301
Mobile                                                                360                  50,250.00               20060301
Nashville                                                             360                 553,600.00               20060301
Dunedin                                                               360                 235,920.00               20060301
Seminole                                                              360                 812,000.00               20060301
Largo                                                                 360                 257,250.00               20060301
Mandeville                                                            360                 463,800.00               20060301
Dunedin                                                               360                  64,000.00               20060301
Clearwater                                                            360                 193,600.00               20060201
Ocala                                                                 360                 160,000.00               20060301
Clearwater                                                            360                 208,000.00               20060301
Chattanooga                                                           360                  55,350.00               20060301
Hendersonville                                                        360                 680,000.00               20060401
Iuka                                                                  360                  49,440.00               20060401
Auburn                                                                180                 156,000.00               20051001
Cape Coral                                                            180                 140,000.00               20051001
Jackson                                                               360                 126,400.00               20060301
Celebration                                                           360                 585,000.00               20060301
Orlando                                                               360                 172,000.00               20060301
Gulf Breeze                                                           360                 536,000.00               20060201
Nashville                                                             360                  63,200.00               20060301
Birmingham                                                            360                 263,920.00               20051201
JONESBORO                                                             360                  82,000.00               20060401
LITHONIA                                                              360                  86,250.00               20060301
Cincinnati                                                            360                  84,000.00               20060301
LAKE ALFRED                                                           360                 128,000.00               20060401
MIAMI                                                                 360                 220,000.00               20060401
Cincinnati                                                            360                 192,000.00               20060301
MARIETTA                                                              360                  86,480.00               20060301
Kennesaw                                                              360                 118,400.00               20060401
BLUE RIDGE                                                            360                 148,500.00               20060401
HIGH POINT                                                            360                  43,200.00               20060401
ATLANTA                                                               360                 254,400.00               20060401
Cincinnati                                                            360                  39,600.00               20060201
Port Chester                                                          360                 406,250.00               20060301
Bayside                                                               360                 393,000.00               20060301
Fresh Meadows                                                         360                 481,000.00               20060401
Philadelphia                                                          360                  41,400.00               20060401
Westampton                                                            360                 177,320.00               20060401
Philadelphia                                                          360                 200,000.00               20060301
Northfield                                                            360                 585,600.00               20060301
Woodbury                                                              360                 230,963.40               20060301
Ocean City                                                            360                 925,000.00               20060401
BROOKLYN                                                              360                 161,613.00               20060401
Brooklyn                                                              360                 400,000.00               20060301
College Point                                                         360                 488,000.00               20060201
Laurel                                                                360                 585,000.00               20060201
Chicago                                                               360                 185,000.00               20060301
JERSEY CITY                                                           360                 910,000.00               20060301
NOGALES                                                               360                  75,000.00               20060301
PLACENTIA                                                             360                 416,000.00               20060401
SURPRISE                                                              360                 109,200.00               20060401
UPLAND                                                                360                 414,700.00               20060401
CHINO                                                                 360                 273,000.00               20060401
PLACENTIA                                                             360                 520,000.00               20060401
EL CENTRO                                                             360                 187,000.00               20060301
YUMA                                                                  360                  94,900.00               20060301
Laredo                                                                180                  62,800.00               20051101
GREELEY                                                               360                 100,000.00               20060401
GREELEY                                                               360                 136,000.00               20060401
GREELEY                                                               360                 188,000.00               20060401
PALM SPRINGS                                                          360                 408,000.00               20060401
Rio Rico                                                              360                 138,348.00               20060401
Richardson                                                            360                 139,200.00               20060401
Chicago                                                               360                 234,000.00               20060301
Minneapolis                                                           360                 100,000.00               20060301
Chicago                                                               360                 188,500.00               20060301
Little Rock                                                           360                 116,000.00               20060101
Murphy                                                                360                 128,000.00               20060301
Brighton                                                              360                 161,376.00               20060201
KINGSVILLE                                                            360                 240,000.00               20060301
Chicago                                                               360                 217,000.00               20060301
Florissant                                                            360                  93,750.00               20060301
Atlanta                                                               360                 108,000.00               20060201
Orlando                                                               360                 177,750.00               20060301
Orlando                                                               360                 220,000.00               20060301
Ellijay                                                               360                 144,000.00               20060401
Tampa                                                                 360                 193,600.00               20060401
New River                                                             360                 180,000.00               20060101
Millington                                                            360                  84,000.00               20060201
Savannah                                                              360                 127,200.00               20060201
Arvada                                                                360                 212,000.00               20060401
Davie Beach                                                           360                 252,000.00               20060301
York                                                                  360                 105,000.00               20060401
Granbury                                                              360                 120,240.00               20060301
Chicago                                                               360                 185,000.00               20060301
WASHINGTON                                                            360                 244,800.00               20060301
ELLICOTT CITY                                                         360                 508,000.00               20060301
FORKED RIVER                                                          360                 232,000.00               20060301
EASTON                                                                360                 308,000.00               20060401
LAREDO                                                                360                 143,000.00               20060201
MESA                                                                  360                 216,450.00               20060401
LANHAM                                                                360                 296,000.00               20060301
MISSION                                                               360                 100,000.00               20060401
PHOENIX                                                               180                 122,000.00               20060301
BELLEVUE                                                              360                 312,000.00               20060401
ORANGE                                                                360                 368,000.00               20060301
MCALLEN                                                               360                 116,400.00               20060401
HIGLEY                                                                360                 304,000.00               20060401
SEVERNA PARK                                                          360                 302,370.00               20060401
SUN CITY WEST                                                         360                 140,000.00               20060401
WESLACO                                                               180                 205,000.00               20060401
CEDAR PARK                                                            360                 154,472.00               20060301
DECATUR                                                               360                 213,000.00               20060401
FORT WORTH                                                            360                  52,500.00               20060301
LEESBURG                                                              360                 356,000.00               20060301
DAVENPORT                                                             180                 245,000.00               20060401
GREAT FALLS                                                           360                 845,000.00               20060401
SILVER SPRING                                                         180                 200,000.00               20060301
ATHENS                                                                360                 127,920.00               20060401
SILVER SPRING                                                         360                 312,000.00               20060301
MIDDLETOWN                                                            360                 188,000.00               20060401
CAPITOL HEIGHTS                                                       360                 193,600.00               20060401
MESA                                                                  360                 216,450.00               20060401
ROUND ROCK                                                            360                  87,100.00               20060301
MCALLEN                                                               360                 105,000.00               20060201
CEDAR PARK                                                            360                 140,450.00               20060401
GILBERT                                                               360                 340,000.00               20060401
MESA                                                                  360                 248,000.00               20060401
CLAREMONT                                                             360                 338,000.00               20060301
ORANGE                                                                360                 165,700.00               20060401
CHANDLER                                                              360                 258,300.00               20060201
SAN FRANCISCO                                                         360                 521,500.00               20060301
KELLER                                                                360                 223,750.00               20060401
MISSION                                                               360                 195,000.00               20060301
SANTA ANA                                                             360                 455,000.00               20060401
SAN ANTONIO                                                           360                 115,000.00               20060401
PHOENIX                                                               360                 109,200.00               20060401
GREAT FALLS                                                           360                 649,000.00               20060301
TOMS RIVER                                                            360                 288,000.00               20060401
SPRING LAKE                                                           360                 550,000.00               20060401
HOLLYWOOD                                                             360                 279,200.00               20060401
HILLSDALE                                                             360                 461,500.00               20060401
MINNEAPOLIS                                                           360                 292,000.00               20060401
BROWNSVILLE                                                           360                 106,750.00               20060301
MINNEAPOLIS                                                           360                 152,000.00               20060301
LAREDO                                                                360                  70,000.00               20060301
PHOENIX                                                               360                 139,600.00               20060401
BIG BEAR LAKE                                                         360                 675,000.00               20060301
YONKERS                                                               360                 400,000.00               20060301
WASHINGTON                                                            360                 424,000.00               20060301
TOTOWA                                                                360                 780,000.00               20060401
BELLINGHAM                                                            360                 224,000.00               20060401
RICHMOND                                                              360                 105,000.00               20060401
TAKOMA PARK                                                           360                 134,875.00               20060401
CORONA                                                                360                 375,000.00               20060401
WESLACO                                                               360                  94,250.00               20060201
MCALLEN                                                               360                 105,000.00               20060401
ARIZONA CITY                                                          360                 132,000.00               20060401
WASHINGTON                                                            360                 805,000.00               20060301
MESA                                                                  360                 217,100.00               20060401
REMINGTON                                                             360                 346,400.00               20060301
PHOENIX                                                               360                  65,000.00               20060401
BALTIMORE                                                             360                 204,000.00               20060401
Encino                                                                360               1,031,250.00               20060301
San Antonio                                                           360                  67,200.00               20060201
OAK POINT                                                             360                 102,040.00               20060401
Dallas                                                                360                 163,200.00               20060401
OAK POINT                                                             360                  94,468.00               20060401
Bethlehem                                                             360                 156,000.00               20060401
Stockbridge                                                           360                 121,360.00               20060401
Frisco                                                                360                 108,150.00               20060301
Bryan                                                                 360                 176,800.00               20060301
Ellenwood                                                             360                  86,400.00               20060301
Loris                                                                 360                 138,565.00               20051101
Round Rock                                                            360                 150,300.00               20060101
Plano                                                                 360                  86,250.00               20060301
Stockbridge                                                           360                 226,400.00               20060401
Rockport                                                              360                  70,400.00               20060301
Hapeville                                                             360                  71,200.00               20060301
Dallas                                                                360                  62,000.00               20060401
San Diego                                                             360                 576,000.00               20060401
Dallas                                                                360                  64,900.00               20060301
Prescott                                                              360                 210,000.00               20060301
Lincoln                                                               360                 104,000.00               20060401
Pflugerville                                                          360                 140,151.00               20060401
FT WORTH                                                              360                 105,600.00               20060401
Dacula                                                                360                 110,320.00               20060401
Aubrey                                                                360                 112,177.00               20060301
San Diego                                                             360                 390,000.00               20060401
Mckinney                                                              360                  50,100.00               20060401
Mesquite                                                              360                  90,400.00               20060101
Midway City                                                           360                 520,000.00               20060401
Mcdonough                                                             360                 116,800.00               20060301
Los Angeles                                                           360                 417,000.00               20060401
San Diego                                                             360                 333,000.00               20060301
Grand Prairie                                                         360                  36,900.00               20060301
Houston                                                               360                 120,000.00               20060301
Dallas                                                                360                 103,687.00               20060101
Vista                                                                 360                 461,000.00               20060401
Marietta                                                              360                 130,900.00               20060401
FATE                                                                  360                  90,742.00               20051001
Lewisville                                                            360                  54,075.00               20060301
Abingdon                                                              360                 181,800.00               20060401
Valdosta                                                              360                 129,600.00               20060401
Mcallen                                                               360                  93,500.00               20051201
Albuquerque                                                           360                 129,600.00               20060301
Riverdale                                                             360                  71,200.00               20060401
San Antonio                                                           360                  56,850.00               20060401
Douglasville                                                          360                 208,120.00               20060401
Deer Park                                                             360                  68,000.00               20060401
Myrtle Beach                                                          360                 150,000.00               20060201
Valdosta                                                              360                  69,628.00               20060301
Spring                                                                360                  55,500.00               20060301
Forney                                                                360                  64,000.00               20060301
Forney                                                                360                 239,168.00               20060301
DENTON                                                                360                 106,718.00               20060401
Mesquite                                                              360                  76,720.00               20060301
Irving                                                                360                  75,200.00               20060101
Eden Prairie                                                          360                 130,400.00               20060301
Houston                                                               360                 138,673.00               20060401
Stockbridge                                                           360                 125,520.00               20060301
OAK POINT                                                             360                  97,200.00               20060201
Dallas                                                                360                 251,370.00               20060301
Jefferson                                                             360                 173,000.00               20060301
Arlington                                                             360                 129,578.00               20060401
Houston                                                               360                 152,000.00               20060201
OAK POINT                                                             360                  93,079.00               20060301
Farmers Branch                                                        360                  64,000.00               20060201
Albuquerque                                                           360                 190,500.00               20060401
Oklahoma City                                                         360                 104,000.00               20060401
Honolulu                                                              360               1,200,000.00               20060301
Las Vegas                                                             360                 596,000.00               20060301
Pasadena                                                              360                 480,000.00               20060401
ANTIOCH                                                               360                 498,000.00               20060401
SAN MARCOS                                                            360                 519,000.00               20060401
COEUR D ALENE                                                         360                 960,000.00               20060301
DUARTE                                                                360                 548,000.00               20060401
SPOKANE                                                               360                 275,000.00               20060401
CARMEL VALLEY                                                         360                 610,000.00               20060301
Muldrow                                                               360                  65,000.00               20060301
Carrollton                                                            360                  80,000.00               20060401
ALPINE FOREST                                                         360                 199,000.00               20060401
CERES                                                                 360                 292,000.00               20060301
Indianapolis                                                          360                  86,100.00               20060401
HOPKINSVILLE                                                          360                  68,000.00               20060301
CAMPBELL                                                              360                  71,200.00               20060401
INDIANAPOLIS                                                          360                  67,500.00               20060401
COSHOCTON                                                             360                  40,300.00               20060301
HOPKINSVILLE                                                          360                  94,400.00               20060301
INDIANAPOLIS                                                          360                  64,000.00               20060401
LOUISVILLE                                                            360                 150,000.00               20060501
HOPKINSVILLE                                                          360                  51,200.00               20060301
HOPKINSVILLE                                                          360                  72,000.00               20060301
HOPKINSVILLE                                                          360                  69,600.00               20060301
HOPKINSVILLE                                                          360                  57,600.00               20060301
Aurora                                                                360                 153,600.00               20060301
Milwaukee                                                             360                 125,600.00               20060301
Cape Coral                                                            360                 224,000.00               20060101
Keystone                                                              360                 153,600.00               20060301
Kenosha                                                               360                  87,200.00               20060301
Milwaukee                                                             360                 108,000.00               20060301
Thorton                                                               360                 125,600.00               20060401
Coral Gables                                                          360                 455,900.00               20060401
Ashburn                                                               360                 116,864.00               20060201
Shelter Island                                                        360                 500,000.00               20060201
Alexandria                                                            360                 460,000.00               20060301
Manassas                                                              360                 519,935.00               20060201
Silver Spring                                                         360                 636,650.00               20060201
Alexandria                                                            360                 445,000.00               20060301
Alexandria                                                            360                 448,875.00               20060301
Falls Church                                                          360                 192,000.00               20060301
Cape Coral                                                            360                 837,500.00               20060301
Washington                                                            360               1,000,000.00               20060201
Manassas                                                              360                 494,000.00               20060301
CLEVELAND                                                             360                  54,400.00               20060301
KAILUA                                                                360               1,125,000.00               20060401
PINEVILLE                                                             360                  78,750.00               20060301
Honolulu                                                              478                 692,000.00               20060301
PLEASANT HILL                                                         360                 146,400.00               20060401
HENDERSON                                                             360                 458,400.00               20060301
Chapin                                                                360                  87,920.00               20060401
Elberton                                                              360                 145,600.00               20060401
Ventura                                                               180                 150,000.00               20050901
Gilbert                                                               360                 164,000.00               20060301
Mesa                                                                  360                  87,200.00               20060401
Tucson                                                                360                  67,200.00               20060401
Sun City                                                              360                 132,000.00               20051101
Myrtle                                                                360                  47,500.00               20060301
Scottsdale                                                            360                 917,000.00               20060301
Tempe                                                                 360                 136,000.00               20060301
Olathe                                                                360                 148,000.00               20060301
Phoenix                                                               360                 121,100.00               20060201
Phoenix                                                               360                 180,000.00               20060401
Tucson                                                                360                 168,400.00               20060201
Paradise Valley                                                       360               1,500,000.00               20060301
Cottonwood                                                            360                 246,500.00               20060401
Kansas City                                                           360                  77,200.00               20060201
Phoenix                                                               360                 433,000.00               20060101
Kansas City                                                           360                  67,200.00               20060201
Phoenix                                                               360                 225,000.00               20060301
Apache Junction                                                       360                 108,000.00               20060301
Yuma                                                                  360                 220,000.00               20060401
Phoenix                                                               180                 247,000.00               20060101
Phoenix                                                               360                 146,320.00               20060201
WEST FARGO                                                            360                 119,900.00               20060401
SPRING                                                                360                  88,000.00               20060101
HOUSTON                                                               360                  68,720.00               20060401
SPRING                                                                360                  88,000.00               20060101
SAN ANTONIO                                                           360                  93,200.00               20060401
HOUSTON                                                               360                  86,796.00               20060101
GROSSE POINTE FARMS                                                   360                 284,000.00               20060301
SPRING                                                                360                  88,000.00               20060101
Palm Bay                                                              360                 120,700.00               20060401
Titusville                                                            360                 233,840.00               20060301
palmbay                                                               360                 144,700.00               20060301
San Diego                                                             360                 300,000.00               20060301
San Diego                                                             360                 383,500.00               20060301
Hiram                                                                 360                  60,900.00               20060401
Cincinnati                                                            360                  72,800.00               20060401
West Springfield                                                      360                 175,000.00               20060301
Columbus                                                              360                 119,200.00               20060301
Acosta                                                                360                  92,000.00               20060301
Newark                                                                360                 134,800.00               20060401
Fredericktown                                                         360                  84,800.00               20060401
Pittsburgh                                                            360                  51,200.00               20060401
Columbus                                                              360                  68,400.00               20060401
Pennsburg                                                             360                 209,000.00               20060401
Fredericktown                                                         360                 114,400.00               20060401
Harrisburg                                                            360                 105,200.00               20060401
Union                                                                 360                 131,920.00               20060401
BETHEL                                                                360                 314,400.00               20060301
Westbury                                                              360                 356,000.00               20060401
Bay Shore                                                             360                 280,000.00               20060401
WATERTOWN                                                             360                 562,500.00               20060301
Freeport                                                              240                 258,500.00               20060401
Elmont                                                                360                 368,000.00               20060301
Fort Worth                                                            360                 115,360.00               20060401
Denton                                                                360                 144,000.00               20060401
Kellyville                                                            360                  68,000.00               20060401
Lithia                                                                360                 266,400.00               20060401
CLAYTON                                                               360                 145,500.00               20060401
BETHESDA                                                              360                 993,750.00               20060401
Jessup                                                                360                 240,000.00               20060401
SILVER SPRING                                                         360                 458,000.00               20060301
Clayton                                                               360                 118,400.00               20060201
LAUREL                                                                360                  96,000.00               20060301
Leesburg                                                              360                 490,750.00               20060201
GERMANTOWN                                                            360                 280,000.00               20060401
Clayton                                                               360                 178,200.00               20060301
Lewiston                                                              360                 180,000.00               20060301
Portland                                                              360                  90,400.00               20060301
Harrison Township                                                     360                  80,000.00               20060401
Chicopee                                                              360                 160,000.00               20060401
Highland                                                              360                 180,000.00               20060401
Converse                                                              360                  68,000.00               20060301
Emerald Isle                                                          360               1,250,000.00               20060301
Crowley                                                               360                 119,600.00               20060301
Saint Petersburg                                                      360                 123,500.00               20060301
Derby                                                                 360                  70,400.00               20060401
Washington                                                            360                 100,000.00               20060301
PERRYVILLE                                                            360                 106,000.00               20060401
Waukegan                                                              360                 166,400.00               20060401
Wilmington                                                            479                 348,000.00               20060401
Charlotte                                                             360                 101,000.00               20060301
Lebanon                                                               360                 180,000.00               20060201
Denver                                                                360                 158,400.00               20060301
Raynham                                                               480                 170,000.00               20060401
San Antonio                                                           360                  94,400.00               20060201
Freedom                                                               360                 124,800.00               20060301
San Antonio                                                           360                  68,400.00               20060401
Chicopee                                                              360                 174,400.00               20060401
Pleasant View                                                         360                 255,920.00               20060301
SULLIVAN                                                              360                 164,000.00               20060301
Weymouth                                                              360                 168,000.00               20060401
Charlotte                                                             360                 144,000.00               20060301
Dorchester                                                            360                 257,000.00               20060401
Matthews                                                              360                 224,000.00               20060301
Elkton                                                                360                 208,000.00               20060301
SAN ANTONIO                                                           360                  48,940.00               20060301
Assonet                                                               360                 187,500.00               20060301
Brewer                                                                360                  63,000.00               20060401
Mashpee                                                               360                 204,400.00               20060301
GOSHEN                                                                360                  80,000.00               20060401
TULARE                                                                360                  60,000.00               20060401
VISALIA                                                               360                 101,600.00               20060301
FRESNO                                                                360                 161,600.00               20060301
Las Vegas                                                             360                  98,250.00               20060401
Las Vegas                                                             360                  87,500.00               20060301
MURRIETA                                                              360                 280,000.00               20060301
Maineville                                                            360                 176,650.00               20060401
HAGERSTOWN                                                            360                 250,400.00               20060301
CHARLOTTESVILLE                                                       360                  78,400.00               20060301
LAUREL                                                                360                 240,000.00               20060401
CHARLOTTESVILLE                                                       360                  72,000.00               20060301
CHARLOTTESVILLE                                                       360                 100,800.00               20060301
CHARLOTTESVILLE                                                       360                  70,000.00               20060301
CHARLOTTESVILLE                                                       360                 145,200.00               20060401
WICHITA                                                               360                  96,400.00               20060301
CHARLOTTESVILLE                                                       360                 117,200.00               20060401
Charlottesville                                                       360                 193,600.00               20060301
Washington                                                            360                 292,000.00               20060301
CHARLOTTESVILLE                                                       360                  67,200.00               20060401
MIAMI                                                                 360                 262,500.00               20060401
WICHITA                                                               360                  96,400.00               20060301
VIENNA                                                                360                 464,000.00               20060401
Temple                                                                360                  50,250.00               20060201
Myrtle Beach                                                          360                 118,100.00               20060301
Macon                                                                 360                  40,500.00               20060101
Jacksonville                                                          360                 200,000.00               20060201
San Bernardino                                                        360                 392,000.00               20051201
Grand Rapids                                                          360                  63,000.00               20060101
Weatherford                                                           360                 114,000.00               20051201
Grand Rapids                                                          360                  63,750.00               20060101
Myrtle Beach                                                          360                 112,000.00               20060101
Elkmont                                                               360                 175,200.00               20050901
Kansas City                                                           360                  50,400.00               20060201
Miami                                                                 360                 170,000.00               20050901
Macon                                                                 360                  49,500.00               20051201
Rochester                                                             360                 124,400.00               20060201
Saint Augustine                                                       360               1,500,000.00               20060301
Riverside Area                                                        360                 296,000.00               20051201
SOUTH LAKE TAHOE                                                      360                 285,000.00               20060401
BELL                                                                  360                 600,000.00               20060401
PICO RIVERA                                                           360                 429,000.00               20060301
KOLOA                                                                 360                 301,000.00               20060301
CASA GRANDE                                                           360                 120,000.00               20060301
SHOREVIEW                                                             360                  88,000.00               20060301
POMONA                                                                360                 308,000.00               20060301
SANTA ANA                                                             360                 450,000.00               20060301
N LAS VEGAS                                                           360                 208,000.00               20060401
HENDERSON                                                             360                 640,000.00               20060401
MIDWAY CITY                                                           360                 480,000.00               20060301
REDLANDS                                                              360                 224,000.00               20060301
Bay Shore                                                             360                 226,600.00               20060301
Clifton                                                               360                 308,000.00               20060201
East Elmhurst                                                         360                 556,000.00               20060401
North Bergen                                                          360                 243,750.00               20060401
West Orange                                                           360                 230,000.00               20060301
Jamaica                                                               360                 540,000.00               20060301
Passaic                                                               360                 280,000.00               20060301
Far Rockaway                                                          360                 368,000.00               20060301
Hyattsville                                                           360                 256,000.00               20060401
Hyattsville                                                           360                 160,000.00               20060401
Hyattsville                                                           360                 275,500.00               20060401
Hahira                                                                360                  81,537.00               20060301
Coral Springs                                                         360                 199,920.00               20051201
Beulaville                                                            360                  71,200.00               20060401
Columbus                                                              360                  64,000.00               20060201
Lake Oswego                                                           360                 626,000.00               20060201
WILLINGBORO                                                           360                 220,000.00               20051001
Minneapolis                                                           360                 200,000.00               20060201
DOVE CANYON                                                           360                 824,000.00               20060401
VISALIA                                                               360                 220,000.00               20060401
SAN FRANCISCO                                                         360                 585,000.00               20060401
Concord                                                               360                  70,950.00               20060301
West New York                                                         360                 780,000.00               20060401
LAS VEGAS                                                             360                 304,000.00               20060401
Miami                                                                 360                 760,000.00               20051201
Hialeah                                                               360                 148,000.00               20060401
Tampa                                                                 360                 162,300.00               20060401
Melbourne                                                             360                 152,000.00               20060401
Miami Beach                                                           360                 480,000.00               20060301
MIAMI                                                                 360                 350,400.00               20060401
LOS ANGELES                                                           360                 413,400.00               20060401
MILPITAS                                                              360                 414,000.00               20060301
GREENFIELD                                                            360                 210,000.00               20060301
SANTA ANA                                                             360                 272,000.00               20060301
SAN JOSE                                                              360                 543,960.00               20060301
ORANGE PARK                                                           360                 304,000.00               20060401
Columbia                                                              360                  47,920.00               20060401
Savannah                                                              360                  55,200.00               20060301
Jacksonville                                                          360                  70,400.00               20060301
Jacksonville                                                          360                  58,800.00               20060401
Jacksonville                                                          360                 318,272.00               20060401
Baltimore                                                             360                  81,000.00               20060301
Easley                                                                360                 123,750.00               20060401
Mount Pleasant                                                        360                 880,720.00               20060301
BRISTOW                                                               360                 610,450.00               20060401
CULPEPER                                                              360                 383,192.00               20060201
QUEEN CREEK                                                           360                 217,600.00               20060201
UPPER MARLBORO                                                        360                 503,375.00               20060301
LAVEEN                                                                360                 239,350.00               20060301
LANCASTER                                                             360                 319,434.00               20060301
SURPRISE                                                              360                 249,713.00               20060401
TEMECULA                                                              360                 447,416.00               20060401
FAIRFIELD                                                             360                 663,992.00               20060201
Ponte Vedra Beach                                                     360                 720,000.00               20060301
Davie                                                                 360                 151,650.00               20060401
Kennesaw                                                              360                 122,500.00               20060401
Conyers                                                               360                  72,000.00               20060401
Orlando                                                               360                 993,750.00               20060301
Covington                                                             360                 195,900.00               20060401
Davie                                                                 360                 188,000.00               20051001
Milner                                                                360                  91,600.00               20060401
Athens                                                                360                 142,900.00               20051001
Hoschton                                                              360                 497,950.00               20060401
Peachtree City                                                        360                 440,000.00               20060301
Pompano Beach                                                         360                 240,000.00               20060301
Pompano Beach                                                         360                 232,000.00               20060301
Atlanta                                                               360                 461,600.00               20060301
Lawrenceville                                                         360                 127,200.00               20060301
Boone                                                                 360                 125,900.00               20060401
Monroe                                                                360                  99,900.00               20060301
Stockbridge                                                           360                  94,400.00               20060301
Maitland                                                              360                 164,000.00               20060401
Lake Wylie                                                            360                 680,000.00               20060301
Alpharetta                                                            360                 785,100.00               20060401
Monroe                                                                360                 118,000.00               20051201
Orlando                                                               360                 173,800.00               20060301
Jacksonville                                                          360                 131,000.00               20060301
Bradenton                                                             360                 367,100.00               20060401
Brandon                                                               360                 103,500.00               20050801
Dunedin                                                               360                 125,600.00               20051101
Tampa                                                                 360                 500,000.00               20060301
Marietta                                                              360                 173,800.00               20060301
Woodstock                                                             360                 309,600.00               20060401
Buford                                                                360                 172,000.00               20060401
Stockbridge                                                           360                  80,000.00               20060301
Virginia Beach                                                        360                 156,375.00               20060301
Cicero                                                                360                 112,000.00               20060301
PALM BEACH GARDENS                                                    360                 325,600.00               20060401
ALEXANDRIA                                                            360                 260,950.00               20060401
Roanoke                                                               360                 124,000.00               20060401
Reisterstown                                                          360                 364,000.00               20060301
MELBOURNE                                                             360                 192,500.00               20060301
SHERWOOD                                                              360                 262,500.00               20060501
BEDFORD                                                               360                 498,000.00               20060401
Arlington                                                             360                 472,500.00               20060401
Glenn Dale                                                            360                 304,000.00               20060401
PALM BAY                                                              360                 168,000.00               20060301
SAINT AUGUSTINE                                                       360                 135,000.00               20060401
Lauderhill                                                            360                 272,000.00               20060301
BRENTWOOD                                                             360                 210,000.00               20060401
Benicia                                                               360                 470,000.00               20060401
ORLANDO                                                               360                 490,000.00               20060401
WEST BABYLON                                                          360                 312,000.00               20060501
FREDERICK                                                             360                 194,000.00               20060401
Oxnard                                                                360                 435,000.00               20060301
SAN BERNARDINO                                                        360                 215,000.00               20060301
APPLE VALLEY                                                          360                 318,500.00               20060201
Gahanna                                                               360                 135,600.00               20051101
COLUMBUS                                                              360                 162,500.00               20050901
COLUMBUS                                                              360                 172,250.00               20050901
Westerville                                                           360                 109,200.00               20060101
Westerville                                                           360                 109,550.00               20051201
COLUMBUS                                                              360                 185,250.00               20051001
Salt Lake City                                                        360                  97,300.00               20060401
Park City                                                             360                 279,500.00               20060401
MIDWAY                                                                360                 400,000.00               20060101
Park City                                                             360                 351,200.00               20060501
Oradell                                                               360               1,000,000.00               20060301
KALAMAZOO                                                             360                 169,000.00               20051101
Union                                                                 360                 235,000.00               20060301
Zellwood                                                              360                 122,250.00               20060301
Delray Beach                                                          360                 106,400.00               20051201
Gainesville                                                           360                 116,000.00               20060401
Ocoee                                                                 360                 215,000.00               20060401
Ocoee                                                                 360                 108,000.00               20060301
Temple Hills                                                          360                 104,000.00               20060401
Glenwood                                                              360                 927,500.00               20060401
Bowie                                                                 360                 577,000.00               20060301
Villa Rica                                                            360                  83,300.00               20060401
Deland                                                                360                 464,000.00               20060301
Wesley Chapel                                                         360                 196,000.00               20060201
Newport News                                                          360                  52,000.00               20060401
Baltimore                                                             360                 136,000.00               20060301
Washington                                                            360                 255,000.00               20060301
Maitland                                                              360                 188,500.00               20060301
Rosemount                                                             360                 679,900.00               20060301
Minneapolis                                                           360                  77,000.00               20060301
WILLIS                                                                360                 128,000.00               20060401
Houston                                                               360                 116,800.00               20060401
HILO                                                                  360                 160,000.00               20060401
SANTA ROSA                                                            360                 112,000.00               20060301
LEWISVILLE                                                            360                  74,000.00               20060401
Harahan                                                               360                 160,000.00               20051001
LUBBOCK                                                               360                  46,800.00               20060301
THE WOODLANDS                                                         360                 101,140.00               20060401
DESOTO                                                                360                  85,520.00               20060301
BATON ROUGE                                                           360                 104,000.00               20060301
GREEN BAY                                                             360                 116,000.00               20060401
LEWISVILLE                                                            360                  74,000.00               20060401
WILLIS                                                                360                  89,600.00               20060401
RACINE                                                                360                  52,000.00               20060301
Houston                                                               360                 110,000.00               20060301
LEWISVILLE                                                            360                  74,000.00               20060401
The Woodlands                                                         360                  96,719.00               20060401
LEAGUE CITY                                                           360                 126,000.00               20060301
DURHAM                                                                360                  85,000.00               20060401
PEARLAND                                                              360                 115,200.00               20060401
OCEAN SPRINGS                                                         360                  96,880.00               20050801
Spring                                                                360                 192,000.00               20060301
JONESBOROUGH                                                          360                 104,648.00               20050501
Fountain Valley                                                       360                 559,000.00               20060301
San Gabriel                                                           360                 494,000.00               20060401
MESA                                                                  360                  65,000.00               20051101
Phoenix                                                               360                 240,000.00               20060301
Peoria                                                                360                 624,000.00               20060401
SUMMIT                                                                360                 228,000.00               20060401
Bourbonnais                                                           360                 273,600.00               20060301
Northbrook                                                            360                 328,000.00               20060301
Franklin                                                              360                 132,600.00               20051201
Osakis                                                                360                 248,000.00               20060301
Coon Rapids                                                           360                 177,600.00               20060401
ST LOUIS                                                              360                 113,400.00               20060401
CONWAY                                                                360                  43,200.00               20060401
LONGVIEW                                                              360                  67,200.00               20060401
DALLAS                                                                360                  40,000.00               20060301
JACKSONVILLE                                                          360                  68,900.00               20060401
LONGVIEW                                                              360                  63,200.00               20060401
LONGVIEW                                                              360                  67,200.00               20060401
DALLAS                                                                360                  66,000.00               20060301
TYLER                                                                 360                 111,600.00               20060201
AZLE                                                                  360                 300,000.00               20060301
JACKSONVILLE                                                          360                  68,900.00               20060301
JACKSONVILLE                                                          360                  68,900.00               20060401
HOUSTON                                                               360                 112,500.00               20060401
Bloomington                                                           360                 242,400.00               20060401
Silverthorne                                                          360                 147,200.00               20060401
Boulder                                                               360                 215,000.00               20060301
Haiku                                                                 360                 424,000.00               20060301
Parker                                                                477                 470,203.00               20060201
Philadelphia                                                          360               1,040,000.00               20060301
Long Beach                                                            360                 280,000.00               20060201
Los Angeles                                                           360                 205,000.00               20060301
Los Angeles                                                           360                 498,500.00               20060201
New Preston Marble Dale                                               360                 483,400.00               20060201
Riverside                                                             360                 450,000.00               20060101
Santa Barbara                                                         360                 460,000.00               20060101
Tarzana                                                               360               1,330,000.00               20060301
Arlington                                                             360                 100,000.00               20060101
Los Angeles                                                           360                 519,350.00               20060301
Pebble Beach                                                          360               1,782,450.00               20060301
Merrimac                                                              360                  95,500.00               20060301
Kansas City                                                           360                 468,750.00               20060201
Staten Island                                                         360                 321,600.00               20060301
Venice                                                                360                 585,000.00               20060301
Stockton                                                              360                 316,000.00               20060301
San Diego                                                             360                 454,392.00               20060301
Orlando                                                               360                 128,000.00               20060201
Ocean Springs                                                         360                  66,400.00               20060301
Ventura                                                               360                 570,000.00               20060301
Albuquerque                                                           360                 112,000.00               20060301
Phoenix                                                               360                 132,000.00               20060201
La Quinta                                                             360                 465,000.00               20060401
Stevensville                                                          360                  88,000.00               20060301
San Diego                                                             360                 617,500.00               20060301
Palos Verdes Peninsula                                                360                 800,000.00               20060201
Delray Beach                                                          360                 822,200.00               20060301
Indian Orchard                                                        360                 160,000.00               20060401
Cashiers Townshi[p                                                    360                  65,280.00               20060401
Las Vegas                                                             360                 134,000.00               20060301
Niles                                                                 360                  55,600.00               20060301
Glendale                                                              360                 152,000.00               20051201
Palmdale                                                              360                 528,000.00               20060301
Anaheim                                                               360                 676,000.00               20060301
Phelan                                                                360                 305,898.00               20060401
Pearl City                                                            360                 220,000.00               20051201
Long Beach                                                            360                 832,500.00               20060301
Brockton                                                              360                 244,800.00               20060301
Dallas                                                                360                  57,200.00               20060301
Rockville                                                             360                 513,750.00               20060301
Ocala                                                                 360                  72,000.00               20060301
Chesterfield                                                          360                 137,150.00               20060301
Cypress                                                               360                 226,000.00               20060301
Dallas                                                                360                  42,000.00               20060401
CAIRO                                                                 360                  42,075.00               20060401
Laredo                                                                360                 183,200.00               20060401
Tallahassee                                                           360                  84,890.00               20060401
Houston                                                               360                  67,275.00               20060301
Saint Louis                                                           360                 188,400.00               20051201
KANKAKEE                                                              360                  48,000.00               20060401
Palm Bay                                                              360                 108,615.00               20060101
Katy                                                                  360                 104,000.00               20060301
Bryan                                                                 360                  56,907.00               20060301
DALLAS                                                                360                  52,500.00               20060401
Crystal City                                                          360                  48,000.00               20060401
Oklahoma City                                                         360                  58,873.00               20060201
RINGGOLD                                                              360                 106,000.00               20060401
Jacksonville                                                          360                 132,000.00               20060401
Summerville                                                           360                 124,000.00               20060301
Jacksonville                                                          360                  76,000.00               20060301
Nashville                                                             360                  42,000.00               20060301
Tulsa                                                                 360                  60,000.00               20060401
Kennesaw                                                              360                 112,000.00               20060201
Kennesaw                                                              360                 124,000.00               20060201
Flagler Beach                                                         360                 235,000.00               20060301
Orlando                                                               360                 153,000.00               20060101
Ft Lauderdale                                                         360                 460,000.00               20060301
LONG BEACH TOWNSHIP                                                   360                 150,000.00               20060401
Ball Ground                                                           360                 299,600.00               20060201
LINCOLN                                                               360                 105,200.00               20051201
HARRISON                                                              360                  34,000.00               20051201
MERIDIAN                                                              360                 165,320.00               20060101
CHICAGO                                                               360                 100,400.00               20060101
BALTIMORE                                                             360                 112,800.00               20051201
MADISON                                                               360                 124,500.00               20051101
GLENDALE                                                              360                 151,200.00               20051201
NORTH BERGEN                                                          360                 263,200.00               20051201
LAKEWOOD                                                              360                 136,000.00               20051201
BELLEVILLE                                                            360                 211,850.00               20051101
NEW CASTLE                                                            360                 130,350.00               20051201
Tolleson                                                              360                 111,100.00               20060301
Thornton                                                              360                 136,500.00               20060301
Los Angeles                                                           360                 438,750.00               20060401
Lancaster                                                             360                 850,000.00               20060301
ESCONDIDO                                                             360                 160,000.00               20051001
Broken Arrow                                                          360                  93,750.00               20060401
Jacksonville                                                          360                  68,800.00               20060301
Benton                                                                360                 108,000.00               20060101
Broken Arrow                                                          360                  93,750.00               20060401
Broken Arrow                                                          360                  93,750.00               20060401
Philadelphia                                                          480                 112,000.00               20060401
Broken Arrow                                                          360                  93,750.00               20060401
Broken Arrow                                                          360                  93,750.00               20060401
Garden Grove                                                          360                 297,000.00               20060401
Sacramento                                                            360                 320,000.00               20060101
Bakersfield                                                           360                  73,000.00               20060101
Gulfport                                                              360                 155,000.00               20051201
kyle                                                                  360                 116,356.00               20060301
Shreveport                                                            360                 120,000.00               20060301
Lakewood                                                              360                 188,000.00               20060401
akron                                                                 360                  60,000.00               20060401
portland                                                              360                 203,000.00               20060401
conley                                                                360                  78,800.00               20060301
santa fe                                                              360                 640,000.00               20060401
yers                                                                  360                 159,900.00               20060401
Cleveland                                                             360                  77,700.00               20060401
houston                                                               360                 112,000.00               20060401
gresham                                                               360                  98,800.00               20060301
houston                                                               360                  68,800.00               20060301
post falls                                                            360                 138,400.00               20060301
houston                                                               360                 125,600.00               20060401
cleveland                                                             360                  77,700.00               20060401
independence                                                          360                 118,000.00               20060401
AKRON                                                                 360                  60,000.00               20060401
richmond                                                              360                 155,395.00               20060301
akron                                                                 360                  53,600.00               20060401
fort meyers                                                           360                  74,500.00               20060401
Cleveland                                                             360                  77,700.00               20060401
cleveland                                                             360                  77,700.00               20060401
CHELSEA                                                               360                 137,520.00               20060401
SPRING                                                                360                 417,000.00               20060201
Fountain                                                              360                 108,000.00               20060401
Arvada                                                                360                 174,400.00               20051201
Denver                                                                360                 168,000.00               20060301
Hillsborough                                                          360               1,673,000.00               20060401
BEALETON                                                              360                 421,400.00               20060401
WEST CHESTER                                                          360                 192,113.00               20060301
RISING SUN                                                            360                 287,092.00               20060401
LUMBERTON                                                             360                 216,850.00               20060201
PITTSTOWN                                                             360                 650,000.00               20060401
ELLICOTT CITY                                                         360                 636,200.00               20060301
Sacramento                                                            360                 252,400.00               20060301
Oakland                                                               360                 399,750.00               20060401
Tallahassee                                                           360                  76,310.00               20060401
Orlando                                                               360                 472,500.00               20060301
Tampa                                                                 360                 207,200.00               20051201
Gilbert                                                               360                 705,000.00               20060401
Surprise                                                              360                 215,900.00               20060201
Mesa                                                                  360                 192,000.00               20060401
Pottstown                                                             360                 575,000.00               20060301
Collegeville                                                          360                 429,000.00               20060401
Hastings                                                              360               1,592,500.00               20060301
Washington                                                            360                 288,000.00               20060301
COVINGTON                                                             360                 108,000.00               20060301
LAKELAND                                                              360                 124,900.00               20060201
UNION CITY                                                            360                 114,080.00               20060201
Dallas                                                                360                  80,000.00               20060101
GRIFFIN                                                               360                 109,600.00               20060201
Suwanee                                                               360               1,950,000.00               20060301
AUSTELL                                                               360                 138,300.00               20060201
Hampton                                                               360                 118,388.00               20060301
EUHARLEE                                                              360                 108,000.00               20060201
MARIETTA                                                              360                 448,000.00               20060301
DECATUR                                                               360                  77,520.00               20060301
UNION CITY                                                            360                  93,352.00               20060201
KENNESAW                                                              180                  91,150.00               20051201
VILLA RICA                                                            360                 140,250.00               20060201
TEMPLE                                                                360                 116,560.00               20060301
Dallas                                                                360                 148,000.00               20060201
MCDONOUGH                                                             360                 146,400.00               20060201
Riverdale                                                             360                 116,647.00               20060401
CANTON                                                                360                 125,000.00               20060201
NORCROSS                                                              360                 168,400.00               20060301
SNELLVILLE                                                            360                 157,410.00               20060301
SUGAR HILL                                                            360                 118,400.00               20060301
McDonough                                                             360                 209,255.00               20060101
JONESBORO                                                             360                 129,357.00               20060301
COLLEGE PARK                                                          360                  77,630.00               20060201
JONESBORO                                                             360                  87,500.00               20060301
HIRAM                                                                 360                 200,880.00               20060301
HAMPTON                                                               360                 111,680.00               20060201
NORCROSS                                                              360                 168,000.00               20060301
FAIRBURN                                                              360                 178,912.00               20060301
DACULA                                                                360                 142,256.00               20060301
Hartwell                                                              360                 450,000.00               20060201
Lithia Springs                                                        360                  63,320.00               20060201
Powder Springs                                                        360                 185,865.00               20060201
RIVERDALE                                                             360                 111,192.00               20060201
ACWORTH                                                               360                 152,000.00               20050901
CANTON                                                                360                 138,400.00               20060301
CARTERSVILLE                                                          360                 120,320.00               20060301
KINGSTON                                                              360                 287,360.00               20060301
MANHATTAN BEACH                                                       360                 312,500.00               20060101
GARDEN GROVE                                                          360                 464,000.00               20060401
WASHINGTON                                                            180                 200,000.00               20060101
SAN PEDRO                                                             360                 455,000.00               20060101
LAS VEGAS                                                             360                 119,600.00               20060301
VAN NUYS                                                              360                 440,000.00               20060101
PALOS VERDES ESTATES                                                  360                 451,750.00               20060401
INGLEWOOD                                                             360                 165,000.00               20060101
PINEHURST                                                             360                 434,000.00               20060301
GARDEN GROVE                                                          360                 265,800.00               20060301
NORWALK                                                               360                 240,000.00               20060101
Las Vegas                                                             360                 196,000.00               20060301
CRANBERRY TWP                                                         360                 224,000.00               20060401
RIVERSIDE                                                             360                 292,000.00               20060401
Rialto                                                                360                 225,000.00               20060101
CORAL GABLES                                                          360                  93,000.00               20060301
PHILADELPHIA                                                          360                  85,500.00               20060201
YUCAIPA                                                               360                 271,600.00               20060101
REDONDO BEACH                                                         360                 500,000.00               20060101
MIAMI                                                                 360                 228,000.00               20060301
RED BLUFF                                                             360                 325,000.00               20060401
REDONDO BEACH                                                         360                 465,000.00               20060401
Los Angeles                                                           180                 715,000.00               20060101
NEWTON                                                                360                  59,750.00               20060401
ETIWANDA                                                              360                 880,000.00               20060401
Hilaleah                                                              360                 150,000.00               20060401
LAS VEGAS                                                             360                 214,160.00               20060401
LOS ANGELES                                                           360                 706,500.00               20060401
FOUNTAIN VALLEY                                                       360                 445,250.00               20060101
GALENA                                                                360                 121,000.00               20060401
MEDINA                                                                360                 211,250.00               20060401
ONTARIO                                                               360                 120,000.00               20051201
CHICAGO                                                               360                 116,000.00               20060301
Rolling Meadows                                                       360                 245,900.00               20060201
Head Of The Harbor                                                    360               1,125,000.00               20060401
SAINT LOUIS                                                           360                 115,360.00               20060401
Saint Louis                                                           360                 211,735.00               20060101
Dallas                                                                360                  86,923.00               20060101
LOUISVILLE                                                            360                  62,400.00               20060301
DALLAS                                                                360                 206,000.00               20060501
Houston                                                               360                 124,188.00               20060101
HOUSTON                                                               360                 111,647.00               20060201
Fort Worth                                                            360                 131,976.00               20060301
Denton                                                                360                  80,000.00               20060201
Louisville                                                            360                  50,400.00               20060301
Weatherford                                                           360                 126,400.00               20060101
HOUSTON                                                               360                 103,000.00               20060201
Gunter                                                                360                  90,400.00               20051201
Louisville                                                            360                  54,000.00               20060301
HOUSTON                                                               360                  86,730.00               20060201
Louisville                                                            360                  51,300.00               20060301
Bowling Green                                                         360                  86,000.00               20060101
DENTON                                                                360                 159,200.00               20060401
Valrico                                                               360                 168,000.00               20060201
Gahanna                                                               360                 127,920.00               20060201
GILLESPIE                                                             360                  60,800.00               20060401
Krum                                                                  360                 388,000.00               20060301
WARSAW                                                                360                  56,720.00               20060301
Sanger                                                                360                  98,312.00               20051101
Cahokia                                                               360                  32,400.00               20060301
Cahokia                                                               360                  32,400.00               20060301
Cahokia                                                               360                  32,400.00               20060301
Stephenville                                                          360                 675,000.00               20060301
Lewisville                                                            360                  84,800.00               20060101
Little Elm                                                            360                 153,862.00               20060201
Itasca                                                                360                  92,000.00               20060101
Alvarado                                                              360                 144,000.00               20060301
NORWALK                                                               180                 117,500.00               20060201
burlingame                                                            360               1,820,000.00               20060301
Chattanooga                                                           360                  50,800.00               20060301
Cumming                                                               360                 135,416.00               20060301
Elberta                                                               360                 144,000.00               20060301
Mt Pleasant                                                           360                 513,000.00               20060401
Dallas                                                                360                  92,288.00               20060301
Yulee                                                                 360                 185,100.00               20060401
Kennesaw                                                              360                 166,800.00               20060301
Chelsea                                                               360                 123,920.00               20060401
Atlanta                                                               360                 116,800.00               20060401
Gainesville                                                           360                 147,200.00               20060401
Gulf Shores                                                           360                 154,000.00               20060401
RANCHO CUCAMONGA                                                      360                 592,072.00               20060201
APPLE VALLEY                                                          360                 321,592.00               20060401
BAKERSFIELD                                                           360                 398,790.00               20060201
ROSEVILLE                                                             360                 573,416.00               20060301
LANCASTER                                                             360                 497,840.00               20060201
APPLE VALLEY                                                          360                 295,912.00               20060301
HOUSTON                                                               360                  91,865.00               20060301
DENTON                                                                360                 139,687.00               20060201
JACKSONVILLE                                                          360                 172,952.00               20060401
NORTH LAS VEGAS                                                       360                 375,817.00               20060401
LAS VEGAS                                                             360                 256,372.00               20060301
NAPLES                                                                360                 417,000.00               20060301
ORLANDO                                                               360                 244,440.00               20060301
NORTH LAS VEGAS                                                       360                 517,833.00               20060201
RIVERVIEW                                                             360                 185,185.00               20060301
JACKSONVILLE                                                          360                 177,400.00               20060401
LAS VEGAS                                                             360                 545,564.00               20060401
Caldwell                                                              360                  84,000.00               20060301
Muskogee                                                              360                 128,800.00               20060101
Caldwell                                                              360                  55,920.00               20060301
Colorado Springs                                                      360                 219,600.00               20060301
WEST JORDAN                                                           360                 129,600.00               20060401
COLORADO SPRINGS                                                      360                 122,400.00               20060401
WEST VALLEY CITY                                                      360                  80,000.00               20060401
SAINT GEORGE                                                          360                 146,150.00               20060401
Roosevelt                                                             360                 270,000.00               20060301
Aurora                                                                360                  71,200.00               20060301
EAGLE MOUNTAIN                                                        360                 172,000.00               20060401
Norwich                                                               360                 148,500.00               20060301
Temecula                                                              360                 519,200.00               20060301
Murrieta                                                              360                 527,200.00               20060301
Murrieta                                                              360                 556,000.00               20060201
SPRINGFIELD                                                           360                  68,800.00               20060101
SOUTHBRIDGE                                                           360                 212,000.00               20060301
MANCHESTER                                                            360                 140,000.00               20060401
Lebanon                                                               360                  92,100.00               20060301
Roseville                                                             360                  68,000.00               20060301
Westminster                                                           360                 171,920.00               20060301
Norcross                                                              360                 152,000.00               20060201
Henryetta                                                             360                  58,000.00               20060401
Wichita                                                               360                  68,000.00               20060301
Humble                                                                360                  69,200.00               20060401
Detroit                                                               360                  81,600.00               20060301
Williamsburg                                                          360                 230,000.00               20060301
Columbia                                                              360                  60,000.00               20060301
Canton                                                                360                  92,400.00               20060301
Garland                                                               360                  88,420.00               20060301
Newark                                                                360                 342,400.00               20060301
Littleton                                                             360                 191,200.00               20060301
Santa Monica                                                          360               1,050,000.00               20060301
SCOTTSDALE                                                            360                 536,250.00               20060401
COLUMBIA                                                              360                 111,920.00               20060301
THOUSAND OAKS                                                         360                 650,000.00               20060401
Chino                                                                 360                 417,000.00               20060301
Apple Valley                                                          360                 215,000.00               20060301
TUSTIN                                                                360                 487,579.00               20060201
APPLE VALLEY                                                          360                 256,000.00               20060101
APPLE VALLEY                                                          360                 256,000.00               20060101
PLEASANT HILL                                                         360                 664,000.00               20060101
QUARTZ HILL ARE                                                       360                 340,000.00               20051201
LOS ANGELES                                                           360                 197,000.00               20060101
Williamsburg                                                          360                 311,000.00               20060401
Ft Washington                                                         360                 220,000.00               20060301
Lynchburg                                                             360                 121,600.00               20060301
College Park                                                          360                 102,750.00               20060201
College Park                                                          360                 208,371.00               20060301
Monroe                                                                360                  80,000.00               20060301
Marietta                                                              360                  58,100.00               20060201
Union City                                                            360                  83,433.00               20060201
Phoenix                                                               360                 240,000.00               20060401
El Mirage                                                             360                 157,500.00               20060401
Show Low                                                              360                 164,000.00               20060401
North Las Vegas                                                       360                  37,500.00               20060301
Colorado Springs                                                      360                 147,630.00               20060201
Shawnee                                                               360                  52,500.00               20060401
Shawnee                                                               360                  53,200.00               20060401
Long Beach                                                            360                 130,000.00               20060401
Fort Worth                                                            360                  54,600.00               20060401
Federal Way                                                           360                 192,000.00               20060301
ALBUQUERQUE                                                           360                 158,200.00               20060301
PHOENIX                                                               360                 150,400.00               20060401
SCOTTSDALE                                                            360                 236,000.00               20060401
SAN LUIS                                                              360                 124,000.00               20060301
PHOENIX                                                               360                 263,600.00               20060401
Glendale                                                              360                 277,500.00               20060401
Phoenix                                                               480                  76,000.00               20060401
QUEEN CREEK                                                           360                 177,372.00               20060401
Albuquerque                                                           360                 162,470.00               20060301
ALBUQUERQUE                                                           360                 155,000.00               20060301
Salisbury                                                             360                  52,720.00               20060301
Winston Salem                                                         360                  44,800.00               20060201
Winston Salem                                                         360                  59,085.00               20060301
Conyers                                                               360                 148,080.00               20060301
Winston                                                               360                  89,499.00               20060401
Winston Salem                                                         360                  29,600.00               20060301
Hoschton                                                              360                 450,000.00               20060201
Mckinney                                                              360                 108,800.00               20060301
Allen                                                                 360                 249,600.00               20060301
Arlington                                                             360                 135,920.00               20060301
Mckinney                                                              360                 348,000.00               20060301
Lewisville                                                            360                 100,816.00               20060301
Kimberly                                                              360                 140,000.00               20060301
Kiawah Island                                                         360                 270,000.00               20060301
CONYERS                                                               360                  74,160.00               20060401
BRUNSWICK                                                             360                 350,000.00               20060201
COLUMBUS                                                              360                  59,500.00               20051001
KISSIMMEE                                                             360                 144,000.00               20051001
ORLANDO                                                               360                 140,000.00               20051001
CHARLOTTE                                                             360                 102,800.00               20050901
WAYCROSS                                                              360                  54,300.00               20050801
CHARLOTTE                                                             360                  63,375.00               20050801
PITTSBURGH                                                            360                  85,600.00               20050801
ORLANDO                                                               360                  67,500.00               20050801
JACKSONVILLE                                                          360                 240,000.00               20051001
GOOSE CREEK                                                           360                  91,000.00               20050801
SATELLITE BEACH                                                       360                 450,000.00               20051101
TAMPA                                                                 360                 129,000.00               20050901
DUMFRIES                                                              360                 244,000.00               20051001
BOYCE                                                                 180                  65,000.00               20050801
WEST PALM BEACH                                                       360                 189,900.00               20051001
OGDEN                                                                 360                  46,050.00               20050801
FAIRFAX STATION                                                       360                 650,000.00               20051101
SAGINAW                                                               360                 140,000.00               20051001
PEORIA                                                                360                 176,000.00               20050901
KISSIMMEE                                                             360                 154,400.00               20051001
WAXHAW                                                                360                 153,000.00               20051101
SCOTTSDALE                                                            360                 406,000.00               20050901
NORTH PORT                                                            360                 230,000.00               20051001
JASPER                                                                360                 217,000.00               20050801
STATESBORO                                                            360                 175,000.00               20051101
TAMPA                                                                 360                 126,000.00               20051101
BOULDER                                                               360                 270,000.00               20050901
ORLANDO                                                               360                 240,000.00               20051001
NAPLES                                                                360                 303,750.00               20050901
Dover                                                                 180                 248,000.00               20050701
ORLANDO                                                               360                 217,000.00               20051001
Fitzgerald                                                            180                  66,500.00               20050701
ORLANDO                                                               360                 131,600.00               20051001
CHARLOTTE                                                             360                 220,000.00               20051001
PALM SPRINGS                                                          180                 132,000.00               20050801
SUGAR HILL                                                            360                 135,000.00               20050901
HARTWELL                                                              360                  96,000.00               20051101
ORLANDO                                                               360                 164,800.00               20051101
ALEXANDRIA                                                            360                 552,000.00               20051001
FREDRICKSBERG                                                         360                 395,000.00               20050801
CAMDEN WYOMING                                                        360                 190,000.00               20050701
LOS ANGELES                                                           180                 367,000.00               20050701
LAWRENCEVILLE                                                         360                 312,000.00               20050801
PITTSBURGH                                                            360                 128,000.00               20050801
IRMO                                                                  360                 177,600.00               20050801
KISSIMMEE                                                             360                 148,800.00               20051001
NEWPORT NEWS                                                          180                 166,400.00               20050901
RALEIGH                                                               180                 182,500.00               20051001
KISSIMMEE                                                             360                 148,000.00               20050801
Miami                                                                 360                 172,800.00               20060201
Warren                                                                360                 112,000.00               20060101
LANSING                                                               360                 126,400.00               20060301
Aldan                                                                 360                 131,400.00               20060301
Phila                                                                 120                 135,000.00               20060101
Doylestown                                                            360                 542,500.00               20060401
Lake Harmony                                                          360                 226,000.00               20051101
Philadelphia                                                          360                 156,688.00               20060301
Devon                                                                 360                 620,750.00               20060301
Dover                                                                 360                 153,600.00               20060301
Blackwood                                                             360                 148,792.00               20060401
Bear                                                                  360                 214,400.00               20060301
Pleasantville                                                         360                 208,000.00               20060301
Pleasantville                                                         360                 120,000.00               20060401
Marcus Hook                                                           360                  65,600.00               20060401
Pine Hill                                                             360                 107,600.00               20060401
Fort Washington                                                       360                 453,000.00               20060401
Wilmington                                                            360                 296,000.00               20060301
Philadelphia                                                          360                 380,000.00               20060301
Norristown                                                            360                 107,200.00               20060301
Wilmington                                                            360                  64,400.00               20060401
WOOLRICH                                                              360                 366,700.00               20060301
Wilmington                                                            360                 731,500.00               20060301
Philadelphia                                                          360                 475,000.00               20060401
MIRAMAR                                                               360                 329,000.00               20050901
SAN DIEGO                                                             360                 324,000.00               20060301
BELL GARDENS                                                          360                 331,500.00               20060401
GRAND PRAIRIE                                                         360                 250,601.00               20060301
NORFOLK                                                               360                  63,200.00               20060301
VIRGINIA BCH                                                          360                 320,000.00               20060401
JACKSONVILLE                                                          360                 163,200.00               20060301
ST AUGUSTINE                                                          360                 168,800.00               20060401
Monticello                                                            360               1,500,000.00               20060301
BALTIMORE                                                             360                  65,000.00               20060401
VIRGINIA BEACH                                                        360                 176,000.00               20060301
DAVENPORT                                                             360                  56,175.00               20060401
ATL                                                                   360                 280,000.00               20060401
Des Moines                                                            360                  53,625.00               20060301
Stafford                                                              360                 384,000.00               20060401
RICHMOND                                                              360                  96,000.00               20060401
DECATUR                                                               360                 116,000.00               20060401
Lenigh                                                                360                 155,700.00               20060301
CEDAR RAPIDS                                                          360                  72,500.00               20060301
HUXLEY                                                                360                 138,720.00               20060301
Middletown                                                            360                 624,000.00               20060401
MYRTLE BEACH                                                          360                 176,850.00               20051001
BAYVIEW                                                               360                 275,000.00               20060301
HOMER GLEN                                                            360                 275,000.00               20051101
Chicago                                                               360                 356,000.00               20051201
Phoenix                                                               360                 142,400.00               20060301
PHOENIX                                                               360                 179,900.00               20060401
CHESAPEAKE                                                            360                 400,350.00               20060401
PETERSBURG                                                            360                 111,200.00               20060301
NEWPORT NEWS                                                          360                 136,000.00               20060301
Dallas                                                                360                  68,800.00               20051101
FORT WORTH                                                            360                  63,750.00               20060301
Plano                                                                 360                 188,800.00               20060401
Plano                                                                 360                  79,600.00               20060301
DALLAS                                                                360                 825,000.00               20060301
PLANO                                                                 360                 184,904.00               20060301
Hilton Head                                                           360                 210,000.00               20060401
JERSEY CITY                                                           360                 112,000.00               20030101
LAKE WORTH                                                            360                  86,450.00               20020301
FRESNO                                                                360                 110,700.00               20021101
SAVANNAH                                                              360                 134,900.00               20021201
DURHAM                                                                180                  48,000.00               20060301
Spring                                                                360                 103,500.00               20050101
GREENSBORO                                                            360                  57,400.00               20060201
TIVERTON                                                              360                 122,500.00               20060201
CEDAR CITY                                                            180                 154,284.00               20060101
SAVANNAH                                                              360                  66,500.00               20060201
NORMAN                                                                360                  62,200.00               20060101
CORCORAN                                                              360                  91,000.00               20060201
MIDWEST CITY                                                          180                  51,302.00               20060101
CARY                                                                  360                 159,500.00               20050901
CEDAR CITY                                                            180                 150,302.00               20060101
HAWAIIAN GARDENS                                                      360                 130,000.00               20060201
MIDWEST CITY                                                          180                  49,175.00               20060101
RICHMOND                                                              360                  51,750.00               20060201
HENDERSON                                                             360                 207,200.00               20060101
CHARLOTTESVILLE                                                       360                 135,000.00               20060201
FORT LAUDERDALE                                                       360                 228,750.00               20060201
TOLEDO                                                                360                  43,890.00               20060101
SAVANNAH                                                              360                  66,500.00               20060201
OKLAHOMA CITY                                                         180                  49,700.00               20060101
PALM HARBOR                                                           360                  50,000.00               20060201
DACULA                                                                360                 168,000.00               20060101
PALATINE                                                              360                 117,600.00               20060201
GLENDALE HEIGHTS                                                      360                 132,900.00               20060201
CATONSVILLE                                                           360                 188,800.00               20060201
KERNERSVILLE                                                          360                  72,484.00               20060201
CHARLOTTE                                                             360                  57,400.00               20060101
SAVANNAH                                                              360                  66,500.00               20060201
SAVANNAH                                                              360                  66,500.00               20060201
SAVANNAH                                                              360                  66,500.00               20060201
MANASSAS                                                              360                 234,000.00               20060101
NEWBERG                                                               180                 107,000.00               20051201
SAVANNAH                                                              360                  53,900.00               20060201
LONG BEACH                                                            180                 175,000.00               20051101
NEWBERG                                                               180                 106,000.00               20051201
DILLSBURG                                                             180                  50,500.00               20060201
DILLSBURG                                                             180                  50,001.00               20060201
FRANKLINTOWN                                                          180                  50,001.00               20060201
SAVANNAH                                                              360                  51,800.00               20060101
POMPANO BEACH                                                         360                 126,000.00               20060201
OKLAHOMA CITY                                                         180                  48,250.00               20060101
MIDWEST CITY                                                          180                  55,300.00               20060101
VISALIA                                                               360                 118,000.00               20051201
DOVER                                                                 180                  50,001.00               20060201
CHICAGO                                                               360                  98,000.00               20060201
LAUDERHILL                                                            360                 282,000.00               20051101
SEATTLE                                                               360                 250,000.00               20050101
CABOT                                                                 360                  54,000.00               20040801
KAILUA-KONA                                                           360                 271,000.00               20040801
BALDWIN PARK                                                          180                 155,200.00               20051201
FRESNO                                                                360                 162,000.00               20041001
BELGRADE                                                              360                 144,550.00               20040701
LANSDOWNE                                                             360                 114,300.00               20060201
SAN ANTONIO                                                           180                 138,040.00               20060201
CHICAGO                                                               360                  76,500.00               20060101
CHINO HILLS                                                           360                 390,000.00               20051101
LINCOLN CITY                                                          360                 150,950.00               20060301
LEAGUE CITY                                                           360                  63,934.00               20060101
VANCOUVER                                                             360                 160,928.00               20050501
INDIANAPOLIS                                                          360                 101,230.00               20050501
BELTSVILLE                                                            180                 336,000.00               20050601
FT THOMAS                                                             180                 136,000.00               20050601
NASHUA                                                                360                 201,600.00               20041001
ELFRIDA                                                               360                  90,900.00               20060101
HOUSTON                                                               180                 132,000.00               20050801
GLENDALE                                                              360                 194,800.00               20060201
APPLE VALLEY                                                          360                 156,000.00               20060101
SUN CITY                                                              180                  78,000.00               20050901
CONCORD                                                               360                 120,000.00               20021201

CITY1                                         PAYMENT                CURRENT_                   ORIGINAL_
                                                                     BALANCE                    LTV
--------------------------------------------------------------------------------------------------------------
HIALEAH                                            1,275.75                 226,800.00                  70.00
MCCLOUD                                            1,157.81                 195,000.00                  79.59
BETHESDA                                           2,348.96                 410,000.00                  60.29
Seymour                                              365.98                  50,191.97                  75.00
ARVADA                                               910.00                 168,000.00                  80.00
GARDEN CITY                                          682.50                 104,000.00                  80.00
CICERO                                               613.13                 107,019.36                  80.00
NORTH LAS VEGAS                                    1,100.00                 192,000.00                  71.11
GLEN ALLEN                                           910.00                 168,000.00                  70.00
HAMPTON                                              595.83                 104,000.00                  80.00
HICKORY CREEK                                      1,060.04                 195,700.00                  79.99
MIDDLEBURG                                         1,268.75                 203,000.00                  79.92
SACRAMENTO                                           787.50                 157,500.00                  70.00
ASHBURN                                            1,551.26                 303,920.00                  80.00
PORTLAND                                             379.96                  77,609.60                  56.52
SURPRISE                                           1,351.82                 223,750.00                  80.00
MIDLAND                                              473.23                  82,600.00                  70.00
PORTLAND                                             785.42                 129,999.99                  50.00
Holly Springs                                        782.17                 144,400.00                  80.00
MONROE                                               336.27                  37,877.49                  58.46
Edison                                             1,875.42                 216,277.39                  30.24
ALLEN                                              1,125.71                 132,941.29                  70.00
PAINESVILLE                                          661.61                  71,700.40                  80.00
NEWBERG                                              597.31                  67,282.38                  50.00
GOOSE CREEK                                          944.33                 103,127.66                  78.37
PLANTATION                                           619.44                  69,774.31                  19.44
RALEIGH                                              392.33                  41,874.54                  19.09
MARICOPA                                             935.69                 109,249.63                  42.73
MOUNTAIN TOP                                         278.10                  29,909.40                  54.55
BOISE                                              1,011.36                 113,038.33                  70.00
ALBANY                                               716.78                  73,324.46                  76.42
BIRMINGHAM                                           318.89                  34,296.11                  80.00
BROOKLYN                                           4,183.97                 443,186.76                  70.00
WARREN                                               539.21                  55,839.96                  80.00
Ridgeland                                            672.53                  75,754.97                  64.41
MONROE                                               338.90                  37,878.81                  60.32
AVONDALE                                           2,465.85                 265,196.65                  70.00
MONROE                                               410.79                  44,861.09                  69.23
SAN ANTONIO                                          287.09                  30,409.89                  67.78
SPARTANBURG                                          278.10                  29,818.23                  60.00
Crown Point                                          500.56                  65,020.85                  70.00
Nicholasville                                        530.00                  75,687.14                  79.99
Auburn                                               503.67                  59,870.54                  74.97
Auburn                                               626.57                  78,705.85                  75.00
CHESAPEAKE BEACH                                   1,535.40                 267,997.60                  70.00
WASHINGTON                                         1,527.33                 252,800.00                  80.00
MIAMI                                                800.87                 139,789.00                  80.00
WELLINGTON                                         4,885.42                 700,000.00                  70.00
HOUSTON                                              682.50                 126,000.00                  70.00
MEMPHIS                                              283.21                  35,979.29                  80.00
HAYDEN LAKE                                        1,312.06                 209,930.00                  70.00
Eatontown                                          1,491.68                 235,572.13                  80.00
FAIRFAX                                            2,384.77                 416,250.00                  75.00
SIMPSONVILLE                                         583.17                 105,630.00                  70.00
Las Cruces                                           598.50                 100,800.00                  70.00
TOLEDO                                               685.78                 115,500.00                  70.00
Seaside Heights                                    1,413.01                 222,375.00                  75.00
OLD ORCHARD BEACH                                    667.44                 101,514.64                  80.00
LEXINGTON PARK                                     1,608.75                 234,000.00                  80.00
ROCKVILLE                                            590.10                 103,000.00                  43.83
RICHMOND                                             630.00                 108,000.00                  80.00
Paterson                                           1,501.35                 248,500.00                  70.00
HARRISBURG                                           591.68                 115,920.00                  80.00
COLORADO SPRINGS                                     777.75                 122,400.00                  80.00
SAN ANTONIO                                          561.33                  76,448.67                  90.00
ERIE                                                 452.18                  60,860.16                  70.00
HAWLEY                                             1,085.97                 147,900.70                  80.00
ORLANDO                                            2,282.77                 347,850.00                  79.99
SAFETY HARBOR                                        991.89                 156,100.00                  70.00
Trenton                                              474.29                  62,361.21                  80.00
KALAMAZOO                                            434.23                  68,637.89                  76.33
RIO RANCHO                                           660.83                 104,000.00                  80.00
CHICAGO                                            1,600.16                 269,500.00                  70.00
SILVERTON                                          1,157.44                 209,650.00                  70.00
EAST HAMPTON                                       2,576.69                 449,750.00                  70.00
PIEDMONT                                           1,445.57                 227,500.00                  70.00
AKRON                                                318.14                  45,466.23                  70.00
CHICAGO                                            2,090.00                 352,000.00                  80.00
HOUSTON                                              594.90                  90,405.41                  80.00
CYPRESS                                            2,365.13                 333,900.00                  70.00
BARTLETT                                           1,185.87                 169,474.13                  80.00
SALT LAKE CITY                                       987.87                 175,622.05                  70.00
INDIANAPOLIS                                         818.17                 103,940.16                  80.00
WACO                                                 283.33                  40,000.00                  80.00
WINTER PARK                                          676.88                 114,000.00                  80.00
SALEM                                              1,045.33                 179,200.00                  80.00
TAMPA                                                562.50                 100,000.00                  80.00
LAKE CITY                                          1,371.98                 147,553.02                  89.70
MOUNT PLEASANT                                     2,019.94                 359,100.00                  70.00
TAKOMA PARK                                        2,200.00                 384,000.00                  80.00
GARDNER                                              862.75                 142,800.00                  70.00
SYRACUSE                                             285.86                  38,474.82                  70.00
WASHINGTON                                         2,819.87                 530,799.99                  69.84
MUKILTEO                                           1,868.11                 291,492.59                  75.00
CHICAGO                                            2,603.12                 416,499.99                  70.00
MEMPHIS                                              283.21                  35,979.29                  80.00
BRIARWOOD                                          1,637.22                 239,812.78                  77.42
WACO                                                 283.33                  40,000.00                  80.00
BRANDON                                            1,158.30                 155,856.25                  80.00
LOUISVILLE                                           466.67                  64,000.00                  80.00
MARGATE                                            1,599.95                 243,801.31                  80.00
SYRACUSE                                             775.85                  99,691.10                  75.00
Louisville                                           487.22                  66,355.45                  80.00
MESA                                                 876.67                 131,500.00                  69.98
CHICAGO                                            2,494.04                 352,100.00                  70.00
VIRGINIA BEACH                                     2,164.17                 296,800.00                  69.84
LOS BANOS                                          1,925.00                 336,000.00                  70.00
ORANGE PARK                                          800.00                 128,000.00                  80.00
LAS VEGAS                                          1,601.25                 244,000.00                  78.71
CLEVELAND                                            636.50                  91,200.00                  95.00
COTTAGE GROVE                                        761.65                 137,960.00                  80.00
TWIN FALLS                                           700.88                 124,600.00                  70.00
CHANTILLY                                          3,346.77                 515,555.73                  80.00
BOURBONNAIS                                          735.00                 112,000.00                  80.00
PASADENA                                           1,547.00                 218,400.00                  80.00
CHICAGO                                            1,312.14                 206,500.00                  70.00
DRAPER                                             4,826.23                 649,146.74                  76.47
CHICAGO                                            1,338.75                 189,000.00                  70.00
CINCINNATI                                         1,474.17                 232,000.00                  80.00
PLAINFIELD                                         1,217.73                 212,550.00                  79.99
BOILING SPRINGS                                      455.47                  82,500.00                  75.00
Delhi                                              1,871.09                 251,835.16                  80.00
Montebello                                         2,461.24                 351,738.76                  80.00
CLEVELAND                                            529.72                  73,700.00                  79.25
DENVER                                               885.00                 144,000.00                  80.00
GARDEN VALLEY                                      4,230.89                 519,723.28                  80.00
CHICAGO                                            2,949.39                 456,680.00                  70.00
PEMBROKE PINES                                     2,437.50                 300,000.00                  80.00
BURKE                                              2,266.67                 340,000.00                  80.00
NASHVILLE                                            540.34                  87,920.00                  80.00
GARFIELD HEIGHTS                                     603.75                  84,000.00                  77.78
CAPE CORAL                                         1,062.76                 185,500.00                  70.00
Hendersonville                                     1,517.71                 235,000.00                  79.66
EVERETT                                            1,880.83                 296,000.00                  80.00
SILVER SPRING                                      2,303.75                 388,000.00                  80.00
OVIEDO                                               689.06                 105,000.00                  70.00
JOHNSTON                                           1,866.67                 320,000.00                  80.00
PORTLAND                                           1,227.67                 203,200.00                  80.00
BROOKLYN                                           6,603.88                 899,396.12                  69.23
PEORIA                                             1,062.40                 164,500.00                  70.00
PANAMA CITY BEACH                                  7,324.85                 974,378.27                  65.00
CHESTER                                            1,395.75                 232,568.25                  80.00
DETROIT                                              483.00                  73,600.00                  80.00
Charlotte                                            587.33                 108,430.00                  70.00
FORT LAUDERDALE                                    1,998.28                 304,500.00                  70.00
MESA                                                 930.00                 148,800.00                  80.00
DANBURY                                            3,116.67                 440,000.00                  80.00
MARRERO                                              657.66                 103,500.00                  75.00
Indianapolis                                         284.65                  37,426.72                  70.00
HYATTSVILLE                                        2,170.00                 336,000.00                  80.00
Louisville                                           382.36                  51,700.00                  79.54
LOUISVILLE                                           761.11                 132,848.07                  70.00
LINCOLNTON                                           733.33                 127,999.58                  80.00
Lawrenceville                                      1,970.83                 344,000.00                  80.00
SANGER                                             1,236.67                 185,500.00                  70.00
PHOENIX                                            2,186.67                 328,000.00                  80.00
STERLING HEIGHTS                                     745.86                 135,100.00                  70.00
ABINGDON                                           2,246.73                 414,781.00                  85.00
GERMANTOWN                                         1,885.00                 348,000.00                  80.00
AURORA                                               708.33                 100,000.00                  78.13
TUCSON                                             1,375.00                 240,000.00                  78.18
Lafayette                                            555.39                  74,751.07                  80.00
MESA                                                 866.25                 154,000.00                  70.00
WINTER HAVEN                                         909.67                 136,450.00                  80.00
NORCROSS                                             666.75                 101,600.00                  80.00
KAWKAWLIN                                          1,002.48                 174,978.74                  79.55
CORONA                                             5,953.00                 892,950.00                  80.00
GRAVETTE                                             449.91                  62,755.67                  80.00
Charlotte                                            618.63                 106,050.00                  70.00
QUEEN CREEK                                        1,291.24                 210,100.00                  80.00
CHANDLER                                           1,059.56                 191,920.00                  80.00
BURTON                                               337.15                  53,060.00                  70.00
STREAMWOOD                                         1,574.30                 232,512.00                  80.00
MECHANICSBURG                                      1,495.07                 239,211.00                  80.00
OAKLAND                                            1,767.03                 339,269.43                  70.00
LAKE WORTH                                         4,320.40                 702,980.00                  80.00
SAINT LOUIS                                          570.05                  74,953.39                  69.44
FORT LAUDERDALE                                    2,321.56                 327,750.00                  95.00
Flowery Branch                                       482.31                  79,830.41                  31.37
MIAMI BEACH                                        1,556.77                 245,000.00                  70.00
Brooklyn                                           7,689.13                 996,984.83                  74.07
ATLANTIC BEACH                                     1,189.33                 178,400.00                  80.00
DETROIT                                              735.75                  96,739.83                  80.00
SAINT LOUIS                                        1,291.77                 167,898.23                  80.00
PANAMA CITY                                        7,381.57                 959,418.43                  80.00
COLUMBUS                                             420.00                  64,000.00                  80.00
Garner                                             1,812.50                 300,000.00                  80.00
STOCKTON                                           1,822.17                 342,997.20                  70.00
PANAMA CITY BEACH                                  1,812.50                 290,000.00                  64.44
DETROIT                                              498.26                  64,760.74                  80.00
NAPLES                                             2,338.99                 330,210.00                  90.00
AURORA                                               965.83                 152,000.00                  80.00
WOODBRIDGE                                         1,492.97                 220,500.00                  70.00
PORT SAINT LUCIE                                   1,802.79                 254,511.00                  90.00
Newark                                             1,801.95                 247,125.00                  75.00
SCOTTSDALE                                         1,832.92                 332,000.00                  80.00
GRANDVIEW                                            498.63                  59,241.43                  79.97
GARNER                                             1,193.99                 204,684.80                  80.00
PHOENIX                                            2,028.13                 354,000.00                  80.00
ORLANDO                                              958.75                 156,000.00                  80.00
MOORE                                                513.05                  89,550.00                  79.99
OCOEE                                              1,728.72                 251,450.00                  79.99
MEMPHIS                                              381.56                  50,168.79                  82.70
WACO                                                 283.33                  40,000.00                  80.00
TAMPA                                                855.25                 124,400.00                  80.00
PROVIDENCE                                         1,558.33                 220,000.00                  59.46
CHICAGO                                            1,584.38                 234,000.00                  86.67
Raleigh                                              502.40                  92,750.00                  70.00
PAHRUMP                                            1,436.60                 207,841.73                  80.00
JOHNSON CITY                                         532.76                  71,657.80                  80.00
ROCHESTER                                            213.50                  33,600.00                  74.67
KENOSHA                                              724.39                 103,523.11                  70.00
DAVIS                                                411.81                  43,490.65                  70.00
CHICAGO                                            1,030.05                 122,379.00                  70.00
BURBANK                                            1,234.09                 171,700.00                  85.00
SALEM                                                825.00                 132,000.00                  80.00
FLAGSTAFF                                          1,806.25                 255,000.00                  85.00
SILVER SPRING                                        876.75                 150,300.00                  80.00
SOUTH PADRE ISLAND                                 3,215.62                 489,999.99                  70.00
TAMPA                                              1,133.33                 160,000.00                  80.00
Hyde Park                                          1,857.92                 318,500.00                  70.00
LAKELAND                                             549.79                  81,200.00                  80.00
LONGMONT                                           1,493.17                 231,200.00                  80.00
WOODBRIDGE                                         2,203.67                 315,750.00                  80.00
NORTH CHARLESTON                                     612.68                 108,920.00                  70.00
STEVENSVILLE                                       2,562.81                 417,000.00                  56.35
LADSON                                               971.58                 123,428.94                  95.00
BROUSSARD                                            925.00                 148,000.00                  80.00
GERMANTOWN                                         2,428.12                 369,999.99                  80.00
VISTA                                              2,649.11                 423,857.00                  70.00
MAPLE GLEN                                         3,537.00                 459,721.33                  80.00
VISALIA                                              921.25                 132,000.00                  80.00
SAINT JOSEPH                                       1,411.36                 211,704.00                  79.59
TAMPA                                                786.67                 128,000.00                  80.00
BALTIMORE                                            267.75                  40,800.00                  80.00
POMPANO BEACH                                      1,265.83                 196,000.00                  80.00
CARSON                                             2,740.65                 432,813.91                  80.00
NORFOLK                                            1,841.66                 219,235.42                  75.34
STAFFORD                                           1,704.83                 308,800.00                  80.00
PHILADELPHIA                                         895.64                 141,443.09                  65.00
KISSIMMEE                                          1,995.00                 304,000.00                  80.00
DAYTON                                               431.98                  57,463.33                  76.67
CHANDLER                                           4,234.33                 635,150.00                  80.00
KENNESAW                                           1,062.85                 175,920.00                  80.00
CHICAGO                                            1,763.13                 273,000.00                  70.00
POQUOSON                                             439.17                  68,000.00                  26.15
STERLING                                           1,612.92                 276,500.00                  70.00
BROOKLYN                                           3,565.52                 510,880.00                  80.00
CINCINNATI                                           787.50                 120,000.00                  80.00
PASCO                                                765.48                 126,700.00                  70.00
ELGIN                                              1,400.64                 227,900.00                  79.99
MISSOULA                                             962.60                 135,901.57                  80.00
Pikeville                                            727.50                 116,400.00                  80.00
LEWISVILLE                                           669.38                 102,000.00                  85.00
WEST WARWICK                                       1,252.99                 179,067.01                  70.00
Passaic                                            2,085.42                 308,000.00                  70.00
LAND O LAKES                                       1,338.75                 238,000.00                  79.33
CARSON CITY                                        1,110.83                 172,000.00                  80.00
EASLEY                                             1,092.66                 166,500.00                  90.00
SPRING HILL                                        1,011.89                 131,520.28                  70.00
DEERFIELD BEACH                                    5,096.11                 718,954.47                  80.00
CLARKSTON                                            815.38                 115,116.62                  80.00
SLIDELL                                              598.50                 100,800.00                  70.00
NASHUA                                             1,903.12                 304,499.99                  70.00
LAS VEGAS                                          1,715.73                 235,300.00                  80.00
CHICAGO                                            1,212.50                 194,000.00                  61.59
Alameda                                            3,284.90                 595,000.00                  74.38
Bloomfield                                         2,043.10                 311,329.93                  80.00
DETROIT                                              372.38                  59,580.00                  90.00
MIDDLETOWN                                         2,215.31                 417,000.00                  77.67
GREENVILLE                                           332.50                  45,600.00                  80.00
REYNOLDSBURG                                         641.33                 118,400.00                  80.00
CANTON                                               389.77                  68,032.89                  68.50
SUN CITY WEST                                      1,938.75                 282,000.00                  80.00
BAKERSFIELD                                          880.93                 159,565.00                  70.00
CHICKASAW                                            312.44                  38,379.56                  80.00
TAMPA                                              3,417.82                 444,230.72                  70.00
ROCHESTER                                            493.24                  66,386.55                  70.00
Greensboro                                           346.67                  52,000.00                  80.00
Albuquerque                                        1,458.33                 200,000.00                  80.00
MARICOPA                                           1,914.60                 270,296.00                  80.00
OVIEDO                                             1,424.06                 220,500.00                  70.00
CHICAGO                                            1,720.83                 280,000.00                  80.00
South Plainfield                                   2,068.28                 325,500.00                  70.00
MEMPHIS                                              276.92                  35,179.75                  80.00
LOS ANGELES                                          791.38                 133,285.84                  40.45
NORTH WEBSTER                                        826.66                 123,999.68                  80.00
INDIO                                              1,932.92                 343,630.84                  80.00
HENDERSON                                          2,915.00                 424,000.00                  80.00
SPRINGDALE                                         1,290.00                 206,400.00                  80.00
BROOKLYN                                           2,882.69                 419,300.00                  70.00
SPRINGFIELD                                          772.20                 103,931.97                  80.00
CLINTON                                            1,784.47                 271,919.99                  80.00
Hampton                                              818.33                 122,750.00                  69.98
Wendell                                              658.67                 121,600.00                  80.00
CLINTON                                            1,755.00                 324,000.00                  80.00
SAINT PETERSBURG                                     570.94                 101,500.00                  70.00
JACKSONVILLE                                         480.00                  72,000.00                  80.00
Louisville                                         2,058.75                 324,000.00                  80.00
SUMMERVILLE                                          602.33                  96,373.00                  80.00
Newburgh                                           1,102.11                 151,895.39                  80.00
SYRACUSE                                             314.48                  47,920.00                  80.00
SYRACUSE                                             210.00                  32,000.00                  80.00
TOPEKA                                               226.54                  32,775.04                  80.00
EVANSTON                                           1,581.25                 276,000.00                  80.00
SILVER SPRING                                      2,878.91                 412,500.00                  75.00
BRONX                                              2,627.92                 371,000.00                  70.00
PARKLAND                                           7,150.90                 929,436.60                  75.00
Louisville                                           584.96                  86,394.26                  80.00
WOONSOCKET                                         1,145.83                 200,000.00                  77.52
Waxhaw                                               683.31                 119,268.00                  80.00
AUBURN                                               795.08                 131,600.00                  70.00
CAMDEN                                             1,747.77                 243,788.81                  78.96
BELTSVILLE                                         1,035.00                 184,000.00                  80.00
CHICAGO                                            1,652.08                 244,000.00                  80.00
PHOENIXVILLE                                         963.33                 136,000.00                  80.00
MIAMI                                              3,563.11                 463,115.28                  70.00
VALLEJO                                            1,861.88                 302,950.00                  73.00
SPRINGFIELD                                          690.55                  82,002.86                  75.00
LARGO                                                742.44                 118,790.00                  69.96
PORT TOBACCO                                       3,165.10                 515,000.00                  64.38
HIALEAH                                              910.00                 156,000.00                  80.00
MORENO VALLEY                                      2,316.93                 436,128.76                  70.00
CHICAGO                                            2,229.47                 310,980.36                  78.98
Worcester                                            993.01                 170,772.95                  69.84
PEORIA                                             1,155.00                 201,600.00                  80.00
DETROIT                                              266.71                  50,203.90                  80.00
COLUMBUS                                             420.99                  48,977.13                  70.00
BIRCHRUNVILLE                                      6,583.00                 960,414.47                  66.55
OAKTON                                             4,678.60                 768,731.92                  70.00
Newark                                             1,622.50                 264,000.00                  80.00
Atlanta                                              901.88                 144,300.00                  64.42
ROCHESTER                                          1,144.63                 207,329.00                  68.31
ROCHESTER                                          1,145.75                 207,532.00                  68.38
BROWNS VALLEY                                      2,704.17                 519,200.00                  80.00
QUEEN CREEK                                        1,607.21                 226,900.00                  79.98
DENVER                                               893.29                 155,920.00                  80.00
MAGNOLIA                                           1,944.00                 345,600.00                  80.00
HENDERSON                                          2,412.38                 454,095.20                  80.00
MISSION                                              704.78                 103,172.40                  75.00
Lawrenceville                                        723.33                 112,000.00                  80.00
Beverly                                            6,403.11                 999,117.72                  62.50
HOUSTON                                            1,225.54                 217,873.00                  80.00
PALM BAY                                           1,123.41                 158,599.47                  74.99
WASHINGTON                                         1,158.80                 170,441.22                  80.00
GARLAND                                              291.79                  56,024.00                  74.70
GARLAND                                              292.69                  56,197.00                  74.93
GARLAND                                              286.42                  54,991.97                  73.32
PORT SAINT LUCIE                                   1,685.19                 248,890.00                  95.00
WYANDANCH                                          1,443.72                 212,891.31                  95.00
CERES                                              1,088.65                 174,338.38                  51.02
DESERT HILLS                                       4,333.33                 640,000.00                  80.00
Nantucket                                          2,918.69                 449,612.56                  27.27
West Springfield                                   1,301.00                 181,471.83                  80.00
PHILADELPHIA                                         525.54                  79,932.79                  80.00
LIVERPOOL                                            600.21                  84,738.62                  80.00
BOSTON                                             2,595.47                 395,500.00                  70.00
ORLANDO                                            1,183.07                 206,500.00                  70.00
PHOENIX                                            1,561.85                 245,800.00                  70.00
MARCO ISLAND                                       5,666.43                 799,966.87                  80.00
LAS VEGAS                                            823.76                 131,801.25                  69.47
TAMPA                                                661.50                 117,600.00                  80.00
THE DALLES                                           527.98                  85,668.63                  70.00
COLUMBUS                                             831.25                 140,000.00                  80.00
CHICAGO                                            1,155.31                 151,905.52                  80.00
BEND                                               1,498.33                 248,000.00                  80.00
CINCINNATI                                           940.42                 148,000.00                  80.00
JACKSONVILLE                                         829.30                 144,750.00                  70.00
Visalia                                            1,589.35                 219,049.15                  80.00
NAPLES                                             1,549.50                 247,920.00                  80.00
SUN CITY                                           2,197.27                 383,524.00                  80.00
SUMMERVILLE                                          656.38                 106,800.00                  80.00
INDIANAPOLIS                                         255.42                  34,377.50                  80.00
DETROIT                                              729.17                 100,000.00                  80.00
COPIAGUE                                           1,870.31                 332,500.00                  70.00
STUART                                             1,159.00                 182,400.00                  80.00
LEBANON                                            1,247.75                 193,200.00                  70.00
ANTHEM                                             1,728.33                 272,000.00                  80.00
ROYAL PALM BEACH                                   2,000.00                 300,000.00                  78.74
DUMFRIES                                           3,225.00                 483,750.00                  75.00
CLEVELAND                                            438.78                  67,939.56                  80.00
CHICAGO                                            1,822.17                 301,600.00                  80.00
BRONX                                              2,625.91                 370,731.49                  70.00
GLENDALE                                           2,627.92                 476,000.00                  70.00
MORENO VALLEY                                      1,897.08                 314,000.00                  80.00
CHESTERFIELD                                         948.75                 165,600.00                  80.00
Newark                                             1,327.08                 227,500.00                  70.00
SALEM                                                756.14                 127,350.00                  79.99
ANNAPOLIS                                          1,225.00                 245,000.00                  69.01
WAYNESBORO                                         1,365.27                 215,804.73                  69.81
Powder Springs                                     1,334.90                 233,000.00                  79.79
TEMPE                                              1,604.17                 280,000.00                  80.00
QUEEN CREEK                                          966.15                 175,000.00                  70.00
TAMPA                                              1,168.12                 177,999.99                  75.74
DELAND                                             1,343.75                 215,000.00                  77.34
WOODBRIDGE                                         1,389.94                 247,100.00                  70.00
FALLON                                               437.00                  73,600.00                  80.00
STREAMWOOD                                         1,275.00                 204,000.00                  80.00
MCLEAN                                             2,187.50                 300,000.00                  80.00
YORK                                                 380.16                  51,166.51                  80.00
VISALIA                                            1,261.83                 180,800.00                  80.00
MIDVALE                                              838.69                 149,100.00                  70.00
ANDERSON                                           1,027.27                 139,906.06                  80.00
PROVIDENCE                                         1,342.49                 191,857.51                  80.00
HOLLYWOOD                                            714.58                  98,000.00                  70.00
BUCKEYE                                              934.02                 149,443.00                  80.00
Charlotte                                          1,167.33                 164,800.00                  80.00
EASTON                                             2,375.00                 380,000.00                  80.00
SARASOTA                                           3,050.00                 480,000.00                  80.00
QUEEN CREEK                                        1,310.00                 209,600.00                  80.00
LITHIA                                             1,238.05                 182,850.00                  79.98
FALLON                                               688.75                 116,000.00                  80.00
Louisville                                         2,068.33                 292,000.00                  77.66
PORTLAND                                             916.67                 160,000.00                  80.00
RIVIERA BEACH                                      1,817.96                 259,807.04                  80.00
CHICAGO                                            1,526.23                 207,860.44                  80.00
CHICAGO                                              725.07                  99,861.91                  80.00
COATESVILLE                                        1,076.63                 187,920.00                  80.00
GREENFIELD                                         1,192.02                 197,300.00                  74.34
KNOXVILLE                                            495.00                  88,000.00                  80.00
SEVERN                                             1,184.79                 242,000.00                  79.87
CITRUS HEIGHTS                                     1,970.00                 315,200.00                  80.00
BOWIE                                              3,433.49                 507,100.00                  80.00
BRONX                                              3,218.95                 489,588.34                  70.00
QUEEN CREEK                                        1,645.31                 243,000.00                  94.97
BALTIMORE                                            399.84                  51,968.49                  80.00
JOHNSTON                                           1,165.94                 172,200.00                  70.00
PROVIDENCE                                         1,061.67                 159,250.00                  65.00
EDGEWATER                                          1,543.75                 285,000.00                  79.17
SILVER SPRING                                      2,278.18                 352,750.00                  85.00
Provo                                             12,390.63               1,950,000.00                  65.00
LACEY                                              1,547.45                 215,694.10                  80.00
roxboro                                              860.42                 165,200.00                  80.00
COCKEYSVILLE                                       7,738.17                 913,846.83                  63.24
GERMANTOWN                                         1,099.62                 185,199.99                  80.00
NEILTON                                              657.98                  98,818.94                  79.76
COLUMBIA                                             427.68                  57,562.32                  80.00
HAZEL CREST                                          498.33                  73,600.00                  80.00
SIMPSONVILLE                                         548.38                  99,330.00                  70.00
MAYWOOD                                              962.50                 168,000.00                  80.00
LAKE WORTH                                           888.06                 140,372.98                  63.86
SIMPSONVILLE                                       2,240.91                 307,325.00                  95.00
OGDEN                                                483.86                  69,096.96                  80.00
JACKSONVILLE                                         436.20                  66,344.22                  80.00
VERO BEACH                                         1,203.13                 210,000.00                  70.00
CASA GRANDE                                        1,015.00                 168,000.00                  80.00
DANA POINT                                         3,569.27                 623,000.00                  70.00
SILVER SPRING                                      1,586.50                 267,200.00                  80.00
LINDENHURST                                        1,959.37                 329,999.99                  78.76
TAYLOR                                               570.00                  96,000.00                  80.00
LOS ANGELES                                        1,750.00                 280,000.00                  68.97
MOUNT POCONO                                         645.31                 105,000.00                  75.00
WARWICK                                            1,287.58                 195,835.34                  70.00
METAMORA                                             914.16                 139,300.00                  70.00
MEMPHIS                                              311.85                  41,944.86                  70.00
FRISCO                                             1,737.11                 273,382.00                  70.00
PHOENIX                                            1,550.00                 240,000.00                  80.00
SPARTANBURG                                          737.50                 120,000.00                  80.00
COLUMBUS                                           1,403.57                 216,213.68                  80.00
SPARTANBURG                                          293.33                  44,000.00                  75.86
TRAVELERS REST                                       807.50                 152,000.00                  80.00
ALSTEAD                                              824.58                 125,650.00                  70.00
SPRING BRANCH                                        851.19                 110,632.93                  79.99
Plainfield                                         1,900.00                 320,000.00                  80.00
BROOKLYN                                           4,433.16                 719,316.84                  60.00
PHOENIX                                            1,684.33                 260,800.00                  80.00
BROOKLYN                                           3,426.04                 598,000.00                  65.00
CHICAGO                                            1,395.00                 223,200.00                  80.00
SPRING BRANCH                                        851.59                 127,789.54                  80.00
PHOENIX                                            1,668.83                 258,400.00                  80.00
PHOENIX                                              859.85                 142,320.00                  80.00
DETROIT                                              395.42                  58,400.00                  80.00
BROOKLYN                                           3,326.39                 447,706.94                  70.00
WASHINGTON                                         4,541.25                 692,000.00                  80.00
COVINGTON                                            774.53                 142,989.99                  79.00
PUYALLUP                                           2,213.55                 393,520.00                  80.00
Apollo Beach                                       5,625.00               1,000,000.00                  55.56
MORENO VALLEY                                      1,259.38                 232,500.00                  75.00
TREASURE ISLAND                                    3,667.94                 493,676.85                  65.00
MERRITT ISLAND                                     1,885.16                 317,500.00                  79.97
STERLING                                           2,044.18                 331,368.34                  70.94
BALTIMORE                                            299.47                  39,375.51                  75.77
Atlanta                                            1,002.08                 148,000.00                  77.89
DERWOOD                                            2,643.33                 416,000.00                  80.00
COOPER CITY                                        2,448.31                 367,698.36                  80.00
MIDLOTHIAN                                           705.60                 123,160.00                  80.00
WALTON                                             1,911.67                 296,000.00                  80.00
WEST PALM BEACH                                    2,589.84                 382,500.00                  85.00
JOLIET                                               720.17                 119,200.00                  80.00
SPARTANBURG                                          278.11                  43,960.22                  80.00
GAINESVILLE                                          337.50                  60,000.00                  61.86
BATON ROUGE                                          641.09                 111,900.00                  69.98
GREENVILLE                                           960.00                 144,000.00                  80.00
PHILADELPHIA                                         356.40                  47,968.60                  59.26
CHARDON                                            1,125.00                 200,000.00                  80.00
MESA                                               1,145.83                 220,000.00                  80.00
Billings                                             867.03                 123,907.97                  80.00
CINCINNATI                                           466.25                  74,600.00                  79.36
GIBSONTON                                          1,416.31                 219,300.00                  69.99
MOBILE                                               306.84                  41,297.96                  95.00
WEST PALM BEACH                                    1,469.51                 229,297.52                  85.00
Fall River                                         1,455.29                 195,871.79                  80.00
TUCSON                                             1,464.84                 281,250.00                  75.00
RICHMOND                                             746.67                 112,000.00                  80.00
JACKSON                                              327.27                  41,576.06                  80.00
HEFLIN                                             1,483.43                 215,772.32                  90.00
PHOENIX                                              993.52                 107,670.23                  80.00
PANAMA CITY BEACH                                  6,055.19                 787,022.93                  75.00
Charlotte                                            512.06                  92,750.00                  70.00
SPRINGFIELD                                        1,981.42                 322,400.00                  56.07
AMITYVILLE                                         3,065.10                 535,000.00                  62.94
DETROIT                                              279.18                  37,575.40                  80.00
BELLINGHAM                                           674.54                 103,910.46                  34.67
ORLANDO                                              721.91                 106,621.00                  80.00
SARASOTA                                             970.35                 169,370.69                  70.00
COLUMBIA                                             438.57                  77,968.00                  70.00
WASHINGTON                                         1,969.30                 295,757.37                  80.00
TRENTON                                              656.25                 100,000.00                  74.63
RAYTOWN                                              399.66                  60,900.00                  69.60
SYRACUSE                                             560.01                  71,957.49                  75.00
CHANTILLY                                          4,344.37                 661,999.99                  70.00
SAN CLEMENTE                                       6,227.08                 980,000.00                  70.00
PONTIAC                                              355.47                  52,500.00                  75.00
WESTFIELD                                            396.67                  54,400.00                  87.04
DETROIT                                              358.85                  53,000.00                  58.89
BELTON                                               475.34                  86,100.00                  70.00
DETROIT                                              401.19                  55,960.48                  80.00
DETROIT                                              395.46                  55,161.05                  80.00
KANSAS CITY                                          408.35                  56,959.77                  73.08
HOUSTON                                              380.66                  52,463.87                  75.00
SUPERIOR                                             409.21                  64,400.00                  70.00
LISLE                                              2,375.00                 356,250.00                  95.00
REDFORD                                              459.38                  63,000.00                  70.00
Noblesville                                          515.25                  91,600.00                  69.98
Noblesville                                          515.25                  91,600.00                  69.98
Woodstock                                            484.31                  86,100.00                  70.00
SALT LAKE CITY                                       401.63                  71,400.00                  70.00
MEMPHIS                                              415.07                  55,214.77                  85.00
KANSAS CITY                                          446.86                  60,818.01                  83.42
Rio Rancho                                           484.90                  66,500.00                  70.00
SCOTTSDALE                                           921.38                 163,800.00                  70.00
HORN LAKE                                            406.55                  66,150.00                  70.00
Winston Salem                                        385.00                  56,000.00                  69.14
BALTIMORE                                            367.58                  55,204.71                  85.00
COVINGTON                                            351.75                  53,600.00                  80.00
BATON ROUGE                                          464.60                  76,900.00                  69.97
PALM BEACH GARDENS                                 2,602.69                 462,700.00                  70.00
CANTON                                               351.75                  53,600.00                  80.00
BATON ROUGE                                          464.60                  76,900.00                  69.97
OCALA                                                510.71                  72,100.00                  70.00
PORTLAND                                             730.29                 103,100.00                  79.51
KANSAS CITY                                          461.54                  62,815.30                  85.00
KANSAS CITY                                          467.77                  63,664.17                  85.00
WINSTON SALEM                                        345.30                  50,225.00                  66.97
RAYTOWN                                              399.66                  60,900.00                  70.00
SAN BERNARDINO                                     1,079.17                 140,000.00                  70.00
Charlotte                                            457.83                  65,600.00                  80.00
DALLAS                                               300.86                  47,556.97                  70.00
Winston Salem                                        343.75                  50,000.00                  61.73
MEMPHIS                                              406.64                  53,466.75                  84.92
Winston Salem                                        411.84                  56,760.91                  80.00
Winston Salem                                        411.84                  56,760.91                  80.00
GALVESTON                                            446.48                  65,398.95                  70.00
MEMPHIS                                              380.80                  50,068.86                  84.92
MEMPHIS                                              419.56                  55,165.69                  84.92
FALLS CHURCH                                       3,958.96                 535,296.00                  80.00
RICHMOND                                             366.67                  64,000.00                  49.23
SOUND BEACH                                        1,275.31                 185,500.00                  70.00
AUGUSTA                                              314.17                  52,000.00                  80.00
Trenton                                              551.25                  84,000.00                  75.00
TRENTON                                              603.75                  92,000.00                  73.60
KANNAPOLIS                                           612.06                  79,551.49                  80.00
TRENTON                                              551.25                  84,000.00                  75.00
OCOEE                                              1,602.33                 240,350.00                  70.00
Concord                                              469.58                  64,400.00                  80.00
Pompton Plains                                     1,396.35                 268,100.00                  70.00
KNOXVILLE                                          2,002.00                 343,200.00                  80.00
COLUMBIA                                             527.85                  72,749.90                  80.00
SAN LEANDRO                                        2,258.59                 367,500.00                  70.00
TEMPE                                                855.00                 144,000.00                  76.19
ROCHESTER HILLS                                      853.33                 128,000.00                  80.00
Bradenton Beach                                    6,562.50               1,000,000.00                  68.97
OAKLAND                                            2,625.00                 400,000.00                  80.00
ROSELLE                                              931.46                 131,504.75                  70.00
FLAT ROCK                                            682.50                 104,000.00                  80.00
MADRAS                                               507.03                  88,500.00                  70.00
KANSAS CITY                                          303.48                  34,184.43                  95.00
MADRAS                                               507.03                  88,500.00                  70.00
ELK GROVE                                          5,098.96                 890,000.00                  69.26
DETROIT                                              453.33                  64,000.00                  80.00
PORTSMOUTH                                         1,282.97                 241,500.00                  70.00
HIALEAH                                              558.73                  99,330.00                  70.00
MOLINE                                               628.33                 104,000.00                  80.00
MANCHESTER                                           637.44                  89,990.94                  61.22
ARVERNE                                            3,118.49                 419,725.26                  80.00
WOBURN                                             2,073.82                 303,762.85                  80.00
PHOENIX                                            1,645.00                 282,000.00                  79.44
LAS VEGAS                                          1,501.87                 240,299.99                  80.00
OCEANSIDE                                          1,693.13                 290,250.00                  75.00
SPRING                                             1,162.29                 178,908.00                  80.00
PHOENIX                                            1,875.52                 277,000.00                  78.03
LAREDO                                             1,415.83                 223,797.50                  80.00
ROCKVALE                                           1,027.68                 164,428.56                  70.00
NORTH BELLMORE                                     1,378.12                 244,999.99                  70.00
Los Angeles                                        2,606.25                 417,000.00                  66.72
SPARTANBURG                                          610.00                  97,600.00                  80.00
Acworth                                            2,371.96                 350,320.00                  80.00
COLUMBUS                                             458.24                  63,156.51                  80.00
LAS VEGAS                                          1,671.11                 281,450.00                  79.99
COACHELLA                                          1,725.70                 280,792.00                  80.00
Lumberton                                            398.10                  51,743.64                  95.00
BILLINGS                                             808.46                 119,807.51                  80.00
SCHENECTADY                                          293.51                  39,973.16                  80.00
BILOXI                                             1,031.06                 143,818.42                  80.00
GULFPORT                                           1,146.26                 159,887.07                  80.00
SPARTANBURG                                          420.00                  57,600.00                  80.00
BALTIMORE                                          1,572.00                 235,800.00                  90.00
SPARTANBURG                                          302.50                  44,000.00                  80.00
WALDORF                                            1,787.50                 260,000.00                  80.00
ROUND LAKE                                           666.09                 101,500.00                  70.00
Decatur                                              985.05                 129,519.45                  80.00
DES PLAINES                                        1,136.67                 176,000.00                  80.00
CHICAGO                                            1,817.96                 259,807.04                  80.00
PIEDMONT                                             677.33                 101,600.00                  80.00
PORTLAND                                           1,250.77                 187,845.90                  80.00
SAN ANTONIO                                          356.78                  46,371.89                  77.33
SAN ANTONIO                                          352.67                  46,371.16                  80.00
SAN ANTONIO                                          352.67                  46,371.16                  80.00
CRANSTON                                           2,204.55                 235,295.03                  80.00
HOUSTON                                            1,490.14                 207,853.19                  80.00
QUEEN CREEK                                        1,199.11                 177,100.00                  79.99
DAYTON                                               307.65                  43,967.35                  80.00
Atlanta                                              731.25                 108,000.00                  80.00
EASTPOINTE                                           447.04                  62,303.00                  80.00
LITTLE ROCK                                          866.67                 130,000.00                  78.79
MILFORD                                              970.15                 143,884.85                  80.00
SURPRISE                                           2,894.72                 441,100.00                  80.00
ROEBUCK                                              329.31                  47,900.00                  77.26
SEVIERVILLE                                        2,838.61                 453,870.87                  60.67
NEW HAVEN                                            814.18                 119,256.89                  70.00
GATLINBURG                                         3,038.25                 485,791.46                  58.67
WASHINGTON                                         2,310.00                 396,000.00                  80.00
SOUTHFIELD                                           669.38                 119,000.00                  70.00
LINCOLNWOOD                                        2,212.50                 360,000.00                  64.29
COLUMBUS                                             332.01                  49,240.59                  80.00
DOVER                                                587.35                  92,435.00                  70.00
Buckeye                                              909.91                 167,982.73                  80.00
QUEEN CREEK                                        1,371.47                 228,522.28                  75.00
MESA                                               3,475.49                 451,726.18                  80.00
Everett                                            1,699.25                 354,625.99                  77.09
PROVIDENCE                                           885.00                 144,000.00                  79.66
Atlanta                                              847.33                 131,199.84                  80.00
Chickamauga                                          296.10                  35,545.65                  80.00
JACKSONVILLE                                         796.65                 111,121.52                  80.00
North Bethesda                                     9,031.15               1,313,622.00                  70.00
BRENTWOOD                                          1,731.33                 313,600.00                  70.00
Glendale                                           7,875.00               1,200,000.00                  64.86
PEMBROKE                                           1,255.99                 185,500.00                  79.99
PHOENIX                                            1,023.75                 156,000.00                  80.00
TAMPA                                                920.94                 134,894.68                  64.29
MIAMI BEACH                                        3,927.08                 650,000.00                  69.89
JERSEY CITY                                        2,497.21                 389,655.91                  77.23
SIOUX FALLS                                          651.54                  87,634.81                  65.00
MARICOPA                                           1,326.32                 187,245.00                  80.00
AURORA                                               253.93                  34,155.11                  95.00
Corrales                                           1,413.33                 256,000.00                  57.53
BOLINGBROOK                                        1,148.44                 157,500.00                  70.00
SPARTANBURG                                          353.28                  48,450.00                  85.00
NEW YORK                                           6,207.98                 944,206.08                  70.00
DOUGLASSVILLE                                      1,343.67                 222,400.00                  80.00
Albuquerque                                          668.57                 121,100.00                  70.00
HILTON HEAD ISLAND                                   347.08                  47,600.00                  80.00
ASTORIA                                            4,287.92                 577,122.24                  70.00
WHEATON                                              966.67                 160,000.00                  80.00
PLATTSBURG                                         1,466.67                 256,000.00                  80.00
FORT ATKINSON                                        891.94                 115,929.73                  80.00
MIDDLETOWN                                         2,079.44                 407,400.00                  80.00
BROOKLYN                                           3,876.54                 515,670.96                  80.00
LAS VEGAS                                          1,327.50                 236,000.00                  80.00
FORT LAUDERDALE                                    1,733.33                 260,000.00                  72.22
FALLS CHURCH                                       3,166.85                 467,720.00                  70.00
OXNARD                                             2,493.75                 420,000.00                  70.00
DETROIT                                              742.33                 104,800.00                  80.00
CHESTER                                              865.77                 159,835.00                  65.00
NORFOLK                                              469.22                  81,900.00                  70.00
SANDPOINT                                          1,108.33                 190,000.00                  79.17
PARADISE                                           1,420.92                 231,200.00                  80.00
CAPE CORAL                                         2,484.36                 322,904.26                  90.00
SEDONA                                             1,645.42                 287,200.00                  80.00
PAWLEYS ISLAND                                     3,791.67                 650,000.00                  67.36
COUNTRY CLUB HILLS                                   614.17                  88,000.00                  80.00
Passaic                                            1,856.25                 324,000.00                  80.00
Franklin                                           1,963.50                 285,600.00                  80.00
SAN ANTONIO                                          840.47                 122,250.00                  90.56
BRIDGEPORT                                         1,836.67                 304,000.00                  80.00
SANDY                                              2,590.67                 371,200.00                  80.00
SURPRISE                                           1,453.72                 211,450.00                  79.99
CHICAGO                                              623.33                  88,000.00                  73.33
LAKE FOREST                                        3,496.09                 487,655.58                  80.00
FARMINGVILLE                                       2,362.50                 360,000.00                  80.00
PALM BAY                                             851.36                 123,834.00                  80.00
BIRMINGHAM                                           553.62                  71,956.38                  80.00
WALDORF                                            1,159.38                 210,000.00                  70.00
West New York                                      2,252.50                 424,000.00                  80.00
PHOENIX                                            1,558.33                 220,000.00                  80.00
DETROIT                                              483.00                  73,600.00                  80.00
CONWAY                                               560.56                  78,189.78                  78.25
HUNTLEY                                              958.75                 156,000.00                  80.00
INDIO                                              1,443.75                 231,000.00                  70.00
WESTWOOD                                           2,889.96                 339,672.94                  80.00
TEHACHAI                                           1,479.14                 203,859.61                  80.00
CLEVELAND                                            305.00                  48,000.00                  80.00
BAKERSFIELD                                        1,053.13                 163,065.00                  70.00
SWANSEA                                              560.84                  78,030.00                  90.00
SCOTTSDALE                                        10,000.00               1,500,000.00                  68.18
BUCKEYE                                            1,119.11                 202,706.00                  95.00
WILLOWBROOK                                        1,087.50                 180,000.00                  80.00
KANSAS CITY                                          504.90                  67,955.52                  80.00
MARICOPA                                           1,326.03                 219,480.00                  80.00
FOREST GROVE                                       1,338.33                 233,600.00                  80.00
MARICOPA                                           1,264.74                 205,789.00                  80.00
RIDGELY                                            2,109.37                 374,999.99                  75.76
CEDAR POINT                                          700.00                 112,000.00                  70.00
FREDERICKSBURG                                     2,836.31                 388,980.00                  70.00
BALTIMORE                                          1,034.91                 112,156.50                  90.00
LAS VEGAS                                          3,691.41                 562,500.00                  75.00
PEORIA                                             1,114.86                 178,534.48                  61.37
Ahoskie                                              386.10                  51,965.98                  80.00
JACKSONVILLE                                         790.50                 111,600.00                  80.00
Evansville                                           310.00                  48,000.00                  80.00
BRYANS ROAD                                        2,721.17                 450,400.00                  80.00
WALDORF                                            1,717.33                 294,400.00                  80.00
JACKSONVILLE                                         790.50                 111,600.00                  80.00
MEMPHIS                                              320.25                  48,800.00                  80.00
LORTON                                             1,782.50                 276,000.00                  80.00
SALISBURY                                            329.78                  51,900.00                  69.94
SAINT LOUIS                                          375.63                  49,968.12                  70.42
Trenton                                              707.79                  99,854.80                  80.00
REDMOND                                              850.00                 120,000.00                  80.00
MEMPHIS                                              330.75                  50,400.00                  80.00
TOLEDO                                               297.00                  39,947.49                  72.73
TAMPA                                                881.93                 143,500.00                  70.00
SAINT LOUIS                                          375.63                  49,968.12                  70.42
PROVIDENCE                                         1,300.86                 175,085.39                  80.00
RICHMOND                                           1,347.75                 239,600.00                  80.00
ISLE OF PALMS                                      4,675.78                 712,500.00                  75.00
CENTEREACH                                         2,707.03                 472,500.00                  70.00
SAINT LOUIS                                          413.67                  58,400.00                  78.92
LANCASTER                                            876.89                 122,226.66                  80.00
NORTH LAS VEGAS                                    1,830.00                 366,000.00                  79.16
Woodstock                                          2,118.33                 328,000.00                  80.00
LONG BEACH                                           831.25                 133,000.00                  70.00
EVANSTON                                             697.50                 108,000.00                  80.00
PEYTON                                               896.03                 162,300.55                  70.00
Marietta                                           1,173.92                 165,730.00                  84.99
EVANSTON                                             671.67                 104,000.00                  80.00
INDIANAPOLIS                                         498.61                  65,559.22                  80.00
Sunbury                                              984.51                 152,440.00                  80.00
Rome                                                 599.18                  92,776.22                  80.00
ORLANDO                                            1,094.03                 158,400.00                  80.00
EVANSTON                                             638.08                  98,800.00                  80.00
AMSTERDAM                                            369.08                  47,970.92                  80.00
MIAMI                                              1,065.66                 148,645.02                  79.98
EL PASO                                              707.79                  99,927.63                  51.81
FALLS CHURCH                                       4,034.84                 553,350.00                  80.00
TYLER                                                646.52                 112,847.00                  80.00
LADYS ISLAND                                       1,374.19                 244,300.00                  75.87
JAMAICA                                            2,841.67                 496,000.00                  80.00
CHICAGO                                            1,353.33                 224,000.00                  80.00
Fort Wayne                                           320.25                  48,800.00                  80.00
BALTIMORE                                            616.15                 113,750.00                  65.00
PALM COAST                                         3,869.69                 640,500.00                  70.00
Hillsborough                                       1,470.00                 224,000.00                  70.00
ALEXANDRIA                                         1,443.75                 210,000.00                  69.31
CRYSTAL SPRINGS                                      838.20                 116,917.42                  78.00
PHOENIX                                            1,057.08                 172,000.00                  80.00
VIRGINIA BEACH                                       520.41                  81,900.00                  70.00
PORT JEFFERSON STATION                             1,603.11                 234,816.68                  65.28
DAYTON                                               455.97                  59,264.07                  77.01
BAYONNE                                            1,285.62                 241,999.99                  60.27
WELLINGTON                                         5,082.29                 717,500.00                  70.00
AKRON                                                473.65                  61,562.68                  80.00
MARYVILLE                                            641.67                  88,000.00                  80.00
WARRENTON                                          1,277.38                 191,842.62                  80.00
OGDEN                                                483.86                  69,096.96                  80.00
EL PASO                                            1,547.01                 221,085.80                  75.00
SOUTH PADRE ISLAND                                   918.75                 140,000.00                  70.00
FARMINGTON                                           896.58                 162,400.00                  80.00
FARMINGTON                                           896.58                 162,400.00                  80.00
GRANDVILLE                                           498.63                  59,241.43                  79.97
BAY SHORE                                          2,011.87                 332,999.99                  79.86
BURNSVILLE                                         1,105.00                 208,000.00                  80.00
Evansville                                           356.40                  47,968.60                  80.00
KIRKLAND                                           1,266.32                 187,960.00                  80.00
DUNELLEN                                           1,947.85                 274,800.37                  80.00
HOLLYWOOD                                          2,437.50                 360,000.00                  80.00
Tigard                                             1,306.25                 220,000.00                  80.00
PORT SAINT LUCIE                                   2,008.79                 261,091.73                  95.00
PALISADES                                          2,955.49                 343,677.70                  80.00
MERCED                                             1,601.04                 265,000.00                  79.58
SAINT ALBANS                                       2,007.92                 316,000.00                  80.00
DAYTON                                               374.22                  50,367.03                  80.00
EL MONTE                                           1,051.09                 159,730.39                  40.00
SIDNEY                                               279.01                  40,868.09                  87.02
JACKSONVILLE                                         453.60                  77,760.00                  80.00
BRIDGEPORT                                         1,312.28                 189,855.43                  69.09
LAWRENCEVILLE                                        867.25                 122,435.66                  70.00
WATERFORD                                          1,151.40                 193,920.00                  80.00
MONROE                                               342.32                  37,384.24                  79.79
Atlantic Beach                                     1,160.00                 192,000.00                  80.00
Kalamazoo                                          2,852.20                 526,560.00                  80.00
WINCHESTER                                         2,073.50                 343,200.00                  80.00
SPOKANE                                            2,014.48                 311,920.00                  80.00
West Sacramento                                      699.21                  99,925.79                  34.48
FORT WORTH                                           917.45                 137,786.97                  70.00
SUNRISE                                            1,401.25                 228,000.00                  80.00
MARYSVILLE                                         1,100.00                 176,000.00                  80.00
CONCORD                                            2,160.50                 357,600.00                  80.00
SIOUX FALLS                                          791.50                 106,460.07                  65.00
COLUMBUS                                             940.42                 148,000.00                  80.00
NEWBERG                                            1,200.00                 192,000.00                  80.00
BELLEROSE                                          2,681.49                 383,215.38                  79.98
Paterson                                           2,415.00                 368,000.00                  80.00
LEWES                                              1,182.83                 241,600.00                  80.00
Boston                                             1,586.67                 272,000.00                  80.00
BOOTHWYN                                             583.83                  90,400.00                  80.00
TUCSON                                               935.46                 147,866.21                  80.00
CHICAGO                                            1,018.06                 144,716.36                  80.00
CHARLOTTE                                            906.67                 128,000.00                  80.00
WHEATON                                            2,195.83                 340,000.00                  80.00
FORT MYERS                                         1,150.42                 200,799.99                  79.81
TINLEY PARK                                        1,232.71                 194,000.00                  80.00
GRANTS PASS                                          997.50                 152,000.00                  80.00
RIGBY                                                609.50                 110,399.99                  80.00
STREAMWOOD                                           966.88                 168,764.43                  80.00
MILTON                                             1,192.94                 184,713.02                  80.00
Toms River                                         1,219.36                 191,900.00                  79.99
SAINT GEORGE                                       1,346.67                 202,000.00                  79.22
PATASKALA                                            781.37                 131,599.99                  79.76
LOVELAND                                             775.00                 120,000.00                  80.00
Boston                                             2,624.27                 427,000.00                  70.00
VIRGINIA BEACH                                     1,547.11                 223,829.56                  80.00
APPLE VALLEY                                       1,610.00                 224,000.00                  80.00
BOYNTON BEACH                                        893.75                 132,000.00                  80.00
PONTIAC                                              756.13                 114,411.35                  79.99
CHICAGO                                            1,019.01                 150,500.00                  69.04
NEWBURGH                                           1,250.77                 186,902.21                  80.00
Mcdonough                                          1,164.12                 158,543.55                  95.00
Boston                                             2,796.35                 455,000.00                  70.00
CONWAY                                               559.37                  79,940.63                  80.00
Durham                                               384.57                  54,708.85                  78.57
FORT MYERS                                           457.25                  74,399.97                  80.00
DETROIT                                              381.25                  60,000.00                  80.00
SURPRISE                                           1,093.29                 198,030.00                  70.00
LEES SUMMIT                                        1,973.44                 310,574.00                  95.00
AVONDALE                                           1,207.69                 214,699.98                  79.97
LITHIA                                             1,107.17                 204,400.00                  79.98
SURPRISE                                           1,143.83                 189,324.17                  94.99
FAIRVIEW                                           2,399.98                 334,763.56                  75.28
SHOW LOW                                           2,318.86                 353,350.00                  79.99
Charlotte                                            677.53                 108,404.00                  80.00
OKLAHOMA CITY                                        460.82                  68,345.30                  95.00
CLEVELAND                                            560.53                  82,863.38                  80.00
ALAMEDA                                            2,454.17                 380,000.00                  69.98
ORMOND BEACH                                       1,546.67                 232,000.00                  80.00
EWING                                              1,690.10                 295,000.00                  77.23
SAN ANTONIO                                          553.33                  72,754.75                  70.00
FORT PIERCE                                          920.83                 136,000.00                  80.00
RICHMOND                                             499.58                  87,200.00                  80.00
DAYTON                                               294.00                  44,800.00                  80.00
INDEPENDENCE                                         682.00                 105,600.00                  80.00
LARGO                                                875.63                 140,100.00                  79.97
SURPRISE                                           1,362.00                 204,300.00                  79.99
HANFORD                                              991.30                 148,877.87                  63.40
BRONX                                              2,393.49                 353,500.00                  70.00
BRANSON                                              540.00                  96,000.00                  80.00
ASHBURN                                            1,820.00                 312,000.00                  80.00
Belmont                                            2,898.44                 525,000.00                  70.00
LYNCHBURG                                            730.62                  98,335.63                  80.00
LYNCHBURG                                            730.62                  98,335.63                  79.35
DAYTON                                               302.06                  43,167.94                  80.00
HARLINGEN                                            607.16                 107,940.00                  70.00
LAWSON                                             1,863.75                 284,000.00                  82.32
EAST DURHAM                                          692.41                 101,420.82                  70.00
STOCKTON                                           1,255.63                 215,250.00                  72.97
ODENTON                                            1,458.00                 259,200.00                  80.00
WOODSIDE                                           2,666.67                 400,000.00                  69.57
CANTON                                             1,461.33                 219,200.00                  80.00
SAINT LOUIS                                          689.06                  94,500.00                  70.00
Camden                                               457.38                  61,538.05                  80.00
COLUMBUS                                           1,380.75                 220,920.00                  80.00
NORTH MIAMI                                          516.25                  84,000.00                  69.71
VIRGINIA BEACH                                       891.28                 158,450.00                  69.99
KANSAS CITY                                          526.83                  87,200.00                  80.00
AKRON                                                351.75                  53,600.00                  80.00
SAINT LOUIS                                          740.10                 101,500.00                  70.00
Belton                                             1,250.00                 200,000.00                  74.91
TOPEKA                                               295.83                  40,000.00                  80.00
GREENVILLE                                           376.48                  59,250.00                  75.00
VIENNA                                             5,031.25                 700,000.00                  80.00
OZONE PARK                                         1,611.46                 297,500.00                  70.00
AURORA                                               708.75                 126,000.00                  70.00
GOODLETTSVILLE                                       757.35                 134,640.00                  80.00
CHICAGO                                              854.76                 115,044.70                  80.00
APPLE VALLEY                                       1,520.00                 228,000.00                  80.00
Irvington                                          1,282.36                 183,263.89                  70.00
MURRIETA                                           3,332.00                 470,400.00                  80.00
HENDERSON                                          1,404.00                 249,600.00                  80.00
ZEPHYRHILLS                                        1,759.33                 301,600.00                  80.00
MERIDEN                                            1,100.00                 192,000.00                  80.00
PHILADELPHIA                                         357.00                  54,400.00                  80.00
SANTA ROSA                                         2,465.22                 401,120.00                  80.00
PROVIDENCE                                         1,588.62                 227,031.38                  80.00
WASHINGTON                                         2,571.80                 376,410.02                  65.00
GLENDALE                                           1,453.50                 244,800.00                  80.00
UPPER MARLBORO                                     1,610.00                 276,000.00                  80.00
RESTON                                             1,484.00                 254,400.00                  80.00
East Boston                                        2,171.88                 417,000.00                  68.36
CHICAGO                                            1,012.00                 147,200.00                  80.00
AURORA                                               888.33                 131,200.00                  80.00
PHOENIX                                              767.81                 136,500.00                  70.00
Cottonwood                                           931.00                 156,800.00                  70.00
HOMESTEAD                                            881.56                 162,750.00                  70.00
KANSAS CITY                                          504.90                  67,955.52                  80.00
HILLSBORO                                            622.71                 106,750.00                  70.00
LAKE OSWEGO                                        1,485.00                 259,199.99                  80.00
NEW LONDON                                           396.76                  54,682.34                  79.88
GRANTS PASS                                          976.72                 164,500.00                  70.00
WARREN                                             1,378.12                 244,999.99                  70.00
AIKEN                                                493.05                  67,953.20                  80.00
BUFFALO                                              279.13                  39,890.37                  80.00
CLERMONT                                           2,008.13                 283,500.00                  90.00
Louisville                                           516.85                  67,957.73                  80.00
NEWPORT NEWS                                       1,064.00                 182,400.00                  80.00
LOS ANGELES                                        3,262.50                 580,000.00                  78.91
MIAMI                                              3,286.67                 464,000.00                  80.00
HOFFMAN ESTATES                                      732.42                 149,599.99                  80.00
NAMPA                                                625.63                 115,500.00                  70.00
POWDER SPRINGS                                       758.33                 104,000.00                  80.00
Alpharetta                                         6,353.99                 999,971.85                  75.47
DETROIT                                              443.81                  71,010.00                  90.00
JACKSONVILLE BEACH                                 1,401.09                 220,500.00                  70.00
ANGOLA                                             4,544.08                 611,599.67                  80.00
BOILING SPRINGS                                      729.75                 111,200.00                  80.00
Apopka                                             6,354.17               1,000,000.00                  64.52
BRONX                                              2,305.63                 357,000.00                  70.00
SPOKANE                                              771.83                 118,897.54                  70.00
ORLANDO                                              968.75                 155,000.00                  68.89
BROOKLYN                                           2,635.72                 416,623.03                  65.67
TYLER                                                575.25                  93,600.00                  80.00
PHILADELPHIA                                         687.92                 101,600.00                  80.00
Alpharetta                                         3,875.93                 515,591.02                  80.00
TOPEKA                                               207.20                  29,977.17                  80.00
CHICAGO                                            1,058.65                 163,920.00                  80.00
TOPEKA                                               207.20                  29,977.17                  80.00
TOPEKA                                               248.64                  35,972.61                  80.00
E FALLOWFIELD                                      2,137.20                 277,781.61                  95.00
MESA                                               5,733.33                 860,000.00                  80.00
GREENVILLE                                           635.00                 101,600.00                  80.00
RENTON                                             1,516.67                 280,000.00                  80.00
LANSING                                              560.00                  84,000.00                  80.00
EL PASO                                              612.50                  97,999.43                  70.00
Raleigh                                              853.13                 136,500.00                  70.00
BIRMINGHAM                                           400.62                  55,880.53                  80.00
BARTOW                                             2,152.50                 328,000.00                  80.00
OKLAHOMA CITY                                        346.34                  47,136.45                  80.00
CHICAGO                                            3,902.24                 507,192.55                  70.00
ORMOND BEACH                                       1,280.67                 180,800.00                  80.00
DETROIT                                              413.66                  65,100.00                  70.00
HOLLYWOOD                                          1,775.00                 284,000.00                  80.00
NORTH CHARLESTON                                     452.42                  80,430.00                  70.00
VANCOUVER                                          1,189.45                 181,250.00                  79.99
AVONDALE                                           1,551.69                 244,200.00                  95.00
JACKSONVILLE                                         632.40                  93,400.00                  84.91
SEGUIN                                               762.76                  99,139.91                  80.00
SOUTHFIELD                                         1,756.67                 248,000.00                  80.00
KENT                                               1,854.83                 287,200.00                  80.00
ROWESVILLE                                           489.05                  78,248.00                  80.00
MASPETH                                            2,560.94                 447,000.00                  70.00
Mutttontown                                        9,187.50               1,470,000.00                  70.00
GLEN OAKS                                          2,744.88                 449,532.11                  65.00
DARLINGTON                                         1,748.84                 299,801.17                  73.53
NORTH HOLLYWOOD                                    2,606.25                 417,000.00                  73.16
NEW DURHAM                                         2,028.91                 367,500.00                  79.89
RANCHO PALOS VERDES                                5,912.42                 993,310.46                  65.76
SAN ANTONIO                                          437.80                  57,564.20                  80.00
PORT SAINT LUCIE                                   1,547.13                 235,753.00                  70.00
COLUMBUS                                             446.25                  68,000.00                  80.00
KANSAS CITY                                          444.94                  79,100.00                  70.00
NORTH CHARLESTON                                     898.96                 143,834.00                  80.00
FOUNTAIN                                             863.33                 129,500.00                  70.00
BALTIMORE                                            785.42                 116,000.00                  80.00
LAWRENCEVILLE                                      1,324.58                 231,200.00                  80.00
HOMESTEAD                                            716.51                 108,978.37                  50.73
LA VERGNE                                            628.33                 116,000.00                  80.00
NORTH LAS VEGAS                                    1,968.00                 393,600.00                  80.00
WASHINGTON                                           823.04                 106,975.16                  80.00
ATLANTA                                              898.09                 116,729.24                  80.00
Cumming                                              644.22                 108,500.00                  70.00
HILLSBORO                                            668.06                 106,890.00                  70.00
JACKSONVILLE                                         708.58                 107,974.08                  80.00
Wilmington                                         1,507.91                 307,999.65                  79.38
Las Cruces                                         1,972.19                 271,812.81                  80.00
VISALIA                                            1,378.85                 217,000.00                  70.00
SCAPPOOSE                                          1,092.50                 184,000.00                  80.00
SALEM                                                535.00                  85,600.00                  80.00
Santa Maria                                        1,634.17                 296,000.00                  65.78
JACKSONVILLE                                         412.50                  60,000.00                  80.00
OZARK                                              1,291.41                 213,750.00                  75.00
CHICAGO                                            1,282.49                 187,853.34                  80.00
SCOTTSDALE                                         2,740.83                 404,800.00                  80.00
HOUSTON                                              380.66                  52,463.87                  75.00
ELMHURST                                           4,244.03                 591,981.89                  80.00
WASHINGTON                                         3,769.54                 438,545.30                  75.00
CHICAGO                                            1,566.67                 210,861.98                  79.62
CALDWELL                                             782.25                 119,200.00                  80.00
Powder Springs                                     2,346.67                 352,000.00                  80.00
PHOENIX                                            1,240.00                 192,000.00                  80.00
GLENDALE                                             755.21                 125,000.00                  57.34
MODESTO                                            1,966.67                 320,000.00                  80.00
LAS VEGAS                                            715.00                 104,000.00                  80.00
WALDORF                                            3,350.34                 509,571.53                  64.15
LISLE                                                888.02                 155,000.00                  77.50
SALEM                                                794.06                 115,500.00                  70.00
SPARTANBURG                                          297.17                  40,472.83                  75.00
SPOKANE                                              440.84                  60,758.16                  80.00
RIDGE                                              2,003.78                 331,660.00                  70.00
PHOENIX                                              773.33                 116,000.00                  80.00
WAKE FOREST                                          645.25                 106,800.00                  80.00
KANSAS CITY                                          511.88                  91,000.00                  70.00
REDMOND                                              836.33                 154,400.00                  80.00
MINNEAPOLIS                                        1,118.74                 159,881.26                  80.00
SPRING CITY                                        1,490.62                 238,499.99                  75.00
PINE BLUFFS                                          406.67                  64,000.00                  49.23
WASHINGTON                                         3,833.98                 446,041.80                  75.00
MARICOPA                                           1,136.96                 167,920.00                  80.00
GIBSONTON                                          1,186.59                 175,250.00                  79.99
CHEYENNE                                             419.38                  66,000.00                  61.68
ANNAPOLIS                                          1,400.00                 280,000.00                  80.00
SEAFORD                                            3,770.36                 519,642.14                  80.00
ESSEX                                              1,658.44                 274,500.00                  79.57
DES MOINES                                         1,372.50                 216,000.00                  80.00
KANSAS CITY                                          444.94                  79,100.00                  70.00
Scottsdale                                         2,023.17                 262,960.60                  80.00
MARYSVILLE                                           859.19                 158,620.00                  70.00
FORT LAUDERDALE                                    1,450.42                 209,840.20                  70.00
LIBERTY LAKE                                         839.79                 139,000.00                  57.92
Raleigh                                            1,146.33                 171,950.00                  95.00
SILVER SPRING                                      2,530.00                 352,000.00                  80.00
MIRA LOMA                                          1,370.83                 235,000.00                  50.54
KATONAH                                            4,265.62                 649,999.99                  69.59
Cary                                               2,432.50                 333,600.00                  80.00
EVERETT                                            1,204.58                 196,000.00                  80.00
PROVIDENCE                                           938.54                 170,000.00                  65.38
WOODBRIDGE                                         3,527.94                 480,477.39                  80.00
CAPE CORAL                                         1,584.84                 241,500.00                  64.40
Atlanta                                              704.16                 107,300.00                  77.75
RENO                                               1,535.00                 307,000.00                  75.80
RANDALLSTOWN                                         807.55                 164,946.39                  68.75
PERINTON                                             870.68                  96,009.40                  95.00
FRAMINGHAM                                         1,241.75                 221,823.53                  80.00
Vienna                                             2,491.67                 460,000.00                  79.17
Phippsburg                                         1,524.29                 217,675.41                  74.91
Detroit                                              475.47                  67,949.53                  80.00
Detroit                                              409.04                  58,412.60                  90.00
Washington                                         4,829.81                 701,892.04                  80.00
Fort Washington                                    2,621.23                 483,920.00                  80.00
Clermont                                           1,942.50                 296,000.00                  80.00
Manassas                                           2,065.00                 336,000.00                  80.00
Fort Washington                                    1,650.00                 264,000.00                  80.00
Sterling                                           2,258.71                 318,889.03                  80.00
Washington                                         1,835.58                 345,520.00                  80.00
Suisun City                                        2,038.34                 343,300.00                  70.06
Manassas                                           2,580.38                 393,200.00                  80.00
Woodbridge                                         2,047.50                 312,000.00                  80.00
Centreville                                        1,754.50                 290,400.00                  80.00
Fairfax                                            2,875.00                 460,000.00                  80.00
Culpeper                                           2,056.33                 318,400.00                  80.00
Fredericksburg                                     1,000.00                 160,000.00                  80.00
Hamilton                                           3,187.50                 600,000.00                  80.00
Fredericksburg                                     1,430.00                 208,000.00                  80.00
Cooksville                                         4,560.00                 768,000.00                  80.00
Manassas                                           1,829.48                 287,918.64                  80.00
Manassas                                           1,937.50                 300,000.00                  80.00
Winston Salem                                        472.03                  79,500.00                  49.98
Temple Hills                                       1,822.73                 318,149.73                  70.70
Germantown                                           904.39                 157,857.99                  54.48
Manassas                                           1,860.00                 297,600.00                  80.00
Richmond                                             797.50                 132,000.00                  80.00
Alexandria                                         1,438.13                 212,400.00                  80.00
Clinton                                            2,728.32                 467,712.00                  80.00
Upper Marlboro                                     3,673.43                 551,014.00                  80.00
Gaithersburg                                         922.26                 167,050.00                  65.00
Arlington                                          2,537.50                 420,000.00                  80.00
Beltsville                                         1,018.67                 152,800.00                  80.00
Manassas                                           1,532.50                 245,200.00                  80.00
Woodbridge                                         1,809.50                 263,200.00                  80.00
Capitol Heights                                      715.00                 143,000.00                  65.00
Culpeper                                             908.25                 138,400.00                  80.00
Alexandria                                         1,312.50                 200,000.00                  80.00
Woodbridge                                         2,007.92                 316,000.00                  79.90
Manassas                                           2,190.00                 350,400.00                  80.00
Takoma Park                                        2,460.00                 393,600.00                  80.00
Woodbridge                                         2,977.33                 510,400.00                  80.00
Leesburg                                           1,887.03                 287,548.00                  80.00
Aldie                                              2,648.57                 438,384.00                  80.00
TAMARAC                                            1,255.69                 193,246.11                  80.00
Reston                                             1,500.00                 240,000.00                  80.00
Manassas                                           1,507.50                 241,200.00                  80.00
Woodbridge                                         1,470.00                 235,200.00                  60.00
Falls Church                                       2,337.50                 440,000.00                  80.00
Baltimore                                            634.18                  89,469.89                  80.00
PORT REPUBLIC                                      2,565.00                 456,000.00                  80.00
STREAMWOOD                                         1,124.07                 162,501.56                  75.00
LOUISVILLE                                           725.00                 120,000.00                  75.00
BALTIMORE                                            376.98                  58,080.09                  70.00
Fargo                                                416.82                  68,466.32                  70.00
BEALETON                                           2,563.83                 424,358.60                  80.00
COLUMBIA                                             337.77                  44,902.46                  80.00
DOVER                                              2,001.19                 275,618.87                  80.00
BALTIMORE                                            614.36                  86,673.96                  80.00
CARENCRO                                             297.00                  39,947.49                  80.00
BALTIMORE                                            424.12                  59,116.16                  80.00
BALTIMORE                                            707.79                  99,854.79                  80.00
BALTIMORE                                            307.07                  40,349.60                  80.00
WALDORF                                            1,575.16                 245,782.96                  75.69
ARLINGTON                                            736.11                 103,848.98                  80.00
Pasadena                                           1,018.13                 181,000.00                  59.93
ARLINGTON                                            721.95                 101,851.89                  80.00
BALTIMORE                                            736.11                 103,848.98                  80.00
ARLINGTON                                            589.09                  91,918.83                  80.00
DAVIDSONVILLE                                      4,331.25                 770,000.00                  61.60
NEW CASTLE                                           323.56                  41,550.70                  80.00
YORK                                                 469.61                  63,957.06                  80.00
VIRGINIA BEACH                                     1,214.03                 189,095.39                  80.00
RICHMOND                                             926.64                 164,736.00                  80.00
CUMBERLAND                                           496.62                  72,743.21                  80.00
POTTSTOWN                                            480.71                  69,547.04                  80.00
POTTSTOWN                                            689.98                  99,823.99                  79.92
BALTIMORE                                            645.25                 106,800.00                  75.00
Baltimore                                            675.16                 111,750.00                  73.76
SOUDERTON                                          2,177.81                 279,834.69                  80.00
Grant                                                793.75                  86,087.14                  74.17
MIAMI                                              3,040.10                 456,575.44                  64.82
ELMA                                                 450.76                  59,961.74                  80.00
TAMPA                                                729.03                 102,850.43                  80.00
Romulus                                              405.89                  59,453.59                  70.00
Lakeland                                           1,031.63                 143,274.66                  80.00
West Palm Beach                                    1,510.94                 229,220.41                  77.97
UPPER MARLBORO                                     1,264.67                 216,800.00                  80.00
Albertson                                          3,698.75                 538,000.00                  55.18
Brooklyn                                           3,020.83                 500,000.00                  71.43
Wyandanch                                          1,081.59                 158,301.89                  70.00
ALTURA                                               702.01                 104,116.68                  79.85
Alexandria                                         5,413.09                 823,307.74                  80.00
APACHE JUNCTION                                      409.06                  53,135.32                  72.88
MOUNT LAUREL TOWNSHIP                              1,549.11                 205,936.13                  80.00
IRVINGTON TOWNSHIP                                 1,987.25                 255,197.23                  70.00
NEW BRUNSWICK                                      1,685.94                 269,750.00                  65.00
PATERSON                                           2,112.50                 312,000.00                  65.00
BAYONNE                                            2,031.25                 325,000.00                  65.00
Trenton                                              735.01                  94,388.02                  70.00
WOODBRIDGE                                         1,781.25                 300,000.00                  80.00
MT OLIVE TOWNSHIP                                  1,101.38                 139,838.32                  80.00
TRENTON                                              826.04                 104,878.73                  70.00
JERSEY CITY                                        2,250.00                 337,500.00                  75.00
NORTH BERGEN TWP                                   2,582.67                 359,989.48                  70.00
PASSAIC                                            1,927.17                 298,400.00                  80.00
EAST ORANGE                                        1,773.08                 238,643.79                  80.00
EAST ORANGE                                        2,204.21                 303,790.79                  80.00
JERSEY CITY                                        4,887.50                 680,000.00                  80.00
MENDHAM TOWNSHIP                                   3,694.27                 606,815.11                  80.00
Miami                                              2,612.50                 440,000.00                  80.00
Hialeah                                            1,842.35                 242,089.63                  80.00
Hillsborough                                       1,721.88                 274,708.19                  80.00
Maurice River Township                               530.29                  84,682.56                  45.95
Elizabeth                                          2,692.75                 416,942.21                  75.82
Newark                                             1,648.91                 211,874.84                  80.00
Fitchburg                                          1,602.37                 231,302.24                  80.00
Lawrence                                           1,953.61                 279,920.00                  80.00
Orange                                             2,019.59                 271,642.95                  80.00
Newark                                             2,350.83                 364,000.00                  80.00
Jersey City                                        2,193.70                 291,187.99                  80.00
Lynn                                               1,917.01                 311,920.00                  80.00
Antioch                                              852.85                 174,199.99                  80.00
New Port Richey                                    1,282.50                 228,000.00                  80.00
Mobile                                               330.11                  50,165.32                  75.00
Nashville                                          3,636.76                 552,667.15                  80.00
Dunedin                                            1,351.63                 235,920.00                  80.00
Seminole                                           5,244.17                 812,000.00                  80.00
Largo                                              1,554.22                 257,250.00                  75.00
Mandeville                                         2,931.54                 462,959.17                  64.60
Dunedin                                              360.00                  64,000.00                  80.00
Clearwater                                         1,230.17                 193,600.00                  80.00
Ocala                                              1,016.67                 160,000.00                  76.19
Clearwater                                         1,170.00                 208,000.00                  65.00
Chattanooga                                          372.90                  55,261.21                  90.00
Hendersonville                                     4,871.60                 679,520.07                  80.00
Iuka                                                 337.27                  49,401.43                  80.00
Auburn                                               796.25                 156,000.00                  80.00
Cape Coral                                           693.93                 138,785.93                  52.33
Jackson                                              873.01                 126,207.05                  80.00
Celebration                                        3,473.44                 585,000.00                  64.78
Orlando                                              985.42                 172,000.00                  80.00
Gulf Breeze                                        3,476.49                 534,607.72                  80.00
Nashville                                            436.51                  63,103.52                  80.00
Birmingham                                         1,319.60                 263,920.00                  80.00
JONESBORO                                            601.69                  81,944.98                  80.00
LITHONIA                                             503.12                  86,249.00                  75.00
Cincinnati                                           587.34                  83,874.93                  80.00
LAKE ALFRED                                        1,006.98                 127,926.35                  80.00
MIAMI                                              1,538.27                 219,836.73                  80.00
Cincinnati                                         1,342.49                 191,714.13                  80.00
MARIETTA                                             619.55                  86,357.54                  79.50
Kennesaw                                             740.00                 118,400.00                  80.00
BLUE RIDGE                                           943.59                 148,500.00                  72.44
HIGH POINT                                           309.49                  43,169.51                  80.00
ATLANTA                                            2,001.37                 254,253.63                  80.00
Cincinnati                                           272.25                  39,600.00                  90.00
Port Chester                                       2,567.78                 405,513.49                  65.00
Bayside                                            2,680.95                 389,517.39                  69.56
Fresh Meadows                                      3,159.83                 480,595.90                  64.13
Philadelphia                                         300.18                  41,371.51                  90.00
Westampton                                         1,108.25                 177,320.00                  80.00
Philadelphia                                       1,145.83                 199,999.99                  80.00
Northfield                                         3,994.83                 584,683.59                  80.00
Woodbury                                           1,595.21                 230,610.42                  80.00
Ocean City                                         5,781.25                 925,000.00                  46.25
BROOKLYN                                           1,157.82                 161,498.93                  89.79
Brooklyn                                           2,561.24                 399,292.23                  61.54
College Point                                      3,412.17                 486,547.36                  80.00
Laurel                                             4,140.59                 583,721.70                  90.00
Chicago                                            1,136.98                 185,000.00                  54.09
JERSEY CITY                                        5,971.88                 910,000.00                  70.00
NOGALES                                              468.75                  75,000.00                  55.35
PLACENTIA                                          2,383.33                 416,000.00                  65.00
SURPRISE                                             839.65                 109,133.85                  79.13
UPLAND                                             2,375.89                 414,700.00                  65.00
CHINO                                              1,564.06                 273,000.00                  65.00
PLACENTIA                                          2,979.17                 520,000.00                  65.00
EL CENTRO                                          1,136.23                 186,585.31                  79.57
YUMA                                                 631.37                  94,743.97                  65.00
Laredo                                               555.72                  61,567.97                  80.00
GREELEY                                              614.58                 100,000.00                  80.00
GREELEY                                              835.83                 136,000.00                  80.00
GREELEY                                            1,155.42                 188,000.00                  80.00
PALM SPRINGS                                       2,422.50                 408,000.00                  80.00
Rio Rico                                           1,003.12                 138,252.79                  75.00
Richardson                                           926.10                 139,085.90                  80.00
Chicago                                            1,537.21                 233,495.33                  65.00
Minneapolis                                          716.41                  99,858.39                  80.00
Chicago                                            1,238.31                 188,131.24                  58.00
Little Rock                                          791.32                 115,634.75                  80.00
Murphy                                               873.19                 127,799.68                  80.00
Brighton                                             923.98                 161,276.00                  80.00
KINGSVILLE                                         1,536.75                 239,575.33                  58.68
Chicago                                            1,425.54                 216,608.27                  62.00
Florissant                                           655.51                  93,610.42                  75.00
Atlanta                                              697.50                 108,000.00                  80.00
Orlando                                            1,182.58                 177,457.74                  75.00
Orlando                                            1,482.18                 219,398.31                  80.00
Ellijay                                            1,044.10                 143,900.90                  80.00
Tampa                                              1,304.32                 193,445.18                  80.00
New River                                          1,197.54                 179,404.65                  64.52
Millington                                           573.03                  83,802.22                  80.00
Savannah                                             755.25                 127,200.00                  79.55
Arvada                                             1,325.00                 212,000.00                  80.00
Davie Beach                                        1,827.17                 251,652.02                  80.00
York                                                 779.62                 104,931.32                  48.84
Granbury                                             861.41                 120,069.70                  80.00
Chicago                                            1,215.32                 184,200.57                  54.41
WASHINGTON                                         1,530.00                 244,800.00                  80.00
ELLICOTT CITY                                      2,910.42                 508,000.00                  80.00
FORKED RIVER                                       1,522.50                 232,000.00                  79.73
EASTON                                             2,617.97                 307,852.45                  80.00
LAREDO                                               903.86                 142,610.06                  65.00
MESA                                               1,127.34                 216,450.00                  65.00
LANHAM                                             1,788.33                 296,000.00                  80.00
MISSION                                              733.77                  99,865.35                  71.43
PHOENIX                                            1,037.77                 120,966.74                  48.80
BELLEVUE                                           2,075.75                 311,740.11                  80.00
ORANGE                                             2,031.67                 368,000.00                  80.00
MCALLEN                                              823.88                 116,315.74                  74.98
HIGLEY                                             2,090.00                 304,000.00                  80.00
SEVERNA PARK                                       1,889.81                 302,370.00                  70.00
SUN CITY WEST                                        919.71                 139,882.37                  51.47
WESLACO                                            1,914.97                 204,387.63                  60.65
CEDAR PARK                                         1,053.78                 154,230.25                  80.00
DECATUR                                            1,530.94                 213,000.00                  75.00
FORT WORTH                                           300.78                  52,500.00                  75.00
LEESBURG                                           2,039.58                 356,000.00                  80.00
DAVENPORT                                          2,219.29                 244,235.40                  70.00
GREAT FALLS                                        5,017.19                 845,000.00                  65.00
SILVER SPRING                                      1,660.82                 198,591.66                  50.38
ATHENS                                               826.15                 127,920.00                  80.00
SILVER SPRING                                      1,787.50                 312,000.00                  80.00
MIDDLETOWN                                         1,057.50                 188,000.00                  80.00
CAPITOL HEIGHTS                                    1,250.33                 193,600.00                  80.00
MESA                                               1,127.34                 216,450.00                  65.00
ROUND ROCK                                           508.08                  87,099.98                  65.00
MCALLEN                                              788.83                 104,797.75                  70.00
CEDAR PARK                                           899.32                 140,326.08                  61.07
GILBERT                                            2,145.21                 337,607.20                  80.00
MESA                                               1,776.71                 247,824.96                  80.00
CLAREMONT                                          1,654.79                 338,000.00                  59.30
ORANGE                                             1,230.32                 165,591.61                  74.98
CHANDLER                                           1,718.48                 257,661.09                  70.00
SAN FRANCISCO                                      3,382.44                 520,599.47                  70.00
KELLER                                             1,305.21                 223,750.00                  59.99
MISSION                                            1,516.69                 194,768.92                  75.00
SANTA ANA                                          3,027.13                 454,627.04                  73.98
SAN ANTONIO                                          708.08                 114,888.96                  52.27
PHOENIX                                              671.13                 109,200.00                  65.00
GREAT FALLS                                        3,312.60                 649,000.00                  64.96
TOMS RIVER                                         1,740.00                 288,000.00                  80.00
SPRING LAKE                                        3,521.71                 549,514.75                  27.50
HOLLYWOOD                                          1,715.92                 279,200.00                  80.00
HILLSDALE                                          2,644.01                 461,500.00                  65.00
MINNEAPOLIS                                        1,794.58                 292,000.00                  80.00
BROWNSVILLE                                          710.22                 106,574.47                  70.00
MINNEAPOLIS                                          950.00                 152,000.00                  80.00
LAREDO                                               483.48                  69,893.13                  61.41
PHOENIX                                              698.00                 139,600.00                  60.70
BIG BEAR LAKE                                      4,604.69                 673,943.69                  75.00
YONKERS                                            2,500.00                 399,999.99                  80.00
WASHINGTON                                         2,517.50                 424,000.00                  80.00
TOTOWA                                             5,124.04                 779,344.71                  65.00
BELLINGHAM                                         1,330.00                 224,000.00                  80.00
RICHMOND                                             716.29                 104,918.08                  75.00
TAKOMA PARK                                          744.62                 134,875.00                  65.00
CORONA                                             2,265.63                 375,000.00                  47.90
WESLACO                                              650.97                  94,033.49                  65.00
MCALLEN                                              902.12                 104,951.01                  75.00
ARIZONA CITY                                         867.15                 131,889.10                  74.16
WASHINGTON                                         4,444.27                 805,000.00                  70.00
MESA                                               1,130.73                 217,100.00                  65.00
REMINGTON                                          1,803.65                 346,300.00                  80.00
PHOENIX                                              372.40                  65,000.00                  65.00
BALTIMORE                                          1,083.75                 204,000.00                  80.00
Encino                                             6,552.73               1,031,250.00                  75.00
San Antonio                                          504.85                  67,070.57                  80.00
OAK POINT                                            722.23                 101,966.15                  80.00
Dallas                                               969.00                 163,200.00                  80.00
OAK POINT                                            668.64                  94,399.63                  80.00
Bethlehem                                            975.00                 156,000.00                  80.00
Stockbridge                                          848.57                 121,268.17                  75.85
Frisco                                               653.41                 108,150.00                  75.00
Bryan                                              1,281.92                 176,555.86                  80.00
Ellenwood                                            495.00                  86,400.00                  80.00
Loris                                                875.83                 137,702.58                  65.98
Round Rock                                           861.09                 150,300.00                  90.00
Plano                                                545.16                  86,093.64                  74.61
Stockbridge                                        1,485.75                 226,400.00                  80.00
Rockport                                             504.35                  70,300.32                  78.22
Hapeville                                            534.90                  71,108.89                  80.00
Dallas                                               449.54                  61,957.34                  80.00
San Diego                                          3,735.93                 575,504.07                  79.45
Dallas                                               405.63                  64,900.00                  72.11
Prescott                                           1,362.06                 209,637.36                  75.00
Lincoln                                              727.18                 103,922.82                  65.00
Pflugerville                                         802.95                 140,151.00                  75.00
FT WORTH                                             616.00                 105,600.00                  80.00
Dacula                                               712.48                 110,320.00                  80.00
Aubrey                                               689.42                 112,177.00                  80.00
San Diego                                          2,594.68                 389,680.32                  63.41
Mckinney                                             341.77                  50,060.92                  78.28
Mesquite                                             663.32                  90,154.95                  80.00
Midway City                                        2,979.17                 520,000.00                  80.00
Mcdonough                                            620.50                 116,800.00                  80.00
Los Angeles                                        2,389.06                 417,000.00                  76.23
San Diego                                          2,050.34                 332,366.42                  64.66
Grand Prairie                                        283.73                  36,855.13                  90.00
Houston                                              787.50                 120,000.00                  80.00
Dallas                                               742.83                 103,391.42                  75.00
Vista                                              3,105.84                 460,631.35                  72.03
Marietta                                             763.58                 130,900.00                  47.10
FATE                                                 558.71                  90,052.59                  75.00
Lewisville                                           392.08                  54,000.33                  75.00
Abingdon                                           1,117.31                 181,800.00                  79.74
Valdosta                                             928.47                 129,508.53                  80.00
Mcallen                                              661.79                  93,157.29                  88.63
Albuquerque                                          906.18                 129,407.04                  80.00
Riverdale                                            534.90                  71,154.60                  80.00
San Antonio                                          387.82                  56,604.44                  74.31
Douglasville                                       1,127.32                 208,120.00                  80.00
Deer Park                                            493.05                  67,953.20                  80.00
Myrtle Beach                                         921.87                 149,999.99                  80.00
Valdosta                                             504.85                  69,531.85                  80.00
Spring                                               312.19                  55,500.00                  75.00
Forney                                               464.04                  63,911.63                  80.00
Forney                                             1,220.75                 239,168.00                  80.00
DENTON                                               666.99                 106,718.00                  80.00
Mesquite                                             556.27                  76,614.07                  80.00
Irving                                               513.00                  74,963.19                  80.00
Eden Prairie                                         747.08                 130,400.00                  80.00
Houston                                              981.52                 138,572.63                  80.00
Stockbridge                                          706.05                 125,520.00                  80.00
OAK POINT                                            607.50                  97,200.00                  80.00
Dallas                                             1,466.32                 251,369.49                  79.98
Jefferson                                          1,136.49                 172,708.48                  61.79
Arlington                                            782.87                 129,578.00                  80.00
Houston                                              998.53                 151,614.71                  80.00
OAK POINT                                            650.82                  92,940.41                  80.00
Farmers Branch                                       447.50                  63,844.70                  80.00
Albuquerque                                        1,111.25                 190,500.00                  90.28
Oklahoma City                                        657.35                 103,905.98                  78.20
Honolulu                                           7,625.00               1,200,000.00                  75.00
Las Vegas                                          3,414.58                 596,000.00                  80.00
Pasadena                                           3,033.93                 479,566.07                  62.42
ANTIOCH                                            3,106.87                 497,538.76                  64.84
SAN MARCOS                                         3,366.22                 518,553.16                  64.07
COEUR D ALENE                                      6,548.89                 958,497.70                  80.00
DUARTE                                             3,425.00                 548,000.00                  80.00
SPOKANE                                            1,661.46                 275,000.00                  64.71
CARMEL VALLEY                                      3,431.25                 610,000.00                  56.74
Muldrow                                              427.00                  64,851.90                  77.66
Carrollton                                           466.67                  80,000.00                  80.00
ALPINE FOREST                                      1,243.75                 199,000.00                  62.19
CERES                                              1,855.42                 292,000.00                  80.00
Indianapolis                                         594.67                  86,029.16                  74.87
HOPKINSVILLE                                         475.47                  67,898.74                  80.00
CAMPBELL                                             516.25                  71,151.00                  80.00
INDIANAPOLIS                                         466.21                  67,448.63                  87.66
COSHOCTON                                            285.24                  40,241.48                  65.00
HOPKINSVILLE                                         660.06                  94,259.44                  80.00
INDIANAPOLIS                                         452.99                  63,953.68                  80.00
LOUISVILLE                                         1,023.26                 150,000.00                  80.00
HOPKINSVILLE                                         358.00                  51,123.76                  80.00
HOPKINSVILLE                                         503.43                  71,892.81                  80.00
HOPKINSVILLE                                         486.65                  69,496.38                  80.00
HOPKINSVILLE                                         402.75                  57,514.23                  80.00
Aurora                                             1,073.99                 153,371.31                  80.00
Milwaukee                                            771.92                 125,600.00                  80.00
Cape Coral                                         1,423.33                 223,999.90                  80.00
Keystone                                             896.00                 153,600.00                  80.00
Kenosha                                              545.00                  87,200.00                  80.00
Milwaukee                                            663.75                 108,000.00                  80.00
Thorton                                              811.17                 125,600.00                  80.00
Coral Gables                                       2,561.99                 455,464.44                  39.82
Ashburn                                              766.92                 116,864.00                  95.00
Shelter Island                                     2,760.42                 500,000.00                  33.33
Alexandria                                         3,216.39                 459,315.09                  80.00
Manassas                                           3,141.27                 519,935.00                  65.00
Silver Spring                                      3,912.74                 636,650.00                  85.00
Alexandria                                         2,502.72                 444,928.74                  87.25
Alexandria                                         2,898.98                 448,875.00                  95.00
Falls Church                                       1,342.50                 191,714.13                  80.00
Cape Coral                                         4,710.25                 837,378.07                  69.79
Washington                                         6,485.99                 997,253.50                  50.00
Manassas                                           2,933.13                 494,000.00                  94.10
CLEVELAND                                            362.67                  54,400.00                  80.00
KAILUA                                             7,296.73               1,124,031.40                  75.00
PINEVILLE                                            591.62                  78,649.23                  75.00
Honolulu                                           3,989.90                 691,371.03                  80.00
PLEASANT HILL                                        986.32                 146,282.93                  80.00
HENDERSON                                          2,912.75                 458,400.00                  80.00
Chapin                                               607.24                  87,853.10                  79.93
Elberton                                             968.68                 145,480.65                  80.00
Ventura                                            1,306.66                 145,904.57                  23.85
Gilbert                                            1,007.92                 164,000.00                  80.00
Mesa                                                 499.58                  87,200.00                  80.00
Tucson                                               464.13                  67,148.20                  80.00
Sun City                                             834.33                 131,274.23                  80.00
Myrtle                                               369.45                  47,443.71                  95.00
Scottsdale                                         6,024.04                 915,205.81                  70.00
Tempe                                                850.00                 136,000.00                  80.00
Olathe                                             1,164.32                 147,829.08                  80.00
Phoenix                                              807.33                 121,100.00                  70.00
Phoenix                                            1,106.25                 180,000.00                  80.00
Tucson                                             1,177.48                 168,022.71                  80.00
Paradise Valley                                   10,360.13               1,497,710.23                  57.69
Cottonwood                                         1,540.63                 246,500.00                  79.99
Kansas City                                          566.47                  77,043.55                  80.00
Phoenix                                            2,300.31                 433,000.00                  61.86
Kansas City                                          493.09                  67,063.83                  80.00
Phoenix                                            1,422.15                 224,592.10                  74.26
Apache Junction                                      652.50                 108,000.00                  80.00
Yuma                                               1,168.75                 220,000.00                  64.71
Phoenix                                            1,380.49                 245,420.80                  65.00
Phoenix                                            1,005.95                 146,320.00                  80.00
WEST FARGO                                           761.86                 119,900.00                  79.99
SPRING                                               638.06                  87,755.36                  80.00
HOUSTON                                              492.32                  68,671.50                  80.00
SPRING                                               638.06                  87,755.36                  80.00
SAN ANTONIO                                          620.06                  93,123.61                  79.98
HOUSTON                                              629.33                  86,554.72                  80.00
GROSSE POINTE FARMS                                1,745.42                 284,000.00                  80.00
SPRING                                               638.06                  87,755.36                  80.00
Palm Bay                                             729.23                 120,700.00                  75.14
Titusville                                         1,635.04                 233,491.84                  80.00
palmbay                                              999.41                 144,365.27                  79.97
San Diego                                          1,623.14                 299,657.50                  61.22
San Diego                                          2,077.29                 383,500.00                  65.00
Hiram                                                336.22                  60,900.00                  70.00
Cincinnati                                           470.17                  72,800.00                  65.00
West Springfield                                   1,284.09                 174,764.37                  74.79
Columbus                                             813.15                 119,013.47                  80.00
Acosta                                               691.17                  91,882.26                  80.00
Newark                                               840.98                 134,675.15                  80.00
Fredericktown                                        614.86                  84,741.64                  80.00
Pittsburgh                                           353.63                  51,161.04                  80.00
Columbus                                             478.26                  68,349.24                  80.00
Pennsburg                                          1,338.25                 208,715.60                  69.90
Fredericktown                                        761.11                 114,306.22                  80.00
Harrisburg                                           818.23                 105,137.90                  80.00
Union                                                956.51                 131,829.22                  80.00
BETHEL                                             2,259.75                 314,400.00                  80.00
Westbury                                           2,113.75                 356,000.00                  80.00
Bay Shore                                          1,458.33                 280,000.00                  80.00
WATERTOWN                                          3,789.67                 561,597.67                  75.00
Freeport                                           1,480.99                 258,500.00                  63.83
Elmont                                             2,376.67                 368,000.00                  80.00
Fort Worth                                           826.45                 115,278.58                  80.00
Denton                                               958.04                 143,803.93                  80.00
Kellyville                                           534.96                  67,960.87                  80.00
Lithia                                             1,750.06                 266,176.19                  80.00
CLAYTON                                              848.75                 145,500.00                  79.99
BETHESDA                                           7,205.38                 993,066.10                  75.00
Jessup                                             1,450.00                 240,000.00                  80.00
SILVER SPRING                                      2,576.25                 458,000.00                  61.48
Clayton                                              764.67                 118,400.00                  80.00
LAUREL                                               590.00                  96,000.00                  80.00
Leesburg                                           2,607.11                 490,750.00                  63.32
GERMANTOWN                                         1,720.83                 280,000.00                  80.00
Clayton                                            1,020.94                 178,200.00                  79.98
Lewiston                                           1,137.72                 179,673.68                  75.00
Portland                                             578.84                  90,240.04                  80.00
Harrison Township                                    580.06                  79,944.94                  80.00
Chicopee                                           1,160.11                 159,889.89                  80.00
Highland                                           1,050.00                 180,000.00                  79.65
Converse                                             452.41                  67,888.19                  80.00
Emerald Isle                                       7,682.29               1,250,000.00                  52.63
Crowley                                              815.88                 119,412.84                  79.79
Saint Petersburg                                     832.04                 122,919.98                  65.00
Derby                                                504.35                  70,350.32                  80.00
Washington                                           632.07                  99,818.71                  45.45
PERRYVILLE                                           741.17                 105,921.33                  80.00
Waukegan                                           1,220.98                 166,288.35                  78.49
Wilmington                                         2,131.06                 347,862.69                  80.00
Charlotte                                            689.00                 100,841.94                  74.81
Lebanon                                            1,152.56                 179,268.16                  80.00
Denver                                             1,080.57                 158,152.11                  80.00
Raynham                                            1,010.45                 169,928.09                  47.49
San Antonio                                          660.06                  94,188.50                  80.00
Freedom                                              768.42                 124,562.54                  80.00
San Antonio                                          495.95                  68,352.93                  80.00
Chicopee                                           1,264.52                 174,279.98                  80.00
Pleasant View                                      1,466.21                 255,920.00                  80.00
SULLIVAN                                           1,118.77                 163,732.73                  80.00
Weymouth                                             961.93                 167,900.00                  73.36
Charlotte                                            958.04                 143,763.23                  80.00
Dorchester                                         1,472.40                 257,000.00                  60.47
Matthews                                           1,166.67                 224,000.00                  80.00
Elkton                                             1,454.37                 207,690.30                  80.00
SAN ANTONIO                                          346.39                  48,868.94                  79.58
Assonet                                            1,074.22                 187,500.00                  69.96
Brewer                                               398.20                  62,943.05                  48.46
Mashpee                                            1,325.73                 204,047.05                  68.59
GOSHEN                                               629.36                  79,953.97                  80.00
TULARE                                               477.39                  59,966.36                  80.00
VISALIA                                              790.23                 101,479.61                  80.00
FRESNO                                             1,256.91                 161,408.49                  80.00
Las Vegas                                            729.50                  97,312.62                  75.00
Las Vegas                                            604.34                  87,366.43                  70.00
MURRIETA                                           1,691.67                 280,000.00                  70.00
Maineville                                         1,030.46                 176,650.00                  79.98
HAGERSTOWN                                         1,541.76                 249,923.58                  80.00
CHARLOTTESVILLE                                      392.00                  78,400.00                  80.00
LAUREL                                             1,675.00                 240,000.00                  80.00
CHARLOTTESVILLE                                      390.00                  72,000.00                  75.00
CHARLOTTESVILLE                                      604.35                 100,598.80                  70.00
CHARLOTTESVILLE                                      431.00                  69,866.82                  74.47
CHARLOTTESVILLE                                      771.38                 145,200.00                  74.98
WICHITA                                              592.46                  96,400.00                  74.98
CHARLOTTESVILLE                                      683.67                 117,200.00                  80.00
Charlottesville                                    1,008.33                 193,600.00                  80.00
Washington                                         1,794.58                 292,000.00                  80.00
CHARLOTTESVILLE                                      357.00                  67,200.00                  74.99
MIAMI                                              1,695.31                 262,500.00                  75.00
WICHITA                                              592.46                  96,400.00                  74.98
VIENNA                                             3,009.50                 463,600.50                  64.90
Temple                                               381.94                  50,155.64                  75.00
Myrtle Beach                                         639.71                 118,100.00                  69.96
Macon                                                299.53                  40,499.93                  90.00
Jacksonville                                       1,250.00                 200,000.00                  80.00
San Bernardino                                     2,572.13                 391,943.59                  80.00
Grand Rapids                                         473.30                  62,898.47                  70.00
Weatherford                                          831.25                 114,000.00                  80.00
Grand Rapids                                         478.93                  63,585.72                  69.29
Myrtle Beach                                         618.33                 112,000.00                  80.00
Elkmont                                            1,180.35                 172,966.71                  80.00
Kansas City                                          339.55                  50,278.38                  80.00
Miami                                              1,074.52                 168,737.70                  79.07
Macon                                                330.00                  49,500.00                  90.00
Rochester                                            912.80                 124,147.93                  80.00
Saint Augustine                                   10,105.78               1,497,593.82                  68.18
Riverside Area                                     1,603.21                 295,977.94                  80.00
SOUTH LAKE TAHOE                                   1,920.10                 284,772.09                  68.67
BELL                                               3,891.59                 599,483.41                  80.00
PICO RIVERA                                        2,854.15                 428,093.48                  75.93
KOLOA                                              1,724.48                 301,000.00                  70.00
CASA GRANDE                                          798.36                 119,650.25                  83.92
SHOREVIEW                                            570.77                  87,848.03                  80.00
POMONA                                             1,796.67                 308,000.00                  80.00
SANTA ANA                                          2,718.75                 450,000.00                  75.00
N LAS VEGAS                                        1,256.67                 208,000.00                  80.00
HENDERSON                                          4,000.00                 640,000.00                  80.00
MIDWAY CITY                                        3,356.23                 479,285.31                  79.08
REDLANDS                                           1,376.67                 224,000.00                  80.00
Bay Shore                                          1,321.83                 226,600.00                  80.00
Clifton                                            1,860.83                 308,000.00                  80.00
East Elmhurst                                      3,699.08                 555,544.25                  80.00
North Bergen                                       1,396.48                 243,750.00                  65.00
West Orange                                        1,389.58                 230,000.00                  63.19
Jamaica                                            3,592.64                 539,112.15                  80.00
Passaic                                            1,691.67                 280,000.00                  80.00
Far Rockaway                                       2,386.84                 367,364.54                  77.47
Hyattsville                                        1,546.67                 256,000.00                  80.00
Hyattsville                                          966.67                 160,000.00                  80.00
Hyattsville                                        1,879.40                 275,285.08                  75.48
Hahira                                               484.09                  81,531.32                  72.64
Coral Springs                                      1,291.15                 199,919.70                  80.00
Beulaville                                           528.66                  71,153.42                  80.00
Columbus                                             420.00                  64,000.00                  71.91
Lake Oswego                                        4,955.83                 626,000.00                  80.00
WILLINGBORO                                        1,463.67                 218,640.42                  80.00
Minneapolis                                        1,434.67                 199,606.56                  80.00
DOVE CANYON                                        5,208.24                 823,255.09                  80.00
VISALIA                                            1,352.08                 220,000.00                  80.00
SAN FRANCISCO                                      3,351.56                 585,000.00                  65.00
Concord                                              526.80                  70,856.87                  78.75
West New York                                      4,062.50                 780,000.00                  65.00
LAS VEGAS                                          2,177.89                 303,785.44                  80.00
Miami                                              4,275.00                 760,000.00                  80.00
Hialeah                                              925.00                 148,000.00                  80.00
Tampa                                              1,065.09                 162,300.00                  79.99
Melbourne                                            902.50                 152,000.00                  80.00
Miami Beach                                        3,153.26                 479,191.17                  80.00
MIAMI                                              2,190.00                 350,400.00                  80.00
LOS ANGELES                                        2,715.74                 413,052.70                  78.00
MILPITAS                                           2,650.89                 413,267.45                  59.57
GREENFIELD                                         1,344.65                 209,595.11                  44.68
SANTA ANA                                          1,786.85                 271,541.65                  77.71
SAN JOSE                                           3,456.41                 543,960.00                  80.00
ORANGE PARK                                        1,805.00                 304,000.00                  80.00
Columbia                                             368.46                  47,890.97                  80.00
Savannah                                             400.24                  55,123.77                  80.00
Jacksonville                                         474.30                  70,287.07                  80.00
Jacksonville                                         391.20                  58,751.80                  70.00
Jacksonville                                       1,922.89                 318,272.00                  80.00
Baltimore                                            538.90                  80,766.23                  55.86
Easley                                               875.89                 123,660.44                  75.00
Mount Pleasant                                     6,008.06                 879,341.77                  80.00
BRISTOW                                            3,497.37                 610,450.00                  80.00
CULPEPER                                           2,195.36                 383,190.48                  80.00
QUEEN CREEK                                        1,224.00                 217,600.00                  80.00
UPPER MARLBORO                                     3,099.37                 502,417.26                  80.00
LAVEEN                                             1,632.79                 238,975.43                  80.00
LANCASTER                                          1,830.09                 319,434.00                  80.00
SURPRISE                                           1,560.71                 249,713.00                  80.00
TEMECULA                                           2,609.93                 447,416.00                  80.00
FAIRFIELD                                          3,665.79                 663,992.00                  80.00
Ponte Vedra Beach                                  4,790.18                 718,816.20                  80.00
Davie                                              1,126.00                 151,550.80                  79.99
Kennesaw                                             825.31                 122,402.03                  79.03
Conyers                                              485.08                  71,942.42                  80.00
Orlando                                            6,528.23                 992,075.47                  75.00
Covington                                          1,303.33                 195,739.42                  79.99
Davie                                              1,203.78                 186,819.54                  62.67
Milner                                               640.48                  91,532.02                  80.00
Athens                                               915.01                 141,978.49                  87.72
Hoschton                                           3,439.22                 497,571.10                  66.39
Peachtree City                                     2,817.37                 439,221.45                  80.00
Pompano Beach                                      1,596.73                 239,605.40                  80.00
Pompano Beach                                      1,682.17                 231,679.26                  80.00
Atlanta                                            3,227.58                 460,912.71                  80.00
Lawrenceville                                        911.28                 127,019.86                  79.50
Boone                                                923.81                 125,815.52                  89.99
Monroe                                               698.52                  99,751.25                  90.00
Stockbridge                                          668.16                  94,262.93                  80.00
Maitland                                           1,118.77                 163,872.06                  80.00
Lake Wylie                                         4,022.46                 678,610.02                  61.82
Alpharetta                                         4,007.28                 785,100.00                  80.00
Monroe                                               794.99                 117,522.53                  80.00
Orlando                                            1,156.30                 173,514.23                  65.00
Jacksonville                                         893.66                 130,794.99                  74.86
Bradenton                                          2,629.95                 366,840.90                  74.99
Brandon                                              662.73                 102,568.32                  90.00
Dunedin                                              793.88                 124,868.91                  80.00
Tampa                                              3,119.35                 499,071.34                  75.19
Marietta                                           1,127.27                 173,499.87                  79.99
Woodstock                                          2,244.82                 309,386.94                  80.00
Buford                                               913.75                 172,000.00                  80.00
Stockbridge                                          566.24                  79,883.84                  80.00
Virginia Beach                                     1,058.79                 156,375.00                  75.00
Cicero                                               700.00                 112,000.00                  74.67
PALM BEACH GARDENS                                 2,068.92                 325,600.00                  80.00
ALEXANDRIA                                         1,658.12                 260,950.00                  85.00
Roanoke                                              775.00                 124,000.00                  80.00
Reisterstown                                       2,009.58                 364,000.00                  65.00
MELBOURNE                                          1,182.98                 192,485.24                  70.00
SHERWOOD                                           1,667.97                 262,500.00                  75.00
BEDFORD                                            3,106.87                 497,538.76                  60.00
Arlington                                          2,903.91                 472,500.00                  72.64
Glenn Dale                                         1,805.00                 304,000.00                  80.00
PALM BAY                                           1,032.50                 168,000.00                  80.00
SAINT AUGUSTINE                                      815.63                 135,000.00                  58.95
Lauderhill                                         1,983.33                 272,000.00                  79.77
BRENTWOOD                                          1,181.25                 210,000.00                  52.76
Benicia                                            3,087.57                 469,605.14                  75.20
ORLANDO                                            2,807.29                 490,000.00                  52.97
WEST BABYLON                                       2,181.55                 312,000.00                  80.00
FREDERICK                                          1,290.69                 193,840.98                  64.67
Oxnard                                             2,718.75                 435,000.00                  75.00
SAN BERNARDINO                                     1,376.67                 214,619.57                  62.87
APPLE VALLEY                                       1,924.27                 318,500.00                  65.00
Gahanna                                              738.33                 134,634.52                  80.00
COLUMBUS                                             961.25                 161,151.65                  65.00
COLUMBUS                                           1,018.92                 170,820.73                  65.00
Westerville                                          603.01                 108,695.66                  80.00
Westerville                                          588.09                 108,886.34                  79.99
COLUMBUS                                           1,109.48                 183,937.06                  65.00
Salt Lake City                                       587.85                  97,300.00                  70.00
Park City                                          1,601.30                 279,500.00                  80.00
MIDWAY                                             2,495.48                 398,506.22                  60.61
Park City                                          2,158.42                 351,200.00                  80.00
Oradell                                            6,737.19                 998,395.87                  80.00
KALAMAZOO                                          1,013.24                 167,977.85                  65.00
Union                                              1,297.40                 234,999.99                  64.38
Zellwood                                             875.82                 122,076.88                  75.00
Delray Beach                                         565.25                 106,400.00                  80.00
Gainesville                                          841.09                 115,920.17                  80.00
Ocoee                                              1,484.96                 214,836.40                  70.96
Ocoee                                                697.50                 108,000.00                  80.00
Temple Hills                                         691.92                 103,914.76                  80.00
Glenwood                                           4,927.34                 927,500.00                  70.00
Bowie                                              3,365.81                 576,995.66                  77.45
Villa Rica                                           537.98                  83,300.00                  85.00
Deland                                             3,009.50                 463,198.75                  80.00
Wesley Chapel                                      1,184.17                 196,000.00                  80.00
Newport News                                         372.53                  51,963.30                  80.00
Baltimore                                            779.17                 136,000.00                  80.00
Washington                                         1,460.94                 255,000.00                  75.00
Maitland                                           1,079.95                 188,500.00                  65.00
Rosemount                                          4,753.96                 678,887.68                  80.00
Minneapolis                                          465.21                  77,000.00                  70.00
WILLIS                                               995.57                 127,924.43                  80.00
Houston                                              908.46                 116,681.04                  80.00
HILO                                                 966.67                 160,000.00                  80.00
SANTA ROSA                                           821.82                 111,849.20                  80.00
LEWISVILLE                                           536.55                  73,949.08                  80.00
Harahan                                            1,037.76                 159,019.25                  50.00
LUBBOCK                                              359.85                  46,743.10                  80.00
THE WOODLANDS                                        698.55                 101,063.04                  70.00
DESOTO                                               597.97                  85,392.66                  80.00
BATON ROUGE                                          745.07                 103,852.72                  80.00
GREEN BAY                                            881.68                 115,927.90                  80.00
LEWISVILLE                                           536.55                  73,949.08                  80.00
WILLIS                                               665.28                  89,541.39                  70.00
RACINE                                               404.45                  51,918.01                  80.00
Houston                                              713.46                 109,810.05                  34.49
LEWISVILLE                                           536.55                  73,949.08                  80.00
The Woodlands                                        668.01                  96,645.41                  70.00
LEAGUE CITY                                          881.01                 125,812.40                  70.00
DURHAM                                               558.39                  84,928.59                  64.39
PEARLAND                                             815.38                 115,116.62                  80.00
OCEAN SPRINGS                                        636.43                  96,130.49                  80.00
Spring                                             1,392.13                 191,734.86                  80.00
JONESBOROUGH                                         687.46                 103,311.18                  80.00
Fountain Valley                                    3,579.34                 557,008.37                  65.00
San Gabriel                                        3,245.23                 493,584.98                  65.00
MESA                                                 400.22                  64,625.08                  53.28
Phoenix                                            1,576.63                 239,595.58                  76.19
Peoria                                             3,575.00                 624,000.00                  80.00
SUMMIT                                             1,594.21                 227,830.79                  80.00
Bourbonnais                                        1,913.05                 273,192.63                  80.00
Northbrook                                         2,435.39                 327,569.43                  80.00
Franklin                                             882.20                 132,050.13                  46.53
Osakis                                             1,498.33                 248,000.00                  77.50
Coon Rapids                                        1,241.80                 177,468.20                  80.00
ST LOUIS                                             792.91                 113,315.84                  80.00
CONWAY                                               336.01                  43,174.49                  80.00
LONGVIEW                                             475.64                  67,151.36                  80.00
DALLAS                                               311.12                  39,952.59                  80.00
JACKSONVILLE                                         409.09                  68,900.00                  65.00
LONGVIEW                                             447.33                  63,154.25                  80.00
LONGVIEW                                             475.64                  67,151.36                  80.00
DALLAS                                               513.34                  65,921.79                  80.00
TYLER                                                780.32                 111,339.29                  80.00
AZLE                                               1,970.79                 299,494.48                  80.00
JACKSONVILLE                                         409.09                  68,900.00                  65.00
JACKSONVILLE                                         409.09                  68,900.00                  65.00
HOUSTON                                              905.20                 112,438.55                  90.00
Bloomington                                        1,653.60                 242,210.90                  80.00
Silverthorne                                       1,004.16                 147,085.17                  80.00
Boulder                                            1,209.38                 215,000.00                  69.35
Haiku                                              2,340.83                 424,000.00                  80.00
Parker                                             3,137.79                 469,750.02                  80.00
Philadelphia                                       7,450.69               1,037,788.46                  65.00
Long Beach                                         1,545.83                 280,000.00                  80.00
Los Angeles                                        1,217.19                 205,000.00                  50.62
Los Angeles                                        2,804.06                 498,500.00                  79.13
New Preston Marble Dale                            2,870.19                 483,400.00                  79.99
Riverside                                          2,484.37                 449,999.98                  60.40
Santa Barbara                                      2,395.83                 460,000.00                  47.42
Tarzana                                            8,035.42               1,330,000.00                  64.56
Arlington                                            699.21                  99,700.37                  80.00
Los Angeles                                        2,813.15                 519,350.00                  65.00
Pebble Beach                                      12,463.15               1,779,796.05                  68.56
Merrimac                                             643.40                  95,346.81                  54.26
Kansas City                                        3,079.35                 467,561.81                  75.00
Staten Island                                      2,331.82                 321,155.91                  80.00
Venice                                             3,290.63                 585,000.00                  65.00
Stockton                                           1,975.00                 316,000.00                  80.00
San Diego                                          3,265.94                 454,392.00                  80.00
Orlando                                              800.00                 128,000.00                  80.00
Ocean Springs                                        387.33                  66,400.00                  80.00
Ventura                                            3,985.52                 569,151.32                  72.61
Albuquerque                                          700.00                 112,000.00                  80.00
Phoenix                                              867.15                 131,665.39                  80.00
La Quinta                                          2,809.38                 465,000.00                  62.42
Stevensville                                         630.44                  87,875.38                  80.00
San Diego                                          3,467.50                 616,443.92                  65.00
Palos Verdes Peninsula                             5,255.43                 797,972.13                  50.96
Delray Beach                                       5,401.27                 820,814.54                  65.00
Indian Orchard                                     1,091.48                 159,875.19                  78.43
Cashiers Townshi[p                                   456.45                  65,231.55                  80.00
Las Vegas                                            880.28                 133,774.21                  79.76
Niles                                                388.76                  55,517.22                  58.16
Glendale                                             839.17                 152,000.00                  80.00
Palmdale                                           3,190.00                 528,000.00                  80.00
Anaheim                                            4,554.34                 674,915.61                  79.53
Phelan                                             2,009.53                 305,641.01                  75.36
Pearl City                                         1,260.42                 220,000.00                  62.86
Long Beach                                         5,463.28                 832,500.00                  75.00
Brockton                                           1,587.77                 244,377.27                  75.09
Dallas                                               344.93                  57,091.16                  80.00
Rockville                                          3,264.45                 513,750.00                  75.00
Ocala                                                566.42                  71,916.86                  80.00
Chesterfield                                         885.76                 137,150.00                  65.00
Cypress                                            1,678.04                 225,702.37                  80.00
Dallas                                               326.67                  41,975.21                  70.00
CAIRO                                                327.26                  42,050.15                  85.00
Laredo                                             1,280.96                 183,064.04                  80.00
Tallahassee                                          557.09                  84,890.00                  65.00
Houston                                              470.40                  67,174.83                  65.00
Saint Louis                                        1,398.86                 187,775.41                  80.00
KANKAKEE                                             348.03                  47,966.97                  80.00
Palm Bay                                             678.84                 108,615.00                  65.00
Katy                                                 700.67                 103,833.17                  65.00
Bryan                                                407.69                  56,826.40                  65.00
DALLAS                                               385.23                  52,464.77                  70.00
Crystal City                                         377.62                  47,933.10                  80.00
Oklahoma City                                        406.63                  58,737.61                  76.93
RINGGOLD                                             596.25                 106,000.00                  80.00
Jacksonville                                         867.15                 131,889.10                  80.00
Summerville                                          814.59                 123,791.06                  80.00
Jacksonville                                         531.41                  75,886.85                  80.00
Nashville                                            304.53                  41,942.01                  75.00
Tulsa                                                419.53                  59,955.47                  80.00
Kennesaw                                             653.33                 112,000.00                  80.00
Kennesaw                                             723.33                 124,000.00                  80.00
Flagler Beach                                      1,395.31                 235,000.00                  69.73
Orlando                                              876.56                 153,000.00                  85.00
Ft Lauderdale                                      3,021.87                 459,224.88                  80.00
LONG BEACH TOWNSHIP                                  796.88                 150,000.00                   9.38
Ball Ground                                        2,043.80                 298,894.60                  80.00
LINCOLN                                              691.09                 104,753.00                  80.00
HARRISON                                             243.58                  33,876.81                  69.39
MERIDIAN                                           1,017.90                 164,687.64                  80.00
CHICAGO                                              651.19                  99,993.44                  80.00
BALTIMORE                                            685.38                 112,246.22                  67.54
MADISON                                              776.72                 123,798.87                  79.30
GLENDALE                                             980.68                 150,541.74                  80.00
NORTH BERGEN                                       1,685.30                 262,026.02                  80.00
LAKEWOOD                                             893.42                 135,422.15                  80.00
BELLEVILLE                                         1,374.06                 210,740.08                  94.58
NEW CASTLE                                           889.22                 129,835.38                  79.00
Tolleson                                             682.80                 111,100.00                  69.98
Thornton                                             910.00                 136,500.00                  70.00
Los Angeles                                        2,513.67                 438,750.00                  65.00
Lancaster                                          4,958.33                 850,000.00                  64.15
ESCONDIDO                                            882.88                 159,918.13                  80.00
Broken Arrow                                         671.64                  93,683.83                  71.56
Jacksonville                                         481.06                  68,697.56                  80.00
Benton                                               783.07                 107,699.78                  80.00
Broken Arrow                                         671.64                  93,683.83                  75.00
Broken Arrow                                         671.64                  93,683.83                  71.56
Philadelphia                                         726.71                 111,961.62                  80.00
Broken Arrow                                         671.64                  93,683.83                  75.00
Broken Arrow                                         671.64                  93,683.83                  75.00
Garden Grove                                       1,926.34                 296,744.29                  56.57
Sacramento                                         1,600.00                 320,000.00                  80.00
Bakersfield                                          437.67                  72,704.77                  47.10
Gulfport                                             804.69                 154,500.00                  76.73
kyle                                                 707.00                 115,451.48                  80.00
Shreveport                                           825.00                 120,000.00                  80.00
Lakewood                                           1,330.65                 187,863.93                  80.00
akron                                                393.75                  60,000.00                  80.00
portland                                           1,283.10                 202,816.48                  70.00
conley                                               511.10                  78,663.92                  80.00
santa fe                                           4,000.00                 640,000.00                  80.00
yers                                               1,063.82                 159,768.93                  79.99
Cleveland                                            530.05                  77,639.39                  71.94
houston                                              689.61                 111,893.73                  80.00
gresham                                              545.46                  98,800.00                  68.14
houston                                              446.24                  68,681.19                  80.00
post falls                                           807.33                 138,399.99                  79.95
houston                                              783.59                 125,483.67                  80.00
cleveland                                            530.05                  77,639.39                  74.00
independence                                         794.99                 117,905.64                  80.00
AKRON                                                393.75                  60,000.00                  80.00
richmond                                             969.47                 155,106.38                  80.00
akron                                                357.33                  53,600.00                  80.00
fort meyers                                          477.04                  74,434.27                  27.09
Cleveland                                            530.06                  77,639.39                  74.00
cleveland                                            530.06                  77,639.39                  74.00
CHELSEA                                              880.56                 137,398.66                  80.00
SPRING                                             2,693.12                 416,999.99                  79.63
Fountain                                             776.25                 108,000.00                  80.00
Arvada                                               926.50                 174,400.00                  80.00
Denver                                             1,050.00                 168,000.00                  80.00
Hillsborough                                      10,804.79               1,673,000.00                  64.97
BEALETON                                           2,633.75                 421,400.00                  79.99
WEST CHESTER                                       1,260.74                 192,113.00                  95.00
RISING SUN                                         1,854.14                 287,092.00                  80.00
LUMBERTON                                          1,423.08                 216,850.00                  79.99
PITTSTOWN                                          4,656.68                 649,541.24                  74.34
ELLICOTT CITY                                      4,042.52                 636,200.00                  79.99
Sacramento                                         1,595.34                 251,942.42                  65.56
Oakland                                            2,592.77                 399,405.82                  65.00
Tallahassee                                          453.09                  76,310.00                  65.00
Orlando                                            3,143.55                 471,723.14                  70.52
Tampa                                              1,208.67                 207,200.00                  80.00
Gilbert                                            4,039.06                 705,000.00                  75.00
Surprise                                           1,304.40                 215,900.00                  79.99
Mesa                                               1,260.00                 192,000.00                  80.00
Pottstown                                          3,777.34                 574,031.09                  64.97
Collegeville                                       2,854.15                 428,648.35                  65.00
Hastings                                           8,626.04               1,592,500.00                  65.00
Washington                                         1,768.46                 287,749.00                  80.00
COVINGTON                                            664.97                 107,794.53                  80.00
LAKELAND                                             780.63                 124,900.00                  79.99
UNION CITY                                           701.12                 114,080.00                  80.00
Dallas                                               566.23                  79,437.84                  80.00
GRIFFIN                                              685.00                 109,600.00                  80.00
Suwanee                                           12,486.06               1,946,549.63                  29.75
AUSTELL                                              920.11                 137,957.93                  75.00
Hampton                                              726.71                 118,245.05                  80.00
EUHARLEE                                             652.50                 108,000.00                  78.26
MARIETTA                                           2,800.00                 448,000.00                  80.00
DECATUR                                              444.13                  77,520.00                  80.00
UNION CITY                                           573.42                  93,302.00                  80.00
KENNESAW                                             750.83                  89,516.94                  59.99
VILLA RICA                                           861.95                 140,249.52                  79.99
TEMPLE                                               655.65                 116,560.00                  80.00
Dallas                                               878.62                 147,978.75                  80.00
MCDONOUGH                                          1,011.15                 146,063.75                  80.00
Riverdale                                            776.06                 116,551.38                  80.00
CANTON                                               719.57                 124,597.22                  61.99
NORCROSS                                             947.25                 168,400.00                  79.98
SNELLVILLE                                         1,000.21                 157,410.00                  80.00
SUGAR HILL                                           629.00                 118,400.00                  80.00
McDonough                                          1,155.26                 209,255.00                  80.00
JONESBORO                                            754.58                 129,357.00                  80.00
COLLEGE PARK                                         508.79                  77,529.99                  70.00
JONESBORO                                            546.88                  87,500.00                  70.00
HIRAM                                              1,088.10                 200,880.00                  80.00
HAMPTON                                              663.10                 111,679.99                  80.00
NORCROSS                                             945.00                 168,000.00                  79.99
FAIRBURN                                           1,130.85                 178,587.64                  80.00
DACULA                                               889.10                 142,256.00                  80.00
Hartwell                                           2,844.31                 448,772.95                  76.92
Lithia Springs                                       431.95                  63,170.92                  80.00
Powder Springs                                     1,161.66                 185,865.00                  80.00
RIVERDALE                                            648.62                 111,192.00                  80.00
ACWORTH                                              791.63                 151,993.00                  80.00
CANTON                                               991.51                 138,204.01                  80.00
CARTERSVILLE                                         752.00                 120,320.00                  80.00
KINGSTON                                           1,855.87                 287,360.00                  80.00
MANHATTAN BEACH                                    1,660.16                 312,500.00                  24.04
GARDEN GROVE                                       3,048.15                 463,612.12                  77.33
WASHINGTON                                         1,660.82                 197,169.80                  44.44
SAN PEDRO                                          2,951.12                 453,370.32                  65.00
LAS VEGAS                                            795.70                 119,403.36                  80.00
VAN NUYS                                           2,427.13                 439,631.00                  62.41
PALOS VERDES ESTATES                               2,588.15                 451,750.00                  65.00
INGLEWOOD                                          1,042.91                 164,398.49                  25.38
PINEHURST                                          2,486.46                 434,000.00                  70.00
GARDEN GROVE                                       1,680.04                 265,317.15                  51.12
NORWALK                                            1,516.96                 239,125.08                  49.48
Las Vegas                                          1,255.01                 195,654.83                  80.00
CRANBERRY TWP                                      1,490.28                 223,816.39                  74.17
RIVERSIDE                                          1,893.91                 291,748.59                  80.00
Rialto                                             1,478.09                 223,585.79                  57.25
CORAL GABLES                                         626.56                  92,851.60                  38.75
PHILADELPHIA                                         619.93                  85,322.33                  90.00
YUCAIPA                                            1,694.43                 270,590.30                  80.00
REDONDO BEACH                                      3,119.35                 498,141.17                  57.14
MIAMI                                              1,497.80                 227,597.59                  57.00
RED BLUFF                                          2,107.94                 324,720.19                  59.09
REDONDO BEACH                                      2,664.06                 465,000.00                  53.14
Los Angeles                                        5,985.40                 704,987.26                  65.00
NEWTON                                               392.51                  59,699.81                  79.99
ETIWANDA                                           5,041.67                 880,000.00                  80.00
Hilaleah                                             985.39                 149,873.98                  78.95
LAS VEGAS                                          1,460.95                 213,992.93                  80.00
LOS ANGELES                                        4,641.20                 705,909.40                  65.00
FOUNTAIN VALLEY                                    2,395.52                 442,250.00                  65.00
GALENA                                               774.78                 120,893.75                  56.28
MEDINA                                             1,335.24                 211,059.03                  65.00
ONTARIO                                              719.47                 119,396.68                  34.29
CHICAGO                                              752.37                 115,799.70                  79.18
Rolling Meadows                                    1,656.67                 245,306.57                  79.32
Head Of The Harbor                                 7,866.16               1,124,165.09                  75.00
SAINT LOUIS                                          856.54                 115,284.54                  80.00
Saint Louis                                        1,390.95                 211,017.33                  79.90
Dallas                                               683.82                  86,720.77                  80.00
LOUISVILLE                                           447.04                  62,311.64                  80.00
DALLAS                                             1,493.64                 206,000.00                  80.00
Houston                                              943.92                 123,875.99                  80.00
HOUSTON                                              802.46                 111,647.00                  80.00
Fort Worth                                           797.36                 131,976.00                  80.00
Denton                                               573.13                  79,829.52                  80.00
Louisville                                           392.01                  50,340.27                  91.64
Weatherford                                          862.27                 126,002.00                  80.00
HOUSTON                                              740.31                 103,000.00                  80.00
Gunter                                               655.46                  90,084.83                  80.00
Louisville                                           420.01                  53,936.01                  90.00
HOUSTON                                              623.37                  86,730.00                  80.00
Louisville                                           399.01                  51,239.20                  90.00
Bowling Green                                        623.56                  85,760.93                  80.00
DENTON                                             1,154.31                 159,090.44                  80.00
Valrico                                              997.50                 168,000.00                  80.00
Gahanna                                              759.53                 127,920.00                  80.00
GILLESPIE                                            411.67                  60,800.00                  80.00
Krum                                               2,452.42                 387,296.60                  79.84
WARSAW                                               441.16                  56,652.78                  80.00
Sanger                                               637.65                  97,796.94                  80.00
Cahokia                                              266.55                  32,341.79                  90.00
Cahokia                                              266.55                  32,341.79                  90.00
Cahokia                                              266.55                  32,366.27                  90.00
Stephenville                                       4,604.69                 673,943.69                  79.88
Lewisville                                           622.23                  84,510.81                  80.00
Little Elm                                         1,075.83                 153,517.28                  80.00
Itasca                                               691.17                  91,762.90                  80.00
Alvarado                                           1,107.24                 143,824.90                  68.90
NORWALK                                              991.53                 116,281.84                  25.00
burlingame                                        10,616.67               1,820,000.00                  70.00
Chattanooga                                          322.77                  50,797.24                  80.00
Cumming                                              832.24                 135,416.00                  80.00
Elberta                                            1,006.87                 143,785.59                  80.00
Mt Pleasant                                        3,313.13                 513,000.00                  74.89
Dallas                                               586.41                  92,288.00                  80.00
Yulee                                              1,137.59                 185,100.00                  80.00
Kennesaw                                             938.25                 166,800.00                  80.00
Chelsea                                              774.50                 123,920.00                  80.00
Atlanta                                              681.33                 116,800.00                  80.00
Gainesville                                          950.67                 147,200.00                  80.00
Gulf Shores                                          978.54                 153,999.57                  80.00
RANCHO CUCAMONGA                                   4,139.86                 590,745.53                  80.00
APPLE VALLEY                                       2,277.94                 321,592.00                  80.00
BAKERSFIELD                                        2,776.41                 397,813.32                  90.00
ROSEVILLE                                          3,624.38                 572,376.44                  80.00
LANCASTER                                          3,354.05                 496,638.54                  80.00
APPLE VALLEY                                       2,197.14                 295,523.55                  80.00
HOUSTON                                              634.49                  91,724.77                  90.00
DENTON                                               756.64                 139,687.00                  80.00
JACKSONVILLE                                         936.82                 172,951.99                  80.00
NORTH LAS VEGAS                                    2,192.27                 375,817.00                  80.00
LAS VEGAS                                          1,629.03                 256,371.99                  80.00
NAPLES                                             3,169.51                 416,479.81                  79.98
ORLANDO                                            1,374.98                 244,440.00                  80.00
NORTH LAS VEGAS                                    3,019.82                 517,683.02                  79.99
RIVERVIEW                                          1,201.11                 184,865.22                  65.00
JACKSONVILLE                                       1,240.41                 177,268.34                  80.00
LAS VEGAS                                          3,629.65                 545,116.81                  80.00
Caldwell                                             653.34                  83,900.46                  80.00
Muskogee                                             835.39                 128,352.69                  80.00
Caldwell                                             434.94                  55,853.74                  80.00
Colorado Springs                                   1,326.74                 219,597.62                  80.00
WEST JORDAN                                          862.23                 129,493.77                  80.00
COLORADO SPRINGS                                     814.33                 122,299.67                  80.00
WEST VALLEY CITY                                     500.00                  80,000.00                  80.00
SAINT GEORGE                                         947.93                 146,024.16                  79.00
Roosevelt                                          2,100.03                 269,664.13                  89.20
Aurora                                               504.33                  71,200.00                  80.00
EAGLE MOUNTAIN                                     1,075.00                 172,000.00                  80.00
Norwich                                            1,155.02                 148,324.01                  75.00
Temecula                                           3,731.75                 519,200.00                  80.00
Murrieta                                           4,100.51                 526,575.24                  80.00
Murrieta                                           3,996.25                 556,000.00                  80.00
SPRINGFIELD                                          541.25                  68,639.93                  80.00
SOUTHBRIDGE                                        1,455.38                 211,691.35                  80.00
MANCHESTER                                           978.90                 139,896.10                  80.00
Lebanon                                              651.88                  91,966.26                  75.00
Roseville                                            435.41                  67,879.69                  48.23
Westminster                                        1,158.26                 171,644.21                  80.00
Norcross                                           1,141.93                 151,706.12                  80.00
Henryetta                                            415.52                  57,959.06                  68.24
Wichita                                              510.86                  67,873.57                  80.00
Humble                                               507.77                  69,153.56                  80.00
Detroit                                              613.03                  81,495.58                  80.00
Williamsburg                                       1,569.01                 229,640.06                  52.39
Columbia                                             450.76                  59,923.22                  80.00
Canton                                               599.30                  92,240.45                  80.00
Garland                                              664.27                  88,306.85                  80.00
Newark                                             2,425.33                 342,400.00                  80.00
Littleton                                          1,095.41                 191,199.67                  80.00
Santa Monica                                       7,341.75               1,048,436.63                  75.00
SCOTTSDALE                                         3,239.84                 536,250.00                  65.00
COLUMBIA                                             697.97                 111,675.17                  80.00
THOUSAND OAKS                                      4,544.89                 649,517.61                  65.00
Chino                                              2,345.63                 417,000.00                  72.90
Apple Valley                                       1,388.54                 215,000.00                  68.25
TUSTIN                                             3,041.86                 486,216.99                  80.00
APPLE VALLEY                                       1,600.00                 256,000.00                  80.00
APPLE VALLEY                                       1,600.00                 256,000.00                  80.00
PLEASANT HILL                                      4,142.50                 660,518.49                  80.00
QUARTZ HILL ARE                                    2,038.47                 338,290.65                  53.13
LOS ANGELES                                        1,245.17                 196,281.84                  49.25
Williamsburg                                       1,684.58                 311,000.00                  87.36
Ft Washington                                      1,237.50                 220,000.00                  68.75
Lynchburg                                            788.70                 121,390.01                  80.00
College Park                                         736.12                 102,531.04                  79.97
College Park                                       1,389.14                 208,371.00                  80.00
Monroe                                               573.13                  79,886.71                  73.39
Marietta                                             401.28                  57,449.90                  70.00
Union City                                           486.69                  83,433.00                  70.00
Phoenix                                            1,596.73                 239,803.28                  64.86
El Mirage                                            984.38                 157,500.00                  75.00
Show Low                                           1,118.77                 163,869.06                  80.00
North Las Vegas                                      255.82                  37,441.31                  20.27
Colorado Springs                                     953.44                 147,630.00                  70.00
Shawnee                                              413.02                  52,469.79                  75.00
Shawnee                                              390.36                  53,164.31                  70.00
Long Beach                                           744.48                 129,944.79                  50.78
Fort Worth                                           395.89                  54,562.42                  65.00
Federal Way                                        1,120.00                 192,000.00                  75.00
ALBUQUERQUE                                          906.34                 158,197.99                  80.00
PHOENIX                                              861.67                 150,400.00                  80.00
SCOTTSDALE                                         1,425.83                 236,000.00                  80.00
SAN LUIS                                             749.17                 124,000.00                  80.00
PHOENIX                                            1,565.13                 263,600.00                  80.00
Glendale                                           1,893.04                 276,783.52                  75.00
Phoenix                                              458.55                  75,968.95                  80.00
QUEEN CREEK                                        1,164.00                 177,372.00                  80.00
Albuquerque                                          930.82                 162,470.00                  80.00
ALBUQUERQUE                                          888.02                 155,000.00                  78.18
Salisbury                                            334.99                  52,719.99                  80.00
Winston Salem                                        266.00                  44,800.00                  80.00
Winston Salem                                        381.59                  59,085.00                  65.00
Conyers                                            1,048.11                 147,864.96                  80.00
Winston                                              625.79                  89,432.58                  78.17
Winston Salem                                        175.75                  29,600.00                  80.00
Hoschton                                           2,484.26                 449,978.66                  51.43
Mckinney                                             705.67                 108,612.13                  80.00
Allen                                              1,300.00                 249,600.00                  80.00
Arlington                                            775.92                 135,432.74                  80.00
Mckinney                                           2,583.89                 347,543.18                  80.00
Lewisville                                           714.11                 100,816.00                  80.00
Kimberly                                           1,064.11                 139,825.34                  80.00
Kiawah Island                                      1,957.69                 269,627.16                  75.00
CONYERS                                              531.29                  74,107.66                  80.00
BRUNSWICK                                          2,212.24                 349,045.63                  68.90
COLUMBUS                                             447.00                  59,228.89                  85.00
KISSIMMEE                                          1,019.22                 143,256.41                  80.00
ORLANDO                                              919.70                 139,068.58                  67.96
CHARLOTTE                                            763.29                 102,249.09                  80.00
WAYCROSS                                             352.19                  53,869.64                  94.99
CHARLOTTE                                            443.13                  62,836.07                  75.00
PITTSBURGH                                           534.03                  84,871.13                  80.00
ORLANDO                                              501.19                  67,091.64                  75.00
JACKSONVILLE                                       1,740.17                 238,820.81                  80.00
GOOSE CREEK                                          590.22                  90,195.88                  70.00
SATELLITE BEACH                                    2,881.40                 447,584.72                  66.67
TAMPA                                                847.44                 128,115.39                  75.88
DUMFRIES                                           1,474.17                 244,000.00                  80.00
BOYCE                                                557.32                  62,961.46                  22.03
WEST PALM BEACH                                    1,184.73                 188,649.00                  95.00
OGDEN                                                321.99                  45,734.60                  78.05
FAIRFAX STATION                                    3,897.08                 645,965.23                  65.00
SAGINAW                                            1,015.10                 139,312.13                  80.00
PEORIA                                               806.67                 176,000.00                  80.00
KISSIMMEE                                          1,053.28                 153,541.44                  80.00
WAXHAW                                               967.06                 152,091.32                  61.20
SCOTTSDALE                                         1,860.83                 405,999.50                  70.00
NORTH PORT                                         1,378.97                 226,647.33                  80.00
JASPER                                             1,190.08                 215,561.07                  86.80
STATESBORO                                         1,164.28                 174,126.67                  76.75
TAMPA                                                786.08                 125,290.42                  66.67
BOULDER                                            1,237.50                 270,000.00                  63.59
ORLANDO                                            1,781.99                 238,878.49                  80.00
NAPLES                                             1,645.31                 303,750.00                  75.00
Dover                                              2,109.55                 239,187.90                  80.00
ORLANDO                                            1,283.64                 215,428.36                  70.00
Fitzgerald                                           597.72                  64,346.03                  95.00
ORLANDO                                              849.92                 131,600.00                  80.00
CHARLOTTE                                          1,354.58                 217,284.02                  80.00
PALM SPRINGS                                       1,122.82                 127,874.86                  80.00
SUGAR HILL                                           809.39                 133,905.88                  79.41
HARTWELL                                             630.65                  95,509.12                  80.00
ORLANDO                                            1,166.44                 164,072.91                  80.00
ALEXANDRIA                                         3,265.29                 548,002.13                  62.59
FREDRICKSBERG                                      1,809.93                 394,894.77                  56.43
CAMDEN WYOMING                                     1,200.93                 188,239.89                  95.00
LOS ANGELES                                        2,998.70                 353,558.95                  52.43
LAWRENCEVILLE                                      1,430.00                 312,000.00                  80.00
PITTSBURGH                                           819.60                 126,918.98                  79.50
IRMO                                               1,257.04                 176,413.28                  80.00
KISSIMMEE                                          1,053.20                 148,031.58                  80.00
NEWPORT NEWS                                       1,392.97                 161,693.52                  80.00
RALEIGH                                            1,527.74                 177,994.30                  76.04
KISSIMMEE                                          1,052.63                 147,132.39                  79.57
Miami                                              1,149.64                 172,372.59                  80.00
Warren                                               764.04                 111,610.71                  80.00
LANSING                                              790.00                 126,400.00                  80.00
Aldan                                                834.70                 131,362.92                  79.64
Phila                                              1,550.13                 131,810.20                  60.00
Doylestown                                         3,700.81                 542,076.79                  65.76
Lake Harmony                                       1,447.10                 224,787.02                  80.00
Philadelphia                                         979.30                 156,688.00                  80.00
Devon                                              3,556.38                 620,750.00                  65.00
Dover                                                896.00                 153,600.00                  80.00
Blackwood                                          1,078.85                 148,689.60                  80.00
Bear                                               1,462.59                 214,064.47                  80.00
Pleasantville                                      1,436.60                 207,682.49                  80.00
Pleasantville                                        839.06                 119,910.94                  80.00
Marcus Hook                                          436.44                  65,544.44                  80.00
Pine Hill                                            734.02                 107,516.06                  80.00
Fort Washington                                    2,938.15                 452,609.98                  66.62
Wilmington                                         1,819.17                 296,000.00                  80.00
Philadelphia                                       2,560.13                 379,390.44                  80.00
Norristown                                           713.20                 107,023.75                  80.00
Wilmington                                           466.94                  64,355.69                  80.00
WOOLRICH                                           2,482.86                 366,700.00                  95.00
Wilmington                                         4,724.27                 731,500.00                  79.99
Philadelphia                                       3,080.84                 474,591.04                  61.29
MIRAMAR                                            1,779.71                 328,561.61                  73.14
SAN DIEGO                                          1,991.25                 324,000.00                  80.00
BELL GARDENS                                       1,795.63                 331,500.00                  62.55
GRAND PRAIRIE                                      1,838.82                 250,263.58                  80.00
NORFOLK                                              425.79                  63,098.62                  80.00
VIRGINIA BCH                                       1,666.67                 320,000.00                  79.64
JACKSONVILLE                                       1,088.00                 163,200.00                  80.00
ST AUGUSTINE                                       1,072.58                 168,800.00                  80.00
Monticello                                         9,218.75               1,500,000.00                  75.00
BALTIMORE                                            432.45                  64,946.72                  65.00
VIRGINIA BEACH                                     1,215.59                 175,731.33                  80.00
DAVENPORT                                            310.13                  56,175.00                  75.00
ATL                                                1,750.00                 280,000.00                  80.00
Des Moines                                           379.55                  53,547.14                  65.00
Stafford                                           2,320.00                 384,000.00                  80.00
RICHMOND                                             687.76                  95,932.24                  70.33
DECATUR                                              712.92                 116,000.00                  80.00
Lenigh                                             1,022.84                 155,437.63                  64.88
CEDAR RAPIDS                                         531.98                  72,402.34                  86.31
HUXLEY                                               867.00                 138,720.00                  80.00
Middletown                                         5,246.93                 623,693.07                  75.00
MYRTLE BEACH                                         994.78                 176,850.00                  90.00
BAYVIEW                                            1,604.17                 275,000.00                  78.57
HOMER GLEN                                         1,715.65                 273,451.34                  42.31
Chicago                                            2,134.40                 354,210.20                  80.00
Phoenix                                              875.17                 142,400.00                  80.00
PHOENIX                                            1,030.68                 179,900.00                  79.96
CHESAPEAKE                                         2,630.01                 400,013.66                  79.12
PETERSBURG                                           683.42                 111,200.00                  80.00
NEWPORT NEWS                                         807.49                 135,999.01                  77.71
Dallas                                               553.58                  68,570.25                  80.00
FORT WORTH                                           424.13                  63,645.18                  75.00
Plano                                              1,320.12                 188,659.88                  80.00
Plano                                                480.92                  79,600.00                  80.00
DALLAS                                             5,768.52                 823,771.63                  75.00
PLANO                                              1,213.43                 184,904.00                  80.00
Hilton Head                                        1,224.90                 209,983.60                  60.00
JERSEY CITY                                          871.12                 108,227.37                  74.67
LAKE WORTH                                           687.84                  83,440.65                  95.00
FRESNO                                               851.19                 106,985.04                  85.15
SAVANNAH                                           1,037.27                 130,865.62                  95.00
DURHAM                                               418.14                  47,632.59                  80.00
Spring                                               750.45                 102,143.75                  90.00
GREENSBORO                                           328.85                  57,400.00                  70.00
TIVERTON                                             701.82                 122,500.00                  70.00
CEDAR CITY                                         1,291.54                 152,123.43                  67.97
SAVANNAH                                             464.98                  66,351.02                  55.42
NORMAN                                               403.42                  61,984.01                  65.47
CORCORAN                                             575.18                  90,751.87                  70.00
MIDWEST CITY                                         426.01                  50,576.05                  68.86
CARY                                                 918.17                 158,113.30                  67.93
CEDAR CITY                                         1,258.21                 148,197.18                  66.21
HAWAIIAN GARDENS                                     854.01                 129,197.05                  55.32
MIDWEST CITY                                         408.35                  48,479.14                  68.30
RICHMOND                                             339.96                  51,618.82                  90.00
HENDERSON                                          1,242.26                 206,368.75                  80.00
CHARLOTTESVILLE                                      864.41                 134,640.72                  79.41
FORT LAUDERDALE                                    1,429.69                 228,749.98                  75.00
TOLEDO                                               292.00                  43,744.84                  70.00
SAVANNAH                                             464.98                  66,351.02                  57.83
OKLAHOMA CITY                                        412.71                  48,996.71                  70.00
PALM HARBOR                                          307.86                  49,856.93                  37.59
DACULA                                               945.00                 168,000.00                  70.00
PALATINE                                             612.50                 117,600.00                  69.18
GLENDALE HEIGHTS                                     861.99                 132,554.78                  69.98
CATONSVILLE                                        1,080.63                 188,619.10                  80.00
KERNERSVILLE                                         519.28                  72,329.55                  80.00
CHARLOTTE                                            334.25                  57,300.00                  67.53
SAVANNAH                                             464.98                  66,351.02                  55.42
SAVANNAH                                             464.98                  66,351.02                  57.83
SAVANNAH                                             464.98                  66,351.02                  57.83
MANASSAS                                           1,316.25                 234,000.00                  65.00
NEWBERG                                              902.92                 105,141.91                  64.00
SAVANNAH                                             345.13                  53,756.54                  70.00
LONG BEACH                                         1,395.31                 171,010.46                  39.77
NEWBERG                                              894.48                 104,159.30                  66.92
DILLSBURG                                            415.98                  49,959.69                  49.51
DILLSBURG                                            411.87                  47,793.76                  55.56
FRANKLINTOWN                                         411.87                  49,466.03                  50.00
SAVANNAH                                             331.68                  51,615.68                  70.00
POMPANO BEACH                                        848.89                 123,354.70                  66.32
OKLAHOMA CITY                                        400.67                  47,567.23                  65.20
MIDWEST CITY                                         459.21                  54,517.47                  70.00
VISALIA                                              707.47                 117,396.26                  40.69
DOVER                                                411.87                  49,466.03                  50.00
CHICAGO                                              663.33                  97,969.07                  70.00
LAUDERHILL                                         1,623.36                 280,169.76                  75.20
SEATTLE                                            1,380.21                 250,000.00                  57.87
CABOT                                                396.23                  53,137.59                  90.00
KAILUA-KONA                                        1,581.49                 263,555.21                  70.39
BALDWIN PARK                                       1,330.72                 152,560.71                  30.73
FRESNO                                             1,023.96                 159,077.34                  90.00
BELGRADE                                             866.66                 138,491.06                  79.21
LANSDOWNE                                            961.10                 114,129.99                  90.00
SAN ANTONIO                                        1,202.48                 136,668.31                  80.00
CHICAGO                                              568.01                  76,297.80                  75.00
CHINO HILLS                                        2,029.17                 389,600.00                  79.59
LINCOLN CITY                                         849.09                 150,950.00                  53.91
LEAGUE CITY                                          469.13                  63,760.66                  70.00
VANCOUVER                                            821.40                 160,927.23                  80.00
INDIANAPOLIS                                         656.58                 100,151.11                  75.49
BELTSVILLE                                         1,645.00                 335,999.00                  80.00
FT THOMAS                                            705.66                 135,486.96                  80.00
NASHUA                                             1,375.27                 198,146.22                  90.00
ELFRIDA                                              597.15                  90,591.88                  94.20
HOUSTON                                              618.75                 132,000.00                  67.69
GLENDALE                                           1,199.42                 194,242.59                  31.93
APPLE VALLEY                                         998.89                 155,443.75                  80.00
SUN CITY                                             357.47                  77,992.47                  33.48
CONCORD                                              798.37                 115,413.47                  80.00

CITY1                                         MI                                 GROUP              LIEN            BALLOON
                                                                                 _ID
---------------------------------------------------------------------------------------------------------------------------------
HIALEAH                                       No MI                              II                 First           No
MCCLOUD                                       No MI                              II                 First           No
BETHESDA                                      No MI                              II                 First           No
Seymour                                       No MI                              II                 First           No
ARVADA                                        No MI                              II                 First           No
GARDEN CITY                                   No MI                              II                 First           No
CICERO                                        No MI                              II                 First           No
NORTH LAS VEGAS                               No MI                              II                 First           No
GLEN ALLEN                                    No MI                              II                 First           No
HAMPTON                                       No MI                              II                 First           No
HICKORY CREEK                                 No MI                              II                 First           No
MIDDLEBURG                                    No MI                              II                 First           No
SACRAMENTO                                    No MI                              II                 First           No
ASHBURN                                       No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
SURPRISE                                      No MI                              II                 First           No
MIDLAND                                       No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
Holly Springs                                 No MI                              II                 First           No
MONROE                                        No MI                              II                 First           No
Edison                                        No MI                              II                 First           No
ALLEN                                         No MI                              II                 First           No
PAINESVILLE                                   No MI                              II                 First           No
NEWBERG                                       No MI                              II                 First           No
GOOSE CREEK                                   No MI                              II                 First           No
PLANTATION                                    No MI                              II                 First           No
RALEIGH                                       No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
MOUNTAIN TOP                                  No MI                              II                 First           No
BOISE                                         No MI                              II                 First           No
ALBANY                                        No MI                              II                 First           No
BIRMINGHAM                                    No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
WARREN                                        No MI                              II                 First           No
Ridgeland                                     No MI                              II                 First           No
MONROE                                        No MI                              II                 First           No
AVONDALE                                      No MI                              II                 First           No
MONROE                                        No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
Crown Point                                   No MI                              II                 First           No
Nicholasville                                 No MI                              II                 First           No
Auburn                                        No MI                              II                 First           No
Auburn                                        No MI                              II                 First           No
CHESAPEAKE BEACH                              No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
MIAMI                                         No MI                              II                 First           No
WELLINGTON                                    No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
HAYDEN LAKE                                   No MI                              II                 First           No
Eatontown                                     No MI                              II                 First           No
FAIRFAX                                       No MI                              II                 First           No
SIMPSONVILLE                                  No MI                              II                 First           No
Las Cruces                                    No MI                              II                 First           No
TOLEDO                                        No MI                              II                 First           No
Seaside Heights                               No MI                              II                 First           No
OLD ORCHARD BEACH                             No MI                              II                 First           No
LEXINGTON PARK                                No MI                              II                 First           No
ROCKVILLE                                     No MI                              II                 First           No
RICHMOND                                      No MI                              II                 First           No
Paterson                                      No MI                              II                 First           No
HARRISBURG                                    No MI                              II                 First           No
COLORADO SPRINGS                              No MI                              II                 First           No
SAN ANTONIO                                   Mortgage Guaranty In               II                 First           No
ERIE                                          No MI                              II                 First           No
HAWLEY                                        No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
SAFETY HARBOR                                 No MI                              II                 First           No
Trenton                                       No MI                              II                 First           No
KALAMAZOO                                     No MI                              II                 First           No
RIO RANCHO                                    No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
SILVERTON                                     No MI                              II                 First           No
EAST HAMPTON                                  No MI                              II                 First           No
PIEDMONT                                      No MI                              II                 First           No
AKRON                                         No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
CYPRESS                                       No MI                              II                 First           No
BARTLETT                                      No MI                              II                 First           No
SALT LAKE CITY                                No MI                              II                 First           No
INDIANAPOLIS                                  No MI                              II                 First           No
WACO                                          No MI                              II                 First           No
WINTER PARK                                   No MI                              II                 First           No
SALEM                                         No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
LAKE CITY                                     Radian Guaranty                    II                 First           No
MOUNT PLEASANT                                No MI                              II                 First           No
TAKOMA PARK                                   No MI                              II                 First           No
GARDNER                                       No MI                              II                 First           No
SYRACUSE                                      No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
MUKILTEO                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
BRIARWOOD                                     No MI                              II                 First           No
WACO                                          No MI                              II                 First           No
BRANDON                                       No MI                              II                 First           No
LOUISVILLE                                    No MI                              II                 First           No
MARGATE                                       No MI                              II                 First           No
SYRACUSE                                      No MI                              II                 First           No
Louisville                                    No MI                              II                 First           No
MESA                                          No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
VIRGINIA BEACH                                No MI                              II                 First           No
LOS BANOS                                     No MI                              II                 First           No
ORANGE PARK                                   No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
CLEVELAND                                     Radian Guaranty                    II                 First           No
COTTAGE GROVE                                 No MI                              II                 First           No
TWIN FALLS                                    No MI                              II                 First           No
CHANTILLY                                     No MI                              II                 First           No
BOURBONNAIS                                   No MI                              II                 First           No
PASADENA                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
DRAPER                                        No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
CINCINNATI                                    No MI                              II                 First           No
PLAINFIELD                                    No MI                              II                 First           No
BOILING SPRINGS                               No MI                              II                 First           No
Delhi                                         No MI                              II                 First           No
Montebello                                    No MI                              II                 First           No
CLEVELAND                                     No MI                              II                 First           No
DENVER                                        No MI                              II                 First           No
GARDEN VALLEY                                 No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
PEMBROKE PINES                                No MI                              II                 First           No
BURKE                                         No MI                              II                 First           No
NASHVILLE                                     No MI                              II                 First           No
GARFIELD HEIGHTS                              No MI                              II                 First           No
CAPE CORAL                                    No MI                              II                 First           No
Hendersonville                                No MI                              II                 First           No
EVERETT                                       No MI                              II                 First           No
SILVER SPRING                                 No MI                              II                 First           No
OVIEDO                                        No MI                              II                 First           No
JOHNSTON                                      No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
PEORIA                                        No MI                              II                 First           No
PANAMA CITY BEACH                             No MI                              II                 First           No
CHESTER                                       No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
FORT LAUDERDALE                               No MI                              II                 First           No
MESA                                          No MI                              II                 First           No
DANBURY                                       No MI                              II                 First           No
MARRERO                                       No MI                              II                 First           No
Indianapolis                                  No MI                              II                 First           No
HYATTSVILLE                                   No MI                              II                 First           No
Louisville                                    No MI                              II                 First           No
LOUISVILLE                                    No MI                              II                 First           No
LINCOLNTON                                    No MI                              II                 First           No
Lawrenceville                                 No MI                              II                 First           No
SANGER                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
STERLING HEIGHTS                              No MI                              II                 First           No
ABINGDON                                      Mortgage Guaranty In               II                 First           No
GERMANTOWN                                    No MI                              II                 First           No
AURORA                                        No MI                              II                 First           No
TUCSON                                        No MI                              II                 First           No
Lafayette                                     No MI                              II                 First           No
MESA                                          No MI                              II                 First           No
WINTER HAVEN                                  No MI                              II                 First           No
NORCROSS                                      No MI                              II                 First           No
KAWKAWLIN                                     No MI                              II                 First           No
CORONA                                        No MI                              II                 First           No
GRAVETTE                                      No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
CHANDLER                                      No MI                              II                 First           No
BURTON                                        No MI                              II                 First           No
STREAMWOOD                                    No MI                              II                 First           No
MECHANICSBURG                                 No MI                              II                 First           No
OAKLAND                                       No MI                              II                 First           No
LAKE WORTH                                    No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
FORT LAUDERDALE                               Triad Guaranty                     II                 First           No
Flowery Branch                                No MI                              II                 First           No
MIAMI BEACH                                   No MI                              II                 First           No
Brooklyn                                      No MI                              II                 First           No
ATLANTIC BEACH                                No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
PANAMA CITY                                   No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
Garner                                        No MI                              II                 First           No
STOCKTON                                      No MI                              II                 First           No
PANAMA CITY BEACH                             No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
NAPLES                                        Mortgage Guaranty In               II                 First           No
AURORA                                        No MI                              II                 First           No
WOODBRIDGE                                    No MI                              II                 First           No
PORT SAINT LUCIE                              Triad Guaranty                     II                 First           No
Newark                                        No MI                              II                 First           No
SCOTTSDALE                                    No MI                              II                 First           No
GRANDVIEW                                     No MI                              II                 First           No
GARNER                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
MOORE                                         No MI                              II                 First           No
OCOEE                                         No MI                              II                 First           No
MEMPHIS                                       Radian Guaranty                    II                 First           No
WACO                                          No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
CHICAGO                                       Triad Guaranty                     II                 First           No
Raleigh                                       No MI                              II                 First           No
PAHRUMP                                       No MI                              II                 First           No
JOHNSON CITY                                  No MI                              II                 First           No
ROCHESTER                                     No MI                              II                 First           No
KENOSHA                                       No MI                              II                 First           No
DAVIS                                         No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
BURBANK                                       Mortgage Guaranty In               II                 First           No
SALEM                                         No MI                              II                 First           No
FLAGSTAFF                                     Radian Guaranty                    II                 First           No
SILVER SPRING                                 No MI                              II                 First           No
SOUTH PADRE ISLAND                            No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
Hyde Park                                     No MI                              II                 First           No
LAKELAND                                      No MI                              II                 First           No
LONGMONT                                      No MI                              II                 First           No
WOODBRIDGE                                    No MI                              II                 First           No
NORTH CHARLESTON                              No MI                              II                 First           No
STEVENSVILLE                                  No MI                              II                 First           No
LADSON                                        Triad Guaranty                     II                 First           No
BROUSSARD                                     No MI                              II                 First           No
GERMANTOWN                                    No MI                              II                 First           No
VISTA                                         No MI                              II                 First           No
MAPLE GLEN                                    No MI                              II                 First           No
VISALIA                                       No MI                              II                 First           No
SAINT JOSEPH                                  No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
BALTIMORE                                     No MI                              II                 First           No
POMPANO BEACH                                 No MI                              II                 First           No
CARSON                                        No MI                              II                 First           No
NORFOLK                                       No MI                              II                 First           No
STAFFORD                                      No MI                              II                 First           No
PHILADELPHIA                                  No MI                              II                 First           No
KISSIMMEE                                     No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
CHANDLER                                      No MI                              II                 First           No
KENNESAW                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
POQUOSON                                      No MI                              II                 First           No
STERLING                                      No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
CINCINNATI                                    No MI                              II                 First           No
PASCO                                         No MI                              II                 First           No
ELGIN                                         No MI                              II                 First           No
MISSOULA                                      No MI                              II                 First           No
Pikeville                                     No MI                              II                 First           No
LEWISVILLE                                    Mortgage Guaranty In               II                 First           No
WEST WARWICK                                  No MI                              II                 First           No
Passaic                                       No MI                              II                 First           No
LAND O LAKES                                  No MI                              II                 First           No
CARSON CITY                                   No MI                              II                 First           No
EASLEY                                        Radian Guaranty                    II                 First           No
SPRING HILL                                   No MI                              II                 First           No
DEERFIELD BEACH                               No MI                              II                 First           No
CLARKSTON                                     No MI                              II                 First           No
SLIDELL                                       No MI                              II                 First           No
NASHUA                                        No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
Alameda                                       No MI                              II                 First           No
Bloomfield                                    No MI                              II                 First           No
DETROIT                                       Triad Guaranty                     II                 First           No
MIDDLETOWN                                    No MI                              II                 First           No
GREENVILLE                                    No MI                              II                 First           No
REYNOLDSBURG                                  No MI                              II                 First           No
CANTON                                        No MI                              II                 First           No
SUN CITY WEST                                 No MI                              II                 First           No
BAKERSFIELD                                   No MI                              II                 First           No
CHICKASAW                                     No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
ROCHESTER                                     No MI                              II                 First           No
Greensboro                                    No MI                              II                 First           No
Albuquerque                                   No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
OVIEDO                                        No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
South Plainfield                              No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
LOS ANGELES                                   No MI                              II                 First           No
NORTH WEBSTER                                 No MI                              II                 First           No
INDIO                                         No MI                              II                 First           No
HENDERSON                                     No MI                              II                 First           No
SPRINGDALE                                    No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
SPRINGFIELD                                   No MI                              II                 First           No
CLINTON                                       No MI                              II                 First           No
Hampton                                       No MI                              II                 First           No
Wendell                                       No MI                              II                 First           No
CLINTON                                       No MI                              II                 First           No
SAINT PETERSBURG                              No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
Louisville                                    No MI                              II                 First           No
SUMMERVILLE                                   No MI                              II                 First           No
Newburgh                                      No MI                              II                 First           No
SYRACUSE                                      No MI                              II                 First           No
SYRACUSE                                      No MI                              II                 First           No
TOPEKA                                        No MI                              II                 First           No
EVANSTON                                      No MI                              II                 First           No
SILVER SPRING                                 No MI                              II                 First           No
BRONX                                         No MI                              II                 First           No
PARKLAND                                      No MI                              II                 First           No
Louisville                                    No MI                              II                 First           No
WOONSOCKET                                    No MI                              II                 First           No
Waxhaw                                        No MI                              II                 First           No
AUBURN                                        No MI                              II                 First           No
CAMDEN                                        No MI                              II                 First           No
BELTSVILLE                                    No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
PHOENIXVILLE                                  No MI                              II                 First           No
MIAMI                                         No MI                              II                 First           No
VALLEJO                                       No MI                              II                 First           No
SPRINGFIELD                                   No MI                              II                 First           No
LARGO                                         No MI                              II                 First           No
PORT TOBACCO                                  No MI                              II                 First           No
HIALEAH                                       No MI                              II                 First           No
MORENO VALLEY                                 No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
Worcester                                     No MI                              II                 First           No
PEORIA                                        No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
BIRCHRUNVILLE                                 No MI                              II                 First           No
OAKTON                                        No MI                              II                 First           No
Newark                                        No MI                              II                 First           No
Atlanta                                       No MI                              II                 First           No
ROCHESTER                                     No MI                              II                 First           No
ROCHESTER                                     No MI                              II                 First           No
BROWNS VALLEY                                 No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
DENVER                                        No MI                              II                 First           No
MAGNOLIA                                      No MI                              II                 First           No
HENDERSON                                     No MI                              II                 First           No
MISSION                                       No MI                              II                 First           No
Lawrenceville                                 No MI                              II                 First           No
Beverly                                       No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
PALM BAY                                      No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
GARLAND                                       No MI                              II                 First           No
GARLAND                                       No MI                              II                 First           No
GARLAND                                       No MI                              II                 First           No
PORT SAINT LUCIE                              Mortgage Guaranty In               II                 First           No
WYANDANCH                                     Radian Guaranty                    II                 First           No
CERES                                         No MI                              II                 First           No
DESERT HILLS                                  No MI                              II                 First           No
Nantucket                                     No MI                              II                 First           No
West Springfield                              No MI                              II                 First           No
PHILADELPHIA                                  No MI                              II                 First           No
LIVERPOOL                                     No MI                              II                 First           No
BOSTON                                        No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
MARCO ISLAND                                  No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
THE DALLES                                    No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
BEND                                          No MI                              II                 First           No
CINCINNATI                                    No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
Visalia                                       No MI                              II                 First           No
NAPLES                                        No MI                              II                 First           No
SUN CITY                                      No MI                              II                 First           No
SUMMERVILLE                                   No MI                              II                 First           No
INDIANAPOLIS                                  No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
COPIAGUE                                      No MI                              II                 First           No
STUART                                        No MI                              II                 First           No
LEBANON                                       No MI                              II                 First           No
ANTHEM                                        No MI                              II                 First           No
ROYAL PALM BEACH                              No MI                              II                 First           No
DUMFRIES                                      No MI                              II                 First           No
CLEVELAND                                     No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
BRONX                                         No MI                              II                 First           No
GLENDALE                                      No MI                              II                 First           No
MORENO VALLEY                                 No MI                              II                 First           No
CHESTERFIELD                                  No MI                              II                 First           No
Newark                                        No MI                              II                 First           No
SALEM                                         No MI                              II                 First           No
ANNAPOLIS                                     No MI                              II                 First           No
WAYNESBORO                                    No MI                              II                 First           No
Powder Springs                                No MI                              II                 First           No
TEMPE                                         No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
DELAND                                        No MI                              II                 First           No
WOODBRIDGE                                    No MI                              II                 First           No
FALLON                                        No MI                              II                 First           No
STREAMWOOD                                    No MI                              II                 First           No
MCLEAN                                        No MI                              II                 First           No
YORK                                          No MI                              II                 First           No
VISALIA                                       No MI                              II                 First           No
MIDVALE                                       No MI                              II                 First           No
ANDERSON                                      No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
HOLLYWOOD                                     No MI                              II                 First           No
BUCKEYE                                       No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
EASTON                                        No MI                              II                 First           No
SARASOTA                                      No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
LITHIA                                        No MI                              II                 First           No
FALLON                                        No MI                              II                 First           No
Louisville                                    No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
RIVIERA BEACH                                 No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
COATESVILLE                                   No MI                              II                 First           No
GREENFIELD                                    No MI                              II                 First           No
KNOXVILLE                                     No MI                              II                 First           No
SEVERN                                        No MI                              II                 First           No
CITRUS HEIGHTS                                No MI                              II                 First           No
BOWIE                                         No MI                              II                 First           No
BRONX                                         No MI                              II                 First           No
QUEEN CREEK                                   Radian Guaranty                    II                 First           No
BALTIMORE                                     No MI                              II                 First           No
JOHNSTON                                      No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
EDGEWATER                                     No MI                              II                 First           No
SILVER SPRING                                 Radian Guaranty                    II                 First           No
Provo                                         No MI                              II                 First           No
LACEY                                         No MI                              II                 First           No
roxboro                                       No MI                              II                 First           No
COCKEYSVILLE                                  No MI                              II                 First           No
GERMANTOWN                                    No MI                              II                 First           No
NEILTON                                       No MI                              II                 First           No
COLUMBIA                                      No MI                              II                 First           No
HAZEL CREST                                   No MI                              II                 First           No
SIMPSONVILLE                                  No MI                              II                 First           No
MAYWOOD                                       No MI                              II                 First           No
LAKE WORTH                                    No MI                              II                 First           No
SIMPSONVILLE                                  Triad Guaranty                     II                 First           No
OGDEN                                         No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
VERO BEACH                                    No MI                              II                 First           No
CASA GRANDE                                   No MI                              II                 First           No
DANA POINT                                    No MI                              II                 First           No
SILVER SPRING                                 No MI                              II                 First           No
LINDENHURST                                   No MI                              II                 First           No
TAYLOR                                        No MI                              II                 First           No
LOS ANGELES                                   No MI                              II                 First           No
MOUNT POCONO                                  No MI                              II                 First           No
WARWICK                                       No MI                              II                 First           No
METAMORA                                      No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
FRISCO                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
TRAVELERS REST                                No MI                              II                 First           No
ALSTEAD                                       No MI                              II                 First           No
SPRING BRANCH                                 No MI                              II                 First           No
Plainfield                                    No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
SPRING BRANCH                                 No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
COVINGTON                                     No MI                              II                 First           No
PUYALLUP                                      No MI                              II                 First           No
Apollo Beach                                  No MI                              II                 First           No
MORENO VALLEY                                 No MI                              II                 First           No
TREASURE ISLAND                               No MI                              II                 First           No
MERRITT ISLAND                                No MI                              II                 First           No
STERLING                                      No MI                              II                 First           No
BALTIMORE                                     No MI                              II                 First           No
Atlanta                                       No MI                              II                 First           No
DERWOOD                                       No MI                              II                 First           No
COOPER CITY                                   No MI                              II                 First           No
MIDLOTHIAN                                    No MI                              II                 First           No
WALTON                                        No MI                              II                 First           No
WEST PALM BEACH                               Mortgage Guaranty In               II                 First           No
JOLIET                                        No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
GAINESVILLE                                   No MI                              II                 First           No
BATON ROUGE                                   No MI                              II                 First           No
GREENVILLE                                    No MI                              II                 First           No
PHILADELPHIA                                  No MI                              II                 First           No
CHARDON                                       No MI                              II                 First           No
MESA                                          No MI                              II                 First           No
Billings                                      No MI                              II                 First           No
CINCINNATI                                    No MI                              II                 First           No
GIBSONTON                                     No MI                              II                 First           No
MOBILE                                        Mortgage Guaranty In               II                 First           No
WEST PALM BEACH                               Mortgage Guaranty In               II                 First           No
Fall River                                    No MI                              II                 First           No
TUCSON                                        No MI                              II                 First           No
RICHMOND                                      No MI                              II                 First           No
JACKSON                                       No MI                              II                 First           No
HEFLIN                                        Radian Guaranty                    II                 First           No
PHOENIX                                       No MI                              II                 First           No
PANAMA CITY BEACH                             No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
SPRINGFIELD                                   No MI                              II                 First           No
AMITYVILLE                                    No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
BELLINGHAM                                    No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
SARASOTA                                      No MI                              II                 First           No
COLUMBIA                                      No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
TRENTON                                       No MI                              II                 First           No
RAYTOWN                                       No MI                              II                 First           No
SYRACUSE                                      No MI                              II                 First           No
CHANTILLY                                     No MI                              II                 First           No
SAN CLEMENTE                                  No MI                              II                 First           No
PONTIAC                                       No MI                              II                 First           No
WESTFIELD                                     No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
BELTON                                        No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
SUPERIOR                                      No MI                              II                 First           No
LISLE                                         Mortgage Guaranty In               II                 First           No
REDFORD                                       No MI                              II                 First           No
Noblesville                                   No MI                              II                 First           No
Noblesville                                   No MI                              II                 First           No
Woodstock                                     No MI                              II                 First           No
SALT LAKE CITY                                No MI                              II                 First           No
MEMPHIS                                       Radian Guaranty                    II                 First           No
KANSAS CITY                                   GE Capital MI                      II                 First           No
Rio Rancho                                    No MI                              II                 First           No
SCOTTSDALE                                    No MI                              II                 First           No
HORN LAKE                                     No MI                              II                 First           No
Winston Salem                                 No MI                              II                 First           No
BALTIMORE                                     Radian Guaranty                    II                 First           No
COVINGTON                                     No MI                              II                 First           No
BATON ROUGE                                   No MI                              II                 First           No
PALM BEACH GARDENS                            No MI                              II                 First           No
CANTON                                        No MI                              II                 First           No
BATON ROUGE                                   No MI                              II                 First           No
OCALA                                         No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
KANSAS CITY                                   Republic MIC                       II                 First           No
KANSAS CITY                                   GE Capital MI                      II                 First           No
WINSTON SALEM                                 No MI                              II                 First           No
RAYTOWN                                       No MI                              II                 First           No
SAN BERNARDINO                                No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
DALLAS                                        No MI                              II                 First           No
Winston Salem                                 No MI                              II                 First           No
MEMPHIS                                       Radian Guaranty                    II                 First           No
Winston Salem                                 No MI                              II                 First           No
Winston Salem                                 No MI                              II                 First           No
GALVESTON                                     No MI                              II                 First           No
MEMPHIS                                       Radian Guaranty                    II                 First           No
MEMPHIS                                       Radian Guaranty                    II                 First           No
FALLS CHURCH                                  No MI                              II                 First           No
RICHMOND                                      No MI                              II                 First           No
SOUND BEACH                                   No MI                              II                 First           No
AUGUSTA                                       No MI                              II                 First           No
Trenton                                       No MI                              II                 First           No
TRENTON                                       No MI                              II                 First           No
KANNAPOLIS                                    No MI                              II                 First           No
TRENTON                                       No MI                              II                 First           No
OCOEE                                         No MI                              II                 First           No
Concord                                       No MI                              II                 First           No
Pompton Plains                                No MI                              II                 First           No
KNOXVILLE                                     No MI                              II                 First           No
COLUMBIA                                      No MI                              II                 First           No
SAN LEANDRO                                   No MI                              II                 First           No
TEMPE                                         No MI                              II                 First           No
ROCHESTER HILLS                               No MI                              II                 First           No
Bradenton Beach                               No MI                              II                 First           No
OAKLAND                                       No MI                              II                 First           No
ROSELLE                                       No MI                              II                 First           No
FLAT ROCK                                     No MI                              II                 First           No
MADRAS                                        No MI                              II                 First           No
KANSAS CITY                                   Radian Guaranty                    II                 First           No
MADRAS                                        No MI                              II                 First           No
ELK GROVE                                     No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
PORTSMOUTH                                    No MI                              II                 First           No
HIALEAH                                       No MI                              II                 First           No
MOLINE                                        No MI                              II                 First           No
MANCHESTER                                    No MI                              II                 First           No
ARVERNE                                       No MI                              II                 First           No
WOBURN                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
OCEANSIDE                                     No MI                              II                 First           No
SPRING                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
LAREDO                                        No MI                              II                 First           No
ROCKVALE                                      No MI                              II                 First           No
NORTH BELLMORE                                No MI                              II                 First           No
Los Angeles                                   No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
Acworth                                       No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
COACHELLA                                     No MI                              II                 First           No
Lumberton                                     Triad Guaranty                     II                 First           No
BILLINGS                                      No MI                              II                 First           No
SCHENECTADY                                   No MI                              II                 First           No
BILOXI                                        No MI                              II                 First           No
GULFPORT                                      No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
BALTIMORE                                     Mortgage Guaranty In               II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
WALDORF                                       No MI                              II                 First           No
ROUND LAKE                                    No MI                              II                 First           No
Decatur                                       No MI                              II                 First           No
DES PLAINES                                   No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
PIEDMONT                                      No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
CRANSTON                                      No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
Atlanta                                       No MI                              II                 First           No
EASTPOINTE                                    No MI                              II                 First           No
LITTLE ROCK                                   No MI                              II                 First           No
MILFORD                                       No MI                              II                 First           No
SURPRISE                                      No MI                              II                 First           No
ROEBUCK                                       No MI                              II                 First           No
SEVIERVILLE                                   No MI                              II                 First           No
NEW HAVEN                                     No MI                              II                 First           No
GATLINBURG                                    No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
SOUTHFIELD                                    No MI                              II                 First           No
LINCOLNWOOD                                   No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
DOVER                                         No MI                              II                 First           No
Buckeye                                       No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
MESA                                          No MI                              II                 First           No
Everett                                       No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
Atlanta                                       No MI                              II                 First           No
Chickamauga                                   No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
North Bethesda                                No MI                              II                 First           No
BRENTWOOD                                     No MI                              II                 First           No
Glendale                                      No MI                              II                 First           No
PEMBROKE                                      No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
MIAMI BEACH                                   No MI                              II                 First           No
JERSEY CITY                                   No MI                              II                 First           No
SIOUX FALLS                                   No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
AURORA                                        Mortgage Guaranty In               II                 First           No
Corrales                                      No MI                              II                 First           No
BOLINGBROOK                                   No MI                              II                 First           No
SPARTANBURG                                   Radian Guaranty                    II                 First           No
NEW YORK                                      No MI                              II                 First           No
DOUGLASSVILLE                                 No MI                              II                 First           No
Albuquerque                                   No MI                              II                 First           No
HILTON HEAD ISLAND                            No MI                              II                 First           No
ASTORIA                                       No MI                              II                 First           No
WHEATON                                       No MI                              II                 First           No
PLATTSBURG                                    No MI                              II                 First           No
FORT ATKINSON                                 No MI                              II                 First           No
MIDDLETOWN                                    No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
FORT LAUDERDALE                               No MI                              II                 First           No
FALLS CHURCH                                  No MI                              II                 First           No
OXNARD                                        No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
CHESTER                                       No MI                              II                 First           No
NORFOLK                                       No MI                              II                 First           No
SANDPOINT                                     No MI                              II                 First           No
PARADISE                                      No MI                              II                 First           No
CAPE CORAL                                    Triad Guaranty                     II                 First           No
SEDONA                                        No MI                              II                 First           No
PAWLEYS ISLAND                                No MI                              II                 First           No
COUNTRY CLUB HILLS                            No MI                              II                 First           No
Passaic                                       No MI                              II                 First           No
Franklin                                      No MI                              II                 First           No
SAN ANTONIO                                   Mortgage Guaranty In               II                 First           No
BRIDGEPORT                                    No MI                              II                 First           No
SANDY                                         No MI                              II                 First           No
SURPRISE                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
LAKE FOREST                                   No MI                              II                 First           No
FARMINGVILLE                                  No MI                              II                 First           No
PALM BAY                                      No MI                              II                 First           No
BIRMINGHAM                                    No MI                              II                 First           No
WALDORF                                       No MI                              II                 First           No
West New York                                 No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
CONWAY                                        No MI                              II                 First           No
HUNTLEY                                       No MI                              II                 First           No
INDIO                                         No MI                              II                 First           No
WESTWOOD                                      No MI                              II                 First           No
TEHACHAI                                      No MI                              II                 First           No
CLEVELAND                                     No MI                              II                 First           No
BAKERSFIELD                                   No MI                              II                 First           No
SWANSEA                                       Radian Guaranty                    II                 First           No
SCOTTSDALE                                    No MI                              II                 First           No
BUCKEYE                                       Triad Guaranty                     II                 First           No
WILLOWBROOK                                   No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
FOREST GROVE                                  No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
RIDGELY                                       No MI                              II                 First           No
CEDAR POINT                                   No MI                              II                 First           No
FREDERICKSBURG                                No MI                              II                 First           No
BALTIMORE                                     Radian Guaranty                    II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
PEORIA                                        No MI                              II                 First           No
Ahoskie                                       No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
Evansville                                    No MI                              II                 First           No
BRYANS ROAD                                   No MI                              II                 First           No
WALDORF                                       No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
LORTON                                        No MI                              II                 First           No
SALISBURY                                     No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
Trenton                                       No MI                              II                 First           No
REDMOND                                       No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
TOLEDO                                        No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
RICHMOND                                      No MI                              II                 First           No
ISLE OF PALMS                                 No MI                              II                 First           No
CENTEREACH                                    No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
LANCASTER                                     No MI                              II                 First           No
NORTH LAS VEGAS                               No MI                              II                 First           No
Woodstock                                     No MI                              II                 First           No
LONG BEACH                                    No MI                              II                 First           No
EVANSTON                                      No MI                              II                 First           No
PEYTON                                        No MI                              II                 First           No
Marietta                                      GE Capital MI                      II                 First           No
EVANSTON                                      No MI                              II                 First           No
INDIANAPOLIS                                  No MI                              II                 First           No
Sunbury                                       No MI                              II                 First           No
Rome                                          No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
EVANSTON                                      No MI                              II                 First           No
AMSTERDAM                                     No MI                              II                 First           No
MIAMI                                         No MI                              II                 First           No
EL PASO                                       No MI                              II                 First           No
FALLS CHURCH                                  No MI                              II                 First           No
TYLER                                         No MI                              II                 First           No
LADYS ISLAND                                  No MI                              II                 First           No
JAMAICA                                       No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
Fort Wayne                                    No MI                              II                 First           No
BALTIMORE                                     No MI                              II                 First           No
PALM COAST                                    No MI                              II                 First           No
Hillsborough                                  No MI                              II                 First           No
ALEXANDRIA                                    No MI                              II                 First           No
CRYSTAL SPRINGS                               No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
VIRGINIA BEACH                                No MI                              II                 First           No
PORT JEFFERSON STATION                        No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
BAYONNE                                       No MI                              II                 First           No
WELLINGTON                                    No MI                              II                 First           No
AKRON                                         No MI                              II                 First           No
MARYVILLE                                     No MI                              II                 First           No
WARRENTON                                     No MI                              II                 First           No
OGDEN                                         No MI                              II                 First           No
EL PASO                                       No MI                              II                 First           No
SOUTH PADRE ISLAND                            No MI                              II                 First           No
FARMINGTON                                    No MI                              II                 First           No
FARMINGTON                                    No MI                              II                 First           No
GRANDVILLE                                    No MI                              II                 First           No
BAY SHORE                                     No MI                              II                 First           No
BURNSVILLE                                    No MI                              II                 First           No
Evansville                                    No MI                              II                 First           No
KIRKLAND                                      No MI                              II                 First           No
DUNELLEN                                      No MI                              II                 First           No
HOLLYWOOD                                     No MI                              II                 First           No
Tigard                                        No MI                              II                 First           No
PORT SAINT LUCIE                              Triad Guaranty                     II                 First           No
PALISADES                                     No MI                              II                 First           No
MERCED                                        No MI                              II                 First           No
SAINT ALBANS                                  No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
EL MONTE                                      No MI                              II                 First           No
SIDNEY                                        Mortgage Guaranty In               II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
BRIDGEPORT                                    No MI                              II                 First           No
LAWRENCEVILLE                                 No MI                              II                 First           No
WATERFORD                                     No MI                              II                 First           No
MONROE                                        No MI                              II                 First           No
Atlantic Beach                                No MI                              II                 First           No
Kalamazoo                                     No MI                              II                 First           No
WINCHESTER                                    No MI                              II                 First           No
SPOKANE                                       No MI                              II                 First           No
West Sacramento                               No MI                              II                 First           No
FORT WORTH                                    No MI                              II                 First           No
SUNRISE                                       No MI                              II                 First           No
MARYSVILLE                                    No MI                              II                 First           No
CONCORD                                       No MI                              II                 First           No
SIOUX FALLS                                   No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
NEWBERG                                       No MI                              II                 First           No
BELLEROSE                                     No MI                              II                 First           No
Paterson                                      No MI                              II                 First           No
LEWES                                         No MI                              II                 First           No
Boston                                        No MI                              II                 First           No
BOOTHWYN                                      No MI                              II                 First           No
TUCSON                                        No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
CHARLOTTE                                     No MI                              II                 First           No
WHEATON                                       No MI                              II                 First           No
FORT MYERS                                    No MI                              II                 First           No
TINLEY PARK                                   No MI                              II                 First           No
GRANTS PASS                                   No MI                              II                 First           No
RIGBY                                         No MI                              II                 First           No
STREAMWOOD                                    No MI                              II                 First           No
MILTON                                        No MI                              II                 First           No
Toms River                                    No MI                              II                 First           No
SAINT GEORGE                                  No MI                              II                 First           No
PATASKALA                                     No MI                              II                 First           No
LOVELAND                                      No MI                              II                 First           No
Boston                                        No MI                              II                 First           No
VIRGINIA BEACH                                No MI                              II                 First           No
APPLE VALLEY                                  No MI                              II                 First           No
BOYNTON BEACH                                 No MI                              II                 First           No
PONTIAC                                       No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
NEWBURGH                                      No MI                              II                 First           No
Mcdonough                                     Triad Guaranty                     II                 First           No
Boston                                        No MI                              II                 First           No
CONWAY                                        No MI                              II                 First           No
Durham                                        No MI                              II                 First           No
FORT MYERS                                    No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
SURPRISE                                      No MI                              II                 First           No
LEES SUMMIT                                   Republic MIC                       II                 First           No
AVONDALE                                      No MI                              II                 First           No
LITHIA                                        No MI                              II                 First           No
SURPRISE                                      Radian Guaranty                    II                 First           No
FAIRVIEW                                      No MI                              II                 First           No
SHOW LOW                                      No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
OKLAHOMA CITY                                 Mortgage Guaranty In               II                 First           No
CLEVELAND                                     No MI                              II                 First           No
ALAMEDA                                       No MI                              II                 First           No
ORMOND BEACH                                  No MI                              II                 First           No
EWING                                         No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
FORT PIERCE                                   No MI                              II                 First           No
RICHMOND                                      No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
INDEPENDENCE                                  No MI                              II                 First           No
LARGO                                         No MI                              II                 First           No
SURPRISE                                      No MI                              II                 First           No
HANFORD                                       No MI                              II                 First           No
BRONX                                         No MI                              II                 First           No
BRANSON                                       No MI                              II                 First           No
ASHBURN                                       No MI                              II                 First           No
Belmont                                       No MI                              II                 First           No
LYNCHBURG                                     No MI                              II                 First           No
LYNCHBURG                                     No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
HARLINGEN                                     No MI                              II                 First           No
LAWSON                                        Mortgage Guaranty In               II                 First           No
EAST DURHAM                                   No MI                              II                 First           No
STOCKTON                                      No MI                              II                 First           No
ODENTON                                       No MI                              II                 First           No
WOODSIDE                                      No MI                              II                 First           No
CANTON                                        No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
Camden                                        No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
NORTH MIAMI                                   No MI                              II                 First           No
VIRGINIA BEACH                                No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
AKRON                                         No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
Belton                                        No MI                              II                 First           No
TOPEKA                                        No MI                              II                 First           No
GREENVILLE                                    No MI                              II                 First           No
VIENNA                                        No MI                              II                 First           No
OZONE PARK                                    No MI                              II                 First           No
AURORA                                        No MI                              II                 First           No
GOODLETTSVILLE                                No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
APPLE VALLEY                                  No MI                              II                 First           No
Irvington                                     No MI                              II                 First           No
MURRIETA                                      No MI                              II                 First           No
HENDERSON                                     No MI                              II                 First           No
ZEPHYRHILLS                                   No MI                              II                 First           No
MERIDEN                                       No MI                              II                 First           No
PHILADELPHIA                                  No MI                              II                 First           No
SANTA ROSA                                    No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
GLENDALE                                      No MI                              II                 First           No
UPPER MARLBORO                                No MI                              II                 First           No
RESTON                                        No MI                              II                 First           No
East Boston                                   No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
AURORA                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
Cottonwood                                    No MI                              II                 First           No
HOMESTEAD                                     No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
HILLSBORO                                     No MI                              II                 First           No
LAKE OSWEGO                                   No MI                              II                 First           No
NEW LONDON                                    No MI                              II                 First           No
GRANTS PASS                                   No MI                              II                 First           No
WARREN                                        No MI                              II                 First           No
AIKEN                                         No MI                              II                 First           No
BUFFALO                                       No MI                              II                 First           No
CLERMONT                                      Mortgage Guaranty In               II                 First           No
Louisville                                    No MI                              II                 First           No
NEWPORT NEWS                                  No MI                              II                 First           No
LOS ANGELES                                   No MI                              II                 First           No
MIAMI                                         No MI                              II                 First           No
HOFFMAN ESTATES                               No MI                              II                 First           No
NAMPA                                         No MI                              II                 First           No
POWDER SPRINGS                                No MI                              II                 First           No
Alpharetta                                    No MI                              II                 First           No
DETROIT                                       Mortgage Guaranty In               II                 First           No
JACKSONVILLE BEACH                            No MI                              II                 First           No
ANGOLA                                        No MI                              II                 First           No
BOILING SPRINGS                               No MI                              II                 First           No
Apopka                                        No MI                              II                 First           No
BRONX                                         No MI                              II                 First           No
SPOKANE                                       No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
TYLER                                         No MI                              II                 First           No
PHILADELPHIA                                  No MI                              II                 First           No
Alpharetta                                    No MI                              II                 First           No
TOPEKA                                        No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
TOPEKA                                        No MI                              II                 First           No
TOPEKA                                        No MI                              II                 First           No
E FALLOWFIELD                                 Triad Guaranty                     II                 First           No
MESA                                          No MI                              II                 First           No
GREENVILLE                                    No MI                              II                 First           No
RENTON                                        No MI                              II                 First           No
LANSING                                       No MI                              II                 First           No
EL PASO                                       No MI                              II                 First           No
Raleigh                                       No MI                              II                 First           No
BIRMINGHAM                                    No MI                              II                 First           No
BARTOW                                        No MI                              II                 First           No
OKLAHOMA CITY                                 No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
ORMOND BEACH                                  No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
HOLLYWOOD                                     No MI                              II                 First           No
NORTH CHARLESTON                              No MI                              II                 First           No
VANCOUVER                                     No MI                              II                 First           No
AVONDALE                                      PMI                                II                 First           No
JACKSONVILLE                                  Radian Guaranty                    II                 First           No
SEGUIN                                        No MI                              II                 First           No
SOUTHFIELD                                    No MI                              II                 First           No
KENT                                          No MI                              II                 First           No
ROWESVILLE                                    No MI                              II                 First           No
MASPETH                                       No MI                              II                 First           No
Mutttontown                                   No MI                              II                 First           No
GLEN OAKS                                     No MI                              II                 First           No
DARLINGTON                                    No MI                              II                 First           No
NORTH HOLLYWOOD                               No MI                              II                 First           No
NEW DURHAM                                    No MI                              II                 First           No
RANCHO PALOS VERDES                           No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
PORT SAINT LUCIE                              No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
NORTH CHARLESTON                              No MI                              II                 First           No
FOUNTAIN                                      No MI                              II                 First           No
BALTIMORE                                     No MI                              II                 First           No
LAWRENCEVILLE                                 No MI                              II                 First           No
HOMESTEAD                                     No MI                              II                 First           No
LA VERGNE                                     No MI                              II                 First           No
NORTH LAS VEGAS                               No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
ATLANTA                                       No MI                              II                 First           No
Cumming                                       No MI                              II                 First           No
HILLSBORO                                     No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
Wilmington                                    No MI                              II                 First           No
Las Cruces                                    No MI                              II                 First           No
VISALIA                                       No MI                              II                 First           No
SCAPPOOSE                                     No MI                              II                 First           No
SALEM                                         No MI                              II                 First           No
Santa Maria                                   No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
OZARK                                         No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
SCOTTSDALE                                    No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
ELMHURST                                      No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
CALDWELL                                      No MI                              II                 First           No
Powder Springs                                No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
GLENDALE                                      No MI                              II                 First           No
MODESTO                                       No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
WALDORF                                       No MI                              II                 First           No
LISLE                                         No MI                              II                 First           No
SALEM                                         No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
SPOKANE                                       No MI                              II                 First           No
RIDGE                                         No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
WAKE FOREST                                   No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
REDMOND                                       No MI                              II                 First           No
MINNEAPOLIS                                   No MI                              II                 First           No
SPRING CITY                                   No MI                              II                 First           No
PINE BLUFFS                                   No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
GIBSONTON                                     No MI                              II                 First           No
CHEYENNE                                      No MI                              II                 First           No
ANNAPOLIS                                     No MI                              II                 First           No
SEAFORD                                       No MI                              II                 First           No
ESSEX                                         No MI                              II                 First           No
DES MOINES                                    No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
Scottsdale                                    No MI                              II                 First           No
MARYSVILLE                                    No MI                              II                 First           No
FORT LAUDERDALE                               No MI                              II                 First           No
LIBERTY LAKE                                  No MI                              II                 First           No
Raleigh                                       Triad Guaranty                     II                 First           No
SILVER SPRING                                 No MI                              II                 First           No
MIRA LOMA                                     No MI                              II                 First           No
KATONAH                                       No MI                              II                 First           No
Cary                                          No MI                              II                 First           No
EVERETT                                       No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
WOODBRIDGE                                    No MI                              II                 First           No
CAPE CORAL                                    No MI                              II                 First           No
Atlanta                                       No MI                              II                 First           No
RENO                                          No MI                              I                  First           No
RANDALLSTOWN                                  No MI                              I                  First           No
PERINTON                                      GE Capital MI                      I                  First           No
FRAMINGHAM                                    No MI                              I                  First           No
Vienna                                        No MI                              I                  First           No
Phippsburg                                    No MI                              I                  First           No
Detroit                                       No MI                              I                  First           No
Detroit                                       Mortgage Guaranty In               I                  First           No
Washington                                    No MI                              I                  First           No
Fort Washington                               No MI                              I                  First           No
Clermont                                      No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Fort Washington                               No MI                              I                  First           No
Sterling                                      No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
Suisun City                                   No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Woodbridge                                    No MI                              I                  First           No
Centreville                                   No MI                              I                  First           No
Fairfax                                       No MI                              I                  First           No
Culpeper                                      No MI                              I                  First           No
Fredericksburg                                No MI                              I                  First           No
Hamilton                                      No MI                              I                  First           No
Fredericksburg                                No MI                              I                  First           No
Cooksville                                    No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Winston Salem                                 No MI                              I                  First           No
Temple Hills                                  No MI                              I                  First           No
Germantown                                    No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Richmond                                      No MI                              I                  First           No
Alexandria                                    No MI                              I                  First           No
Clinton                                       No MI                              I                  First           No
Upper Marlboro                                No MI                              I                  First           No
Gaithersburg                                  No MI                              I                  First           No
Arlington                                     No MI                              I                  First           No
Beltsville                                    No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Woodbridge                                    No MI                              I                  First           No
Capitol Heights                               No MI                              I                  First           No
Culpeper                                      No MI                              I                  First           No
Alexandria                                    No MI                              I                  First           No
Woodbridge                                    No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Takoma Park                                   No MI                              I                  First           No
Woodbridge                                    No MI                              I                  First           No
Leesburg                                      No MI                              I                  First           No
Aldie                                         No MI                              I                  First           No
TAMARAC                                       No MI                              I                  First           No
Reston                                        No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Woodbridge                                    No MI                              I                  First           No
Falls Church                                  No MI                              I                  First           No
Baltimore                                     No MI                              I                  First           No
PORT REPUBLIC                                 No MI                              I                  First           No
STREAMWOOD                                    No MI                              I                  First           No
LOUISVILLE                                    No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           Yes
Fargo                                         No MI                              I                  First           No
BEALETON                                      No MI                              I                  First           No
COLUMBIA                                      No MI                              I                  First           No
DOVER                                         No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
CARENCRO                                      No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
WALDORF                                       No MI                              I                  First           No
ARLINGTON                                     No MI                              I                  First           No
Pasadena                                      No MI                              I                  First           No
ARLINGTON                                     No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
ARLINGTON                                     No MI                              I                  First           No
DAVIDSONVILLE                                 No MI                              I                  First           No
NEW CASTLE                                    No MI                              I                  First           No
YORK                                          No MI                              I                  First           No
VIRGINIA BEACH                                No MI                              I                  First           No
RICHMOND                                      No MI                              I                  First           No
CUMBERLAND                                    No MI                              I                  First           No
POTTSTOWN                                     No MI                              I                  First           No
POTTSTOWN                                     No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
Baltimore                                     No MI                              I                  First           No
SOUDERTON                                     No MI                              I                  First           No
Grant                                         No MI                              I                  First           No
MIAMI                                         No MI                              I                  First           No
ELMA                                          No MI                              I                  First           No
TAMPA                                         No MI                              I                  First           No
Romulus                                       No MI                              I                  First           No
Lakeland                                      No MI                              I                  First           No
West Palm Beach                               No MI                              I                  First           No
UPPER MARLBORO                                No MI                              I                  First           No
Albertson                                     No MI                              I                  First           No
Brooklyn                                      No MI                              I                  First           No
Wyandanch                                     No MI                              I                  First           No
ALTURA                                        No MI                              I                  First           No
Alexandria                                    No MI                              I                  First           No
APACHE JUNCTION                               No MI                              I                  First           No
MOUNT LAUREL TOWNSHIP                         No MI                              I                  First           No
IRVINGTON TOWNSHIP                            No MI                              I                  First           No
NEW BRUNSWICK                                 No MI                              I                  First           No
PATERSON                                      No MI                              I                  First           No
BAYONNE                                       No MI                              I                  First           No
Trenton                                       No MI                              I                  First           No
WOODBRIDGE                                    No MI                              I                  First           No
MT OLIVE TOWNSHIP                             No MI                              I                  First           No
TRENTON                                       No MI                              I                  First           No
JERSEY CITY                                   No MI                              I                  First           No
NORTH BERGEN TWP                              No MI                              I                  First           No
PASSAIC                                       No MI                              I                  First           No
EAST ORANGE                                   No MI                              I                  First           No
EAST ORANGE                                   No MI                              I                  First           No
JERSEY CITY                                   No MI                              I                  First           No
MENDHAM TOWNSHIP                              No MI                              I                  First           No
Miami                                         No MI                              I                  First           No
Hialeah                                       No MI                              I                  First           No
Hillsborough                                  No MI                              I                  First           No
Maurice River Township                        No MI                              I                  First           No
Elizabeth                                     No MI                              I                  First           No
Newark                                        No MI                              I                  First           No
Fitchburg                                     No MI                              I                  First           No
Lawrence                                      No MI                              I                  First           No
Orange                                        No MI                              I                  First           No
Newark                                        No MI                              I                  First           No
Jersey City                                   No MI                              I                  First           No
Lynn                                          No MI                              I                  First           No
Antioch                                       No MI                              I                  First           No
New Port Richey                               No MI                              I                  First           No
Mobile                                        No MI                              I                  First           No
Nashville                                     No MI                              I                  First           No
Dunedin                                       No MI                              I                  First           No
Seminole                                      No MI                              I                  First           No
Largo                                         No MI                              I                  First           No
Mandeville                                    No MI                              I                  First           No
Dunedin                                       No MI                              I                  First           No
Clearwater                                    No MI                              I                  First           No
Ocala                                         No MI                              I                  First           No
Clearwater                                    No MI                              I                  First           No
Chattanooga                                   Republic MIC                       I                  First           No
Hendersonville                                No MI                              I                  First           No
Iuka                                          No MI                              I                  First           No
Auburn                                        No MI                              I                  First           No
Cape Coral                                    No MI                              I                  First           No
Jackson                                       No MI                              I                  First           No
Celebration                                   No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Gulf Breeze                                   No MI                              I                  First           No
Nashville                                     No MI                              I                  First           No
Birmingham                                    No MI                              I                  First           No
JONESBORO                                     No MI                              I                  First           No
LITHONIA                                      No MI                              I                  First           No
Cincinnati                                    No MI                              I                  First           No
LAKE ALFRED                                   No MI                              I                  First           No
MIAMI                                         No MI                              I                  First           No
Cincinnati                                    No MI                              I                  First           No
MARIETTA                                      No MI                              I                  First           No
Kennesaw                                      No MI                              I                  First           No
BLUE RIDGE                                    No MI                              I                  First           No
HIGH POINT                                    No MI                              I                  First           No
ATLANTA                                       No MI                              I                  First           No
Cincinnati                                    Radian Guaranty                    I                  First           No
Port Chester                                  No MI                              I                  First           No
Bayside                                       No MI                              I                  First           No
Fresh Meadows                                 No MI                              I                  First           No
Philadelphia                                  GE Capital MI                      I                  First           No
Westampton                                    No MI                              I                  First           No
Philadelphia                                  No MI                              I                  First           No
Northfield                                    No MI                              I                  First           No
Woodbury                                      No MI                              I                  First           No
Ocean City                                    No MI                              I                  First           No
BROOKLYN                                      Radian Guaranty                    I                  First           No
Brooklyn                                      No MI                              I                  First           No
College Point                                 No MI                              I                  First           No
Laurel                                        Radian Guaranty                    I                  First           No
Chicago                                       No MI                              I                  First           No
JERSEY CITY                                   No MI                              I                  First           No
NOGALES                                       No MI                              I                  First           No
PLACENTIA                                     No MI                              I                  First           No
SURPRISE                                      No MI                              I                  First           No
UPLAND                                        No MI                              I                  First           No
CHINO                                         No MI                              I                  First           No
PLACENTIA                                     No MI                              I                  First           No
EL CENTRO                                     No MI                              I                  First           No
YUMA                                          No MI                              I                  First           No
Laredo                                        No MI                              I                  First           No
GREELEY                                       No MI                              I                  First           No
GREELEY                                       No MI                              I                  First           No
GREELEY                                       No MI                              I                  First           No
PALM SPRINGS                                  No MI                              I                  First           No
Rio Rico                                      No MI                              I                  First           No
Richardson                                    No MI                              I                  First           No
Chicago                                       No MI                              I                  First           No
Minneapolis                                   No MI                              I                  First           No
Chicago                                       No MI                              I                  First           No
Little Rock                                   No MI                              I                  First           No
Murphy                                        No MI                              I                  First           No
Brighton                                      No MI                              I                  First           No
KINGSVILLE                                    No MI                              I                  First           No
Chicago                                       No MI                              I                  First           No
Florissant                                    No MI                              I                  First           No
Atlanta                                       No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Ellijay                                       No MI                              I                  First           No
Tampa                                         No MI                              I                  First           No
New River                                     No MI                              I                  First           No
Millington                                    No MI                              I                  First           No
Savannah                                      No MI                              I                  First           No
Arvada                                        No MI                              I                  First           No
Davie Beach                                   No MI                              I                  First           No
York                                          No MI                              I                  First           No
Granbury                                      No MI                              I                  First           No
Chicago                                       No MI                              I                  First           No
WASHINGTON                                    No MI                              I                  First           No
ELLICOTT CITY                                 No MI                              I                  First           No
FORKED RIVER                                  No MI                              I                  First           No
EASTON                                        No MI                              I                  First           No
LAREDO                                        No MI                              I                  First           No
MESA                                          No MI                              I                  First           No
LANHAM                                        No MI                              I                  First           No
MISSION                                       No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
BELLEVUE                                      No MI                              I                  First           No
ORANGE                                        No MI                              I                  First           No
MCALLEN                                       No MI                              I                  First           No
HIGLEY                                        No MI                              I                  First           No
SEVERNA PARK                                  No MI                              I                  First           No
SUN CITY WEST                                 No MI                              I                  First           No
WESLACO                                       No MI                              I                  First           No
CEDAR PARK                                    No MI                              I                  First           No
DECATUR                                       No MI                              I                  First           No
FORT WORTH                                    No MI                              I                  First           No
LEESBURG                                      No MI                              I                  First           No
DAVENPORT                                     No MI                              I                  First           No
GREAT FALLS                                   No MI                              I                  First           No
SILVER SPRING                                 No MI                              I                  First           No
ATHENS                                        No MI                              I                  First           No
SILVER SPRING                                 No MI                              I                  First           No
MIDDLETOWN                                    No MI                              I                  First           No
CAPITOL HEIGHTS                               No MI                              I                  First           No
MESA                                          No MI                              I                  First           No
ROUND ROCK                                    No MI                              I                  First           No
MCALLEN                                       No MI                              I                  First           No
CEDAR PARK                                    No MI                              I                  First           No
GILBERT                                       No MI                              I                  First           No
MESA                                          No MI                              I                  First           No
CLAREMONT                                     No MI                              I                  First           No
ORANGE                                        No MI                              I                  First           No
CHANDLER                                      No MI                              I                  First           No
SAN FRANCISCO                                 No MI                              I                  First           No
KELLER                                        No MI                              I                  First           No
MISSION                                       No MI                              I                  First           No
SANTA ANA                                     No MI                              I                  First           No
SAN ANTONIO                                   No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
GREAT FALLS                                   No MI                              I                  First           No
TOMS RIVER                                    No MI                              I                  First           No
SPRING LAKE                                   No MI                              I                  First           No
HOLLYWOOD                                     No MI                              I                  First           No
HILLSDALE                                     No MI                              I                  First           No
MINNEAPOLIS                                   No MI                              I                  First           No
BROWNSVILLE                                   No MI                              I                  First           No
MINNEAPOLIS                                   No MI                              I                  First           No
LAREDO                                        No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
BIG BEAR LAKE                                 No MI                              I                  First           No
YONKERS                                       No MI                              I                  First           No
WASHINGTON                                    No MI                              I                  First           No
TOTOWA                                        No MI                              I                  First           No
BELLINGHAM                                    No MI                              I                  First           No
RICHMOND                                      No MI                              I                  First           No
TAKOMA PARK                                   No MI                              I                  First           No
CORONA                                        No MI                              I                  First           No
WESLACO                                       No MI                              I                  First           No
MCALLEN                                       No MI                              I                  First           No
ARIZONA CITY                                  No MI                              I                  First           No
WASHINGTON                                    No MI                              I                  First           No
MESA                                          No MI                              I                  First           No
REMINGTON                                     No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
Encino                                        No MI                              I                  First           No
San Antonio                                   No MI                              I                  First           No
OAK POINT                                     No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
OAK POINT                                     No MI                              I                  First           No
Bethlehem                                     No MI                              I                  First           No
Stockbridge                                   No MI                              I                  First           No
Frisco                                        No MI                              I                  First           No
Bryan                                         No MI                              I                  First           No
Ellenwood                                     No MI                              I                  First           No
Loris                                         No MI                              I                  First           No
Round Rock                                    PMI                                I                  First           No
Plano                                         No MI                              I                  First           No
Stockbridge                                   No MI                              I                  First           No
Rockport                                      No MI                              I                  First           No
Hapeville                                     No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
Prescott                                      No MI                              I                  First           No
Lincoln                                       No MI                              I                  First           No
Pflugerville                                  No MI                              I                  First           No
FT WORTH                                      No MI                              I                  First           No
Dacula                                        No MI                              I                  First           No
Aubrey                                        No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Mckinney                                      No MI                              I                  First           No
Mesquite                                      No MI                              I                  First           No
Midway City                                   No MI                              I                  First           No
Mcdonough                                     No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Grand Prairie                                 United Guaranty                    I                  First           No
Houston                                       No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
Vista                                         No MI                              I                  First           No
Marietta                                      No MI                              I                  First           No
FATE                                          No MI                              I                  First           No
Lewisville                                    No MI                              I                  First           No
Abingdon                                      No MI                              I                  First           No
Valdosta                                      No MI                              I                  First           No
Mcallen                                       PMI                                I                  First           No
Albuquerque                                   No MI                              I                  First           No
Riverdale                                     No MI                              I                  First           No
San Antonio                                   No MI                              I                  First           No
Douglasville                                  No MI                              I                  First           No
Deer Park                                     No MI                              I                  First           No
Myrtle Beach                                  No MI                              I                  First           No
Valdosta                                      No MI                              I                  First           No
Spring                                        No MI                              I                  First           No
Forney                                        No MI                              I                  First           No
Forney                                        No MI                              I                  First           No
DENTON                                        No MI                              I                  First           No
Mesquite                                      No MI                              I                  First           No
Irving                                        No MI                              I                  First           No
Eden Prairie                                  No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
Stockbridge                                   No MI                              I                  First           No
OAK POINT                                     No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
Jefferson                                     No MI                              I                  First           No
Arlington                                     No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
OAK POINT                                     No MI                              I                  First           No
Farmers Branch                                No MI                              I                  First           No
Albuquerque                                   GE Capital MI                      I                  First           No
Oklahoma City                                 No MI                              I                  First           No
Honolulu                                      No MI                              I                  First           No
Las Vegas                                     No MI                              I                  First           No
Pasadena                                      No MI                              I                  First           No
ANTIOCH                                       No MI                              I                  First           No
SAN MARCOS                                    No MI                              I                  First           No
COEUR D ALENE                                 No MI                              I                  First           No
DUARTE                                        No MI                              I                  First           No
SPOKANE                                       No MI                              I                  First           No
CARMEL VALLEY                                 No MI                              I                  First           No
Muldrow                                       No MI                              I                  First           No
Carrollton                                    No MI                              I                  First           No
ALPINE FOREST                                 No MI                              I                  First           No
CERES                                         No MI                              I                  First           No
Indianapolis                                  No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
CAMPBELL                                      No MI                              I                  First           No
INDIANAPOLIS                                  Republic MIC                       I                  First           No
COSHOCTON                                     No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
INDIANAPOLIS                                  No MI                              I                  First           No
LOUISVILLE                                    No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
Aurora                                        No MI                              I                  First           No
Milwaukee                                     No MI                              I                  First           No
Cape Coral                                    No MI                              I                  First           No
Keystone                                      No MI                              I                  First           No
Kenosha                                       No MI                              I                  First           No
Milwaukee                                     No MI                              I                  First           No
Thorton                                       No MI                              I                  First           No
Coral Gables                                  No MI                              I                  First           No
Ashburn                                       Mortgage Guaranty In               I                  First           No
Shelter Island                                No MI                              I                  First           No
Alexandria                                    No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Silver Spring                                 Mortgage Guaranty In               I                  First           No
Alexandria                                    Mortgage Guaranty In               I                  First           No
Alexandria                                    PMI                                I                  First           No
Falls Church                                  No MI                              I                  First           No
Cape Coral                                    No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
Manassas                                      Mortgage Guaranty In               I                  First           No
CLEVELAND                                     No MI                              I                  First           No
KAILUA                                        No MI                              I                  First           No
PINEVILLE                                     No MI                              I                  First           No
Honolulu                                      No MI                              I                  First           Yes
PLEASANT HILL                                 No MI                              I                  First           No
HENDERSON                                     No MI                              I                  First           No
Chapin                                        No MI                              I                  First           No
Elberton                                      No MI                              I                  First           No
Ventura                                       No MI                              I                  First           No
Gilbert                                       No MI                              I                  First           No
Mesa                                          No MI                              I                  First           No
Tucson                                        No MI                              I                  First           No
Sun City                                      No MI                              I                  First           No
Myrtle                                        Radian Guaranty                    I                  First           No
Scottsdale                                    No MI                              I                  First           No
Tempe                                         No MI                              I                  First           No
Olathe                                        No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Tucson                                        No MI                              I                  First           No
Paradise Valley                               No MI                              I                  First           No
Cottonwood                                    No MI                              I                  First           No
Kansas City                                   No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Kansas City                                   No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Apache Junction                               No MI                              I                  First           No
Yuma                                          No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
WEST FARGO                                    No MI                              I                  First           No
SPRING                                        No MI                              I                  First           No
HOUSTON                                       No MI                              I                  First           No
SPRING                                        No MI                              I                  First           No
SAN ANTONIO                                   No MI                              I                  First           No
HOUSTON                                       No MI                              I                  First           No
GROSSE POINTE FARMS                           No MI                              I                  First           No
SPRING                                        No MI                              I                  First           No
Palm Bay                                      No MI                              I                  First           No
Titusville                                    No MI                              I                  First           No
palmbay                                       No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Hiram                                         No MI                              I                  First           No
Cincinnati                                    No MI                              I                  First           No
West Springfield                              No MI                              I                  First           No
Columbus                                      No MI                              I                  First           No
Acosta                                        No MI                              I                  First           No
Newark                                        No MI                              I                  First           No
Fredericktown                                 No MI                              I                  First           No
Pittsburgh                                    No MI                              I                  First           No
Columbus                                      No MI                              I                  First           No
Pennsburg                                     No MI                              I                  First           No
Fredericktown                                 No MI                              I                  First           No
Harrisburg                                    No MI                              I                  First           No
Union                                         No MI                              I                  First           No
BETHEL                                        No MI                              I                  First           No
Westbury                                      No MI                              I                  First           No
Bay Shore                                     No MI                              I                  First           No
WATERTOWN                                     No MI                              I                  First           No
Freeport                                      No MI                              I                  First           No
Elmont                                        No MI                              I                  First           No
Fort Worth                                    No MI                              I                  First           No
Denton                                        No MI                              I                  First           No
Kellyville                                    No MI                              I                  First           No
Lithia                                        No MI                              I                  First           No
CLAYTON                                       No MI                              I                  First           No
BETHESDA                                      No MI                              I                  First           No
Jessup                                        No MI                              I                  First           No
SILVER SPRING                                 No MI                              I                  First           No
Clayton                                       No MI                              I                  First           No
LAUREL                                        No MI                              I                  First           No
Leesburg                                      No MI                              I                  First           No
GERMANTOWN                                    No MI                              I                  First           No
Clayton                                       No MI                              I                  First           No
Lewiston                                      No MI                              I                  First           No
Portland                                      No MI                              I                  First           No
Harrison Township                             No MI                              I                  First           No
Chicopee                                      No MI                              I                  First           No
Highland                                      No MI                              I                  First           No
Converse                                      No MI                              I                  First           No
Emerald Isle                                  No MI                              I                  First           No
Crowley                                       No MI                              I                  First           No
Saint Petersburg                              No MI                              I                  First           No
Derby                                         No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
PERRYVILLE                                    No MI                              I                  First           No
Waukegan                                      No MI                              I                  First           No
Wilmington                                    No MI                              I                  First           Yes
Charlotte                                     No MI                              I                  First           No
Lebanon                                       No MI                              I                  First           No
Denver                                        No MI                              I                  First           No
Raynham                                       No MI                              I                  First           Yes
San Antonio                                   No MI                              I                  First           No
Freedom                                       No MI                              I                  First           No
San Antonio                                   No MI                              I                  First           No
Chicopee                                      No MI                              I                  First           No
Pleasant View                                 No MI                              I                  First           No
SULLIVAN                                      No MI                              I                  First           No
Weymouth                                      No MI                              I                  First           No
Charlotte                                     No MI                              I                  First           No
Dorchester                                    No MI                              I                  First           No
Matthews                                      No MI                              I                  First           No
Elkton                                        No MI                              I                  First           No
SAN ANTONIO                                   No MI                              I                  First           No
Assonet                                       No MI                              I                  First           No
Brewer                                        No MI                              I                  First           No
Mashpee                                       No MI                              I                  First           No
GOSHEN                                        No MI                              I                  First           No
TULARE                                        No MI                              I                  First           No
VISALIA                                       No MI                              I                  First           No
FRESNO                                        No MI                              I                  First           No
Las Vegas                                     No MI                              I                  First           No
Las Vegas                                     No MI                              I                  First           No
MURRIETA                                      No MI                              I                  First           No
Maineville                                    No MI                              I                  First           No
HAGERSTOWN                                    No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
LAUREL                                        No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
WICHITA                                       No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
Charlottesville                               No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
MIAMI                                         No MI                              I                  First           No
WICHITA                                       No MI                              I                  First           No
VIENNA                                        No MI                              I                  First           No
Temple                                        No MI                              I                  First           No
Myrtle Beach                                  No MI                              I                  First           No
Macon                                         No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
San Bernardino                                No MI                              I                  First           No
Grand Rapids                                  No MI                              I                  First           No
Weatherford                                   No MI                              I                  First           No
Grand Rapids                                  No MI                              I                  First           No
Myrtle Beach                                  No MI                              I                  First           No
Elkmont                                       No MI                              I                  First           No
Kansas City                                   No MI                              I                  First           No
Miami                                         No MI                              I                  First           No
Macon                                         No MI                              I                  First           No
Rochester                                     No MI                              I                  First           No
Saint Augustine                               No MI                              I                  First           No
Riverside Area                                No MI                              I                  First           No
SOUTH LAKE TAHOE                              No MI                              I                  First           No
BELL                                          No MI                              I                  First           No
PICO RIVERA                                   No MI                              I                  First           No
KOLOA                                         No MI                              I                  First           No
CASA GRANDE                                   Republic MIC                       I                  First           No
SHOREVIEW                                     No MI                              I                  First           No
POMONA                                        No MI                              I                  First           No
SANTA ANA                                     No MI                              I                  First           No
N LAS VEGAS                                   No MI                              I                  First           No
HENDERSON                                     No MI                              I                  First           No
MIDWAY CITY                                   No MI                              I                  First           No
REDLANDS                                      No MI                              I                  First           No
Bay Shore                                     No MI                              I                  First           No
Clifton                                       No MI                              I                  First           No
East Elmhurst                                 No MI                              I                  First           No
North Bergen                                  No MI                              I                  First           No
West Orange                                   No MI                              I                  First           No
Jamaica                                       No MI                              I                  First           No
Passaic                                       No MI                              I                  First           No
Far Rockaway                                  No MI                              I                  First           No
Hyattsville                                   No MI                              I                  First           No
Hyattsville                                   No MI                              I                  First           No
Hyattsville                                   No MI                              I                  First           No
Hahira                                        No MI                              I                  First           No
Coral Springs                                 No MI                              I                  First           No
Beulaville                                    No MI                              I                  First           No
Columbus                                      No MI                              I                  First           No
Lake Oswego                                   No MI                              I                  First           No
WILLINGBORO                                   No MI                              I                  First           No
Minneapolis                                   No MI                              I                  First           No
DOVE CANYON                                   No MI                              I                  First           No
VISALIA                                       No MI                              I                  First           No
SAN FRANCISCO                                 No MI                              I                  First           No
Concord                                       No MI                              I                  First           No
West New York                                 No MI                              I                  First           No
LAS VEGAS                                     No MI                              I                  First           No
Miami                                         No MI                              I                  First           No
Hialeah                                       No MI                              I                  First           No
Tampa                                         No MI                              I                  First           No
Melbourne                                     No MI                              I                  First           No
Miami Beach                                   No MI                              I                  First           No
MIAMI                                         No MI                              I                  First           No
LOS ANGELES                                   No MI                              I                  First           No
MILPITAS                                      No MI                              I                  First           No
GREENFIELD                                    No MI                              I                  First           No
SANTA ANA                                     No MI                              I                  First           No
SAN JOSE                                      No MI                              I                  First           No
ORANGE PARK                                   No MI                              I                  First           No
Columbia                                      No MI                              I                  First           No
Savannah                                      No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Baltimore                                     No MI                              I                  First           No
Easley                                        No MI                              I                  First           No
Mount Pleasant                                No MI                              I                  First           No
BRISTOW                                       No MI                              I                  First           No
CULPEPER                                      No MI                              I                  First           No
QUEEN CREEK                                   No MI                              I                  First           No
UPPER MARLBORO                                No MI                              I                  First           No
LAVEEN                                        No MI                              I                  First           No
LANCASTER                                     No MI                              I                  First           No
SURPRISE                                      No MI                              I                  First           No
TEMECULA                                      No MI                              I                  First           No
FAIRFIELD                                     No MI                              I                  First           No
Ponte Vedra Beach                             No MI                              I                  First           No
Davie                                         No MI                              I                  First           No
Kennesaw                                      No MI                              I                  First           No
Conyers                                       No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Covington                                     No MI                              I                  First           No
Davie                                         No MI                              I                  First           No
Milner                                        No MI                              I                  First           No
Athens                                        Republic MIC                       I                  First           No
Hoschton                                      No MI                              I                  First           No
Peachtree City                                No MI                              I                  First           No
Pompano Beach                                 No MI                              I                  First           No
Pompano Beach                                 No MI                              I                  First           No
Atlanta                                       No MI                              I                  First           No
Lawrenceville                                 No MI                              I                  First           No
Boone                                         GE Capital MI                      I                  First           No
Monroe                                        Republic MIC                       I                  First           No
Stockbridge                                   No MI                              I                  First           No
Maitland                                      No MI                              I                  First           No
Lake Wylie                                    No MI                              I                  First           No
Alpharetta                                    No MI                              I                  First           No
Monroe                                        No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Bradenton                                     No MI                              I                  First           No
Brandon                                       GE Capital MI                      I                  First           No
Dunedin                                       No MI                              I                  First           No
Tampa                                         No MI                              I                  First           No
Marietta                                      No MI                              I                  First           No
Woodstock                                     No MI                              I                  First           No
Buford                                        No MI                              I                  First           No
Stockbridge                                   No MI                              I                  First           No
Virginia Beach                                No MI                              I                  First           No
Cicero                                        No MI                              I                  First           No
PALM BEACH GARDENS                            No MI                              I                  First           No
ALEXANDRIA                                    Republic MIC                       I                  First           No
Roanoke                                       No MI                              I                  First           No
Reisterstown                                  No MI                              I                  First           No
MELBOURNE                                     No MI                              I                  First           No
SHERWOOD                                      No MI                              I                  First           No
BEDFORD                                       No MI                              I                  First           No
Arlington                                     No MI                              I                  First           No
Glenn Dale                                    No MI                              I                  First           No
PALM BAY                                      No MI                              I                  First           No
SAINT AUGUSTINE                               No MI                              I                  First           No
Lauderhill                                    No MI                              I                  First           No
BRENTWOOD                                     No MI                              I                  First           No
Benicia                                       No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
WEST BABYLON                                  No MI                              I                  First           No
FREDERICK                                     No MI                              I                  First           No
Oxnard                                        No MI                              I                  First           No
SAN BERNARDINO                                No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
Gahanna                                       No MI                              I                  First           No
COLUMBUS                                      No MI                              I                  First           No
COLUMBUS                                      No MI                              I                  First           No
Westerville                                   No MI                              I                  First           No
Westerville                                   No MI                              I                  First           No
COLUMBUS                                      No MI                              I                  First           No
Salt Lake City                                No MI                              I                  First           No
Park City                                     No MI                              I                  First           No
MIDWAY                                        No MI                              I                  First           No
Park City                                     No MI                              I                  First           No
Oradell                                       No MI                              I                  First           No
KALAMAZOO                                     No MI                              I                  First           No
Union                                         No MI                              I                  First           No
Zellwood                                      No MI                              I                  First           No
Delray Beach                                  No MI                              I                  First           No
Gainesville                                   No MI                              I                  First           No
Ocoee                                         No MI                              I                  First           No
Ocoee                                         No MI                              I                  First           No
Temple Hills                                  No MI                              I                  First           No
Glenwood                                      No MI                              I                  First           No
Bowie                                         No MI                              I                  First           No
Villa Rica                                    PMI                                I                  First           No
Deland                                        No MI                              I                  First           No
Wesley Chapel                                 No MI                              I                  First           No
Newport News                                  No MI                              I                  First           No
Baltimore                                     No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
Maitland                                      No MI                              I                  First           No
Rosemount                                     No MI                              I                  First           No
Minneapolis                                   No MI                              I                  First           No
WILLIS                                        No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
HILO                                          No MI                              I                  First           No
SANTA ROSA                                    No MI                              I                  First           No
LEWISVILLE                                    No MI                              I                  First           No
Harahan                                       No MI                              I                  First           No
LUBBOCK                                       No MI                              I                  First           No
THE WOODLANDS                                 No MI                              I                  First           No
DESOTO                                        No MI                              I                  First           No
BATON ROUGE                                   No MI                              I                  First           No
GREEN BAY                                     No MI                              I                  First           No
LEWISVILLE                                    No MI                              I                  First           No
WILLIS                                        No MI                              I                  First           No
RACINE                                        No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
LEWISVILLE                                    No MI                              I                  First           No
The Woodlands                                 No MI                              I                  First           No
LEAGUE CITY                                   No MI                              I                  First           No
DURHAM                                        No MI                              I                  First           No
PEARLAND                                      No MI                              I                  First           No
OCEAN SPRINGS                                 No MI                              I                  First           No
Spring                                        No MI                              I                  First           No
JONESBOROUGH                                  No MI                              I                  First           No
Fountain Valley                               No MI                              I                  First           No
San Gabriel                                   No MI                              I                  First           No
MESA                                          No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Peoria                                        No MI                              I                  First           No
SUMMIT                                        No MI                              I                  First           No
Bourbonnais                                   No MI                              I                  First           No
Northbrook                                    No MI                              I                  First           No
Franklin                                      No MI                              I                  First           No
Osakis                                        No MI                              I                  First           No
Coon Rapids                                   No MI                              I                  First           No
ST LOUIS                                      No MI                              I                  First           No
CONWAY                                        No MI                              I                  First           No
LONGVIEW                                      No MI                              I                  First           No
DALLAS                                        No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
LONGVIEW                                      No MI                              I                  First           No
LONGVIEW                                      No MI                              I                  First           No
DALLAS                                        No MI                              I                  First           No
TYLER                                         No MI                              I                  First           No
AZLE                                          No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
HOUSTON                                       Republic MIC                       I                  First           No
Bloomington                                   No MI                              I                  First           No
Silverthorne                                  No MI                              I                  First           No
Boulder                                       No MI                              I                  First           No
Haiku                                         No MI                              I                  First           No
Parker                                        No MI                              I                  First           Yes
Philadelphia                                  No MI                              I                  First           No
Long Beach                                    No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
New Preston Marble Dale                       No MI                              I                  First           No
Riverside                                     No MI                              I                  First           No
Santa Barbara                                 No MI                              I                  First           No
Tarzana                                       No MI                              I                  First           No
Arlington                                     No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
Pebble Beach                                  No MI                              I                  First           No
Merrimac                                      No MI                              I                  First           No
Kansas City                                   No MI                              I                  First           No
Staten Island                                 No MI                              I                  First           No
Venice                                        No MI                              I                  First           No
Stockton                                      No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Ocean Springs                                 No MI                              I                  First           No
Ventura                                       No MI                              I                  First           No
Albuquerque                                   No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
La Quinta                                     No MI                              I                  First           No
Stevensville                                  No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Palos Verdes Peninsula                        No MI                              I                  First           No
Delray Beach                                  No MI                              I                  First           No
Indian Orchard                                No MI                              I                  First           No
Cashiers Townshi[p                            No MI                              I                  First           No
Las Vegas                                     No MI                              I                  First           No
Niles                                         No MI                              I                  First           No
Glendale                                      No MI                              I                  First           No
Palmdale                                      No MI                              I                  First           No
Anaheim                                       No MI                              I                  First           No
Phelan                                        No MI                              I                  First           No
Pearl City                                    No MI                              I                  First           No
Long Beach                                    No MI                              I                  First           No
Brockton                                      No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
Rockville                                     No MI                              I                  First           No
Ocala                                         No MI                              I                  First           No
Chesterfield                                  No MI                              I                  First           No
Cypress                                       No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
CAIRO                                         PMI                                I                  First           No
Laredo                                        No MI                              I                  First           No
Tallahassee                                   No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
Saint Louis                                   No MI                              I                  First           No
KANKAKEE                                      No MI                              I                  First           No
Palm Bay                                      No MI                              I                  First           No
Katy                                          No MI                              I                  First           No
Bryan                                         No MI                              I                  First           No
DALLAS                                        No MI                              I                  First           No
Crystal City                                  No MI                              I                  First           No
Oklahoma City                                 No MI                              I                  First           No
RINGGOLD                                      No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Summerville                                   No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Nashville                                     No MI                              I                  First           No
Tulsa                                         No MI                              I                  First           No
Kennesaw                                      No MI                              I                  First           No
Kennesaw                                      No MI                              I                  First           No
Flagler Beach                                 No MI                              I                  First           No
Orlando                                       GE Capital MI                      I                  First           No
Ft Lauderdale                                 No MI                              I                  First           No
LONG BEACH TOWNSHIP                           No MI                              I                  First           No
Ball Ground                                   No MI                              I                  First           No
LINCOLN                                       No MI                              I                  First           No
HARRISON                                      No MI                              I                  First           No
MERIDIAN                                      No MI                              I                  First           No
CHICAGO                                       No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
MADISON                                       No MI                              I                  First           No
GLENDALE                                      No MI                              I                  First           No
NORTH BERGEN                                  No MI                              I                  First           No
LAKEWOOD                                      No MI                              I                  First           No
BELLEVILLE                                    United Guaranty                    I                  First           No
NEW CASTLE                                    No MI                              I                  First           No
Tolleson                                      No MI                              I                  First           No
Thornton                                      No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
Lancaster                                     No MI                              I                  First           No
ESCONDIDO                                     No MI                              I                  First           No
Broken Arrow                                  No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Benton                                        No MI                              I                  First           No
Broken Arrow                                  No MI                              I                  First           No
Broken Arrow                                  No MI                              I                  First           No
Philadelphia                                  No MI                              I                  First           Yes
Broken Arrow                                  No MI                              I                  First           No
Broken Arrow                                  No MI                              I                  First           No
Garden Grove                                  No MI                              I                  First           No
Sacramento                                    No MI                              I                  First           No
Bakersfield                                   No MI                              I                  First           No
Gulfport                                      No MI                              I                  First           No
kyle                                          No MI                              I                  First           No
Shreveport                                    No MI                              I                  First           No
Lakewood                                      No MI                              I                  First           No
akron                                         No MI                              I                  First           No
portland                                      No MI                              I                  First           No
conley                                        No MI                              I                  First           No
santa fe                                      No MI                              I                  First           No
yers                                          No MI                              I                  First           No
Cleveland                                     No MI                              I                  First           No
houston                                       No MI                              I                  First           No
gresham                                       No MI                              I                  First           No
houston                                       No MI                              I                  First           No
post falls                                    No MI                              I                  First           No
houston                                       No MI                              I                  First           No
cleveland                                     No MI                              I                  First           No
independence                                  No MI                              I                  First           No
AKRON                                         No MI                              I                  First           No
richmond                                      No MI                              I                  First           No
akron                                         No MI                              I                  First           No
fort meyers                                   No MI                              I                  First           No
Cleveland                                     No MI                              I                  First           No
cleveland                                     No MI                              I                  First           No
CHELSEA                                       No MI                              I                  First           No
SPRING                                        No MI                              I                  First           No
Fountain                                      No MI                              I                  First           No
Arvada                                        No MI                              I                  First           No
Denver                                        No MI                              I                  First           No
Hillsborough                                  No MI                              I                  First           No
BEALETON                                      No MI                              I                  First           No
WEST CHESTER                                  Mortgage Guaranty In               I                  First           No
RISING SUN                                    No MI                              I                  First           No
LUMBERTON                                     No MI                              I                  First           No
PITTSTOWN                                     No MI                              I                  First           No
ELLICOTT CITY                                 No MI                              I                  First           No
Sacramento                                    No MI                              I                  First           No
Oakland                                       No MI                              I                  First           No
Tallahassee                                   No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Tampa                                         No MI                              I                  First           No
Gilbert                                       No MI                              I                  First           No
Surprise                                      No MI                              I                  First           No
Mesa                                          No MI                              I                  First           No
Pottstown                                     No MI                              I                  First           No
Collegeville                                  No MI                              I                  First           No
Hastings                                      No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
COVINGTON                                     No MI                              I                  First           No
LAKELAND                                      No MI                              I                  First           No
UNION CITY                                    No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
GRIFFIN                                       No MI                              I                  First           No
Suwanee                                       No MI                              I                  First           No
AUSTELL                                       No MI                              I                  First           No
Hampton                                       No MI                              I                  First           No
EUHARLEE                                      No MI                              I                  First           No
MARIETTA                                      No MI                              I                  First           No
DECATUR                                       No MI                              I                  First           No
UNION CITY                                    No MI                              I                  First           No
KENNESAW                                      No MI                              I                  First           No
VILLA RICA                                    No MI                              I                  First           No
TEMPLE                                        No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
MCDONOUGH                                     No MI                              I                  First           No
Riverdale                                     No MI                              I                  First           No
CANTON                                        No MI                              I                  First           No
NORCROSS                                      No MI                              I                  First           No
SNELLVILLE                                    No MI                              I                  First           No
SUGAR HILL                                    No MI                              I                  First           No
McDonough                                     No MI                              I                  First           No
JONESBORO                                     No MI                              I                  First           No
COLLEGE PARK                                  No MI                              I                  First           No
JONESBORO                                     No MI                              I                  First           No
HIRAM                                         No MI                              I                  First           No
HAMPTON                                       No MI                              I                  First           No
NORCROSS                                      No MI                              I                  First           No
FAIRBURN                                      No MI                              I                  First           No
DACULA                                        No MI                              I                  First           No
Hartwell                                      No MI                              I                  First           No
Lithia Springs                                No MI                              I                  First           No
Powder Springs                                No MI                              I                  First           No
RIVERDALE                                     No MI                              I                  First           No
ACWORTH                                       No MI                              I                  First           No
CANTON                                        No MI                              I                  First           No
CARTERSVILLE                                  No MI                              I                  First           No
KINGSTON                                      No MI                              I                  First           No
MANHATTAN BEACH                               No MI                              I                  First           No
GARDEN GROVE                                  No MI                              I                  First           No
WASHINGTON                                    No MI                              I                  First           No
SAN PEDRO                                     No MI                              I                  First           No
LAS VEGAS                                     No MI                              I                  First           No
VAN NUYS                                      No MI                              I                  First           No
PALOS VERDES ESTATES                          No MI                              I                  First           No
INGLEWOOD                                     No MI                              I                  First           No
PINEHURST                                     No MI                              I                  First           No
GARDEN GROVE                                  No MI                              I                  First           No
NORWALK                                       No MI                              I                  First           No
Las Vegas                                     No MI                              I                  First           No
CRANBERRY TWP                                 No MI                              I                  First           No
RIVERSIDE                                     No MI                              I                  First           No
Rialto                                        No MI                              I                  First           No
CORAL GABLES                                  No MI                              I                  First           No
PHILADELPHIA                                  Mortgage Guaranty In               I                  First           No
YUCAIPA                                       No MI                              I                  First           No
REDONDO BEACH                                 No MI                              I                  First           No
MIAMI                                         No MI                              I                  First           No
RED BLUFF                                     No MI                              I                  First           No
REDONDO BEACH                                 No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
NEWTON                                        No MI                              I                  First           No
ETIWANDA                                      No MI                              I                  First           No
Hilaleah                                      No MI                              I                  First           No
LAS VEGAS                                     No MI                              I                  First           No
LOS ANGELES                                   No MI                              I                  First           No
FOUNTAIN VALLEY                               No MI                              I                  First           No
GALENA                                        No MI                              I                  First           No
MEDINA                                        No MI                              I                  First           No
ONTARIO                                       No MI                              I                  First           No
CHICAGO                                       No MI                              I                  First           No
Rolling Meadows                               No MI                              I                  First           No
Head Of The Harbor                            No MI                              I                  First           No
SAINT LOUIS                                   No MI                              I                  First           No
Saint Louis                                   No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
LOUISVILLE                                    No MI                              I                  First           No
DALLAS                                        No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
HOUSTON                                       No MI                              I                  First           No
Fort Worth                                    No MI                              I                  First           No
Denton                                        No MI                              I                  First           No
Louisville                                    PMI                                I                  First           No
Weatherford                                   No MI                              I                  First           No
HOUSTON                                       No MI                              I                  First           No
Gunter                                        No MI                              I                  First           No
Louisville                                    PMI                                I                  First           No
HOUSTON                                       No MI                              I                  First           No
Louisville                                    PMI                                I                  First           No
Bowling Green                                 No MI                              I                  First           No
DENTON                                        No MI                              I                  First           No
Valrico                                       No MI                              I                  First           No
Gahanna                                       No MI                              I                  First           No
GILLESPIE                                     No MI                              I                  First           No
Krum                                          No MI                              I                  First           No
WARSAW                                        No MI                              I                  First           No
Sanger                                        No MI                              I                  First           No
Cahokia                                       PMI                                I                  First           No
Cahokia                                       PMI                                I                  First           No
Cahokia                                       PMI                                I                  First           No
Stephenville                                  No MI                              I                  First           No
Lewisville                                    No MI                              I                  First           No
Little Elm                                    No MI                              I                  First           No
Itasca                                        No MI                              I                  First           No
Alvarado                                      No MI                              I                  First           No
NORWALK                                       No MI                              I                  First           No
burlingame                                    No MI                              I                  First           No
Chattanooga                                   No MI                              I                  First           No
Cumming                                       No MI                              I                  First           No
Elberta                                       No MI                              I                  First           No
Mt Pleasant                                   No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
Yulee                                         No MI                              I                  First           No
Kennesaw                                      No MI                              I                  First           No
Chelsea                                       No MI                              I                  First           No
Atlanta                                       No MI                              I                  First           No
Gainesville                                   No MI                              I                  First           No
Gulf Shores                                   No MI                              I                  First           No
RANCHO CUCAMONGA                              No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
BAKERSFIELD                                   GE Capital MI                      I                  First           No
ROSEVILLE                                     No MI                              I                  First           No
LANCASTER                                     No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
HOUSTON                                       GE Capital MI                      I                  First           No
DENTON                                        No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
NORTH LAS VEGAS                               No MI                              I                  First           No
LAS VEGAS                                     No MI                              I                  First           No
NAPLES                                        No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
NORTH LAS VEGAS                               No MI                              I                  First           No
RIVERVIEW                                     No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
LAS VEGAS                                     No MI                              I                  First           No
Caldwell                                      No MI                              I                  First           No
Muskogee                                      No MI                              I                  First           No
Caldwell                                      No MI                              I                  First           No
Colorado Springs                              No MI                              I                  First           No
WEST JORDAN                                   No MI                              I                  First           No
COLORADO SPRINGS                              No MI                              I                  First           No
WEST VALLEY CITY                              No MI                              I                  First           No
SAINT GEORGE                                  No MI                              I                  First           No
Roosevelt                                     GE Capital MI                      I                  First           No
Aurora                                        No MI                              I                  First           No
EAGLE MOUNTAIN                                No MI                              I                  First           No
Norwich                                       No MI                              I                  First           No
Temecula                                      No MI                              I                  First           No
Murrieta                                      No MI                              I                  First           No
Murrieta                                      No MI                              I                  First           No
SPRINGFIELD                                   No MI                              I                  First           No
SOUTHBRIDGE                                   No MI                              I                  First           No
MANCHESTER                                    No MI                              I                  First           No
Lebanon                                       No MI                              I                  First           No
Roseville                                     No MI                              I                  First           No
Westminster                                   No MI                              I                  First           No
Norcross                                      No MI                              I                  First           No
Henryetta                                     No MI                              I                  First           No
Wichita                                       No MI                              I                  First           No
Humble                                        No MI                              I                  First           No
Detroit                                       No MI                              I                  First           No
Williamsburg                                  No MI                              I                  First           No
Columbia                                      No MI                              I                  First           No
Canton                                        No MI                              I                  First           No
Garland                                       No MI                              I                  First           No
Newark                                        No MI                              I                  First           No
Littleton                                     No MI                              I                  First           No
Santa Monica                                  No MI                              I                  First           No
SCOTTSDALE                                    No MI                              I                  First           No
COLUMBIA                                      No MI                              I                  First           No
THOUSAND OAKS                                 No MI                              I                  First           No
Chino                                         No MI                              I                  First           No
Apple Valley                                  No MI                              I                  First           No
TUSTIN                                        No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
PLEASANT HILL                                 No MI                              I                  First           No
QUARTZ HILL ARE                               No MI                              I                  First           No
LOS ANGELES                                   No MI                              I                  First           No
Williamsburg                                  Radian Guaranty                    I                  First           No
Ft Washington                                 No MI                              I                  First           No
Lynchburg                                     No MI                              I                  First           No
College Park                                  No MI                              I                  First           No
College Park                                  No MI                              I                  First           No
Monroe                                        No MI                              I                  First           No
Marietta                                      No MI                              I                  First           No
Union City                                    No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
El Mirage                                     No MI                              I                  First           No
Show Low                                      No MI                              I                  First           No
North Las Vegas                               No MI                              I                  First           No
Colorado Springs                              No MI                              I                  First           No
Shawnee                                       No MI                              I                  First           No
Shawnee                                       No MI                              I                  First           No
Long Beach                                    No MI                              I                  First           No
Fort Worth                                    No MI                              I                  First           No
Federal Way                                   No MI                              I                  First           No
ALBUQUERQUE                                   No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
SCOTTSDALE                                    No MI                              I                  First           No
SAN LUIS                                      No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
Glendale                                      No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           Yes
QUEEN CREEK                                   No MI                              I                  First           No
Albuquerque                                   No MI                              I                  First           No
ALBUQUERQUE                                   No MI                              I                  First           No
Salisbury                                     No MI                              I                  First           No
Winston Salem                                 No MI                              I                  First           No
Winston Salem                                 No MI                              I                  First           No
Conyers                                       No MI                              I                  First           No
Winston                                       No MI                              I                  First           No
Winston Salem                                 No MI                              I                  First           No
Hoschton                                      No MI                              I                  First           No
Mckinney                                      No MI                              I                  First           No
Allen                                         No MI                              I                  First           No
Arlington                                     No MI                              I                  First           No
Mckinney                                      No MI                              I                  First           No
Lewisville                                    No MI                              I                  First           No
Kimberly                                      No MI                              I                  First           No
Kiawah Island                                 No MI                              I                  First           No
CONYERS                                       No MI                              I                  First           No
BRUNSWICK                                     No MI                              I                  First           No
COLUMBUS                                      PMI                                I                  First           No
KISSIMMEE                                     No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
CHARLOTTE                                     No MI                              I                  First           No
WAYCROSS                                      Mortgage Guaranty In               I                  First           No
CHARLOTTE                                     No MI                              I                  First           No
PITTSBURGH                                    No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
GOOSE CREEK                                   No MI                              I                  First           No
SATELLITE BEACH                               No MI                              I                  First           No
TAMPA                                         No MI                              I                  First           No
DUMFRIES                                      No MI                              I                  First           No
BOYCE                                         No MI                              I                  First           No
WEST PALM BEACH                               PMI                                I                  First           No
OGDEN                                         No MI                              I                  First           No
FAIRFAX STATION                               No MI                              I                  First           No
SAGINAW                                       No MI                              I                  First           No
PEORIA                                        No MI                              I                  First           No
KISSIMMEE                                     No MI                              I                  First           No
WAXHAW                                        No MI                              I                  First           No
SCOTTSDALE                                    No MI                              I                  First           No
NORTH PORT                                    No MI                              I                  First           No
JASPER                                        PMI                                I                  First           No
STATESBORO                                    No MI                              I                  First           No
TAMPA                                         No MI                              I                  First           No
BOULDER                                       No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
NAPLES                                        No MI                              I                  First           No
Dover                                         No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
Fitzgerald                                    Mortgage Guaranty In               I                  First           No
ORLANDO                                       No MI                              I                  First           No
CHARLOTTE                                     No MI                              I                  First           No
PALM SPRINGS                                  No MI                              I                  First           No
SUGAR HILL                                    No MI                              I                  First           No
HARTWELL                                      No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
ALEXANDRIA                                    No MI                              I                  First           No
FREDRICKSBERG                                 No MI                              I                  First           No
CAMDEN WYOMING                                Mortgage Guaranty In               I                  First           No
LOS ANGELES                                   No MI                              I                  First           No
LAWRENCEVILLE                                 No MI                              I                  First           No
PITTSBURGH                                    No MI                              I                  First           No
IRMO                                          No MI                              I                  First           No
KISSIMMEE                                     No MI                              I                  First           No
NEWPORT NEWS                                  No MI                              I                  First           No
RALEIGH                                       No MI                              I                  First           No
KISSIMMEE                                     No MI                              I                  First           No
Miami                                         No MI                              I                  First           No
Warren                                        No MI                              I                  First           No
LANSING                                       No MI                              I                  First           No
Aldan                                         No MI                              I                  First           No
Phila                                         No MI                              I                  First           No
Doylestown                                    No MI                              I                  First           No
Lake Harmony                                  No MI                              I                  First           No
Philadelphia                                  No MI                              I                  First           No
Devon                                         No MI                              I                  First           No
Dover                                         No MI                              I                  First           No
Blackwood                                     No MI                              I                  First           No
Bear                                          No MI                              I                  First           No
Pleasantville                                 No MI                              I                  First           No
Pleasantville                                 No MI                              I                  First           No
Marcus Hook                                   No MI                              I                  First           No
Pine Hill                                     No MI                              I                  First           No
Fort Washington                               No MI                              I                  First           No
Wilmington                                    No MI                              I                  First           No
Philadelphia                                  No MI                              I                  First           No
Norristown                                    No MI                              I                  First           No
Wilmington                                    No MI                              I                  First           No
WOOLRICH                                      Republic MIC                       I                  First           No
Wilmington                                    No MI                              I                  First           No
Philadelphia                                  No MI                              I                  First           No
MIRAMAR                                       No MI                              I                  First           No
SAN DIEGO                                     No MI                              I                  First           No
BELL GARDENS                                  No MI                              I                  First           No
GRAND PRAIRIE                                 No MI                              I                  First           No
NORFOLK                                       No MI                              I                  First           No
VIRGINIA BCH                                  No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
ST AUGUSTINE                                  No MI                              I                  First           No
Monticello                                    No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
VIRGINIA BEACH                                No MI                              I                  First           No
DAVENPORT                                     No MI                              I                  First           No
ATL                                           No MI                              I                  First           No
Des Moines                                    No MI                              I                  First           No
Stafford                                      No MI                              I                  First           No
RICHMOND                                      No MI                              I                  First           No
DECATUR                                       No MI                              I                  First           No
Lenigh                                        No MI                              I                  First           No
CEDAR RAPIDS                                  PMI                                I                  First           No
HUXLEY                                        No MI                              I                  First           No
Middletown                                    No MI                              I                  First           No
MYRTLE BEACH                                  Mortgage Guaranty In               I                  First           No
BAYVIEW                                       No MI                              I                  First           No
HOMER GLEN                                    No MI                              I                  First           No
Chicago                                       No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
CHESAPEAKE                                    No MI                              I                  First           No
PETERSBURG                                    No MI                              I                  First           No
NEWPORT NEWS                                  No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
FORT WORTH                                    No MI                              I                  First           No
Plano                                         No MI                              I                  First           No
Plano                                         No MI                              I                  First           No
DALLAS                                        No MI                              I                  First           No
PLANO                                         No MI                              I                  First           No
Hilton Head                                   No MI                              I                  First           No
JERSEY CITY                                   No MI                              I                  First           No
LAKE WORTH                                    Triad Guaranty                     I                  First           No
FRESNO                                        Radian Guaranty                    I                  First           No
SAVANNAH                                      Republic MIC                       I                  First           No
DURHAM                                        No MI                              I                  First           No
Spring                                        PMI                                I                  First           No
GREENSBORO                                    No MI                              I                  First           No
TIVERTON                                      No MI                              I                  First           No
CEDAR CITY                                    No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
NORMAN                                        No MI                              I                  First           No
CORCORAN                                      No MI                              I                  First           No
MIDWEST CITY                                  No MI                              I                  First           No
CARY                                          No MI                              I                  First           No
CEDAR CITY                                    No MI                              I                  First           No
HAWAIIAN GARDENS                              No MI                              I                  First           No
MIDWEST CITY                                  No MI                              I                  First           No
RICHMOND                                      Mortgage Guaranty In               I                  First           No
HENDERSON                                     No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
FORT LAUDERDALE                               No MI                              I                  First           No
TOLEDO                                        No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
OKLAHOMA CITY                                 No MI                              I                  First           No
PALM HARBOR                                   No MI                              I                  First           No
DACULA                                        No MI                              I                  First           No
PALATINE                                      No MI                              I                  First           No
GLENDALE HEIGHTS                              No MI                              I                  First           No
CATONSVILLE                                   No MI                              I                  First           No
KERNERSVILLE                                  No MI                              I                  First           No
CHARLOTTE                                     No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
MANASSAS                                      No MI                              I                  First           No
NEWBERG                                       No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
LONG BEACH                                    No MI                              I                  First           No
NEWBERG                                       No MI                              I                  First           No
DILLSBURG                                     No MI                              I                  First           No
DILLSBURG                                     No MI                              I                  First           No
FRANKLINTOWN                                  No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
POMPANO BEACH                                 No MI                              I                  First           No
OKLAHOMA CITY                                 No MI                              I                  First           No
MIDWEST CITY                                  No MI                              I                  First           No
VISALIA                                       No MI                              I                  First           No
DOVER                                         No MI                              I                  First           No
CHICAGO                                       No MI                              I                  First           No
LAUDERHILL                                    No MI                              I                  First           No
SEATTLE                                       No MI                              I                  First           No
CABOT                                         Radian Guaranty                    I                  First           No
KAILUA-KONA                                   No MI                              I                  First           No
BALDWIN PARK                                  No MI                              I                  First           No
FRESNO                                        Mortgage Guaranty In               I                  First           No
BELGRADE                                      No MI                              I                  First           No
LANSDOWNE                                     Mortgage Guaranty In               I                  First           No
SAN ANTONIO                                   No MI                              I                  First           No
CHICAGO                                       No MI                              I                  First           No
CHINO HILLS                                   No MI                              I                  First           No
LINCOLN CITY                                  No MI                              I                  First           No
LEAGUE CITY                                   No MI                              I                  First           No
VANCOUVER                                     No MI                              I                  First           No
INDIANAPOLIS                                  No MI                              I                  First           No
BELTSVILLE                                    No MI                              I                  First           No
FT THOMAS                                     No MI                              I                  First           No
NASHUA                                        Mortgage Guaranty In               I                  First           No
ELFRIDA                                       Mortgage Guaranty In               I                  First           No
HOUSTON                                       No MI                              I                  First           No
GLENDALE                                      No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
SUN CITY                                      No MI                              I                  First           No
CONCORD                                       No MI                              I                  First           No

CITY1                                         PP_DESC               IO_FLAG              IO_PERIOD               PORTFOLIO
--------------------------------------------------------------------------------------------------------------------------------
HIALEAH                                       1Y PP                 Y                               120          CNDU
MCCLOUD                                       3Y PP                 Y                               120          CNDU
BETHESDA                                      2Y PP                 Y                               120          CNDU
Seymour                                       6M PP                 Y                               120          CNDU
ARVADA                                        3Y PP                 Y                               120          CNDU
GARDEN CITY                                   3Y PP                 Y                               120          CNDU
CICERO                                        6M PP                 Y                               120          CNDU
NORTH LAS VEGAS                               3Y PP                 Y                               120          CNDU
GLEN ALLEN                                    2Y PP                 Y                               120          CNDU
HAMPTON                                       2Y PP                 Y                               120          CNDU
HICKORY CREEK                                 2Y PP                 Y                               120          CNDU
MIDDLEBURG                                    3Y PP                 Y                               120          CNDU
SACRAMENTO                                    NO PP                 Y                               120          CNDU
ASHBURN                                       NO PP                 Y                               120          CNDU
PORTLAND                                      NO PP                 Y                               120          CNDU
SURPRISE                                      NO PP                 Y                                60          CNDU
MIDLAND                                       NO PP                 Y                                60          CNDU
PORTLAND                                      NO PP                 Y                                60          CNDU
Holly Springs                                 NO PP                 Y                                60          CNDU
MONROE                                        NO PP                 N                                 0          CNDU
Edison                                        NO PP                 N                                 0          CNDU
ALLEN                                         NO PP                 N                                 0          CNDU
PAINESVILLE                                   2Y PP                 N                                 0          CNDU
NEWBERG                                       NO PP                 N                                 0          CNDU
GOOSE CREEK                                   NO PP                 N                                 0          CNDU
PLANTATION                                    3Y PP                 N                                 0          CNDU
RALEIGH                                       NO PP                 N                                 0          CNDU
MARICOPA                                      NO PP                 N                                 0          CNDU
MOUNTAIN TOP                                  NO PP                 N                                 0          CNDU
BOISE                                         NO PP                 N                                 0          CNDU
ALBANY                                        NO PP                 N                                 0          CNDU
BIRMINGHAM                                    NO PP                 N                                 0          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
WARREN                                        NO PP                 N                                 0          CNDU
Ridgeland                                     NO PP                 N                                 0          CNDU
MONROE                                        NO PP                 N                                 0          CNDU
AVONDALE                                      NO PP                 N                                 0          CNDU
MONROE                                        NO PP                 N                                 0          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
SPARTANBURG                                   NO PP                 N                                 0          CNDU
Crown Point                                   6M PP                 N                                 0          CNDU
Nicholasville                                 6M PP                 N                                 0          CNDU
Auburn                                        6M PP                 N                                 0          CNDU
Auburn                                        6M PP                 N                                 0          CNDU
CHESAPEAKE BEACH                              NO PP                 Y                               120          CNDU
WASHINGTON                                    NO PP                 Y                               120          CNDU
MIAMI                                         NO PP                 Y                               120          CNDU
WELLINGTON                                    NO PP                 Y                               120          CNDU
HOUSTON                                       NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 N                                 0          CNDU
HAYDEN LAKE                                   NO PP                 Y                               120          CNDU
Eatontown                                     NO PP                 N                                 0          CNDU
FAIRFAX                                       NO PP                 Y                               120          CNDU
SIMPSONVILLE                                  3Y PP                 Y                               120          CNDU
Las Cruces                                    NO PP                 Y                               120          CNDU
TOLEDO                                        NO PP                 Y                               120          CNDU
Seaside Heights                               NO PP                 Y                               120          CNDU
OLD ORCHARD BEACH                             NO PP                 N                                 0          CNDU
LEXINGTON PARK                                NO PP                 Y                               120          CNDU
ROCKVILLE                                     NO PP                 Y                               120          CNDU
RICHMOND                                      3Y PP                 Y                               120          CNDU
Paterson                                      NO PP                 Y                               120          CNDU
HARRISBURG                                    NO PP                 Y                               120          CNDU
COLORADO SPRINGS                              NO PP                 Y                               120          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
ERIE                                          NO PP                 N                                 0          CNDU
HAWLEY                                        NO PP                 N                                 0          CNDU
ORLANDO                                       NO PP                 Y                               120          CNDU
SAFETY HARBOR                                 NO PP                 Y                               120          CNDU
Trenton                                       NO PP                 N                                 0          CNDU
KALAMAZOO                                     3Y PP                 N                                 0          CNDU
RIO RANCHO                                    NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
SILVERTON                                     5Y PP                 Y                               120          CNDU
EAST HAMPTON                                  NO PP                 Y                                60          CNDU
PIEDMONT                                      NO PP                 Y                               120          CNDU
AKRON                                         5Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
HOUSTON                                       NO PP                 N                                 0          CNDU
CYPRESS                                       NO PP                 Y                               120          CNDU
BARTLETT                                      NO PP                 N                                 0          CNDU
SALT LAKE CITY                                NO PP                 Y                               120          CNDU
INDIANAPOLIS                                  NO PP                 N                                 0          CNDU
WACO                                          NO PP                 Y                               120          CNDU
WINTER PARK                                   NO PP                 Y                               120          CNDU
SALEM                                         NO PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
LAKE CITY                                     NO PP                 N                                 0          CNDU
MOUNT PLEASANT                                NO PP                 Y                               120          CNDU
TAKOMA PARK                                   NO PP                 Y                               120          CNDU
GARDNER                                       NO PP                 Y                               120          CNDU
SYRACUSE                                      NO PP                 N                                 0          CNDU
WASHINGTON                                    NO PP                 Y                               120          CNDU
MUKILTEO                                      5Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 N                                 0          CNDU
BRIARWOOD                                     NO PP                 N                                 0          CNDU
WACO                                          NO PP                 Y                               120          CNDU
BRANDON                                       NO PP                 N                                 0          CNDU
LOUISVILLE                                    NO PP                 Y                               120          CNDU
MARGATE                                       3Y PP                 Y                               120          CNDU
SYRACUSE                                      NO PP                 N                                 0          CNDU
Louisville                                    NO PP                 N                                 0          CNDU
MESA                                          NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
VIRGINIA BEACH                                NO PP                 Y                               120          CNDU
LOS BANOS                                     NO PP                 Y                               120          CNDU
ORANGE PARK                                   3Y PP                 Y                               120          CNDU
LAS VEGAS                                     3Y PP                 Y                               120          CNDU
CLEVELAND                                     5Y PP                 Y                               120          CNDU
COTTAGE GROVE                                 NO PP                 Y                               120          CNDU
TWIN FALLS                                    NO PP                 Y                               120          CNDU
CHANTILLY                                     5Y PP                 N                                 0          CNDU
BOURBONNAIS                                   NO PP                 Y                               120          CNDU
PASADENA                                      NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
DRAPER                                        3Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
CINCINNATI                                    5Y PP                 Y                               120          CNDU
PLAINFIELD                                    3Y PP                 Y                               120          CNDU
BOILING SPRINGS                               NO PP                 Y                               120          CNDU
Delhi                                         NO PP                 N                                 0          CNDU
Montebello                                    5Y PP                 N                                 0          CNDU
CLEVELAND                                     3Y PP                 Y                               120          CNDU
DENVER                                        3Y PP                 Y                               120          CNDU
GARDEN VALLEY                                 3Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
PEMBROKE PINES                                6M PP                 Y                               120          CNDU
BURKE                                         NO PP                 Y                               120          CNDU
NASHVILLE                                     NO PP                 Y                               120          CNDU
GARFIELD HEIGHTS                              3Y PP                 Y                               120          CNDU
CAPE CORAL                                    5Y PP                 Y                               120          CNDU
Hendersonville                                NO PP                 Y                               120          CNDU
EVERETT                                       NO PP                 Y                               120          CNDU
SILVER SPRING                                 NO PP                 Y                               120          CNDU
OVIEDO                                        NO PP                 Y                               120          CNDU
JOHNSTON                                      NO PP                 Y                               120          CNDU
PORTLAND                                      3Y PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
PEORIA                                        NO PP                 Y                               120          CNDU
PANAMA CITY BEACH                             3Y PP                 N                                 0          CNDU
CHESTER                                       1Y PP                 N                                 0          CNDU
DETROIT                                       1Y PP                 Y                               120          CNDU
Charlotte                                     2Y PP                 Y                               120          CNDU
FORT LAUDERDALE                               NO PP                 Y                               120          CNDU
MESA                                          NO PP                 Y                               120          CNDU
DANBURY                                       NO PP                 Y                               120          CNDU
MARRERO                                       NO PP                 Y                               120          CNDU
Indianapolis                                  5Y PP                 N                                 0          CNDU
HYATTSVILLE                                   NO PP                 Y                               120          CNDU
Louisville                                    NO PP                 Y                               120          CNDU
LOUISVILLE                                    NO PP                 Y                               120          CNDU
LINCOLNTON                                    NO PP                 Y                               120          CNDU
Lawrenceville                                 3Y PP                 Y                               120          CNDU
SANGER                                        NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
STERLING HEIGHTS                              NO PP                 Y                               120          CNDU
ABINGDON                                      NO PP                 Y                               120          CNDU
GERMANTOWN                                    NO PP                 Y                               120          CNDU
AURORA                                        NO PP                 Y                               120          CNDU
TUCSON                                        NO PP                 Y                               120          CNDU
Lafayette                                     NO PP                 N                                 0          CNDU
MESA                                          1Y PP                 Y                               120          CNDU
WINTER HAVEN                                  NO PP                 Y                               120          CNDU
NORCROSS                                      NO PP                 Y                               120          CNDU
KAWKAWLIN                                     3Y PP                 Y                               120          CNDU
CORONA                                        NO PP                 Y                               120          CNDU
GRAVETTE                                      NO PP                 N                                 0          CNDU
Charlotte                                     NO PP                 Y                               120          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
CHANDLER                                      NO PP                 Y                               120          CNDU
BURTON                                        NO PP                 Y                               120          CNDU
STREAMWOOD                                    NO PP                 Y                               120          CNDU
MECHANICSBURG                                 NO PP                 Y                               120          CNDU
OAKLAND                                       5Y PP                 Y                               120          CNDU
LAKE WORTH                                    NO PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 N                                 0          CNDU
FORT LAUDERDALE                               NO PP                 Y                               120          CNDU
Flowery Branch                                NO PP                 Y                                60          CNDU
MIAMI BEACH                                   2Y PP                 Y                               120          CNDU
Brooklyn                                      NO PP                 N                                 0          CNDU
ATLANTIC BEACH                                NO PP                 Y                               120          CNDU
DETROIT                                       3Y PP                 N                                 0          CNDU
SAINT LOUIS                                   NO PP                 N                                 0          CNDU
PANAMA CITY                                   NO PP                 N                                 0          CNDU
COLUMBUS                                      NO PP                 Y                               120          CNDU
Garner                                        NO PP                 Y                               120          CNDU
STOCKTON                                      NO PP                 Y                               120          CNDU
PANAMA CITY BEACH                             NO PP                 Y                               120          CNDU
DETROIT                                       3Y PP                 N                                 0          CNDU
NAPLES                                        NO PP                 Y                               120          CNDU
AURORA                                        NO PP                 Y                               120          CNDU
WOODBRIDGE                                    NO PP                 Y                               120          CNDU
PORT SAINT LUCIE                              NO PP                 Y                               120          CNDU
Newark                                        NO PP                 Y                               120          CNDU
SCOTTSDALE                                    NO PP                 Y                               120          CNDU
GRANDVIEW                                     NO PP                 N                                 0          CNDU
GARNER                                        NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
ORLANDO                                       3Y PP                 Y                               120          CNDU
MOORE                                         3Y PP                 Y                               120          CNDU
OCOEE                                         NO PP                 Y                               120          CNDU
MEMPHIS                                       3Y PP                 N                                 0          CNDU
WACO                                          NO PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
PROVIDENCE                                    NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
Raleigh                                       NO PP                 Y                               120          CNDU
PAHRUMP                                       NO PP                 N                                 0          CNDU
JOHNSON CITY                                  NO PP                 N                                 0          CNDU
ROCHESTER                                     NO PP                 Y                               120          CNDU
KENOSHA                                       NO PP                 N                                 0          CNDU
DAVIS                                         5Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
BURBANK                                       NO PP                 Y                               120          CNDU
SALEM                                         NO PP                 Y                               120          CNDU
FLAGSTAFF                                     NO PP                 Y                               120          CNDU
SILVER SPRING                                 NO PP                 Y                               120          CNDU
SOUTH PADRE ISLAND                            NO PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
Hyde Park                                     NO PP                 Y                               120          CNDU
LAKELAND                                      NO PP                 Y                               120          CNDU
LONGMONT                                      NO PP                 Y                               120          CNDU
WOODBRIDGE                                    NO PP                 Y                               120          CNDU
NORTH CHARLESTON                              NO PP                 Y                               120          CNDU
STEVENSVILLE                                  1Y PP                 Y                               120          CNDU
LADSON                                        NO PP                 N                                 0          CNDU
BROUSSARD                                     3Y PP                 Y                               120          CNDU
GERMANTOWN                                    NO PP                 Y                               120          CNDU
VISTA                                         3Y PP                 Y                               120          CNDU
MAPLE GLEN                                    NO PP                 N                                 0          CNDU
VISALIA                                       NO PP                 Y                               120          CNDU
SAINT JOSEPH                                  NO PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 Y                               120          CNDU
POMPANO BEACH                                 NO PP                 Y                               120          CNDU
CARSON                                        NO PP                 N                                 0          CNDU
NORFOLK                                       5Y PP                 N                                 0          CNDU
STAFFORD                                      5Y PP                 Y                               120          CNDU
PHILADELPHIA                                  NO PP                 N                                 0          CNDU
KISSIMMEE                                     3Y PP                 Y                               120          CNDU
DAYTON                                        5Y PP                 N                                 0          CNDU
CHANDLER                                      NO PP                 Y                               120          CNDU
KENNESAW                                      NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
POQUOSON                                      NO PP                 Y                               120          CNDU
STERLING                                      1Y PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 Y                               120          CNDU
CINCINNATI                                    5Y PP                 Y                               120          CNDU
PASCO                                         NO PP                 Y                               120          CNDU
ELGIN                                         NO PP                 Y                               120          CNDU
MISSOULA                                      NO PP                 N                                 0          CNDU
Pikeville                                     NO PP                 Y                               120          CNDU
LEWISVILLE                                    NO PP                 Y                               120          CNDU
WEST WARWICK                                  NO PP                 N                                 0          CNDU
Passaic                                       NO PP                 Y                               120          CNDU
LAND O LAKES                                  NO PP                 Y                               120          CNDU
CARSON CITY                                   NO PP                 Y                               120          CNDU
EASLEY                                        NO PP                 Y                               120          CNDU
SPRING HILL                                   1Y PP                 N                                 0          CNDU
DEERFIELD BEACH                               NO PP                 N                                 0          CNDU
CLARKSTON                                     5Y PP                 N                                 0          CNDU
SLIDELL                                       NO PP                 Y                               120          CNDU
NASHUA                                        NO PP                 Y                               120          CNDU
LAS VEGAS                                     NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
Alameda                                       1Y PP                 Y                                60          CNDU
Bloomfield                                    NO PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
MIDDLETOWN                                    3Y PP                 Y                               120          CNDU
GREENVILLE                                    NO PP                 Y                               120          CNDU
REYNOLDSBURG                                  5Y PP                 Y                               120          CNDU
CANTON                                        3Y PP                 Y                               120          CNDU
SUN CITY WEST                                 NO PP                 Y                               120          CNDU
BAKERSFIELD                                   NO PP                 Y                               120          CNDU
CHICKASAW                                     NO PP                 N                                 0          CNDU
TAMPA                                         NO PP                 N                                 0          CNDU
ROCHESTER                                     NO PP                 N                                 0          CNDU
Greensboro                                    NO PP                 Y                               120          CNDU
Albuquerque                                   NO PP                 Y                               120          CNDU
MARICOPA                                      NO PP                 Y                               120          CNDU
OVIEDO                                        NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
South Plainfield                              NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 N                                 0          CNDU
LOS ANGELES                                   6M PP                 Y                               120          CNDU
NORTH WEBSTER                                 6M PP                 Y                               120          CNDU
INDIO                                         5Y PP                 Y                               120          CNDU
HENDERSON                                     NO PP                 Y                               120          CNDU
SPRINGDALE                                    3Y PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 Y                               120          CNDU
SPRINGFIELD                                   NO PP                 N                                 0          CNDU
CLINTON                                       NO PP                 Y                               120          CNDU
Hampton                                       NO PP                 Y                               120          CNDU
Wendell                                       NO PP                 Y                               120          CNDU
CLINTON                                       NO PP                 Y                               120          CNDU
SAINT PETERSBURG                              NO PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
Louisville                                    NO PP                 Y                               120          CNDU
SUMMERVILLE                                   NO PP                 Y                               120          CNDU
Newburgh                                      NO PP                 N                                 0          CNDU
SYRACUSE                                      NO PP                 Y                               120          CNDU
SYRACUSE                                      NO PP                 Y                               120          CNDU
TOPEKA                                        NO PP                 N                                 0          CNDU
EVANSTON                                      NO PP                 Y                               120          CNDU
SILVER SPRING                                 NO PP                 Y                               120          CNDU
BRONX                                         NO PP                 Y                               120          CNDU
PARKLAND                                      3Y PP                 N                                 0          CNDU
Louisville                                    NO PP                 Y                               120          CNDU
WOONSOCKET                                    NO PP                 Y                               120          CNDU
Waxhaw                                        NO PP                 Y                               120          CNDU
AUBURN                                        NO PP                 Y                               120          CNDU
CAMDEN                                        5Y PP                 N                                 0          CNDU
BELTSVILLE                                    NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
PHOENIXVILLE                                  NO PP                 Y                               120          CNDU
MIAMI                                         NO PP                 N                                 0          CNDU
VALLEJO                                       NO PP                 Y                               120          CNDU
SPRINGFIELD                                   3Y PP                 N                                 0          CNDU
LARGO                                         NO PP                 Y                               120          CNDU
PORT TOBACCO                                  NO PP                 Y                               120          CNDU
HIALEAH                                       3Y PP                 Y                               120          CNDU
MORENO VALLEY                                 3Y PP                 Y                                60          CNDU
CHICAGO                                       6M PP                 N                                 0          CNDU
Worcester                                     NO PP                 N                                 0          CNDU
PEORIA                                        3Y PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                                60          CNDU
COLUMBUS                                      NO PP                 N                                 0          CNDU
BIRCHRUNVILLE                                 NO PP                 N                                 0          CNDU
OAKTON                                        NO PP                 N                                 0          CNDU
Newark                                        6M PP                 Y                               120          CNDU
Atlanta                                       NO PP                 Y                               120          CNDU
ROCHESTER                                     NO PP                 Y                               120          CNDU
ROCHESTER                                     NO PP                 Y                               120          CNDU
BROWNS VALLEY                                 NO PP                 Y                               120          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
DENVER                                        NO PP                 Y                               120          CNDU
MAGNOLIA                                      NO PP                 Y                               120          CNDU
HENDERSON                                     NO PP                 Y                               120          CNDU
MISSION                                       NO PP                 N                                 0          CNDU
Lawrenceville                                 NO PP                 Y                               120          CNDU
Beverly                                       NO PP                 N                                 0          CNDU
HOUSTON                                       NO PP                 Y                               120          CNDU
PALM BAY                                      NO PP                 Y                                60          CNDU
WASHINGTON                                    NO PP                 N                                 0          CNDU
GARLAND                                       3Y PP                 Y                                60          CNDU
GARLAND                                       3Y PP                 Y                                60          CNDU
GARLAND                                       3Y PP                 Y                                60          CNDU
PORT SAINT LUCIE                              NO PP                 Y                               120          CNDU
WYANDANCH                                     NO PP                 N                                 0          CNDU
CERES                                         5Y PP                 N                                 0          CNDU
DESERT HILLS                                  NO PP                 Y                               120          CNDU
Nantucket                                     NO PP                 N                                 0          CNDU
West Springfield                              NO PP                 N                                 0          CNDU
PHILADELPHIA                                  NO PP                 N                                 0          CNDU
LIVERPOOL                                     NO PP                 N                                 0          CNDU
BOSTON                                        NO PP                 Y                               120          CNDU
ORLANDO                                       NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
MARCO ISLAND                                  NO PP                 Y                               120          CNDU
LAS VEGAS                                     5Y PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
THE DALLES                                    5Y PP                 N                                 0          CNDU
COLUMBUS                                      NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
BEND                                          NO PP                 Y                               120          CNDU
CINCINNATI                                    5Y PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
Visalia                                       NO PP                 N                                 0          CNDU
NAPLES                                        NO PP                 Y                               120          CNDU
SUN CITY                                      NO PP                 Y                               120          CNDU
SUMMERVILLE                                   NO PP                 Y                               120          CNDU
INDIANAPOLIS                                  3Y PP                 N                                 0          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
COPIAGUE                                      NO PP                 Y                               120          CNDU
STUART                                        5Y PP                 Y                               120          CNDU
LEBANON                                       NO PP                 Y                               120          CNDU
ANTHEM                                        NO PP                 Y                               120          CNDU
ROYAL PALM BEACH                              NO PP                 Y                               120          CNDU
DUMFRIES                                      NO PP                 Y                               120          CNDU
CLEVELAND                                     3Y PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
BRONX                                         NO PP                 N                                 0          CNDU
GLENDALE                                      NO PP                 Y                               120          CNDU
MORENO VALLEY                                 NO PP                 Y                               120          CNDU
CHESTERFIELD                                  NO PP                 Y                               120          CNDU
Newark                                        NO PP                 Y                               120          CNDU
SALEM                                         3Y PP                 Y                               120          CNDU
ANNAPOLIS                                     NO PP                 Y                               120          CNDU
WAYNESBORO                                    3Y PP                 N                                 0          CNDU
Powder Springs                                3Y PP                 Y                               120          CNDU
TEMPE                                         NO PP                 Y                               120          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
DELAND                                        NO PP                 Y                               120          CNDU
WOODBRIDGE                                    NO PP                 Y                               120          CNDU
FALLON                                        NO PP                 Y                               120          CNDU
STREAMWOOD                                    NO PP                 Y                               120          CNDU
MCLEAN                                        NO PP                 Y                               120          CNDU
YORK                                          NO PP                 N                                 0          CNDU
VISALIA                                       NO PP                 Y                               120          CNDU
MIDVALE                                       2Y PP                 Y                               120          CNDU
ANDERSON                                      NO PP                 N                                 0          CNDU
PROVIDENCE                                    NO PP                 N                                 0          CNDU
HOLLYWOOD                                     2Y PP                 Y                               120          CNDU
BUCKEYE                                       NO PP                 Y                               120          CNDU
Charlotte                                     NO PP                 Y                               120          CNDU
EASTON                                        NO PP                 Y                               120          CNDU
SARASOTA                                      NO PP                 Y                               120          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
LITHIA                                        NO PP                 Y                               120          CNDU
FALLON                                        NO PP                 Y                               120          CNDU
Louisville                                    NO PP                 Y                               120          CNDU
PORTLAND                                      NO PP                 Y                               120          CNDU
RIVIERA BEACH                                 NO PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
COATESVILLE                                   NO PP                 Y                               120          CNDU
GREENFIELD                                    NO PP                 Y                               120          CNDU
KNOXVILLE                                     3Y PP                 Y                               120          CNDU
SEVERN                                        3Y PP                 Y                               120          CNDU
CITRUS HEIGHTS                                NO PP                 Y                               120          CNDU
BOWIE                                         NO PP                 Y                               120          CNDU
BRONX                                         NO PP                 N                                 0          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 N                                 0          CNDU
JOHNSTON                                      NO PP                 Y                               120          CNDU
PROVIDENCE                                    NO PP                 Y                               120          CNDU
EDGEWATER                                     NO PP                 Y                               120          CNDU
SILVER SPRING                                 NO PP                 Y                               120          CNDU
Provo                                         NO PP                 Y                               120          CNDU
LACEY                                         NO PP                 N                                 0          CNDU
roxboro                                       2Y PP                 Y                               120          CNDU
COCKEYSVILLE                                  NO PP                 N                                 0          CNDU
GERMANTOWN                                    NO PP                 Y                               120          CNDU
NEILTON                                       5Y PP                 N                                 0          CNDU
COLUMBIA                                      NO PP                 N                                 0          CNDU
HAZEL CREST                                   NO PP                 Y                               120          CNDU
SIMPSONVILLE                                  3Y PP                 Y                               120          CNDU
MAYWOOD                                       NO PP                 Y                               120          CNDU
LAKE WORTH                                    5Y PP                 N                                 0          CNDU
SIMPSONVILLE                                  NO PP                 Y                               120          CNDU
OGDEN                                         3Y PP                 N                                 0          CNDU
JACKSONVILLE                                  3Y PP                 N                                 0          CNDU
VERO BEACH                                    NO PP                 Y                               120          CNDU
CASA GRANDE                                   NO PP                 Y                               120          CNDU
DANA POINT                                    NO PP                 Y                               120          CNDU
SILVER SPRING                                 3Y PP                 Y                               120          CNDU
LINDENHURST                                   NO PP                 Y                               120          CNDU
TAYLOR                                        NO PP                 Y                               120          CNDU
LOS ANGELES                                   NO PP                 Y                               120          CNDU
MOUNT POCONO                                  2Y PP                 Y                               120          CNDU
WARWICK                                       NO PP                 N                                 0          CNDU
METAMORA                                      NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 N                                 0          CNDU
FRISCO                                        5Y PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
COLUMBUS                                      5Y PP                 N                                 0          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
TRAVELERS REST                                NO PP                 Y                               120          CNDU
ALSTEAD                                       NO PP                 Y                               120          CNDU
SPRING BRANCH                                 NO PP                 N                                 0          CNDU
Plainfield                                    NO PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
SPRING BRANCH                                 NO PP                 N                                 0          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
PHOENIX                                       3Y PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
WASHINGTON                                    NO PP                 Y                               120          CNDU
COVINGTON                                     NO PP                 Y                               120          CNDU
PUYALLUP                                      NO PP                 Y                               120          CNDU
Apollo Beach                                  NO PP                 Y                               120          CNDU
MORENO VALLEY                                 3Y PP                 Y                               120          CNDU
TREASURE ISLAND                               NO PP                 N                                 0          CNDU
MERRITT ISLAND                                NO PP                 Y                               120          CNDU
STERLING                                      NO PP                 N                                 0          CNDU
BALTIMORE                                     NO PP                 N                                 0          CNDU
Atlanta                                       NO PP                 Y                               120          CNDU
DERWOOD                                       NO PP                 Y                               120          CNDU
COOPER CITY                                   NO PP                 N                                 0          CNDU
MIDLOTHIAN                                    3Y PP                 Y                               120          CNDU
WALTON                                        NO PP                 Y                               120          CNDU
WEST PALM BEACH                               3Y PP                 Y                               120          CNDU
JOLIET                                        NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 N                                 0          CNDU
GAINESVILLE                                   2Y PP                 Y                               120          CNDU
BATON ROUGE                                   3Y PP                 Y                               120          CNDU
GREENVILLE                                    NO PP                 Y                               120          CNDU
PHILADELPHIA                                  NO PP                 N                                 0          CNDU
CHARDON                                       5Y PP                 Y                               120          CNDU
MESA                                          NO PP                 Y                               120          CNDU
Billings                                      NO PP                 N                                 0          CNDU
CINCINNATI                                    3Y PP                 Y                               120          CNDU
GIBSONTON                                     NO PP                 Y                               120          CNDU
MOBILE                                        NO PP                 N                                 0          CNDU
WEST PALM BEACH                               5Y PP                 N                                 0          CNDU
Fall River                                    NO PP                 N                                 0          CNDU
TUCSON                                        NO PP                 Y                               120          CNDU
RICHMOND                                      NO PP                 Y                               120          CNDU
JACKSON                                       3Y PP                 N                                 0          CNDU
HEFLIN                                        NO PP                 Y                                60          CNDU
PHOENIX                                       NO PP                 N                                 0          CNDU
PANAMA CITY BEACH                             NO PP                 N                                 0          CNDU
Charlotte                                     NO PP                 Y                               120          CNDU
SPRINGFIELD                                   NO PP                 Y                               120          CNDU
AMITYVILLE                                    NO PP                 Y                               120          CNDU
DETROIT                                       1Y PP                 N                                 0          CNDU
BELLINGHAM                                    NO PP                 N                                 0          CNDU
ORLANDO                                       3Y PP                 Y                               120          CNDU
SARASOTA                                      3Y PP                 Y                               120          CNDU
COLUMBIA                                      2Y PP                 Y                               120          CNDU
WASHINGTON                                    NO PP                 N                                 0          CNDU
TRENTON                                       NO PP                 Y                               120          CNDU
RAYTOWN                                       NO PP                 Y                               120          CNDU
SYRACUSE                                      NO PP                 N                                 0          CNDU
CHANTILLY                                     NO PP                 Y                               120          CNDU
SAN CLEMENTE                                  NO PP                 Y                               120          CNDU
PONTIAC                                       6M PP                 Y                               120          CNDU
WESTFIELD                                     NO PP                 Y                               120          CNDU
DETROIT                                       3Y PP                 Y                               120          CNDU
BELTON                                        3Y PP                 Y                               120          CNDU
DETROIT                                       NO PP                 N                                 0          CNDU
DETROIT                                       NO PP                 N                                 0          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
HOUSTON                                       5Y PP                 N                                 0          CNDU
SUPERIOR                                      NO PP                 Y                               120          CNDU
LISLE                                         NO PP                 Y                               120          CNDU
REDFORD                                       3Y PP                 Y                               120          CNDU
Noblesville                                   NO PP                 Y                               120          CNDU
Noblesville                                   NO PP                 Y                               120          CNDU
Woodstock                                     NO PP                 Y                                60          CNDU
SALT LAKE CITY                                NO PP                 Y                               120          CNDU
MEMPHIS                                       3Y PP                 N                                 0          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
Rio Rancho                                    NO PP                 Y                               120          CNDU
SCOTTSDALE                                    NO PP                 Y                               120          CNDU
HORN LAKE                                     NO PP                 Y                                60          CNDU
Winston Salem                                 NO PP                 Y                               120          CNDU
BALTIMORE                                     2Y PP                 N                                 0          CNDU
COVINGTON                                     5Y PP                 Y                               120          CNDU
BATON ROUGE                                   2Y PP                 Y                               120          CNDU
PALM BEACH GARDENS                            NO PP                 Y                               120          CNDU
CANTON                                        NO PP                 Y                               120          CNDU
BATON ROUGE                                   2Y PP                 Y                               120          CNDU
OCALA                                         NO PP                 Y                               120          CNDU
PORTLAND                                      NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
WINSTON SALEM                                 NO PP                 Y                               120          CNDU
RAYTOWN                                       NO PP                 Y                               120          CNDU
SAN BERNARDINO                                NO PP                 Y                               120          CNDU
Charlotte                                     NO PP                 Y                               120          CNDU
DALLAS                                        5Y PP                 N                                 0          CNDU
Winston Salem                                 NO PP                 Y                               120          CNDU
MEMPHIS                                       3Y PP                 N                                 0          CNDU
Winston Salem                                 NO PP                 N                                 0          CNDU
Winston Salem                                 NO PP                 N                                 0          CNDU
GALVESTON                                     2Y PP                 N                                 0          CNDU
MEMPHIS                                       3Y PP                 N                                 0          CNDU
MEMPHIS                                       3Y PP                 N                                 0          CNDU
FALLS CHURCH                                  NO PP                 Y                               120          CNDU
RICHMOND                                      NO PP                 Y                               120          CNDU
SOUND BEACH                                   NO PP                 Y                               120          CNDU
AUGUSTA                                       NO PP                 Y                               120          CNDU
Trenton                                       NO PP                 Y                               120          CNDU
TRENTON                                       NO PP                 Y                               120          CNDU
KANNAPOLIS                                    NO PP                 N                                 0          CNDU
TRENTON                                       NO PP                 Y                               120          CNDU
OCOEE                                         NO PP                 Y                               120          CNDU
Concord                                       NO PP                 Y                               120          CNDU
Pompton Plains                                NO PP                 Y                               120          CNDU
KNOXVILLE                                     NO PP                 Y                               120          CNDU
COLUMBIA                                      NO PP                 N                                 0          CNDU
SAN LEANDRO                                   NO PP                 Y                               120          CNDU
TEMPE                                         NO PP                 Y                               120          CNDU
ROCHESTER HILLS                               NO PP                 Y                               120          CNDU
Bradenton Beach                               NO PP                 Y                               120          CNDU
OAKLAND                                       NO PP                 Y                               120          CNDU
ROSELLE                                       NO PP                 N                                 0          CNDU
FLAT ROCK                                     2Y PP                 Y                               120          CNDU
MADRAS                                        NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
MADRAS                                        NO PP                 Y                               120          CNDU
ELK GROVE                                     NO PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
PORTSMOUTH                                    NO PP                 Y                               120          CNDU
HIALEAH                                       NO PP                 Y                               120          CNDU
MOLINE                                        NO PP                 Y                               120          CNDU
MANCHESTER                                    NO PP                 Y                               120          CNDU
ARVERNE                                       NO PP                 N                                 0          CNDU
WOBURN                                        NO PP                 N                                 0          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
LAS VEGAS                                     NO PP                 Y                               120          CNDU
OCEANSIDE                                     NO PP                 Y                               120          CNDU
SPRING                                        NO PP                 N                                 0          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
LAREDO                                        NO PP                 N                                 0          CNDU
ROCKVALE                                      NO PP                 Y                               120          CNDU
NORTH BELLMORE                                NO PP                 Y                               120          CNDU
Los Angeles                                   NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
Acworth                                       NO PP                 Y                               120          CNDU
COLUMBUS                                      3Y PP                 N                                 0          CNDU
LAS VEGAS                                     NO PP                 Y                               120          CNDU
COACHELLA                                     NO PP                 Y                               120          CNDU
Lumberton                                     NO PP                 N                                 0          CNDU
BILLINGS                                      NO PP                 N                                 0          CNDU
SCHENECTADY                                   NO PP                 N                                 0          CNDU
BILOXI                                        NO PP                 N                                 0          CNDU
GULFPORT                                      NO PP                 N                                 0          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
WALDORF                                       NO PP                 Y                               120          CNDU
ROUND LAKE                                    NO PP                 Y                               120          CNDU
Decatur                                       NO PP                 N                                 0          CNDU
DES PLAINES                                   NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
PIEDMONT                                      NO PP                 Y                               120          CNDU
PORTLAND                                      NO PP                 N                                 0          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
CRANSTON                                      NO PP                 N                                 0          CNDU
HOUSTON                                       3Y PP                 N                                 0          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
DAYTON                                        3Y PP                 N                                 0          CNDU
Atlanta                                       NO PP                 Y                               120          CNDU
EASTPOINTE                                    NO PP                 N                                 0          CNDU
LITTLE ROCK                                   NO PP                 Y                               120          CNDU
MILFORD                                       NO PP                 N                                 0          CNDU
SURPRISE                                      NO PP                 Y                               120          CNDU
ROEBUCK                                       NO PP                 Y                               120          CNDU
SEVIERVILLE                                   3Y PP                 N                                 0          CNDU
NEW HAVEN                                     2Y PP                 N                                 0          CNDU
GATLINBURG                                    3Y PP                 N                                 0          CNDU
WASHINGTON                                    1Y PP                 Y                               120          CNDU
SOUTHFIELD                                    3Y PP                 Y                               120          CNDU
LINCOLNWOOD                                   NO PP                 Y                               120          CNDU
COLUMBUS                                      5Y PP                 N                                 0          CNDU
DOVER                                         NO PP                 Y                               120          CNDU
Buckeye                                       NO PP                 Y                               120          CNDU
QUEEN CREEK                                   3Y PP                 N                                 0          CNDU
MESA                                          NO PP                 N                                 0          CNDU
Everett                                       NO PP                 Y                               120          CNDU
PROVIDENCE                                    NO PP                 Y                               120          CNDU
Atlanta                                       NO PP                 Y                               120          CNDU
Chickamauga                                   3Y PP                 N                                 0          CNDU
JACKSONVILLE                                  5Y PP                 N                                 0          CNDU
North Bethesda                                NO PP                 Y                               120          CNDU
BRENTWOOD                                     NO PP                 Y                               120          CNDU
Glendale                                      2Y PP                 Y                               120          CNDU
PEMBROKE                                      NO PP                 Y                               120          CNDU
PHOENIX                                       3Y PP                 Y                               120          CNDU
TAMPA                                         5Y PP                 N                                 0          CNDU
MIAMI BEACH                                   NO PP                 Y                               120          CNDU
JERSEY CITY                                   NO PP                 N                                 0          CNDU
SIOUX FALLS                                   NO PP                 N                                 0          CNDU
MARICOPA                                      NO PP                 Y                               120          CNDU
AURORA                                        NO PP                 N                                 0          CNDU
Corrales                                      NO PP                 Y                               120          CNDU
BOLINGBROOK                                   NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
NEW YORK                                      NO PP                 N                                 0          CNDU
DOUGLASSVILLE                                 NO PP                 Y                               120          CNDU
Albuquerque                                   NO PP                 Y                               120          CNDU
HILTON HEAD ISLAND                            NO PP                 Y                               120          CNDU
ASTORIA                                       NO PP                 N                                 0          CNDU
WHEATON                                       NO PP                 Y                               120          CNDU
PLATTSBURG                                    NO PP                 Y                               120          CNDU
FORT ATKINSON                                 NO PP                 N                                 0          CNDU
MIDDLETOWN                                    3Y PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
LAS VEGAS                                     3Y PP                 Y                               120          CNDU
FORT LAUDERDALE                               1Y PP                 Y                               120          CNDU
FALLS CHURCH                                  NO PP                 Y                               120          CNDU
OXNARD                                        NO PP                 Y                               120          CNDU
DETROIT                                       3Y PP                 Y                               120          CNDU
CHESTER                                       NO PP                 Y                               120          CNDU
NORFOLK                                       5Y PP                 Y                               120          CNDU
SANDPOINT                                     NO PP                 Y                               120          CNDU
PARADISE                                      NO PP                 Y                               120          CNDU
CAPE CORAL                                    NO PP                 N                                 0          CNDU
SEDONA                                        NO PP                 Y                               120          CNDU
PAWLEYS ISLAND                                NO PP                 Y                               120          CNDU
COUNTRY CLUB HILLS                            NO PP                 Y                               120          CNDU
Passaic                                       NO PP                 Y                               120          CNDU
Franklin                                      NO PP                 Y                               120          CNDU
SAN ANTONIO                                   5Y PP                 Y                               120          CNDU
BRIDGEPORT                                    NO PP                 Y                               120          CNDU
SANDY                                         NO PP                 Y                               120          CNDU
SURPRISE                                      NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
LAKE FOREST                                   NO PP                 N                                 0          CNDU
FARMINGVILLE                                  NO PP                 Y                               120          CNDU
PALM BAY                                      NO PP                 Y                               120          CNDU
BIRMINGHAM                                    NO PP                 N                                 0          CNDU
WALDORF                                       NO PP                 Y                               120          CNDU
West New York                                 NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
DETROIT                                       3Y PP                 Y                               120          CNDU
CONWAY                                        NO PP                 N                                 0          CNDU
HUNTLEY                                       NO PP                 Y                               120          CNDU
INDIO                                         2Y PP                 Y                               120          CNDU
WESTWOOD                                      6M PP                 N                                 0          CNDU
TEHACHAI                                      NO PP                 N                                 0          CNDU
CLEVELAND                                     3Y PP                 Y                               120          CNDU
BAKERSFIELD                                   NO PP                 Y                               120          CNDU
SWANSEA                                       NO PP                 Y                               120          CNDU
SCOTTSDALE                                    NO PP                 Y                               120          CNDU
BUCKEYE                                       NO PP                 Y                               120          CNDU
WILLOWBROOK                                   NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
MARICOPA                                      NO PP                 Y                               120          CNDU
FOREST GROVE                                  NO PP                 Y                               120          CNDU
MARICOPA                                      NO PP                 Y                               120          CNDU
RIDGELY                                       NO PP                 Y                               120          CNDU
CEDAR POINT                                   NO PP                 Y                               120          CNDU
FREDERICKSBURG                                NO PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 N                                 0          CNDU
LAS VEGAS                                     NO PP                 Y                               120          CNDU
PEORIA                                        NO PP                 N                                 0          CNDU
Ahoskie                                       NO PP                 N                                 0          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
Evansville                                    NO PP                 Y                               120          CNDU
BRYANS ROAD                                   NO PP                 Y                               120          CNDU
WALDORF                                       NO PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 Y                               120          CNDU
LORTON                                        NO PP                 Y                               120          CNDU
SALISBURY                                     NO PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 N                                 0          CNDU
Trenton                                       NO PP                 N                                 0          CNDU
REDMOND                                       NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 Y                               120          CNDU
TOLEDO                                        3Y PP                 N                                 0          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 N                                 0          CNDU
PROVIDENCE                                    NO PP                 N                                 0          CNDU
RICHMOND                                      NO PP                 Y                               120          CNDU
ISLE OF PALMS                                 NO PP                 Y                               120          CNDU
CENTEREACH                                    NO PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 Y                               120          CNDU
LANCASTER                                     NO PP                 N                                 0          CNDU
NORTH LAS VEGAS                               NO PP                 Y                               120          CNDU
Woodstock                                     NO PP                 Y                               120          CNDU
LONG BEACH                                    NO PP                 Y                               120          CNDU
EVANSTON                                      NO PP                 Y                               120          CNDU
PEYTON                                        NO PP                 Y                               120          CNDU
Marietta                                      NO PP                 Y                               120          CNDU
EVANSTON                                      NO PP                 Y                               120          CNDU
INDIANAPOLIS                                  5Y PP                 N                                 0          CNDU
Sunbury                                       NO PP                 Y                               120          CNDU
Rome                                          NO PP                 Y                               120          CNDU
ORLANDO                                       NO PP                 N                                 0          CNDU
EVANSTON                                      NO PP                 Y                               120          CNDU
AMSTERDAM                                     NO PP                 N                                 0          CNDU
MIAMI                                         5Y PP                 N                                 0          CNDU
EL PASO                                       NO PP                 N                                 0          CNDU
FALLS CHURCH                                  NO PP                 Y                               120          CNDU
TYLER                                         3Y PP                 Y                               120          CNDU
LADYS ISLAND                                  NO PP                 Y                               120          CNDU
JAMAICA                                       NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
Fort Wayne                                    3Y PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 Y                               120          CNDU
PALM COAST                                    NO PP                 Y                               120          CNDU
Hillsborough                                  NO PP                 Y                               120          CNDU
ALEXANDRIA                                    NO PP                 Y                               120          CNDU
CRYSTAL SPRINGS                               NO PP                 N                                 0          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
VIRGINIA BEACH                                2Y PP                 Y                               120          CNDU
PORT JEFFERSON STATION                        NO PP                 N                                 0          CNDU
DAYTON                                        3Y PP                 N                                 0          CNDU
BAYONNE                                       NO PP                 Y                               120          CNDU
WELLINGTON                                    NO PP                 Y                               120          CNDU
AKRON                                         3Y PP                 N                                 0          CNDU
MARYVILLE                                     NO PP                 Y                               120          CNDU
WARRENTON                                     NO PP                 N                                 0          CNDU
OGDEN                                         NO PP                 N                                 0          CNDU
EL PASO                                       NO PP                 N                                 0          CNDU
SOUTH PADRE ISLAND                            NO PP                 Y                               120          CNDU
FARMINGTON                                    3Y PP                 Y                               120          CNDU
FARMINGTON                                    3Y PP                 Y                               120          CNDU
GRANDVILLE                                    NO PP                 N                                 0          CNDU
BAY SHORE                                     NO PP                 Y                               120          CNDU
BURNSVILLE                                    3Y PP                 Y                               120          CNDU
Evansville                                    NO PP                 N                                 0          CNDU
KIRKLAND                                      NO PP                 N                                 0          CNDU
DUNELLEN                                      NO PP                 N                                 0          CNDU
HOLLYWOOD                                     NO PP                 Y                               120          CNDU
Tigard                                        NO PP                 Y                               120          CNDU
PORT SAINT LUCIE                              NO PP                 N                                 0          CNDU
PALISADES                                     NO PP                 N                                 0          CNDU
MERCED                                        NO PP                 Y                               120          CNDU
SAINT ALBANS                                  NO PP                 Y                               120          CNDU
DAYTON                                        3Y PP                 N                                 0          CNDU
EL MONTE                                      NO PP                 N                                 0          CNDU
SIDNEY                                        5Y PP                 N                                 0          CNDU
JACKSONVILLE                                  3Y PP                 Y                               120          CNDU
BRIDGEPORT                                    NO PP                 N                                 0          CNDU
LAWRENCEVILLE                                 NO PP                 Y                               120          CNDU
WATERFORD                                     NO PP                 Y                               120          CNDU
MONROE                                        NO PP                 N                                 0          CNDU
Atlantic Beach                                NO PP                 Y                               120          CNDU
Kalamazoo                                     NO PP                 Y                               120          CNDU
WINCHESTER                                    NO PP                 Y                               120          CNDU
SPOKANE                                       NO PP                 Y                               120          CNDU
West Sacramento                               NO PP                 N                                 0          CNDU
FORT WORTH                                    5Y PP                 N                                 0          CNDU
SUNRISE                                       NO PP                 Y                               120          CNDU
MARYSVILLE                                    NO PP                 Y                               120          CNDU
CONCORD                                       3Y PP                 Y                               120          CNDU
SIOUX FALLS                                   NO PP                 N                                 0          CNDU
COLUMBUS                                      NO PP                 Y                               120          CNDU
NEWBERG                                       NO PP                 Y                               120          CNDU
BELLEROSE                                     NO PP                 N                                 0          CNDU
Paterson                                      NO PP                 Y                               120          CNDU
LEWES                                         5Y PP                 Y                               120          CNDU
Boston                                        NO PP                 Y                               120          CNDU
BOOTHWYN                                      NO PP                 Y                               120          CNDU
TUCSON                                        5Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
CHARLOTTE                                     NO PP                 Y                               120          CNDU
WHEATON                                       NO PP                 Y                               120          CNDU
FORT MYERS                                    3Y PP                 Y                                60          CNDU
TINLEY PARK                                   NO PP                 Y                               120          CNDU
GRANTS PASS                                   NO PP                 Y                               120          CNDU
RIGBY                                         3Y PP                 Y                                60          CNDU
STREAMWOOD                                    NO PP                 Y                                60          CNDU
MILTON                                        NO PP                 Y                               120          CNDU
Toms River                                    NO PP                 Y                               120          CNDU
SAINT GEORGE                                  NO PP                 Y                               120          CNDU
PATASKALA                                     NO PP                 Y                               120          CNDU
LOVELAND                                      NO PP                 Y                               120          CNDU
Boston                                        NO PP                 Y                               120          CNDU
VIRGINIA BEACH                                NO PP                 N                                 0          CNDU
APPLE VALLEY                                  NO PP                 Y                               120          CNDU
BOYNTON BEACH                                 3Y PP                 Y                               120          CNDU
PONTIAC                                       NO PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
NEWBURGH                                      NO PP                 N                                 0          CNDU
Mcdonough                                     3Y PP                 N                                 0          CNDU
Boston                                        NO PP                 Y                               120          CNDU
CONWAY                                        NO PP                 N                                 0          CNDU
Durham                                        NO PP                 N                                 0          CNDU
FORT MYERS                                    1Y PP                 Y                                60          CNDU
DETROIT                                       3Y PP                 Y                               120          CNDU
SURPRISE                                      NO PP                 Y                               120          CNDU
LEES SUMMIT                                   NO PP                 Y                               120          CNDU
AVONDALE                                      NO PP                 Y                               120          CNDU
LITHIA                                        NO PP                 Y                                60          CNDU
SURPRISE                                      NO PP                 Y                                60          CNDU
FAIRVIEW                                      NO PP                 N                                 0          CNDU
SHOW LOW                                      NO PP                 Y                               120          CNDU
Charlotte                                     NO PP                 Y                               120          CNDU
OKLAHOMA CITY                                 NO PP                 N                                 0          CNDU
CLEVELAND                                     5Y PP                 N                                 0          CNDU
ALAMEDA                                       NO PP                 Y                               120          CNDU
ORMOND BEACH                                  NO PP                 Y                               120          CNDU
EWING                                         NO PP                 Y                               120          CNDU
SAN ANTONIO                                   5Y PP                 N                                 0          CNDU
FORT PIERCE                                   NO PP                 Y                               120          CNDU
RICHMOND                                      NO PP                 Y                               120          CNDU
DAYTON                                        5Y PP                 Y                               120          CNDU
INDEPENDENCE                                  NO PP                 Y                               120          CNDU
LARGO                                         NO PP                 Y                               120          CNDU
SURPRISE                                      NO PP                 Y                               120          CNDU
HANFORD                                       5Y PP                 N                                 0          CNDU
BRONX                                         NO PP                 Y                               120          CNDU
BRANSON                                       NO PP                 Y                               120          CNDU
ASHBURN                                       NO PP                 Y                               120          CNDU
Belmont                                       NO PP                 Y                                60          CNDU
LYNCHBURG                                     3Y PP                 N                                 0          CNDU
LYNCHBURG                                     3Y PP                 N                                 0          CNDU
DAYTON                                        NO PP                 N                                 0          CNDU
HARLINGEN                                     NO PP                 Y                               120          CNDU
LAWSON                                        NO PP                 Y                               120          CNDU
EAST DURHAM                                   NO PP                 N                                 0          CNDU
STOCKTON                                      1Y PP                 Y                               120          CNDU
ODENTON                                       NO PP                 Y                               120          CNDU
WOODSIDE                                      NO PP                 Y                               120          CNDU
CANTON                                        5Y PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 Y                               120          CNDU
Camden                                        NO PP                 N                                 0          CNDU
COLUMBUS                                      3Y PP                 Y                               120          CNDU
NORTH MIAMI                                   5Y PP                 Y                               120          CNDU
VIRGINIA BEACH                                NO PP                 Y                               120          CNDU
KANSAS CITY                                   3Y PP                 Y                               120          CNDU
AKRON                                         5Y PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 Y                               120          CNDU
Belton                                        NO PP                 Y                               120          CNDU
TOPEKA                                        NO PP                 Y                               120          CNDU
GREENVILLE                                    NO PP                 Y                               120          CNDU
VIENNA                                        NO PP                 Y                               120          CNDU
OZONE PARK                                    NO PP                 Y                               120          CNDU
AURORA                                        NO PP                 Y                               120          CNDU
GOODLETTSVILLE                                NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
APPLE VALLEY                                  NO PP                 Y                               120          CNDU
Irvington                                     NO PP                 N                                 0          CNDU
MURRIETA                                      NO PP                 Y                               120          CNDU
HENDERSON                                     NO PP                 Y                               120          CNDU
ZEPHYRHILLS                                   NO PP                 Y                               120          CNDU
MERIDEN                                       5Y PP                 Y                               120          CNDU
PHILADELPHIA                                  NO PP                 Y                               120          CNDU
SANTA ROSA                                    3Y PP                 Y                               120          CNDU
PROVIDENCE                                    NO PP                 N                                 0          CNDU
WASHINGTON                                    NO PP                 N                                 0          CNDU
GLENDALE                                      NO PP                 Y                               120          CNDU
UPPER MARLBORO                                NO PP                 Y                               120          CNDU
RESTON                                        NO PP                 Y                                60          CNDU
East Boston                                   NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
AURORA                                        NO PP                 Y                               120          CNDU
PHOENIX                                       1Y PP                 Y                               120          CNDU
Cottonwood                                    2Y PP                 Y                               120          CNDU
HOMESTEAD                                     NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
HILLSBORO                                     NO PP                 Y                               120          CNDU
LAKE OSWEGO                                   NO PP                 Y                               120          CNDU
NEW LONDON                                    NO PP                 N                                 0          CNDU
GRANTS PASS                                   2Y PP                 Y                               120          CNDU
WARREN                                        NO PP                 Y                               120          CNDU
AIKEN                                         NO PP                 N                                 0          CNDU
BUFFALO                                       5Y PP                 N                                 0          CNDU
CLERMONT                                      NO PP                 Y                               120          CNDU
Louisville                                    NO PP                 N                                 0          CNDU
NEWPORT NEWS                                  3Y PP                 Y                               120          CNDU
LOS ANGELES                                   NO PP                 Y                                60          CNDU
MIAMI                                         NO PP                 Y                               120          CNDU
HOFFMAN ESTATES                               NO PP                 Y                                60          CNDU
NAMPA                                         NO PP                 Y                               120          CNDU
POWDER SPRINGS                                NO PP                 Y                               120          CNDU
Alpharetta                                    NO PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
JACKSONVILLE BEACH                            NO PP                 Y                               120          CNDU
ANGOLA                                        NO PP                 N                                 0          CNDU
BOILING SPRINGS                               NO PP                 Y                               120          CNDU
Apopka                                        NO PP                 Y                               120          CNDU
BRONX                                         NO PP                 Y                               120          CNDU
SPOKANE                                       5Y PP                 N                                 0          CNDU
ORLANDO                                       NO PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
TYLER                                         NO PP                 Y                               120          CNDU
PHILADELPHIA                                  NO PP                 Y                                60          CNDU
Alpharetta                                    NO PP                 N                                 0          CNDU
TOPEKA                                        NO PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
TOPEKA                                        NO PP                 N                                 0          CNDU
TOPEKA                                        NO PP                 N                                 0          CNDU
E FALLOWFIELD                                 NO PP                 N                                 0          CNDU
MESA                                          NO PP                 Y                               120          CNDU
GREENVILLE                                    NO PP                 Y                               120          CNDU
RENTON                                        5Y PP                 Y                               120          CNDU
LANSING                                       NO PP                 Y                               120          CNDU
EL PASO                                       NO PP                 Y                               120          CNDU
Raleigh                                       NO PP                 Y                               120          CNDU
BIRMINGHAM                                    3Y PP                 N                                 0          CNDU
BARTOW                                        NO PP                 Y                               120          CNDU
OKLAHOMA CITY                                 3Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
ORMOND BEACH                                  NO PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
HOLLYWOOD                                     5Y PP                 Y                               120          CNDU
NORTH CHARLESTON                              NO PP                 Y                               120          CNDU
VANCOUVER                                     NO PP                 Y                               120          CNDU
AVONDALE                                      NO PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
SEGUIN                                        5Y PP                 N                                 0          CNDU
SOUTHFIELD                                    NO PP                 Y                               120          CNDU
KENT                                          NO PP                 Y                               120          CNDU
ROWESVILLE                                    NO PP                 Y                               120          CNDU
MASPETH                                       NO PP                 Y                               120          CNDU
Mutttontown                                   NO PP                 Y                               120          CNDU
GLEN OAKS                                     NO PP                 N                                 0          CNDU
DARLINGTON                                    NO PP                 Y                               120          CNDU
NORTH HOLLYWOOD                               NO PP                 Y                               120          CNDU
NEW DURHAM                                    NO PP                 Y                               120          CNDU
RANCHO PALOS VERDES                           NO PP                 N                                 0          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
PORT SAINT LUCIE                              NO PP                 Y                               120          CNDU
COLUMBUS                                      NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 Y                               120          CNDU
NORTH CHARLESTON                              NO PP                 Y                               120          CNDU
FOUNTAIN                                      NO PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 Y                               120          CNDU
LAWRENCEVILLE                                 NO PP                 Y                               120          CNDU
HOMESTEAD                                     1Y PP                 N                                 0          CNDU
LA VERGNE                                     NO PP                 Y                               120          CNDU
NORTH LAS VEGAS                               NO PP                 Y                               120          CNDU
WASHINGTON                                    NO PP                 N                                 0          CNDU
ATLANTA                                       NO PP                 N                                 0          CNDU
Cumming                                       NO PP                 Y                                60          CNDU
HILLSBORO                                     NO PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
Wilmington                                    NO PP                 Y                               120          CNDU
Las Cruces                                    NO PP                 N                                 0          CNDU
VISALIA                                       2Y PP                 Y                               120          CNDU
SCAPPOOSE                                     NO PP                 Y                               120          CNDU
SALEM                                         3Y PP                 Y                               120          CNDU
Santa Maria                                   NO PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
OZARK                                         NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
SCOTTSDALE                                    NO PP                 Y                               120          CNDU
HOUSTON                                       5Y PP                 N                                 0          CNDU
ELMHURST                                      NO PP                 N                                 0          CNDU
WASHINGTON                                    6M PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
CALDWELL                                      NO PP                 Y                               120          CNDU
Powder Springs                                NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
GLENDALE                                      NO PP                 Y                               120          CNDU
MODESTO                                       NO PP                 Y                               120          CNDU
LAS VEGAS                                     NO PP                 Y                               120          CNDU
WALDORF                                       NO PP                 N                                 0          CNDU
LISLE                                         NO PP                 Y                               120          CNDU
SALEM                                         NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 N                                 0          CNDU
SPOKANE                                       NO PP                 N                                 0          CNDU
RIDGE                                         NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
WAKE FOREST                                   NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 Y                               120          CNDU
REDMOND                                       NO PP                 Y                               120          CNDU
MINNEAPOLIS                                   NO PP                 N                                 0          CNDU
SPRING CITY                                   NO PP                 Y                               120          CNDU
PINE BLUFFS                                   NO PP                 Y                               120          CNDU
WASHINGTON                                    NO PP                 N                                 0          CNDU
MARICOPA                                      NO PP                 Y                               120          CNDU
GIBSONTON                                     NO PP                 Y                               120          CNDU
CHEYENNE                                      NO PP                 Y                               120          CNDU
ANNAPOLIS                                     NO PP                 Y                               120          CNDU
SEAFORD                                       3Y PP                 N                                 0          CNDU
ESSEX                                         NO PP                 Y                               120          CNDU
DES MOINES                                    NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 Y                               120          CNDU
Scottsdale                                    NO PP                 N                                 0          CNDU
MARYSVILLE                                    NO PP                 Y                               120          CNDU
FORT LAUDERDALE                               2Y PP                 N                                 0          CNDU
LIBERTY LAKE                                  NO PP                 Y                               120          CNDU
Raleigh                                       NO PP                 Y                               120          CNDU
SILVER SPRING                                 NO PP                 Y                               120          CNDU
MIRA LOMA                                     5Y PP                 Y                               120          CNDU
KATONAH                                       NO PP                 Y                               120          CNDU
Cary                                          NO PP                 Y                               120          CNDU
EVERETT                                       5Y PP                 Y                               120          CNDU
PROVIDENCE                                    NO PP                 Y                               120          CNDU
WOODBRIDGE                                    NO PP                 N                                 0          CNDU
CAPE CORAL                                    NO PP                 Y                               120          CNDU
Atlanta                                       NO PP                 Y                               120          CNDU
RENO                                          NO PP                 Y                               120          REPR
RANDALLSTOWN                                  NO PP                 Y                               120          REPR
PERINTON                                      NO PP                 N                                 0          REPR
FRAMINGHAM                                    NO PP                 N                                 0          REPR
Vienna                                        NO PP                 Y                               120          EFLO
Phippsburg                                    NO PP                 N                                 0          EFLO
Detroit                                       NO PP                 N                                 0          EFLO
Detroit                                       NO PP                 N                                 0          EFLO
Washington                                    NO PP                 N                                 0          EFLO
Fort Washington                               NO PP                 Y                               120          EFLO
Clermont                                      NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Fort Washington                               NO PP                 Y                               120          EFLO
Sterling                                      NO PP                 N                                 0          EFLO
Washington                                    NO PP                 Y                               120          EFLO
Suisun City                                   NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Woodbridge                                    3Y PP                 Y                               120          EFLO
Centreville                                   NO PP                 Y                               120          EFLO
Fairfax                                       NO PP                 Y                               120          EFLO
Culpeper                                      NO PP                 Y                               120          EFLO
Fredericksburg                                3Y PP                 Y                               120          EFLO
Hamilton                                      NO PP                 Y                               120          EFLO
Fredericksburg                                3Y PP                 Y                               120          EFLO
Cooksville                                    NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Winston Salem                                 NO PP                 Y                               120          EFLO
Temple Hills                                  NO PP                 Y                               120          EFLO
Germantown                                    NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Richmond                                      NO PP                 Y                               120          EFLO
Alexandria                                    NO PP                 Y                               120          EFLO
Clinton                                       NO PP                 Y                               120          EFLO
Upper Marlboro                                NO PP                 Y                               120          EFLO
Gaithersburg                                  NO PP                 Y                               120          EFLO
Arlington                                     NO PP                 Y                               120          EFLO
Beltsville                                    NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Woodbridge                                    3Y PP                 Y                               120          EFLO
Capitol Heights                               NO PP                 Y                               120          EFLO
Culpeper                                      NO PP                 Y                               120          EFLO
Alexandria                                    NO PP                 Y                               120          EFLO
Woodbridge                                    NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Takoma Park                                   NO PP                 Y                               120          EFLO
Woodbridge                                    NO PP                 Y                               120          EFLO
Leesburg                                      NO PP                 Y                               120          EFLO
Aldie                                         NO PP                 Y                               120          EFLO
TAMARAC                                       NO PP                 N                                 0          EFLO
Reston                                        NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Woodbridge                                    NO PP                 Y                               120          EFLO
Falls Church                                  3Y PP                 Y                               120          EFLO
Baltimore                                     NO PP                 N                                 0          EFLO
PORT REPUBLIC                                 NO PP                 Y                               120          EFLO
STREAMWOOD                                    NO PP                 N                                 0          EFLO
LOUISVILLE                                    NO PP                 Y                               120          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
Fargo                                         NO PP                 N                                 0          EFLO
BEALETON                                      6M PP                 Y                               120          EFLO
COLUMBIA                                      NO PP                 N                                 0          EFLO
DOVER                                         3Y PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
CARENCRO                                      3Y PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
WALDORF                                       NO PP                 N                                 0          EFLO
ARLINGTON                                     NO PP                 N                                 0          EFLO
Pasadena                                      NO PP                 Y                               120          EFLO
ARLINGTON                                     NO PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
ARLINGTON                                     NO PP                 N                                 0          EFLO
DAVIDSONVILLE                                 NO PP                 Y                               120          EFLO
NEW CASTLE                                    NO PP                 N                                 0          EFLO
YORK                                          3Y PP                 N                                 0          EFLO
VIRGINIA BEACH                                NO PP                 N                                 0          EFLO
RICHMOND                                      NO PP                 Y                               120          EFLO
CUMBERLAND                                    NO PP                 N                                 0          EFLO
POTTSTOWN                                     3Y PP                 N                                 0          EFLO
POTTSTOWN                                     3Y PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 Y                               120          EFLO
Baltimore                                     NO PP                 Y                               120          EFLO
SOUDERTON                                     NO PP                 N                                 0          EFLO
Grant                                         3Y PP                 N                                 0          EFLO
MIAMI                                         NO PP                 N                                 0          EFLO
ELMA                                          3Y PP                 N                                 0          EFLO
TAMPA                                         3Y PP                 N                                 0          EFLO
Romulus                                       3Y PP                 N                                 0          EFLO
Lakeland                                      3Y PP                 N                                 0          REPR
West Palm Beach                               NO PP                 N                                 0          REPR
UPPER MARLBORO                                NO PP                 Y                               120          REPR
Albertson                                     NO PP                 Y                               120          EFLO
Brooklyn                                      1Y PP                 Y                               120          EFLO
Wyandanch                                     1Y PP                 N                                 0          EFLO
ALTURA                                        3Y PP                 N                                 0          EFLO
Alexandria                                    NO PP                 N                                 0          EFLO
APACHE JUNCTION                               3Y PP                 N                                 0          EFLO
MOUNT LAUREL TOWNSHIP                         NO PP                 N                                 0          EFLO
IRVINGTON TOWNSHIP                            NO PP                 N                                 0          EFLO
NEW BRUNSWICK                                 NO PP                 Y                               120          EFLO
PATERSON                                      NO PP                 Y                               120          EFLO
BAYONNE                                       NO PP                 Y                               120          EFLO
Trenton                                       NO PP                 N                                 0          EFLO
WOODBRIDGE                                    NO PP                 Y                               120          EFLO
MT OLIVE TOWNSHIP                             NO PP                 N                                 0          EFLO
TRENTON                                       NO PP                 N                                 0          EFLO
JERSEY CITY                                   NO PP                 Y                               120          EFLO
NORTH BERGEN TWP                              NO PP                 N                                 0          EFLO
PASSAIC                                       NO PP                 Y                               120          EFLO
EAST ORANGE                                   NO PP                 N                                 0          EFLO
EAST ORANGE                                   NO PP                 N                                 0          EFLO
JERSEY CITY                                   NO PP                 Y                               120          EFLO
MENDHAM TOWNSHIP                              NO PP                 N                                 0          EFLO
Miami                                         NO PP                 Y                               120          EFLO
Hialeah                                       3Y PP                 N                                 0          EFLO
Hillsborough                                  NO PP                 N                                 0          EFLO
Maurice River Township                        NO PP                 N                                 0          EFLO
Elizabeth                                     NO PP                 Y                               120          EFLO
Newark                                        NO PP                 N                                 0          EFLO
Fitchburg                                     NO PP                 N                                 0          EFLO
Lawrence                                      NO PP                 Y                               120          EFLO
Orange                                        NO PP                 N                                 0          EFLO
Newark                                        NO PP                 Y                               120          EFLO
Jersey City                                   NO PP                 N                                 0          EFLO
Lynn                                          NO PP                 Y                               120          EFLO
Antioch                                       NO PP                 Y                               120          EFLO
New Port Richey                               NO PP                 Y                               120          EFLO
Mobile                                        NO PP                 N                                 0          EFLO
Nashville                                     NO PP                 N                                 0          EFLO
Dunedin                                       NO PP                 Y                               120          EFLO
Seminole                                      NO PP                 Y                               120          EFLO
Largo                                         NO PP                 Y                               120          EFLO
Mandeville                                    NO PP                 N                                 0          EFLO
Dunedin                                       NO PP                 Y                               120          EFLO
Clearwater                                    NO PP                 Y                               120          EFLO
Ocala                                         NO PP                 Y                               120          EFLO
Clearwater                                    NO PP                 Y                               120          EFLO
Chattanooga                                   NO PP                 N                                 0          EFLO
Hendersonville                                NO PP                 N                                 0          EFLO
Iuka                                          NO PP                 N                                 0          EFLO
Auburn                                        NO PP                 Y                                60          EFLO
Cape Coral                                    NO PP                 Y                                60          EFLO
Jackson                                       NO PP                 N                                 0          EFLO
Celebration                                   NO PP                 Y                               120          EFLO
Orlando                                       NO PP                 Y                               120          EFLO
Gulf Breeze                                   NO PP                 N                                 0          EFLO
Nashville                                     NO PP                 N                                 0          EFLO
Birmingham                                    NO PP                 Y                               120          EFLO
JONESBORO                                     1Y PP                 N                                 0          EFLO
LITHONIA                                      1Y PP                 Y                               120          EFLO
Cincinnati                                    1Y PP                 N                                 0          EFLO
LAKE ALFRED                                   1Y PP                 N                                 0          EFLO
MIAMI                                         3Y PP                 N                                 0          EFLO
Cincinnati                                    1Y PP                 N                                 0          EFLO
MARIETTA                                      NO PP                 N                                 0          EFLO
Kennesaw                                      NO PP                 Y                               120          EFLO
BLUE RIDGE                                    1Y PP                 Y                               120          EFLO
HIGH POINT                                    3Y PP                 N                                 0          EFLO
ATLANTA                                       1Y PP                 N                                 0          EFLO
Cincinnati                                    NO PP                 Y                               120          EFLO
Port Chester                                  NO PP                 N                                 0          EFLO
Bayside                                       NO PP                 N                                 0          EFLO
Fresh Meadows                                 NO PP                 N                                 0          EFLO
Philadelphia                                  NO PP                 N                                 0          EFLO
Westampton                                    NO PP                 Y                               120          EFLO
Philadelphia                                  NO PP                 Y                               120          EFLO
Northfield                                    NO PP                 N                                 0          EFLO
Woodbury                                      NO PP                 N                                 0          EFLO
Ocean City                                    NO PP                 Y                               120          EFLO
BROOKLYN                                      NO PP                 N                                 0          EFLO
Brooklyn                                      NO PP                 N                                 0          EFLO
College Point                                 NO PP                 N                                 0          EFLO
Laurel                                        NO PP                 N                                 0          EFLO
Chicago                                       NO PP                 Y                               120          EFLO
JERSEY CITY                                   NO PP                 Y                               120          EFLO
NOGALES                                       3Y PP                 Y                               120          EFLO
PLACENTIA                                     6M PP                 Y                               120          EFLO
SURPRISE                                      3Y PP                 N                                 0          EFLO
UPLAND                                        6M PP                 Y                               120          EFLO
CHINO                                         6M PP                 Y                               120          EFLO
PLACENTIA                                     6M PP                 Y                               120          EFLO
EL CENTRO                                     NO PP                 N                                 0          EFLO
YUMA                                          3Y PP                 N                                 0          EFLO
Laredo                                        3Y PP                 N                                 0          EFLO
GREELEY                                       3Y PP                 Y                               120          EFLO
GREELEY                                       3Y PP                 Y                               120          EFLO
GREELEY                                       3Y PP                 Y                               120          EFLO
PALM SPRINGS                                  3Y PP                 Y                               120          EFLO
Rio Rico                                      3Y PP                 N                                 0          EFLO
Richardson                                    NO PP                 N                                 0          EFLO
Chicago                                       3Y PP                 N                                 0          EFLO
Minneapolis                                   3Y PP                 N                                 0          EFLO
Chicago                                       3Y PP                 N                                 0          EFLO
Little Rock                                   3Y PP                 N                                 0          EFLO
Murphy                                        3Y PP                 N                                 0          EFLO
Brighton                                      3Y PP                 Y                                60          EFLO
KINGSVILLE                                    3Y PP                 N                                 0          EFLO
Chicago                                       3Y PP                 N                                 0          EFLO
Florissant                                    3Y PP                 N                                 0          EFLO
Atlanta                                       3Y PP                 Y                                60          EFLO
Orlando                                       NO PP                 N                                 0          EFLO
Orlando                                       3Y PP                 N                                 0          EFLO
Ellijay                                       3Y PP                 N                                 0          EFLO
Tampa                                         1Y PP                 N                                 0          EFLO
New River                                     3Y PP                 N                                 0          EFLO
Millington                                    3Y PP                 N                                 0          EFLO
Savannah                                      3Y PP                 Y                                60          EFLO
Arvada                                        3Y PP                 Y                                60          EFLO
Davie Beach                                   3Y PP                 N                                 0          EFLO
York                                          NO PP                 N                                 0          EFLO
Granbury                                      3Y PP                 N                                 0          EFLO
Chicago                                       3Y PP                 N                                 0          EFLO
WASHINGTON                                    NO PP                 Y                               120          WFLN
ELLICOTT CITY                                 NO PP                 Y                               120          WFLN
FORKED RIVER                                  NO PP                 Y                               120          WFLN
EASTON                                        NO PP                 N                                 0          WFLN
LAREDO                                        3Y PP                 N                                 0          WFLN
MESA                                          NO PP                 Y                               120          WFLN
LANHAM                                        NO PP                 Y                               120          WFLN
MISSION                                       NO PP                 N                                 0          WFLN
PHOENIX                                       3Y PP                 N                                 0          WFLN
BELLEVUE                                      3Y PP                 N                                 0          WFLN
ORANGE                                        NO PP                 Y                               120          WFLN
MCALLEN                                       3Y PP                 N                                 0          WFLN
HIGLEY                                        3Y PP                 Y                               120          WFLN
SEVERNA PARK                                  NO PP                 Y                               120          WFLN
SUN CITY WEST                                 NO PP                 N                                 0          WFLN
WESLACO                                       2Y PP                 N                                 0          WFLN
CEDAR PARK                                    3Y PP                 N                                 0          WFLN
DECATUR                                       3Y PP                 Y                               120          WFLN
FORT WORTH                                    3Y PP                 Y                               120          WFLN
LEESBURG                                      NO PP                 Y                               120          WFLN
DAVENPORT                                     3Y PP                 N                                 0          WFLN
GREAT FALLS                                   NO PP                 Y                               120          WFLN
SILVER SPRING                                 NO PP                 N                                 0          WFLN
ATHENS                                        3Y PP                 Y                               120          WFLN
SILVER SPRING                                 NO PP                 Y                               120          WFLN
MIDDLETOWN                                    NO PP                 Y                               120          WFLN
CAPITOL HEIGHTS                               NO PP                 Y                               120          WFLN
MESA                                          NO PP                 Y                               120          WFLN
ROUND ROCK                                    NO PP                 Y                               120          WFLN
MCALLEN                                       3Y PP                 N                                 0          WFLN
CEDAR PARK                                    NO PP                 N                                 0          WFLN
GILBERT                                       NO PP                 Y                               120          WFLN
MESA                                          3Y PP                 N                                 0          WFLN
CLAREMONT                                     NO PP                 Y                               120          WFLN
ORANGE                                        NO PP                 N                                 0          WFLN
CHANDLER                                      NO PP                 N                                 0          WFLN
SAN FRANCISCO                                 3Y PP                 N                                 0          WFLN
KELLER                                        3Y PP                 Y                               120          WFLN
MISSION                                       3Y PP                 N                                 0          WFLN
SANTA ANA                                     NO PP                 N                                 0          WFLN
SAN ANTONIO                                   NO PP                 N                                 0          WFLN
PHOENIX                                       NO PP                 Y                               120          WFLN
GREAT FALLS                                   3Y PP                 Y                               120          WFLN
TOMS RIVER                                    NO PP                 Y                               120          WFLN
SPRING LAKE                                   NO PP                 N                                 0          WFLN
HOLLYWOOD                                     NO PP                 Y                               120          WFLN
HILLSDALE                                     NO PP                 Y                               120          WFLN
MINNEAPOLIS                                   2Y PP                 Y                               120          WFLN
BROWNSVILLE                                   3Y PP                 N                                 0          WFLN
MINNEAPOLIS                                   2Y PP                 Y                               120          WFLN
LAREDO                                        3Y PP                 N                                 0          WFLN
PHOENIX                                       NO PP                 Y                               120          WFLN
BIG BEAR LAKE                                 3Y PP                 N                                 0          WFLN
YONKERS                                       1Y PP                 Y                               120          WFLN
WASHINGTON                                    NO PP                 Y                               120          WFLN
TOTOWA                                        NO PP                 N                                 0          WFLN
BELLINGHAM                                    3Y PP                 Y                               120          WFLN
RICHMOND                                      3Y PP                 N                                 0          WFLN
TAKOMA PARK                                   NO PP                 Y                               120          WFLN
CORONA                                        2Y PP                 Y                               120          WFLN
WESLACO                                       NO PP                 N                                 0          WFLN
MCALLEN                                       3Y PP                 N                                 0          WFLN
ARIZONA CITY                                  3Y PP                 N                                 0          WFLN
WASHINGTON                                    NO PP                 Y                               120          WFLN
MESA                                          NO PP                 Y                               120          WFLN
REMINGTON                                     NO PP                 Y                               120          WFLN
PHOENIX                                       NO PP                 Y                               120          WFLN
BALTIMORE                                     NO PP                 Y                               120          WFLN
Encino                                        7M PP                 Y                               120          EFLO
San Antonio                                   NO PP                 N                                 0          EFLO
OAK POINT                                     NO PP                 N                                 0          EFLO
Dallas                                        NO PP                 Y                               120          EFLO
OAK POINT                                     NO PP                 N                                 0          EFLO
Bethlehem                                     NO PP                 Y                               120          EFLO
Stockbridge                                   NO PP                 N                                 0          EFLO
Frisco                                        NO PP                 Y                               120          EFLO
Bryan                                         NO PP                 N                                 0          EFLO
Ellenwood                                     NO PP                 Y                               120          EFLO
Loris                                         NO PP                 N                                 0          EFLO
Round Rock                                    NO PP                 Y                               120          EFLO
Plano                                         NO PP                 N                                 0          EFLO
Stockbridge                                   NO PP                 Y                               120          EFLO
Rockport                                      NO PP                 N                                 0          EFLO
Hapeville                                     NO PP                 N                                 0          EFLO
Dallas                                        NO PP                 N                                 0          EFLO
San Diego                                     NO PP                 N                                 0          EFLO
Dallas                                        NO PP                 Y                               120          EFLO
Prescott                                      NO PP                 N                                 0          EFLO
Lincoln                                       NO PP                 N                                 0          EFLO
Pflugerville                                  NO PP                 Y                               120          EFLO
FT WORTH                                      NO PP                 Y                               120          EFLO
Dacula                                        NO PP                 Y                               120          EFLO
Aubrey                                        NO PP                 Y                               120          EFLO
San Diego                                     NO PP                 N                                 0          EFLO
Mckinney                                      NO PP                 N                                 0          EFLO
Mesquite                                      3Y PP                 N                                 0          EFLO
Midway City                                   NO PP                 Y                               120          EFLO
Mcdonough                                     NO PP                 Y                               120          EFLO
Los Angeles                                   NO PP                 Y                               120          EFLO
San Diego                                     NO PP                 N                                 0          EFLO
Grand Prairie                                 3Y PP                 N                                 0          EFLO
Houston                                       NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 N                                 0          EFLO
Vista                                         NO PP                 N                                 0          EFLO
Marietta                                      NO PP                 Y                               120          EFLO
FATE                                          NO PP                 N                                 0          EFLO
Lewisville                                    NO PP                 N                                 0          EFLO
Abingdon                                      NO PP                 Y                               120          EFLO
Valdosta                                      NO PP                 N                                 0          EFLO
Mcallen                                       3Y PP                 N                                 0          EFLO
Albuquerque                                   NO PP                 N                                 0          EFLO
Riverdale                                     NO PP                 N                                 0          EFLO
San Antonio                                   NO PP                 N                                 0          EFLO
Douglasville                                  NO PP                 Y                               120          EFLO
Deer Park                                     NO PP                 N                                 0          EFLO
Myrtle Beach                                  NO PP                 Y                               120          EFLO
Valdosta                                      NO PP                 N                                 0          EFLO
Spring                                        NO PP                 Y                               120          EFLO
Forney                                        NO PP                 N                                 0          EFLO
Forney                                        3Y PP                 Y                               120          EFLO
DENTON                                        NO PP                 Y                               120          EFLO
Mesquite                                      3Y PP                 N                                 0          EFLO
Irving                                        NO PP                 N                                 0          EFLO
Eden Prairie                                  NO PP                 Y                               120          EFLO
Houston                                       NO PP                 N                                 0          EFLO
Stockbridge                                   NO PP                 Y                               120          EFLO
OAK POINT                                     NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 Y                               120          EFLO
Jefferson                                     NO PP                 N                                 0          EFLO
Arlington                                     3Y PP                 Y                               120          EFLO
Houston                                       NO PP                 N                                 0          EFLO
OAK POINT                                     3Y PP                 N                                 0          EFLO
Farmers Branch                                NO PP                 N                                 0          EFLO
Albuquerque                                   NO PP                 Y                               120          EFLO
Oklahoma City                                 NO PP                 N                                 0          EFLO
Honolulu                                      3Y PP                 Y                               120          EFLO
Las Vegas                                     6M PP                 Y                               120          EFLO
Pasadena                                      NO PP                 N                                 0          EFLO
ANTIOCH                                       NO PP                 N                                 0          EFLO
SAN MARCOS                                    NO PP                 N                                 0          EFLO
COEUR D ALENE                                 NO PP                 N                                 0          EFLO
DUARTE                                        3Y PP                 Y                               120          EFLO
SPOKANE                                       NO PP                 Y                               120          EFLO
CARMEL VALLEY                                 NO PP                 Y                               120          EFLO
Muldrow                                       NO PP                 N                                 0          EFLO
Carrollton                                    NO PP                 Y                               120          EFLO
ALPINE FOREST                                 NO PP                 Y                               120          EFLO
CERES                                         3Y PP                 Y                               120          EFLO
Indianapolis                                  3Y PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
CAMPBELL                                      NO PP                 N                                 0          EFLO
INDIANAPOLIS                                  NO PP                 N                                 0          EFLO
COSHOCTON                                     NO PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
INDIANAPOLIS                                  NO PP                 N                                 0          EFLO
LOUISVILLE                                    NO PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
Aurora                                        NO PP                 N                                 0          EFLO
Milwaukee                                     NO PP                 Y                               120          EFLO
Cape Coral                                    3Y PP                 Y                               120          EFLO
Keystone                                      NO PP                 Y                               120          EFLO
Kenosha                                       NO PP                 Y                               120          EFLO
Milwaukee                                     NO PP                 Y                               120          EFLO
Thorton                                       NO PP                 Y                               120          EFLO
Coral Gables                                  NO PP                 Y                               120          EFLO
Ashburn                                       NO PP                 Y                               120          EFLO
Shelter Island                                NO PP                 Y                               120          EFLO
Alexandria                                    NO PP                 N                                 0          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Silver Spring                                 NO PP                 Y                               120          EFLO
Alexandria                                    NO PP                 Y                               120          EFLO
Alexandria                                    NO PP                 Y                               120          EFLO
Falls Church                                  NO PP                 N                                 0          EFLO
Cape Coral                                    NO PP                 Y                               120          EFLO
Washington                                    NO PP                 N                                 0          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
CLEVELAND                                     3Y PP                 Y                               120          EFLO
KAILUA                                        NO PP                 N                                 0          EFLO
PINEVILLE                                     3Y PP                 N                                 0          EFLO
Honolulu                                      NO PP                 N                                 0          EFLO
PLEASANT HILL                                 NO PP                 N                                 0          EFLO
HENDERSON                                     NO PP                 Y                               120          EFLO
Chapin                                        NO PP                 N                                 0          EFLO
Elberton                                      NO PP                 N                                 0          EFLO
Ventura                                       3Y PP                 N                                 0          EFLO
Gilbert                                       3Y PP                 Y                               120          EFLO
Mesa                                          6M PP                 Y                               120          EFLO
Tucson                                        6M PP                 N                                 0          EFLO
Sun City                                      3Y PP                 N                                 0          EFLO
Myrtle                                        6M PP                 N                                 0          EFLO
Scottsdale                                    6M PP                 N                                 0          EFLO
Tempe                                         6M PP                 Y                               120          EFLO
Olathe                                        NO PP                 N                                 0          EFLO
Phoenix                                       3Y PP                 Y                               120          EFLO
Phoenix                                       6M PP                 Y                               120          EFLO
Tucson                                        6M PP                 N                                 0          EFLO
Paradise Valley                               6M PP                 N                                 0          EFLO
Cottonwood                                    6M PP                 Y                               120          EFLO
Kansas City                                   6M PP                 N                                 0          EFLO
Phoenix                                       6M PP                 Y                               120          EFLO
Kansas City                                   6M PP                 N                                 0          EFLO
Phoenix                                       3Y PP                 N                                 0          EFLO
Apache Junction                               3Y PP                 Y                               120          EFLO
Yuma                                          6M PP                 Y                               120          EFLO
Phoenix                                       6M PP                 Y                                60          EFLO
Phoenix                                       6M PP                 Y                               120          EFLO
WEST FARGO                                    NO PP                 Y                               120          EFLO
SPRING                                        NO PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 N                                 0          EFLO
SPRING                                        NO PP                 N                                 0          EFLO
SAN ANTONIO                                   NO PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 N                                 0          EFLO
GROSSE POINTE FARMS                           3Y PP                 Y                               120          EFLO
SPRING                                        NO PP                 N                                 0          EFLO
Palm Bay                                      NO PP                 Y                               120          EFLO
Titusville                                    NO PP                 N                                 0          EFLO
palmbay                                       NO PP                 N                                 0          EFLO
San Diego                                     NO PP                 Y                               120          EFLO
San Diego                                     NO PP                 Y                               120          EFLO
Hiram                                         NO PP                 Y                               120          EFLO
Cincinnati                                    3Y PP                 Y                               120          EFLO
West Springfield                              3Y PP                 N                                 0          EFLO
Columbus                                      3Y PP                 N                                 0          EFLO
Acosta                                        3Y PP                 N                                 0          EFLO
Newark                                        NO PP                 N                                 0          EFLO
Fredericktown                                 3Y PP                 N                                 0          EFLO
Pittsburgh                                    3Y PP                 N                                 0          EFLO
Columbus                                      3Y PP                 N                                 0          EFLO
Pennsburg                                     3Y PP                 N                                 0          EFLO
Fredericktown                                 3Y PP                 N                                 0          EFLO
Harrisburg                                    3Y PP                 N                                 0          EFLO
Union                                         3Y PP                 N                                 0          EFLO
BETHEL                                        3Y PP                 Y                               120          EFLO
Westbury                                      1Y PP                 Y                               120          EFLO
Bay Shore                                     1Y PP                 Y                               120          EFLO
WATERTOWN                                     NO PP                 N                                 0          EFLO
Freeport                                      1Y PP                 Y                                60          EFLO
Elmont                                        NO PP                 Y                               120          EFLO
Fort Worth                                    NO PP                 N                                 0          EFLO
Denton                                        NO PP                 N                                 0          EFLO
Kellyville                                    3Y PP                 N                                 0          EFLO
Lithia                                        NO PP                 N                                 0          EFLO
CLAYTON                                       NO PP                 Y                               120          EFLO
BETHESDA                                      3Y PP                 N                                 0          EFLO
Jessup                                        NO PP                 Y                               120          EFLO
SILVER SPRING                                 NO PP                 Y                               120          EFLO
Clayton                                       NO PP                 Y                               120          EFLO
LAUREL                                        3Y PP                 Y                               120          EFLO
Leesburg                                      NO PP                 Y                               120          EFLO
GERMANTOWN                                    NO PP                 Y                               120          EFLO
Clayton                                       NO PP                 Y                               120          EFLO
Lewiston                                      NO PP                 N                                 0          EFLO
Portland                                      NO PP                 N                                 0          EFLO
Harrison Township                             NO PP                 N                                 0          EFLO
Chicopee                                      NO PP                 N                                 0          EFLO
Highland                                      NO PP                 Y                               120          EFLO
Converse                                      NO PP                 N                                 0          EFLO
Emerald Isle                                  NO PP                 Y                               120          EFLO
Crowley                                       3Y PP                 N                                 0          EFLO
Saint Petersburg                              NO PP                 N                                 0          EFLO
Derby                                         NO PP                 N                                 0          EFLO
Washington                                    NO PP                 N                                 0          EFLO
PERRYVILLE                                    NO PP                 N                                 0          EFLO
Waukegan                                      NO PP                 N                                 0          EFLO
Wilmington                                    NO PP                 N                                 0          EFLO
Charlotte                                     NO PP                 N                                 0          EFLO
Lebanon                                       NO PP                 N                                 0          EFLO
Denver                                        NO PP                 N                                 0          EFLO
Raynham                                       NO PP                 N                                 0          EFLO
San Antonio                                   3Y PP                 N                                 0          EFLO
Freedom                                       NO PP                 N                                 0          EFLO
San Antonio                                   3Y PP                 N                                 0          EFLO
Chicopee                                      NO PP                 N                                 0          EFLO
Pleasant View                                 NO PP                 Y                               120          EFLO
SULLIVAN                                      NO PP                 N                                 0          EFLO
Weymouth                                      NO PP                 Y                               120          EFLO
Charlotte                                     NO PP                 N                                 0          EFLO
Dorchester                                    NO PP                 Y                               120          EFLO
Matthews                                      NO PP                 Y                               120          EFLO
Elkton                                        NO PP                 N                                 0          EFLO
SAN ANTONIO                                   NO PP                 N                                 0          EFLO
Assonet                                       NO PP                 Y                               120          EFLO
Brewer                                        NO PP                 N                                 0          EFLO
Mashpee                                       NO PP                 N                                 0          EFLO
GOSHEN                                        3Y PP                 N                                 0          EFLO
TULARE                                        3Y PP                 N                                 0          EFLO
VISALIA                                       3Y PP                 N                                 0          EFLO
FRESNO                                        3Y PP                 N                                 0          EFLO
Las Vegas                                     3Y PP                 N                                 0          EFLO
Las Vegas                                     3Y PP                 N                                 0          EFLO
MURRIETA                                      3Y PP                 Y                               120          EFLO
Maineville                                    3Y PP                 Y                               120          EFLO
HAGERSTOWN                                    NO PP                 N                                 0          EFLO
CHARLOTTESVILLE                               NO PP                 Y                               120          EFLO
LAUREL                                        NO PP                 Y                               120          EFLO
CHARLOTTESVILLE                               NO PP                 Y                               120          EFLO
CHARLOTTESVILLE                               3Y PP                 N                                 0          EFLO
CHARLOTTESVILLE                               NO PP                 N                                 0          EFLO
CHARLOTTESVILLE                               3Y PP                 Y                               120          EFLO
WICHITA                                       NO PP                 Y                               120          EFLO
CHARLOTTESVILLE                               NO PP                 Y                               120          EFLO
Charlottesville                               NO PP                 Y                               120          EFLO
Washington                                    3Y PP                 Y                               120          EFLO
CHARLOTTESVILLE                               3Y PP                 Y                               120          EFLO
MIAMI                                         3Y PP                 Y                               120          EFLO
WICHITA                                       NO PP                 Y                               120          EFLO
VIENNA                                        NO PP                 N                                 0          EFLO
Temple                                        3Y PP                 N                                 0          EFLO
Myrtle Beach                                  3Y PP                 Y                               120          EFLO
Macon                                         NO PP                 Y                               120          EFLO
Jacksonville                                  3Y PP                 Y                               120          EFLO
San Bernardino                                3Y PP                 Y                               120          EFLO
Grand Rapids                                  NO PP                 N                                 0          EFLO
Weatherford                                   3Y PP                 Y                               120          EFLO
Grand Rapids                                  NO PP                 N                                 0          EFLO
Myrtle Beach                                  NO PP                 Y                               120          EFLO
Elkmont                                       NO PP                 N                                 0          EFLO
Kansas City                                   NO PP                 N                                 0          EFLO
Miami                                         NO PP                 N                                 0          EFLO
Macon                                         NO PP                 Y                               120          EFLO
Rochester                                     NO PP                 N                                 0          EFLO
Saint Augustine                               3Y PP                 N                                 0          EFLO
Riverside Area                                NO PP                 Y                                60          EFLO
SOUTH LAKE TAHOE                              3Y PP                 N                                 0          EFLO
BELL                                          NO PP                 N                                 0          EFLO
PICO RIVERA                                   NO PP                 N                                 0          EFLO
KOLOA                                         3Y PP                 Y                                60          EFLO
CASA GRANDE                                   NO PP                 N                                 0          EFLO
SHOREVIEW                                     NO PP                 N                                 0          EFLO
POMONA                                        NO PP                 Y                               120          EFLO
SANTA ANA                                     NO PP                 Y                               120          EFLO
N LAS VEGAS                                   3Y PP                 Y                               120          EFLO
HENDERSON                                     NO PP                 Y                               120          EFLO
MIDWAY CITY                                   NO PP                 N                                 0          EFLO
REDLANDS                                      3Y PP                 Y                               120          EFLO
Bay Shore                                     NO PP                 Y                               120          EFLO
Clifton                                       NO PP                 Y                               120          EFLO
East Elmhurst                                 3Y PP                 N                                 0          EFLO
North Bergen                                  NO PP                 Y                               120          EFLO
West Orange                                   NO PP                 Y                               120          EFLO
Jamaica                                       3Y PP                 N                                 0          EFLO
Passaic                                       NO PP                 Y                               120          EFLO
Far Rockaway                                  NO PP                 N                                 0          EFLO
Hyattsville                                   NO PP                 Y                               120          EFLO
Hyattsville                                   NO PP                 Y                               120          EFLO
Hyattsville                                   NO PP                 N                                 0          EFLO
Hahira                                        NO PP                 Y                               120          EFLO
Coral Springs                                 3Y PP                 Y                               120          EFLO
Beulaville                                    NO PP                 N                                 0          EFLO
Columbus                                      5Y PP                 Y                               120          EFLO
Lake Oswego                                   3Y PP                 Y                               120          EFLO
WILLINGBORO                                   NO PP                 N                                 0          REPR
Minneapolis                                   2Y PP                 Y                               120          EFLO
DOVE CANYON                                   NO PP                 N                                 0          EFLO
VISALIA                                       3Y PP                 Y                               120          EFLO
SAN FRANCISCO                                 NO PP                 Y                               120          EFLO
Concord                                       NO PP                 N                                 0          EFLO
West New York                                 NO PP                 Y                               120          EFLO
LAS VEGAS                                     3Y PP                 N                                 0          EFLO
Miami                                         NO PP                 Y                               120          EFLO
Hialeah                                       NO PP                 Y                               120          EFLO
Tampa                                         NO PP                 Y                               120          EFLO
Melbourne                                     NO PP                 Y                               120          EFLO
Miami Beach                                   NO PP                 N                                 0          EFLO
MIAMI                                         NO PP                 Y                               120          EFLO
LOS ANGELES                                   3Y PP                 N                                 0          EFLO
MILPITAS                                      6M PP                 N                                 0          EFLO
GREENFIELD                                    6M PP                 N                                 0          EFLO
SANTA ANA                                     6M PP                 N                                 0          EFLO
SAN JOSE                                      6M PP                 Y                               120          EFLO
ORANGE PARK                                   1Y PP                 Y                               120          EFLO
Columbia                                      1Y PP                 N                                 0          EFLO
Savannah                                      1Y PP                 N                                 0          EFLO
Jacksonville                                  1Y PP                 N                                 0          EFLO
Jacksonville                                  1Y PP                 N                                 0          EFLO
Jacksonville                                  1Y PP                 Y                               120          EFLO
Baltimore                                     1Y PP                 N                                 0          EFLO
Easley                                        NO PP                 N                                 0          EFLO
Mount Pleasant                                1Y PP                 N                                 0          EFLO
BRISTOW                                       NO PP                 Y                               120          EFLO
CULPEPER                                      NO PP                 Y                               120          EFLO
QUEEN CREEK                                   NO PP                 Y                               120          EFLO
UPPER MARLBORO                                NO PP                 N                                 0          EFLO
LAVEEN                                        NO PP                 N                                 0          EFLO
LANCASTER                                     NO PP                 Y                               120          EFLO
SURPRISE                                      NO PP                 Y                               120          EFLO
TEMECULA                                      NO PP                 Y                               120          EFLO
FAIRFIELD                                     NO PP                 Y                               120          EFLO
Ponte Vedra Beach                             NO PP                 N                                 0          EFLO
Davie                                         3Y PP                 N                                 0          EFLO
Kennesaw                                      3Y PP                 N                                 0          EFLO
Conyers                                       3Y PP                 N                                 0          EFLO
Orlando                                       NO PP                 N                                 0          EFLO
Covington                                     3Y PP                 N                                 0          EFLO
Davie                                         3Y PP                 N                                 0          EFLO
Milner                                        3Y PP                 N                                 0          EFLO
Athens                                        3Y PP                 N                                 0          EFLO
Hoschton                                      3Y PP                 N                                 0          EFLO
Peachtree City                                NO PP                 N                                 0          EFLO
Pompano Beach                                 3Y PP                 N                                 0          EFLO
Pompano Beach                                 3Y PP                 N                                 0          EFLO
Atlanta                                       3Y PP                 N                                 0          EFLO
Lawrenceville                                 3Y PP                 N                                 0          EFLO
Boone                                         NO PP                 N                                 0          EFLO
Monroe                                        3Y PP                 N                                 0          EFLO
Stockbridge                                   3Y PP                 N                                 0          EFLO
Maitland                                      3Y PP                 N                                 0          EFLO
Lake Wylie                                    NO PP                 N                                 0          EFLO
Alpharetta                                    NO PP                 Y                               120          EFLO
Monroe                                        NO PP                 N                                 0          EFLO
Orlando                                       3Y PP                 N                                 0          EFLO
Jacksonville                                  3Y PP                 N                                 0          EFLO
Bradenton                                     3Y PP                 N                                 0          EFLO
Brandon                                       3Y PP                 N                                 0          EFLO
Dunedin                                       3Y PP                 N                                 0          EFLO
Tampa                                         NO PP                 N                                 0          EFLO
Marietta                                      3Y PP                 N                                 0          EFLO
Woodstock                                     3Y PP                 N                                 0          EFLO
Buford                                        NO PP                 Y                               120          EFLO
Stockbridge                                   3Y PP                 N                                 0          EFLO
Virginia Beach                                3Y PP                 Y                               120          EFLO
Cicero                                        NO PP                 Y                               120          EFLO
PALM BEACH GARDENS                            NO PP                 Y                               120          EFLO
ALEXANDRIA                                    NO PP                 Y                               120          EFLO
Roanoke                                       NO PP                 Y                               120          EFLO
Reisterstown                                  NO PP                 Y                               120          EFLO
MELBOURNE                                     3Y PP                 Y                               120          EFLO
SHERWOOD                                      3Y PP                 Y                               120          EFLO
BEDFORD                                       NO PP                 N                                 0          EFLO
Arlington                                     3Y PP                 Y                               120          EFLO
Glenn Dale                                    3Y PP                 Y                               120          EFLO
PALM BAY                                      NO PP                 Y                               120          EFLO
SAINT AUGUSTINE                               3Y PP                 Y                               120          EFLO
Lauderhill                                    3Y PP                 Y                               120          EFLO
BRENTWOOD                                     NO PP                 Y                               120          EFLO
Benicia                                       NO PP                 N                                 0          EFLO
ORLANDO                                       3Y PP                 Y                               120          EFLO
WEST BABYLON                                  NO PP                 N                                 0          EFLO
FREDERICK                                     NO PP                 N                                 0          EFLO
Oxnard                                        3Y PP                 Y                               120          EFLO
SAN BERNARDINO                                3Y PP                 N                                 0          EFLO
APPLE VALLEY                                  3Y PP                 Y                               120          EFLO
Gahanna                                       NO PP                 N                                 0          EFLO
COLUMBUS                                      NO PP                 N                                 0          EFLO
COLUMBUS                                      NO PP                 N                                 0          EFLO
Westerville                                   NO PP                 N                                 0          EFLO
Westerville                                   NO PP                 N                                 0          EFLO
COLUMBUS                                      NO PP                 N                                 0          EFLO
Salt Lake City                                3Y PP                 Y                               120          EFLO
Park City                                     NO PP                 Y                               120          EFLO
MIDWAY                                        NO PP                 N                                 0          EFLO
Park City                                     NO PP                 Y                               120          EFLO
Oradell                                       3Y PP                 N                                 0          EFLO
KALAMAZOO                                     NO PP                 N                                 0          EFLO
Union                                         NO PP                 Y                               120          EFLO
Zellwood                                      NO PP                 N                                 0          EFLO
Delray Beach                                  NO PP                 Y                               120          EFLO
Gainesville                                   NO PP                 N                                 0          EFLO
Ocoee                                         3Y PP                 N                                 0          EFLO
Ocoee                                         NO PP                 Y                               120          EFLO
Temple Hills                                  NO PP                 N                                 0          EFLO
Glenwood                                      NO PP                 Y                               120          EFLO
Bowie                                         NO PP                 Y                               120          EFLO
Villa Rica                                    NO PP                 Y                               120          EFLO
Deland                                        NO PP                 N                                 0          EFLO
Wesley Chapel                                 NO PP                 Y                               120          EFLO
Newport News                                  NO PP                 N                                 0          EFLO
Baltimore                                     NO PP                 Y                               120          EFLO
Washington                                    NO PP                 Y                               120          EFLO
Maitland                                      NO PP                 Y                               120          EFLO
Rosemount                                     3Y PP                 N                                 0          EFLO
Minneapolis                                   3Y PP                 Y                               120          EFLO
WILLIS                                        3Y PP                 N                                 0          EFLO
Houston                                       3Y PP                 N                                 0          EFLO
HILO                                          6M PP                 Y                               120          EFLO
SANTA ROSA                                    3Y PP                 N                                 0          EFLO
LEWISVILLE                                    3Y PP                 N                                 0          EFLO
Harahan                                       3Y PP                 N                                 0          EFLO
LUBBOCK                                       3Y PP                 N                                 0          EFLO
THE WOODLANDS                                 3Y PP                 N                                 0          EFLO
DESOTO                                        3Y PP                 N                                 0          EFLO
BATON ROUGE                                   3Y PP                 N                                 0          EFLO
GREEN BAY                                     3Y PP                 N                                 0          EFLO
LEWISVILLE                                    3Y PP                 N                                 0          EFLO
WILLIS                                        3Y PP                 N                                 0          EFLO
RACINE                                        3Y PP                 N                                 0          EFLO
Houston                                       3Y PP                 N                                 0          EFLO
LEWISVILLE                                    3Y PP                 N                                 0          EFLO
The Woodlands                                 3Y PP                 N                                 0          EFLO
LEAGUE CITY                                   3Y PP                 N                                 0          EFLO
DURHAM                                        NO PP                 N                                 0          EFLO
PEARLAND                                      3Y PP                 N                                 0          EFLO
OCEAN SPRINGS                                 3Y PP                 N                                 0          EFLO
Spring                                        3Y PP                 N                                 0          EFLO
JONESBOROUGH                                  NO PP                 N                                 0          EFLO
Fountain Valley                               NO PP                 N                                 0          EFLO
San Gabriel                                   3Y PP                 N                                 0          EFLO
MESA                                          3Y PP                 N                                 0          EFLO
Phoenix                                       NO PP                 N                                 0          EFLO
Peoria                                        NO PP                 Y                               120          EFLO
SUMMIT                                        NO PP                 N                                 0          EFLO
Bourbonnais                                   NO PP                 N                                 0          EFLO
Northbrook                                    NO PP                 N                                 0          EFLO
Franklin                                      NO PP                 N                                 0          EFLO
Osakis                                        NO PP                 Y                               120          EFLO
Coon Rapids                                   NO PP                 N                                 0          EFLO
ST LOUIS                                      NO PP                 N                                 0          EFLO
CONWAY                                        3Y PP                 N                                 0          EFLO
LONGVIEW                                      NO PP                 N                                 0          EFLO
DALLAS                                        3Y PP                 N                                 0          EFLO
JACKSONVILLE                                  3Y PP                 Y                               120          EFLO
LONGVIEW                                      NO PP                 N                                 0          EFLO
LONGVIEW                                      NO PP                 N                                 0          EFLO
DALLAS                                        3Y PP                 N                                 0          EFLO
TYLER                                         3Y PP                 N                                 0          EFLO
AZLE                                          3Y PP                 N                                 0          EFLO
JACKSONVILLE                                  3Y PP                 Y                               120          EFLO
JACKSONVILLE                                  3Y PP                 Y                               120          EFLO
HOUSTON                                       3Y PP                 N                                 0          EFLO
Bloomington                                   NO PP                 N                                 0          EFLO
Silverthorne                                  3Y PP                 N                                 0          EFLO
Boulder                                       NO PP                 Y                               120          EFLO
Haiku                                         NO PP                 Y                               120          EFLO
Parker                                        NO PP                 N                                 0          EFLO
Philadelphia                                  3Y PP                 N                                 0          EFLO
Long Beach                                    6M PP                 Y                               120          EFLO
Los Angeles                                   3Y PP                 Y                               120          EFLO
Los Angeles                                   3Y PP                 Y                               120          EFLO
New Preston Marble Dale                       6M PP                 Y                               120          EFLO
Riverside                                     6M PP                 Y                               120          EFLO
Santa Barbara                                 6M PP                 Y                               120          EFLO
Tarzana                                       6M PP                 Y                               120          EFLO
Arlington                                     3Y PP                 N                                 0          EFLO
Los Angeles                                   6M PP                 Y                               120          EFLO
Pebble Beach                                  6M PP                 N                                 0          EFLO
Merrimac                                      NO PP                 N                                 0          EFLO
Kansas City                                   5Y PP                 N                                 0          EFLO
Staten Island                                 NO PP                 N                                 0          EFLO
Venice                                        6M PP                 Y                               120          EFLO
Stockton                                      NO PP                 Y                               120          EFLO
San Diego                                     3Y PP                 Y                               120          EFLO
Orlando                                       3Y PP                 Y                               120          EFLO
Ocean Springs                                 NO PP                 Y                               120          EFLO
Ventura                                       6M PP                 N                                 0          EFLO
Albuquerque                                   NO PP                 Y                               120          EFLO
Phoenix                                       3Y PP                 N                                 0          EFLO
La Quinta                                     NO PP                 Y                               120          EFLO
Stevensville                                  3Y PP                 N                                 0          EFLO
San Diego                                     3Y PP                 Y                               120          EFLO
Palos Verdes Peninsula                        6M PP                 N                                 0          EFLO
Delray Beach                                  6M PP                 N                                 0          EFLO
Indian Orchard                                NO PP                 N                                 0          EFLO
Cashiers Townshi[p                            NO PP                 N                                 0          EFLO
Las Vegas                                     3Y PP                 N                                 0          EFLO
Niles                                         3Y PP                 N                                 0          EFLO
Glendale                                      NO PP                 Y                               120          EFLO
Palmdale                                      NO PP                 Y                               120          EFLO
Anaheim                                       6M PP                 N                                 0          EFLO
Phelan                                        3Y PP                 N                                 0          EFLO
Pearl City                                    NO PP                 Y                               120          EFLO
Long Beach                                    3Y PP                 Y                               120          EFLO
Brockton                                      NO PP                 N                                 0          EFLO
Dallas                                        3Y PP                 Y                               120          EFLO
Rockville                                     NO PP                 Y                               120          EFLO
Ocala                                         3Y PP                 N                                 0          EFLO
Chesterfield                                  NO PP                 Y                                60          EFLO
Cypress                                       NO PP                 N                                 0          EFLO
Dallas                                        3Y PP                 N                                 0          EFLO
CAIRO                                         3Y PP                 N                                 0          EFLO
Laredo                                        3Y PP                 N                                 0          EFLO
Tallahassee                                   NO PP                 Y                               120          EFLO
Houston                                       NO PP                 N                                 0          EFLO
Saint Louis                                   NO PP                 N                                 0          EFLO
KANKAKEE                                      NO PP                 N                                 0          EFLO
Palm Bay                                      NO PP                 Y                                60          EFLO
Katy                                          NO PP                 N                                 0          EFLO
Bryan                                         3Y PP                 N                                 0          EFLO
DALLAS                                        NO PP                 N                                 0          EFLO
Crystal City                                  3Y PP                 N                                 0          EFLO
Oklahoma City                                 NO PP                 N                                 0          EFLO
RINGGOLD                                      NO PP                 Y                               120          EFLO
Jacksonville                                  NO PP                 N                                 0          EFLO
Summerville                                   NO PP                 N                                 0          EFLO
Jacksonville                                  NO PP                 N                                 0          EFLO
Nashville                                     NO PP                 N                                 0          EFLO
Tulsa                                         NO PP                 N                                 0          EFLO
Kennesaw                                      NO PP                 Y                               120          EFLO
Kennesaw                                      NO PP                 Y                               120          EFLO
Flagler Beach                                 3Y PP                 Y                               120          EFLO
Orlando                                       1Y PP                 Y                               120          EFLO
Ft Lauderdale                                 NO PP                 N                                 0          EFLO
LONG BEACH TOWNSHIP                           NO PP                 Y                               120          EFLO
Ball Ground                                   NO PP                 N                                 0          EFLO
LINCOLN                                       NO PP                 N                                 0          CNDU
HARRISON                                      NO PP                 N                                 0          CNDU
MERIDIAN                                      NO PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
BALTIMORE                                     NO PP                 N                                 0          CNDU
MADISON                                       NO PP                 N                                 0          CNDU
GLENDALE                                      NO PP                 N                                 0          CNDU
NORTH BERGEN                                  NO PP                 N                                 0          REPR
LAKEWOOD                                      NO PP                 N                                 0          CNDU
BELLEVILLE                                    NO PP                 N                                 0          CNDU
NEW CASTLE                                    NO PP                 N                                 0          CNDU
Tolleson                                      6M PP                 Y                               120          EFLO
Thornton                                      6M PP                 Y                               120          EFLO
Los Angeles                                   NO PP                 Y                               120          EFLO
Lancaster                                     NO PP                 Y                               120          EFLO
ESCONDIDO                                     3Y PP                 Y                               120          REPR
Broken Arrow                                  3Y PP                 N                                 0          EFLO
Jacksonville                                  3Y PP                 N                                 0          EFLO
Benton                                        3Y PP                 N                                 0          EFLO
Broken Arrow                                  3Y PP                 N                                 0          EFLO
Broken Arrow                                  3Y PP                 N                                 0          EFLO
Philadelphia                                  3Y PP                 N                                 0          EFLO
Broken Arrow                                  3Y PP                 N                                 0          EFLO
Broken Arrow                                  3Y PP                 N                                 0          EFLO
Garden Grove                                  NO PP                 N                                 0          EFLO
Sacramento                                    NO PP                 Y                                60          EFLO
Bakersfield                                   NO PP                 N                                 0          EFLO
Gulfport                                      NO PP                 Y                               120          EFLO
kyle                                          NO PP                 N                                 0          EFLO
Shreveport                                    NO PP                 Y                               120          EFLO
Lakewood                                      NO PP                 N                                 0          EFLO
akron                                         NO PP                 Y                               120          EFLO
portland                                      NO PP                 N                                 0          EFLO
conley                                        NO PP                 N                                 0          EFLO
santa fe                                      NO PP                 Y                               120          EFLO
yers                                          NO PP                 N                                 0          EFLO
Cleveland                                     NO PP                 N                                 0          EFLO
houston                                       NO PP                 N                                 0          EFLO
gresham                                       NO PP                 Y                               120          EFLO
houston                                       NO PP                 N                                 0          EFLO
post falls                                    NO PP                 Y                               120          EFLO
houston                                       NO PP                 N                                 0          EFLO
cleveland                                     NO PP                 N                                 0          EFLO
independence                                  NO PP                 N                                 0          EFLO
AKRON                                         NO PP                 Y                               120          EFLO
richmond                                      NO PP                 N                                 0          EFLO
akron                                         NO PP                 Y                               120          EFLO
fort meyers                                   NO PP                 N                                 0          EFLO
Cleveland                                     NO PP                 N                                 0          EFLO
cleveland                                     NO PP                 N                                 0          EFLO
CHELSEA                                       NO PP                 N                                 0          EFLO
SPRING                                        NO PP                 Y                               120          EFLO
Fountain                                      NO PP                 Y                               120          EFLO
Arvada                                        NO PP                 Y                               120          EFLO
Denver                                        NO PP                 Y                               120          EFLO
Hillsborough                                  NO PP                 Y                               120          EFLO
BEALETON                                      NO PP                 Y                               120          EFLO
WEST CHESTER                                  NO PP                 Y                               120          EFLO
RISING SUN                                    NO PP                 Y                               120          EFLO
LUMBERTON                                     NO PP                 Y                               120          EFLO
PITTSTOWN                                     NO PP                 N                                 0          EFLO
ELLICOTT CITY                                 NO PP                 Y                               120          EFLO
Sacramento                                    7M PP                 N                                 0          EFLO
Oakland                                       7M PP                 N                                 0          EFLO
Tallahassee                                   3Y PP                 Y                               120          EFLO
Orlando                                       3Y PP                 N                                 0          EFLO
Tampa                                         3Y PP                 Y                               120          EFLO
Gilbert                                       NO PP                 Y                               120          EFLO
Surprise                                      6M PP                 Y                               120          EFLO
Mesa                                          NO PP                 Y                               120          EFLO
Pottstown                                     NO PP                 N                                 0          EFLO
Collegeville                                  NO PP                 N                                 0          EFLO
Hastings                                      1Y PP                 Y                               120          EFLO
Washington                                    3Y PP                 Y                               120          EFLO
COVINGTON                                     NO PP                 N                                 0          EFLO
LAKELAND                                      NO PP                 Y                               120          EFLO
UNION CITY                                    NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 N                                 0          EFLO
GRIFFIN                                       NO PP                 Y                               120          EFLO
Suwanee                                       NO PP                 N                                 0          EFLO
AUSTELL                                       NO PP                 N                                 0          EFLO
Hampton                                       NO PP                 Y                               120          EFLO
EUHARLEE                                      NO PP                 Y                               120          EFLO
MARIETTA                                      NO PP                 Y                               120          EFLO
DECATUR                                       NO PP                 Y                               120          EFLO
UNION CITY                                    NO PP                 Y                               120          EFLO
KENNESAW                                      NO PP                 N                                 0          EFLO
VILLA RICA                                    NO PP                 Y                               120          EFLO
TEMPLE                                        NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 Y                               120          EFLO
MCDONOUGH                                     NO PP                 N                                 0          EFLO
Riverdale                                     NO PP                 N                                 0          EFLO
CANTON                                        NO PP                 N                                 0          EFLO
NORCROSS                                      NO PP                 Y                               120          EFLO
SNELLVILLE                                    NO PP                 Y                               120          EFLO
SUGAR HILL                                    NO PP                 Y                               120          EFLO
McDonough                                     NO PP                 Y                               120          EFLO
JONESBORO                                     NO PP                 Y                               120          EFLO
COLLEGE PARK                                  NO PP                 Y                               120          EFLO
JONESBORO                                     NO PP                 Y                               120          EFLO
HIRAM                                         NO PP                 Y                               120          EFLO
HAMPTON                                       NO PP                 Y                               120          EFLO
NORCROSS                                      NO PP                 Y                               120          EFLO
FAIRBURN                                      NO PP                 N                                 0          EFLO
DACULA                                        NO PP                 Y                               120          EFLO
Hartwell                                      NO PP                 N                                 0          EFLO
Lithia Springs                                NO PP                 N                                 0          EFLO
Powder Springs                                NO PP                 Y                               120          EFLO
RIVERDALE                                     NO PP                 Y                               120          EFLO
ACWORTH                                       NO PP                 Y                               120          EFLO
CANTON                                        NO PP                 N                                 0          EFLO
CARTERSVILLE                                  NO PP                 Y                               120          EFLO
KINGSTON                                      NO PP                 Y                               120          EFLO
MANHATTAN BEACH                               NO PP                 Y                               120          EFLO
GARDEN GROVE                                  3Y PP                 N                                 0          EFLO
WASHINGTON                                    NO PP                 N                                 0          EFLO
SAN PEDRO                                     NO PP                 N                                 0          EFLO
LAS VEGAS                                     NO PP                 N                                 0          EFLO
VAN NUYS                                      NO PP                 Y                               120          EFLO
PALOS VERDES ESTATES                          NO PP                 Y                               120          EFLO
INGLEWOOD                                     NO PP                 N                                 0          EFLO
PINEHURST                                     NO PP                 Y                               120          EFLO
GARDEN GROVE                                  NO PP                 N                                 0          EFLO
NORWALK                                       NO PP                 N                                 0          EFLO
Las Vegas                                     NO PP                 N                                 0          EFLO
CRANBERRY TWP                                 NO PP                 N                                 0          EFLO
RIVERSIDE                                     NO PP                 N                                 0          EFLO
Rialto                                        NO PP                 N                                 0          EFLO
CORAL GABLES                                  NO PP                 N                                 0          EFLO
PHILADELPHIA                                  3Y PP                 N                                 0          EFLO
YUCAIPA                                       NO PP                 N                                 0          EFLO
REDONDO BEACH                                 NO PP                 N                                 0          EFLO
MIAMI                                         NO PP                 N                                 0          EFLO
RED BLUFF                                     NO PP                 N                                 0          EFLO
REDONDO BEACH                                 NO PP                 Y                               120          EFLO
Los Angeles                                   NO PP                 N                                 0          EFLO
NEWTON                                        NO PP                 N                                 0          EFLO
ETIWANDA                                      NO PP                 Y                               120          EFLO
Hilaleah                                      NO PP                 N                                 0          EFLO
LAS VEGAS                                     NO PP                 N                                 0          EFLO
LOS ANGELES                                   NO PP                 N                                 0          EFLO
FOUNTAIN VALLEY                               NO PP                 Y                               120          EFLO
GALENA                                        NO PP                 N                                 0          EFLO
MEDINA                                        NO PP                 N                                 0          EFLO
ONTARIO                                       NO PP                 N                                 0          EFLO
CHICAGO                                       NO PP                 N                                 0          EFLO
Rolling Meadows                               NO PP                 N                                 0          EFLO
Head Of The Harbor                            NO PP                 N                                 0          EFLO
SAINT LOUIS                                   NO PP                 N                                 0          EFLO
Saint Louis                                   3Y PP                 N                                 0          EFLO
Dallas                                        3Y PP                 N                                 0          EFLO
LOUISVILLE                                    3Y PP                 N                                 0          EFLO
DALLAS                                        NO PP                 N                                 0          EFLO
Houston                                       2Y PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 Y                               120          EFLO
Fort Worth                                    3Y PP                 Y                               120          EFLO
Denton                                        3Y PP                 N                                 0          EFLO
Louisville                                    NO PP                 N                                 0          EFLO
Weatherford                                   3Y PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 Y                               120          EFLO
Gunter                                        3Y PP                 N                                 0          EFLO
Louisville                                    3Y PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 Y                               120          EFLO
Louisville                                    3Y PP                 N                                 0          EFLO
Bowling Green                                 3Y PP                 N                                 0          EFLO
DENTON                                        3Y PP                 N                                 0          EFLO
Valrico                                       3Y PP                 Y                               120          EFLO
Gahanna                                       3Y PP                 Y                               120          EFLO
GILLESPIE                                     NO PP                 Y                               120          EFLO
Krum                                          NO PP                 N                                 0          EFLO
WARSAW                                        NO PP                 N                                 0          EFLO
Sanger                                        NO PP                 N                                 0          EFLO
Cahokia                                       NO PP                 N                                 0          EFLO
Cahokia                                       NO PP                 N                                 0          EFLO
Cahokia                                       NO PP                 N                                 0          EFLO
Stephenville                                  NO PP                 N                                 0          EFLO
Lewisville                                    3Y PP                 N                                 0          EFLO
Little Elm                                    3Y PP                 N                                 0          EFLO
Itasca                                        3Y PP                 N                                 0          EFLO
Alvarado                                      NO PP                 N                                 0          EFLO
NORWALK                                       NO PP                 N                                 0          EFLO
burlingame                                    3Y PP                 Y                               120          EFLO
Chattanooga                                   NO PP                 Y                               120          EFLO
Cumming                                       NO PP                 Y                               120          EFLO
Elberta                                       NO PP                 N                                 0          EFLO
Mt Pleasant                                   NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 Y                               120          EFLO
Yulee                                         NO PP                 Y                               120          EFLO
Kennesaw                                      NO PP                 Y                               120          EFLO
Chelsea                                       NO PP                 Y                               120          EFLO
Atlanta                                       NO PP                 Y                               120          EFLO
Gainesville                                   NO PP                 Y                               120          EFLO
Gulf Shores                                   NO PP                 Y                               120          EFLO
RANCHO CUCAMONGA                              NO PP                 N                                 0          EFLO
APPLE VALLEY                                  NO PP                 Y                               120          EFLO
BAKERSFIELD                                   NO PP                 Y                               120          EFLO
ROSEVILLE                                     NO PP                 N                                 0          EFLO
LANCASTER                                     NO PP                 N                                 0          EFLO
APPLE VALLEY                                  NO PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 N                                 0          EFLO
DENTON                                        NO PP                 Y                               120          EFLO
JACKSONVILLE                                  NO PP                 Y                               120          EFLO
NORTH LAS VEGAS                               NO PP                 Y                               120          EFLO
LAS VEGAS                                     NO PP                 Y                               120          EFLO
NAPLES                                        NO PP                 N                                 0          EFLO
ORLANDO                                       NO PP                 Y                               120          EFLO
NORTH LAS VEGAS                               NO PP                 Y                               120          EFLO
RIVERVIEW                                     NO PP                 N                                 0          EFLO
JACKSONVILLE                                  NO PP                 N                                 0          EFLO
LAS VEGAS                                     NO PP                 N                                 0          EFLO
Caldwell                                      3Y PP                 N                                 0          EFLO
Muskogee                                      NO PP                 N                                 0          EFLO
Caldwell                                      3Y PP                 N                                 0          EFLO
Colorado Springs                              3Y PP                 Y                               120          EFLO
WEST JORDAN                                   NO PP                 N                                 0          EFLO
COLORADO SPRINGS                              3Y PP                 N                                 0          EFLO
WEST VALLEY CITY                              NO PP                 Y                               120          EFLO
SAINT GEORGE                                  NO PP                 N                                 0          EFLO
Roosevelt                                     3Y PP                 N                                 0          EFLO
Aurora                                        3Y PP                 Y                               120          EFLO
EAGLE MOUNTAIN                                NO PP                 Y                               120          EFLO
Norwich                                       3Y PP                 N                                 0          EFLO
Temecula                                      3Y PP                 Y                               120          EFLO
Murrieta                                      3Y PP                 N                                 0          EFLO
Murrieta                                      3Y PP                 Y                               120          EFLO
SPRINGFIELD                                   NO PP                 N                                 0          EFLO
SOUTHBRIDGE                                   NO PP                 Y                               120          EFLO
MANCHESTER                                    NO PP                 N                                 0          EFLO
Lebanon                                       3Y PP                 N                                 0          EFLO
Roseville                                     NO PP                 N                                 0          EFLO
Westminster                                   NO PP                 N                                 0          EFLO
Norcross                                      NO PP                 N                                 0          EFLO
Henryetta                                     3Y PP                 N                                 0          EFLO
Wichita                                       NO PP                 N                                 0          EFLO
Humble                                        3Y PP                 N                                 0          EFLO
Detroit                                       3Y PP                 N                                 0          EFLO
Williamsburg                                  NO PP                 N                                 0          EFLO
Columbia                                      NO PP                 N                                 0          EFLO
Canton                                        NO PP                 N                                 0          EFLO
Garland                                       NO PP                 N                                 0          EFLO
Newark                                        NO PP                 Y                               120          EFLO
Littleton                                     NO PP                 Y                               120          EFLO
Santa Monica                                  NO PP                 N                                 0          EFLO
SCOTTSDALE                                    NO PP                 Y                               120          EFLO
COLUMBIA                                      3Y PP                 Y                               120          EFLO
THOUSAND OAKS                                 3Y PP                 N                                 0          EFLO
Chino                                         NO PP                 Y                               120          EFLO
Apple Valley                                  NO PP                 Y                               120          EFLO
TUSTIN                                        NO PP                 N                                 0          REPR
APPLE VALLEY                                  NO PP                 Y                               120          REPR
APPLE VALLEY                                  NO PP                 Y                               120          REPR
PLEASANT HILL                                 NO PP                 N                                 0          REPR
QUARTZ HILL ARE                               3Y PP                 N                                 0          REPR
LOS ANGELES                                   3Y PP                 N                                 0          CNDU
Williamsburg                                  NO PP                 Y                               120          EFLO
Ft Washington                                 NO PP                 Y                               120          EFLO
Lynchburg                                     NO PP                 N                                 0          EFLO
College Park                                  6M PP                 N                                 0          EFLO
College Park                                  6M PP                 Y                               120          EFLO
Monroe                                        6M PP                 N                                 0          EFLO
Marietta                                      6M PP                 N                                 0          EFLO
Union City                                    NO PP                 Y                               120          EFLO
Phoenix                                       3Y PP                 N                                 0          EFLO
El Mirage                                     3Y PP                 Y                               120          EFLO
Show Low                                      NO PP                 N                                 0          EFLO
North Las Vegas                               NO PP                 N                                 0          EFLO
Colorado Springs                              3Y PP                 Y                               120          EFLO
Shawnee                                       3Y PP                 N                                 0          EFLO
Shawnee                                       3Y PP                 N                                 0          EFLO
Long Beach                                    3Y PP                 Y                               120          EFLO
Fort Worth                                    3Y PP                 N                                 0          EFLO
Federal Way                                   3Y PP                 Y                               120          EFLO
ALBUQUERQUE                                   NO PP                 Y                               120          EFLO
PHOENIX                                       NO PP                 Y                               120          EFLO
SCOTTSDALE                                    NO PP                 Y                               120          EFLO
SAN LUIS                                      NO PP                 Y                               120          EFLO
PHOENIX                                       1Y PP                 Y                               120          EFLO
Glendale                                      NO PP                 N                                 0          EFLO
Phoenix                                       NO PP                 N                                 0          EFLO
QUEEN CREEK                                   1Y PP                 Y                               120          EFLO
Albuquerque                                   NO PP                 Y                               120          EFLO
ALBUQUERQUE                                   NO PP                 Y                               120          EFLO
Salisbury                                     NO PP                 Y                               120          EFLO
Winston Salem                                 NO PP                 Y                               120          EFLO
Winston Salem                                 NO PP                 Y                               120          EFLO
Conyers                                       NO PP                 N                                 0          EFLO
Winston                                       NO PP                 N                                 0          EFLO
Winston Salem                                 NO PP                 Y                               120          EFLO
Hoschton                                      NO PP                 Y                               120          EFLO
Mckinney                                      NO PP                 N                                 0          EFLO
Allen                                         NO PP                 Y                               120          EFLO
Arlington                                     NO PP                 Y                               120          EFLO
Mckinney                                      NO PP                 N                                 0          EFLO
Lewisville                                    NO PP                 Y                               120          EFLO
Kimberly                                      NO PP                 N                                 0          EFLO
Kiawah Island                                 NO PP                 N                                 0          EFLO
CONYERS                                       NO PP                 N                                 0          EFLO
BRUNSWICK                                     NO PP                 N                                 0          EFLO
COLUMBUS                                      NO PP                 N                                 0          CNDU
KISSIMMEE                                     3Y PP                 N                                 0          CNDU
ORLANDO                                       3Y PP                 N                                 0          CNDU
CHARLOTTE                                     NO PP                 N                                 0          CNDU
WAYCROSS                                      3Y PP                 N                                 0          CNDU
CHARLOTTE                                     NO PP                 N                                 0          CNDU
PITTSBURGH                                    NO PP                 N                                 0          CNDU
ORLANDO                                       3Y PP                 N                                 0          CNDU
JACKSONVILLE                                  3Y PP                 N                                 0          CNDU
GOOSE CREEK                                   NO PP                 N                                 0          CNDU
SATELLITE BEACH                               3Y PP                 N                                 0          CNDU
TAMPA                                         3Y PP                 N                                 0          CNDU
DUMFRIES                                      NO PP                 Y                               120          CNDU
BOYCE                                         3Y PP                 N                                 0          CNDU
WEST PALM BEACH                               3Y PP                 N                                 0          CNDU
OGDEN                                         3Y PP                 N                                 0          CNDU
FAIRFAX STATION                               3Y PP                 N                                 0          CNDU
SAGINAW                                       NO PP                 N                                 0          CNDU
PEORIA                                        NO PP                 Y                               120          CNDU
KISSIMMEE                                     NO PP                 N                                 0          CNDU
WAXHAW                                        NO PP                 N                                 0          CNDU
SCOTTSDALE                                    NO PP                 Y                               120          CNDU
NORTH PORT                                    3Y PP                 N                                 0          CNDU
JASPER                                        3Y PP                 Y                               120          CNDU
STATESBORO                                    3Y PP                 N                                 0          CNDU
TAMPA                                         3Y PP                 N                                 0          CNDU
BOULDER                                       3Y PP                 Y                               120          CNDU
ORLANDO                                       NO PP                 N                                 0          CNDU
NAPLES                                        3Y PP                 Y                               120          CNDU
Dover                                         3Y PP                 N                                 0          REPR
ORLANDO                                       3Y PP                 N                                 0          CNDU
Fitzgerald                                    3Y PP                 N                                 0          REPR
ORLANDO                                       5Y PP                 Y                               120          CNDU
CHARLOTTE                                     NO PP                 N                                 0          CNDU
PALM SPRINGS                                  3Y PP                 N                                 0          REPR
SUGAR HILL                                    3Y PP                 N                                 0          CNDU
HARTWELL                                      3Y PP                 N                                 0          CNDU
ORLANDO                                       NO PP                 N                                 0          CNDU
ALEXANDRIA                                    3Y PP                 N                                 0          CNDU
FREDRICKSBERG                                 3Y PP                 Y                               120          CNDU
CAMDEN WYOMING                                3Y PP                 N                                 0          CNDU
LOS ANGELES                                   3Y PP                 N                                 0          REPR
LAWRENCEVILLE                                 3Y PP                 Y                               120          CNDU
PITTSBURGH                                    NO PP                 N                                 0          CNDU
IRMO                                          3Y PP                 N                                 0          CNDU
KISSIMMEE                                     NO PP                 N                                 0          CNDU
NEWPORT NEWS                                  3Y PP                 N                                 0          CNDU
RALEIGH                                       NO PP                 N                                 0          CNDU
KISSIMMEE                                     NO PP                 N                                 0          CNDU
Miami                                         NO PP                 N                                 0          EFLO
Warren                                        NO PP                 N                                 0          EFLO
LANSING                                       NO PP                 Y                               120          EFLO
Aldan                                         NO PP                 Y                               120          EFLO
Phila                                         NO PP                 N                                 0          EFLO
Doylestown                                    NO PP                 N                                 0          EFLO
Lake Harmony                                  NO PP                 N                                 0          EFLO
Philadelphia                                  NO PP                 Y                               120          EFLO
Devon                                         NO PP                 Y                               120          EFLO
Dover                                         NO PP                 Y                               120          EFLO
Blackwood                                     NO PP                 N                                 0          EFLO
Bear                                          NO PP                 N                                 0          EFLO
Pleasantville                                 NO PP                 N                                 0          EFLO
Pleasantville                                 NO PP                 N                                 0          EFLO
Marcus Hook                                   NO PP                 N                                 0          EFLO
Pine Hill                                     NO PP                 N                                 0          EFLO
Fort Washington                               NO PP                 N                                 0          EFLO
Wilmington                                    NO PP                 Y                               120          EFLO
Philadelphia                                  NO PP                 N                                 0          EFLO
Norristown                                    NO PP                 N                                 0          EFLO
Wilmington                                    NO PP                 N                                 0          EFLO
WOOLRICH                                      NO PP                 Y                               120          EFLO
Wilmington                                    NO PP                 Y                               120          EFLO
Philadelphia                                  NO PP                 N                                 0          EFLO
MIRAMAR                                       3Y PP                 Y                               120          REPR
SAN DIEGO                                     NO PP                 Y                               120          EFLO
BELL GARDENS                                  6M PP                 Y                               120          EFLO
GRAND PRAIRIE                                 NO PP                 N                                 0          EFLO
NORFOLK                                       NO PP                 N                                 0          EFLO
VIRGINIA BCH                                  NO PP                 Y                               120          EFLO
JACKSONVILLE                                  NO PP                 Y                               120          EFLO
ST AUGUSTINE                                  NO PP                 Y                               120          EFLO
Monticello                                    NO PP                 Y                               120          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
VIRGINIA BEACH                                NO PP                 N                                 0          EFLO
DAVENPORT                                     NO PP                 Y                               120          EFLO
ATL                                           NO PP                 Y                               120          EFLO
Des Moines                                    NO PP                 N                                 0          EFLO
Stafford                                      NO PP                 Y                               120          EFLO
RICHMOND                                      NO PP                 N                                 0          EFLO
DECATUR                                       NO PP                 Y                               120          EFLO
Lenigh                                        NO PP                 N                                 0          EFLO
CEDAR RAPIDS                                  NO PP                 N                                 0          EFLO
HUXLEY                                        NO PP                 Y                               120          EFLO
Middletown                                    NO PP                 N                                 0          EFLO
MYRTLE BEACH                                  NO PP                 Y                               120          EFLO
BAYVIEW                                       NO PP                 Y                               120          EFLO
HOMER GLEN                                    NO PP                 N                                 0          EFLO
Chicago                                       NO PP                 N                                 0          EFLO
Phoenix                                       3Y PP                 Y                               120          EFLO
PHOENIX                                       NO PP                 Y                               120          EFLO
CHESAPEAKE                                    NO PP                 N                                 0          EFLO
PETERSBURG                                    3Y PP                 Y                               120          EFLO
NEWPORT NEWS                                  NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 N                                 0          EFLO
FORT WORTH                                    NO PP                 N                                 0          EFLO
Plano                                         3Y PP                 N                                 0          EFLO
Plano                                         3Y PP                 Y                               120          EFLO
DALLAS                                        NO PP                 N                                 0          EFLO
PLANO                                         3Y PP                 Y                                60          EFLO
Hilton Head                                   NO PP                 Y                               120          EFLO
JERSEY CITY                                   NO PP                 N                                 0          REPR
LAKE WORTH                                    NO PP                 N                                 0          REPR
FRESNO                                        5Y PP                 N                                 0          REPR
SAVANNAH                                      NO PP                 N                                 0          REPR
DURHAM                                        NO PP                 N                                 0          CNDU
Spring                                        NO PP                 N                                 0          REPR
GREENSBORO                                    NO PP                 Y                               120          CNDU
TIVERTON                                      NO PP                 Y                               120          CNDU
CEDAR CITY                                    NO PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
NORMAN                                        NO PP                 N                                 0          CNDU
CORCORAN                                      NO PP                 N                                 0          CNDU
MIDWEST CITY                                  NO PP                 N                                 0          CNDU
CARY                                          NO PP                 N                                 0          CNDU
CEDAR CITY                                    NO PP                 N                                 0          CNDU
HAWAIIAN GARDENS                              NO PP                 N                                 0          CNDU
MIDWEST CITY                                  NO PP                 N                                 0          CNDU
RICHMOND                                      NO PP                 N                                 0          CNDU
HENDERSON                                     5Y PP                 N                                 0          CNDU
CHARLOTTESVILLE                               5Y PP                 N                                 0          CNDU
FORT LAUDERDALE                               NO PP                 Y                               120          CNDU
TOLEDO                                        2Y PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
OKLAHOMA CITY                                 NO PP                 N                                 0          CNDU
PALM HARBOR                                   5Y PP                 N                                 0          CNDU
DACULA                                        NO PP                 Y                               120          CNDU
PALATINE                                      NO PP                 Y                               120          CNDU
GLENDALE HEIGHTS                              NO PP                 N                                 0          CNDU
CATONSVILLE                                   NO PP                 Y                               120          CNDU
KERNERSVILLE                                  NO PP                 N                                 0          CNDU
CHARLOTTE                                     NO PP                 Y                               120          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
MANASSAS                                      NO PP                 Y                               120          CNDU
NEWBERG                                       5Y PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
LONG BEACH                                    3Y PP                 N                                 0          CNDU
NEWBERG                                       5Y PP                 N                                 0          CNDU
DILLSBURG                                     5Y PP                 N                                 0          CNDU
DILLSBURG                                     5Y PP                 N                                 0          CNDU
FRANKLINTOWN                                  5Y PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
POMPANO BEACH                                 NO PP                 N                                 0          CNDU
OKLAHOMA CITY                                 NO PP                 N                                 0          CNDU
MIDWEST CITY                                  NO PP                 N                                 0          CNDU
VISALIA                                       3Y PP                 N                                 0          CNDU
DOVER                                         5Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          UNFD
LAUDERHILL                                    NO PP                 N                                 0          UNFD
SEATTLE                                       NO PP                 Y                               120          UNFD
CABOT                                         NO PP                 N                                 0          UNFD
KAILUA-KONA                                   NO PP                 N                                 0          UNFD
BALDWIN PARK                                  3Y PP                 N                                 0          UNFD
FRESNO                                        5Y PP                 N                                 0          UNFD
BELGRADE                                      5Y PP                 N                                 0          UNFD
LANSDOWNE                                     6M PP                 N                                 0          UNFD
SAN ANTONIO                                   6M PP                 N                                 0          UNFD
CHICAGO                                       NO PP                 N                                 0          UNFD
CHINO HILLS                                   6M PP                 Y                               120          UNFD
LINCOLN CITY                                  6M PP                 Y                               120          UNFD
LEAGUE CITY                                   NO PP                 N                                 0          UNFD
VANCOUVER                                     NO PP                 Y                               120          UNFD
INDIANAPOLIS                                  3Y PP                 N                                 0          UNFD
BELTSVILLE                                    NO PP                 Y                               120          UNFD
FT THOMAS                                     NO PP                 Y                               120          UNFD
NASHUA                                        NO PP                 N                                 0          UNFD
ELFRIDA                                       NO PP                 N                                 0          UNFD
HOUSTON                                       NO PP                 Y                               120          UNFD
GLENDALE                                      6M PP                 N                                 0          UNFD
APPLE VALLEY                                  6M PP                 N                                 0          UNFD
SUN CITY                                      NO PP                 Y                                60          UNFD
CONCORD                                       NO PP                 N                                 0          UNFD

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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 Bear Stearns Asset-Backed Securities I LLC
      Asset-Backed Certificates, Series 2006-AC3, 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 Bear Stearns Asset Backed Securities I LLC (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___

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    Wells
      Fargo Bank, National Association

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      MN 55479

    

     

    Attention:
      Bear Stearns Asset Backed Securities I Trust 2006-AC3

     

    
      	 	
              Re:

            	
              Bear
                Stearns Asset Backed Securities I
                LLC

            

    

    Asset-Backed
      Certificates, Series 2006-AC3, Class__

     

    Ladies
      and Gentlemen:

     

    In
      connection with the sale by ___________ (the “Seller”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Asset-Backed
      Certificates, Series 2006-AC3, Class _____ (the “Certificates”), issued pursuant
      to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”),
      dated as of April 1, 2006, among Bear Stearns Asset-Backed Securities I LLC,
      as
      depositor (the “Depositor”), EMC Mortgage Corporation, as sponsor and company,
      Wells Fargo Bank, National Association, as master servicer and securities
      administrator and U.S. Bank 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 (NON-RULE 144A)

     

    [Date]

     

    [SELLER]

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    Wells
      Fargo Bank, National Association

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      MN 55479

     

    
      	 	
              Re:

            	
              Bear
                Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
                Certificates, Series 2006-AC3 (the “Certificates”), including the Class
                ___ Certificates (the “Privately Offered
                Certificates”)

            

    

    

    Dear
      Ladies and Gentlemen:

     

    In
      connection with our purchase of Privately Offered Certificates, we confirm
      that:

    

    
      	 	
              (i)

            	
              we
                understand that the Privately Offered Certificates are not being
                registered under the Securities Act of 1933, as amended (the “Act”) or any
                applicable state securities or “Blue Sky” laws, and are being sold to us
                in a transaction that is exempt from the registration requirements
                of such
                laws;

            

    

     

    
      	 	
              (ii)

            	
              any
                information we desired concerning the Certificates, including the
                Privately Offered Certificates, the trust in which the Certificates
                represent the entire beneficial ownership interest (the “Trust”) or any
                other matter we deemed relevant to our decision to purchase Privately
                Offered Certificates has been made available to
                us;

            

    

     

    
      	 	
              (iii)

            	
              we
                are able to bear the economic risk of investment in Privately Offered
                Certificates; we are an institutional “accredited investor” as defined in
                Section 501(a) 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 LaSalle Bank National
      Association (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, and/or section
                4975 of
                the Internal Revenue Code of 1986, as amended, or (ii) in the case
                of the
                Privately Offered Certificates, have provided the Opinion of Counsel
                required by the Agreement,
                or (iii) in the case of the Class B-4 Certificates, are providing
                a
                representation to the effect that the proposed transfer and holding
                of
                such Certificate and servicing, management and operation of the Trust
                and
                its assets: (I) will not result in any prohibited transaction which
                is not
                covered under Prohibited Transaction Exemption (“PTE”) 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..
                

            

    

     

    (ix) We
      understand that each of the Privately Offered Certificates bears, and will
      continue to bear, a legend to substantiate the following effect: THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
      ACT
      (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
      INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR
      ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
      HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
      IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM
      REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN
      CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING
      THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF THE
      EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
      PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
      RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE FORM
      PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES ADMINISTRATOR
      OF
      AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS
      OF
      THE UNITED STATES. [In
      the
      case of the Class B-4 Certificates]: THIS
      CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF,
      AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE
      I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE TRANSFEREE
      CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE
      AND THE SERVICING, MANAGEMENT AND OPERATION OF THE TRUST AND ITS ASSETS: (I)
      WILL NOT RESULT IN ANY PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN
      INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED
      TO, PROHIBITED TRANSACTION 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, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY
      CERTIFICATE OR A GLOBAL CERTIFICATE, OR PROVIDES AN OPINION OF COUNSEL TO SUCH
      EFFECT. [In
      the
      case of the Class P Certificates and Class C Certificates]:
      NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE
      TRANSFEREE PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b)
      OF
      THE AGREEMENT OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE
      AGREEMENT, SATISFACTORY TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE AND
      HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
      CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION
      406
      OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR
      SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER,
      THE
      SECURITIES ADMINISTRATOR, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN
      ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

    

    “Eligible
      Purchaser” means a corporation, partnership or other entity which we have
      reasonable grounds to believe and do believe (i) can make representations with
      respect to itself to substantially the same effect as the representations set
      forth herein, and (ii) is either a Qualified Institutional Buyer as defined
      under Rule 144A of the Act or an institutional “Accredited Investor” as defined
      under Rule 501 of the Act.

    

    Terms
      not
      otherwise defined herein shall have the meanings assigned to them in the Pooling
      and Servicing Agreement, dated as of April 1, 2006 (the “Pooling and Servicing
      Agreement”), among Bear Stearns Asset Backed Securities I LLC, as depositor,
      U.S. Bank National Association, as trustee, Wells Fargo Bank, National
      Association, as master servicer and securities administrator, and EMC Mortgage
      Corporation, as sponsor and company.

    

    If
      the
      Purchaser proposes that its Certificates be registered in the name of a nominee
      on its behalf, the Purchaser has identified such nominee below, and has caused
      such nominee to complete the Nominee Acknowledgment at the end of this
      letter.

    

    Name
      of
      Nominee (if any): ________________

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, this document has been executed by the undersigned who is
      duly
      authorized to do so on behalf of the undersigned Eligible Purchaser on the
      ___
      day of ________, 20___.

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              [PURCHASER]

            	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              (Authorized
                Officer)

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              [By:

            	 
	 	 	 	 	 	 	 	 	
              Attorney-in-fact]

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Nominee
      Acknowledgment

     

    The
      undersigned hereby acknowledges and agrees that as to the Certificates being
      registered in its name, the sole beneficial owner thereof is and shall be the
      Purchaser identified above, for whom the undersigned is acting as
      nominee.

     

    
      	 	 	 	 	 	 	 	
              [NAME
                OF NOMINEE]

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              (Authorized
                Officer)

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              [By:

            	 
	 	 	 	 	 	 	 	 	
              Attorney-in-fact]

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A AND RELATED MATTERS CERTIFICATE

     

    [SELLER]

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    Wells
      Fargo Bank, National Association

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      MN 55479

     

    
      	 	
              Re:

            	
              Bear
                Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
                Certificates, Series 2006-AC3 (the “Certificates”), including the Class
                ___ Certificates (the “Privately Offered
                Certificates”)

            

    

    

     

    Dear
      Ladies and Gentlemen:

     

    In
      connection with our purchase of Privately Offered Certificates, the undersigned
      certifies to each of the parties to whom this letter is addressed that it is
      a
      qualified institutional buyer (as defined in Rule 144A under the Securities
      Act
      of 1933, as amended (the “Act”)) as follows:

     

    
      	1.  	
              It
                owned and/or invested on a discretionary basis eligible securities
                (excluding affiliate’s securities, bank deposit notes and CD’s, loan
                participations, repurchase agreements, securities owned but subject
                to a
                repurchase agreement and swaps), as described
                below:

            

    

     

    Date:
      ______________, 20__ (must be on or after the close of its most recent fiscal
      year) 

     

    Amount:
      $
      _____________________; and

     

    
      	2.  	
              The
                dollar amount set forth above is:

            

    

     

    
      	 	
              a.

            	
              greater
                than $100 million and the undersigned is one of the following
                entities:

            

    

     

    
      	 	
              (x)

            	
              [_]

            	
              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.

            

    

     

    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 Bear Stearns Asset Backed
      Securities I LLC, as depositor, Wells Fargo Bank, National Association, as
      securities administrator and master servicer, EMC Mortgage Corporation, as
      sponsor and company, and U.S. Bank 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, and/or section 4975 of
      the
      Internal Revenue Code of 1986, as amended, or (ii) in the case of the Privately
      Offered Certificates, has provided the Opinion of Counsel required by the
      Agreement,
      or
      (iii) in the case of the Class B-4 Certificates, are providing a representation
      to the effect that the proposed transfer and holding of such Certificate and
      servicing, management and operation of the Trust and its assets: (I) will not
      result in any prohibited transaction which is not covered under Prohibited
      Transaction Exemption (“PTE”) 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.

     

    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]

            

    

    

    

    

      

      
        
          	 	
                  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. 

                

        

         

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      REQUEST FOR RELEASE

     

    
      	
              To:

            	
              Wells
                Fargo Bank, National Association

            

    

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      MN 55479

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of April 1, 2006, between Bear
                Stearns
                Asset Backed Securities I LLC, as Depositor, EMC Mortgage Corporation,
                as
                sponsor and company, Wells Fargo Bank, National Association, as master
                servicer and securities administrator, and U.S. Bank 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

    

    FORM
      OF
      CUSTODIAL AGREEMENT

     

    

      THIS
        CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
“Agreement”), dated as of April 28, 2006, by and among U.S. BANK 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”), BEAR STEARNS ASSET BACKED SECURITIES I LLC, as depositor
        (together with any successor in interest, the “Depositor”), EMC MORTGAGE
        CORPORATION, as sponsor (the “Sponsor”) and company (together with any successor
        in interest or successor under the Pooling and Servicing Agreement referred
        to
        below, the “Company”) 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 Sponsor, the Master Servicer and the Trustee have entered
        into a Pooling and Servicing Agreement, dated as of April 1, 2006, relating
        to
        the issuance of Bear Stearns Asset Backed Securities I Trust 2006-AC3,
        Asset-Backed Certificates, Series 2006-AC3 (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 Sponsor 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 Sponsor,
        the
        Master Servicer and the Custodian hereby agree as follows:

       

      ARTICLE
        I.

      DEFINITIONS

       

      Capitalized
        terms used in this Agreement and not defined herein shall have the meanings
        assigned in the Original Pooling and Servicing Agreement, unless otherwise
        required by the context herein.

       

      ARTICLE
        II.

      CUSTODY
        OF MORTGAGE DOCUMENTS

       

      Section
        2.1. Custodian
        to Act as Agent: Acceptance of Mortgage Files.
        The
        Custodian, as the duly appointed custodial agent of the Trustee for these
        purposes, acknowledges (subject to any exceptions noted in the Initial
        Certification referred to in Section 2.3(a)) receipt of the Mortgage Files
        relating to the Mortgage Loans identified on the schedule attached hereto
        (the
“Mortgage Files”) and declares that it holds and will hold such Mortgage Files
        as agent for the Trustee, in trust, for the use and benefit of all present
        and
        future Certificateholders.

       

      Section
        2.2. Recordation
        of Assignments.
        If any
        Mortgage File includes one or more assignments of Mortgage that have not
        been
        recorded pursuant to the provisions of Section 2.01 of the Pooling and Servicing
        Agreement and the related Mortgage Loan is not a MOM Loan or the related
        Mortgaged Properties are located in jurisdictions specifically excluded by
        the
        Opinion of Counsel delivered to the Trustee pursuant to Section 2.01 of the
        Pooling and Servicing Agreement, each such assignment shall be delivered
        by the
        Custodian to the Sponsor for the purpose of recording it in the appropriate
        public office for real property records, and the Sponsor, at no expense to
        the
        Custodian, shall promptly cause to be recorded in the appropriate public
        office
        for real property records each such assignment of Mortgage and, upon receipt
        thereof from such public office, shall return each such assignment of Mortgage
        to the Custodian.

       

      Section
        2.3. Review
        of Mortgage Files.

       

      (a) On
        or
        prior to the Closing Date, in accordance with Section 2.02 of the Pooling
        and
        Servicing Agreement, the Custodian shall deliver to the Sponsor and the Trustee
        an Initial Certification in the form annexed hereto as Exhibit One evidencing
        receipt (subject to any exceptions noted therein) of a Mortgage File for
        each of
        the Mortgage Loans listed on the Schedule attached hereto (the “Mortgage Loan
        Schedule”).

       

      (b) Within
        90
        days of the Closing Date, the Custodian agrees, for the benefit of
        Certificateholders, to review, in accordance with the provisions of Section
        2.02
        of the Pooling and Servicing Agreement, each such document, and shall deliver
        to
        the Sponsor and the Trustee an Interim Certification in the form annexed
        hereto
        as Exhibit Two to the effect that all such documents have been executed and
        received and that such documents relate to the Mortgage Loans identified
        on the
        Mortgage Loan Schedule, except for any exceptions listed on Schedule A attached
        to such Interim Certification. The Custodian shall be under no duty or
        obligation to inspect, review or examine said documents, instruments,
        certificates or other papers to determine that the same are genuine,
        enforceable, or appropriate for the represented purpose or that they have
        actually been recorded or that they are other than what they purport to be
        on
        their face.

       

      (c) Not
        later
        than 180 days after the Closing Date, the Custodian shall review the Mortgage
        Files as provided in Section 2.02 of the Pooling and Servicing Agreement
        and
        deliver to the Sponsor and the Trustee a Final Certification in the form
        annexed
        hereto as Exhibit Three evidencing the completeness of the Mortgage
        Files.

       

      (d) In
        reviewing the Mortgage Files as provided herein and in the Pooling and Servicing
        Agreement, the Custodian shall make no representation as to and shall not
        be
        responsible to verify (i) the validity, legality, enforceability, due
        authorization, recordability, sufficiency or genuineness of any of the documents
        included in any Mortgage File or (ii) the collectability, insurability,
        effectiveness or suitability of any of the documents in any Mortgage
        File.

       

      Upon
        receipt of written request from the Trustee, the Custodian shall as soon
        as
        practicable supply the Trustee with a list of all of the documents relating
        to
        the Mortgage Loans missing from the Mortgage Files.

       

      Section
        2.4. Notification
        of Breaches of Representations and Warranties.
        Upon
        discovery by the Custodian of a breach of any representation or warranty
        made by
        the Depositor as set forth in the Pooling and Servicing Agreement with respect
        to a Mortgage Loan relating to a Mortgage File, the Custodian shall give
        prompt
        written notice to the Depositor, the related Servicer and the
        Trustee.

       

      Section
        2.5. Custodian
        to Cooperate: Release of Mortgage Files.
        Upon
        receipt of written notice from the Trustee that the Sponsor has repurchased
        a
        Mortgage Loan pursuant to Article II of the Pooling and Servicing Agreement,
        and
        a request for release (a “Request for Release”) confirming that the purchase
        price therefore has been deposited in the Master Servicer Collection Account
        or
        the Distribution Account, then the Custodian agrees to promptly release to
        the
        Sponsor the related Mortgage File.

       

      Upon
        the
        Custodian’s receipt of a Request for Release substantially in the form of
        [Exhibit G] to the Pooling and Servicing Agreement signed by a Servicing
        Officer
        of a Servicer, stating that it has received payment in full of a Mortgage
        Loan
        or that payment in full will be escrowed in a manner customary for such
        purposes, the Custodian agrees promptly to release to the Servicer, the related
        Mortgage File. The Depositor shall deliver to the Custodian and the Custodian
        agrees to review in accordance with the provisions of their Agreement the
        Mortgage Note and other documents constituting the Mortgage File with respect
        to
        any Replacement Mortgage Loan.

       

      From
        time
        to time as is appropriate for the servicing or foreclosure of any Mortgage
        Loan,
        including, for this purpose, collection under any Primary Insurance Policy
        or
        PMI Policy, the Company or the related Servicer, as applicable, shall deliver
        to
        the Custodian a Request for Release signed by a Servicing Officer requesting
        that possession of all of the Mortgage File be released to the Company or
        the
        related Servicer, as applicable, and certifying as to the reason for such
        release and that such release will not invalidate any insurance coverage
        provided in respect of the Mortgage Loan under any of the Insurance Policies.
        Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File
        to
        the Company or the related Servicer, as applicable. The Company or the related
        Servicer, as applicable, shall cause each Mortgage File or any document therein
        so released to be returned to the Custodian when the need therefore by the
        Company or the related Servicer, as applicable, no longer exists, unless
        (i) the
        Mortgage Loan has been liquidated and the Liquidation Proceeds relating to
        the
        Mortgage Loan have been deposited in the Master Servicer Collection Account
        or
        the Distribution Account or (ii) the Mortgage File or such document has been
        delivered to an attorney, or to a public trustee or other public official
        as
        required by law, for purposes of initiating or pursuing legal action or other
        proceedings for the foreclosure of the Mortgaged Property either judicially
        or
        non-judicially, and the Company or the related Servicer, as applicable, has
        delivered to the Custodian a certificate of a Servicing Officer certifying
        as to
        the name and address of the Person to which such Mortgage File or such document
        was delivered and the purpose or purposes of such delivery.

       

      At
        any
        time that the Company or the related Servicer is required to deliver to the
        Custodian a Request for Release, the Company or the related Servicer, as
        applicable, shall deliver two copies of the Request for Release if delivered
        in
        hard copy or the Company or the related Servicer, as applicable, may furnish
        such Request for Release electronically to the Custodian, in which event
        the
        Servicing Officer transmitting the same shall be deemed to have signed the
        Request for Release. In connection with any Request for Release of a Mortgage
        File because of a repurchase of a Mortgage Loan, such Request for Release
        shall
        be accompanied by an assignment of mortgage, without recourse, representation
        or
        warranty from the Trustee to the Sponsor (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 Sponsor. In connection
        with any Request for Release of a Mortgage File because of the payment in
        full
        of a Mortgage Loan, such Request for Release shall be accompanied by a
        certificate of satisfaction or other similar instrument to be executed by
        or on
        behalf of the Trustee and returned to the Company or the related Servicer,
        as
        applicable.

       

      Section
        2.6. Assumption
        Agreements.
        In the
        event that any assumption agreement, substitution of liability agreement
        or sale
        of servicing agreement is entered into with respect to any Mortgage Loan
        subject
        to this Agreement in accordance with the terms and provisions of the Pooling
        and
        Servicing Agreement, the Master Servicer, to the extent provided in the Pooling
        and Servicing Agreement or the related Servicing Agreement, shall cause the
        Company or the related Servicer, as applicable, to notify the Custodian that
        such assumption or substitution agreement has been completed by forwarding
        to
        the Custodian the original of such assumption or substitution agreement,
        which
        shall be added to the related Mortgage File and, for all purposes, shall
        be
        considered a part of such Mortgage File to the same extent as all other
        documents and instruments constituting parts thereof.

       

      ARTICLE
        III.

      CONCERNING
        THE CUSTODIAN

       

      Section
        3.1. Custodian
        a Bailee and Agent of the Trustee.
        With
        respect to each Mortgage Note, Mortgage and other documents constituting
        each
        Mortgage File which are delivered to the Custodian, the Custodian is exclusively
        the bailee and custodial agent of the Trustee and has no instructions to
        hold
        any Mortgage Note or Mortgage for the benefit of any person other than the
        Trustee and the Certificateholders and undertakes to perform such duties
        and
        only such duties as are specifically set forth in this Agreement and in the
        Pooling and Servicing Agreement. Except upon compliance with the provisions
        of
        Section 2.5 of this Agreement, no Mortgage Note, Mortgage or Mortgage File
        shall
        be delivered by the Custodian to the Company, the Depositor, any Servicer
        or the
        Master Servicer or otherwise released from the possession of the
        Custodian.

       

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

       

      Section
        3.3. Master
        Servicer to Pay Custodian’s Fees and Expenses.
        The
        Master Servicer covenants and agrees to pay to the Custodian from time to
        time,
        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.

       

      Section
        3.4. Custodian
        May Resign; Trustee May Remove Custodian.
        The
        Custodian may resign from the obligations and duties hereby imposed upon
        it as
        such obligations and duties relate to its acting as Custodian of the Mortgage
        Loans. Upon receiving such written notice of resignation, the Trustee shall
        either take custody of the Mortgage Files itself and give prompt written
        notice
        thereof to the Depositor, the Master Servicer and the Custodian, or promptly
        appoint a successor Custodian by written instrument, in duplicate, one copy
        of
        which instrument shall be delivered to the resigning Custodian and one copy
        to
        the successor Custodian. If the Trustee shall not have taken custody of the
        Mortgage Files and no successor Custodian shall have been so appointed and
        have
        accepted appointment within 30 days after the giving of such written notice
        of
        resignation, the resigning Custodian may petition any court of competent
        jurisdiction for the appointment of a successor Custodian.

       

      The
        Trustee may remove the Custodian at any time upon 60 days prior written notice
        to Custodian. In such event, the Trustee shall appoint, or petition a court
        of
        competent jurisdiction to appoint, a successor Custodian hereunder. Any
        successor Custodian shall be a depository institution subject to supervision
        or
        examination by federal or state authority shall be able to satisfy the other
        requirements contained in Section 3.6 and shall be unaffiliated with the
        Servicers, the Company and the Depositor.

       

      Any
        resignation or removal of the Custodian and appointment of a successor Custodian
        pursuant to any of the provisions of this Section 3.4 shall become effective
        upon acceptance of appointment by the successor Custodian. The Trustee shall
        give prompt notice to the Depositor and the Master Servicer of the appointment
        of any successor Custodian. No successor Custodian shall be appointed by
        the
        Trustee without the prior approval of the Depositor and the Master
        Servicer.

       

      Section
        3.5. Merger
        or Consolidation of Custodian.
        Any
        Person into which the Custodian may be merged or converted or with which
        it may
        be consolidated, or any Person resulting from any merger, conversion or
        consolidation to which the Custodian shall be a party, or any Person succeeding
        to the business of the Custodian, shall be the successor of the Custodian
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding.

       

      Section
        3.6. Representations
        of the Custodian.
        The
        Custodian hereby represents that it is a depository institution subject to
        supervision or examination by a federal or state authority, has a combined
        capital and surplus of at least $15,000,000 and is qualified to do business
        in
        the jurisdictions in which it will hold any Mortgage File.

       

      ARTICLE
        IV.

      COMPLIANCE
        WITH REGULATION AB

       

      Section
        4.1. Intent
        of
        the parties; Reasonableness. The parties hereto acknowledge and agree that
        the
        purpose of this Article IV is to facilitate compliance by the Depositor with
        the
        provisions of Regulation AB and related rules and regulations of the Commission.
        The Depositor shall not exercise its right to request delivery of information
        or
        other performance under these provisions other than in good faith, or for
        purposes other than compliance with the Securities Act, the Exchange Act
        and the
        rules and regulations of the Commission under the Securities Act and the
        Exchange Act. Each of the parties hereto acknowledges that interpretations
        of
        the requirements of Regulation AB may change over time, whether due to
        interpretive guidance provided by the Commission or its staff, consensus
        among
        participants in the mortgage-backed securities markets, advice of counsel,
        or
        otherwise, and agrees to comply with requests made by the Depositor in good
        faith for delivery of information under these provisions on the basis of
        evolving interpretations of Regulation AB to the extent reasonably practicable.
        The Custodian shall cooperate reasonably with the Depositor to deliver to
        the
        Depositor (including any of its assignees or designees), any and all disclosure,
        statements, reports, certifications, records and any other information necessary
        in the reasonable, good faith determination of the Depositor to permit the
        Depositor to comply with the provisions of Regulation AB.

       

      Section
        4.2. Additional
        Representations and Warranties of the Custodian.

       

      (a) 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.

       

      (b) The
        Custodian shall be deemed to represent to the Depositor as of the date hereof
        and on each date on which information is provided to the Depositor under
        Section
        4.3 that, except as disclosed in writing to the Depositor prior to such date:
        (i) there are no aspects of its financial condition that could have a material
        adverse effect on the performance by it of its 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").

       

      (c) If
        so
        requested by the Depositor on any date following the Closing Date, the Custodian
        shall, within five Business Days following such request, confirm in writing
        the
        accuracy of the representations and warranties set forth in paragraph (a)
        of
        this Section or, if any such representation and warranty is not accurate
        as of
        the date of such confirmation, provide reasonably adequate disclosure of
        the
        pertinent facts, in writing, to the requesting party. Any such request from
        the
        Depositor shall not be given more than once each calendar quarter, unless
        the
        Depositor shall have a reasonable basis for a determination that any of the
        representations and warranties may not be accurate.

       

      Section
        4.3. Additional
        Information to Be Provided by the Custodian. For so long as the Certificates
        are
        outstanding, for the purpose of satisfying the Depositor 's reporting obligation
        under the Exchange Act with respect to any class of Certificates, the Custodian
        shall (a) notify the Depositor in writing of any material litigation or
        governmental proceedings pending against the Custodian that would be material
        to
        Certificateholders, and (b) provide to the Depositor a written description
        of
        such proceedings. Any notices and descriptions required under this Section
        4.3
        shall be given no later than five Business Days prior to the Determination
        Date
        following the month in which the Custodian has knowledge of the occurrence
        of
        the relevant event. As of the date the Depositor or Master Servicer files
        each
        Report on Form 10-D or Form 10-K with respect to the Certificates, the Custodian
        will be deemed to represent that any information previously provided under
        this
        Section 4.3, if any, is materially correct and does not have any material
        omissions unless the Custodian has provided an update to such
        information.

       

      Section
        4.4. Report
        on
        Assessment of Compliance and Attestation. On or before March 15 of each calendar
        year, the Custodian shall:

       

      (a) 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 Four attached hereto;
        and

       

      (b) 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.

       

      Section
        4.5. Indemnification;
        Remedies.

       

      (a) The
        Custodian shall indemnify the Depositor, each affiliate of the Depositor,
        EMC
        and each broker dealer acting as underwriter, placement agent or initial
        purchaser of the Certificates or each Person who controls any of such parties
        (within the meaning of Section 15 of the Securities Act and Section 20 of
        the
        Exchange Act); and the respective present and former directors, officers,
        employees and agents of each of the foregoing, and shall hold each of them
        harmless from and against any losses, damages, penalties, fines, forfeitures,
        legal fees and expenses and related costs, judgments, and any other costs,
        fees
        and expenses that any of them may sustain arising out of or based
        upon:

       

      (i) (A)
        any
        untrue statement of a material fact contained or alleged to be contained
        in 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. 

       

      (b) In
        the
        case of any failure of performance described in clause (ii) of Section 4.5(a),
        the Custodian shall promptly reimburse the Depositor for all costs reasonably
        incurred by the Depositor in order to obtain the information, report,
        certification, accountants’ letter or other material not delivered as required
        by the Custodian.

       

      (c) In
        no
        event shall the Custodian or its directors, officers, and employees be liable
        for any special, indirect or consequential damages from any action taken
        or
        omitted to be taken by it or them hereunder or in connection herewith even
        if
        advised of the possibility of such damages.

       

      This
        indemnification shall survive the termination of this Agreement or the
        termination of the Custodian. 

       

      ARTICLE
        V.

      MISCELLANEOUS
        PROVISIONS

       

      Section
        5.1. Notices.
        All
        notices, requests, consents and demands and other communications required
        under
        this Agreement or pursuant to any other instrument or document delivered
        hereunder shall be in writing and, unless otherwise specifically provided,
        may
        be delivered personally, by telegram or telex, or by registered or certified
        mail, postage prepaid, return receipt requested, at the addresses specified
        on
        the signature page hereof (unless changed by the particular party whose address
        is stated herein by similar notice in writing), in which case the notice
        will be
        deemed delivered when received.

       

      Section
        5.2. [Reserved].

       

      Section
        5.3. Amendments.
        No
        modification or amendment of or supplement to this Agreement shall be valid
        or
        effective unless the same is in writing and signed by all parties
        hereto.  The Trustee shall give prompt notice to the Custodian of any
        amendment or supplement to the Pooling and Servicing Agreement and furnish
        the
        Custodian with written copies thereof.

       

      Section
        5.4. GOVERNING
        LAW.
        THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
        OF
        THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
        OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

       

      Section
        5.5. Recordation
        of Agreement.
        To the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any or all of the properties subject
        to
        the Mortgages are situated, and in any other appropriate public recording
        office
        or elsewhere, such recordation to be effected by the Depositor and at the
        Trust’s expense, but only upon direction accompanied by an Opinion of Counsel
        reasonably satisfactory to the Depositor to the effect that the failure to
        effect such recordation is likely to materially and adversely affect the
        interests of the Certificateholders.

       

      For
        the
        purpose of facilitating the recordation of this Agreement as herein provided
        and
        for other purposes, this Agreement may be executed simultaneously in any
        number
        of counterparts, each of which counterparts shall be deemed to be an original,
        and such counterparts shall constitute but one and the same
        instrument.

       

      Section
        5.6. Severability
        of Provisions.
        If any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be for any reason whatsoever held invalid, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement
        or of the Certificates or the rights of the holders thereof.

       

      [Signature
        Page Follows]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, this Agreement is executed as of the date first above
        written.

       

      

      
        	
                Address:

                 

                One
                  Federal Street, 3rd
                  Floor

                Boston,
                  MA 02110

                 

                Attention:
                  

                BSABS
                  I 2006-AC3

                Telecopy:
                  (617) 603-6638

                Confirmation:

                 

              	
                U.S.
                  BANK NATIONAL ASSOCIATION, not individually but solely as
                  Trustee

                 

                By:_________________________________________________________________

                Name: 

                Title: 

                 

              
	
                Address:

                 

                383
                  Madison Avenue

                New
                  York, New York 10179

                 

              	
                BEAR
                  STEARNS ASSET BACKED SECURITIES I LLC

                 

                By:_________________________________________________________________

                Name: 

                Title: 

              
	 	 
	
                Address:

                 

                909
                  Hidden Ridge Drive, Suite 200

                Irving,
                  Texas 75038

                 

              	
                EMC
                  MORTGAGE CORPORATION

                 

                By:_________________________________________________________________

                Name: 

                Title: 

              
	 	 
	
                Address:

                 

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

                 

              	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Master Servicer

                 

                 

                By:_________________________________________________________________

                Name: 

                Title: 

                 

              
	
                Address:

                 

                1015
                  10th Avenue S.E.

                Minneapolis,
                  Minnesota 55414-0031

                 

              	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION, as Custodian

                 

                 

                By:_________________________________________________________________

                Name: 

                Title: 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        
          	
                  STATE
                    OF MASSACHUSETTS

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF SUFFOLK

                	
                  )

                	 

        

      

       

      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 U.S.
        Bank
        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
        _____________________, known to me to be a(n) _____________________ of Bear
        Stearns Asset Backed Securities I LLC, and also known to me to be the person
        who
        executed the within instrument on behalf of said party, and acknowledged
        to me
        that such party executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
        

          
            	 	 
	 	
                    Notary
                      Public

                  

          

        

         

      

       

      [SEAL]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        
          	
                  STATE
                    OF TEXAS

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF DALLAS

                	
                  )

                	 

        

         

      

      On
        the
        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
        EMC
        Mortgage Corporation, one of the parties that executed the within instrument,
        and also known to me to be the person who executed the within instrument
        on
        behalf of said party, and acknowledged to me that such party executed the
        within
        instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
         

        
          

            
              	 	 
	 	
                      Notary
                        Public

                    

            

          

           

        

      

       

      [Notarial
        Seal]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        
          

            
              	
                      STATE
                        OF 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 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]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        ONE

       

      FORM
        OF
        CUSTODIAN INITIAL CERTIFICATION

       

      
        	 	 	
                April
                  28, 2006

              	 
	 	 	 	 
	 	 	 	 

      

       

      U.S.
        Bank
        National Association

      One
        Federal Street, 3rd
        Floor

      Boston,
        MA 02110

       

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

       

      Irving,
        Texas 75038

       

      Attention:
        Bear Stearns Asset Backed Securities I LLC, Series 2006-AC3

       

      
        	 	Re:	Custodial Agreement, dated as of April
                28,
                2006, by and among U.S. Bank National Association, Wells Fargo Bank,
                National Association, Bear Stearns Asset Backed Securities I LLC
                and EMC
                Mortgage Corporation relating to Bear Stearns Asset Backed Securities
                I
                Trust 2006-AC3, Asset-Backed
                Certificates, Series 2006-AC3  

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(a) of the above-captioned Custodial Agreement,
        and
        subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        (which contains an original Mortgage Note or lost note affidavit) to the
        extent
        required in Section 2.01 of the Pooling and Servicing Agreement with respect
        to
        each Mortgage Loan listed in the Mortgage Loan Schedule, with any exceptions
        listed on Schedule A attached hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

      

      

        
          	 	 
	 	WELLS
                  FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

      (PROVIDED
        UPON REQUEST)

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        TWO

       

      FORM
        OF
        CUSTODIAN INTERIM CERTIFICATION

       

      [DATE]

       

      U.S.
        Bank
        National Association

      One
        Federal Street, 3rd
        Floor

      Boston,
        MA 02110

       

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

       

      Attention:
        Bear Stearns Asset Backed Securities I LLC, Series 2006-AC3

       

      
         

        
          	 	Re:	Custodial Agreement, dated as of
                  April 28,
                  2006, by and among U.S. Bank National Association, Wells Fargo
                  Bank,
                  National Association, Bear Stearns Asset Backed Securities I LLC
                  and EMC
                  Mortgage Corporation relating to Bear Stearns Asset Backed Securities
                  I
                  Trust 2006-AC3, Asset-Backed
                  Certificates, Series 2006-AC3    

        

      

       

      In
        accordance with Section 2.3(b) of the above-captioned Custodial Agreement
        and
        subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        to the extent required pursuant to Section 2.01 of the Pooling and Servicing
        Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
        Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
        and has determined that: all required documents have been executed and received
        and that such documents relate to the Mortgage Loans identified on the Mortgage
        Loan Schedule, with any exceptions listed on Schedule A attached
        hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

      

        
          	 	 
	 	WELLS
                  FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	Title:	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      SCHEDULE
        A

      

      (PROVIDED
        UPON REQUEST)

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        THREE

       

      FORM
        OF
        CUSTODIAN FINAL CERTIFICATION

       

      [DATE]

       

      U.S.
        Bank
        National Association

      One
        Federal Street, 3rd
        Floor

      Boston,
        MA 02110

       

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

       

      Attention:
        Bear Stearns Asset Backed Securities I LLC, Series 2006-AC3

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of April 28, 2006, by and among U.S. Bank National
                  Association, Wells Fargo Bank, National Association, Bear Stearns
                  Asset
                  Backed Securities I LLC and EMC Mortgage Corporation relating to
                  Bear
                  Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
                  Certificates, Series 2006-AC3 

              	 

      

       

      In
        accordance with Section 2.3(c) of the above-captioned Custodial
        Agreement

      and,
        subject to Section 2.02(b) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        to the extent required pursuant to Section 2.01 of the Pooling and Servicing
        Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
        Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
        and has determined that: all required documents have been executed and received
        and that such documents relate to the Mortgage Loans identified on the Mortgage
        Loan Schedule, with any exceptions listed on Schedule A attached
        hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement or in the Pooling and Servicing
        Agreement, as applicable.

       

      
        
          	 	 
	 	WELLS
                  FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	Title:	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      SCHEDULE
        A

      

      (PROVIDED
        UPON REQUEST)

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        FOUR

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by the Custodian shall address,
        at a
        minimum, the criteria identified below as “Applicable Servicing
        Criteria”:

      

      
        	
                 

                Servicing
                  Criteria

              	
                Applicable

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	
                 

                 

                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements

              	 
	
                 

                 

                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities

              	 
	
                 

                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained.

              	 
	
                 

                 

                 

                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	 	
                 

                Cash
                  Collection and Administration

              	 
	
                 

                 

                 

                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	 
	
                 

                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                 

                 

                 

                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 
	
                 

                 

                 

                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 
	
                 

                 

                 

                 

                 

                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institutions” with respect
                  to a foreign financial institution means a foreign financial institution
                  that meets the requirements of Rule 13k-1(b)(1) of the Securities
                  Exchange
                  Act. 

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                 

                 

                 

                 

                 

                 

                 

                 

                 

                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliations; and (D) contain explanations for reconciling items,
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	 
	 	
                 

                Investor
                  Remittances and Reporting

              	 
	
                 

                 

                 

                 

                 

                 

                 

                 

                 

                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements, (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors; or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the
                  servicer.

              	 
	
                 

                 

                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 
	
                 

                 

                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	 
	
                 

                 

                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	 
	 	
                 

                Pool
                  Asset Administration

              	 
	
                 

                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related asset pool documents.

              	
                √

              
	
                 

                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements.

              	
                √

              
	
                 

                 

                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements

              	 
	
                 

                 

                 

                 

                 

                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	 
	
                 

                1122(d)(4)(v)

              	
                The
                  servicer’s records regarding the pool assets agree with the servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                 

                 

                 

                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s pool asset (e.g., loan
                  modifications or re-agings) are made, reviewed and approved by
                  authorized
                  personnel in accordance with the transaction agreements and related
                  pool
                  asset documents.

              	 
	
                 

                 

                 

                 

                1122(d)(4)(vii)

              	
                Loss
                  mitigation of recovery actions (e.g., forbearance plans, modifications
                  and
                  deed in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  documents.

              	 
	
                 

                 

                 

                 

                 

                 

                 

                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.,
                  Such
                  records are maintained in at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                 

                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents.

              	 
	
                 

                 

                 

                 

                 

                 

                 

                 

                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts);
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 3-
                  calendar
                  days of full repayment of the related pool asset, or such other
                  number of
                  days specified in the transaction agreements.

              	 
	
                 

                 

                 

                 

                 

                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax ore insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the service at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                 

                 

                 

                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible funds are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in item 1114(a)(1)
                  through (3) or item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
 

    EXHIBIT
      K

    

    FORM
      OF BACK-UP CERTIFICATION
      TO FORM 10-K CERTIFICATE

     

    The
      [ ]
      agreement dated as of [ ],
      200[ ]
      (the “Agreement”), among [IDENTIFY PARTIES]

    

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY], certify to [the Purchaser], [the Depositor], and the [Master Servicer]
      [Trustee], and their officers, with the knowledge and intent that they will
      rely
      upon this certification, that:

     

    (1) I
      have
      reviewed the servicer compliance statement of the Company provided in accordance
      with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
      assessment of the Company’s compliance with the servicing criteria set forth in
      Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
      with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
      (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
      Assessment”), the registered public accounting firm’s attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and
      Section 1122(b) of Regulation AB (the “Attestation
      Report”), and all servicing reports, officer’s certificates and other
      information relating to the servicing of the Mortgage Loans by the Company
      during 200[ ] that were delivered by the Company to the [Depositor] [Master
      Servicer] [Trustee] pursuant to the Agreement (collectively, the “Company
      Servicing Information”);

     

    (2) Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the [Depositor] [Master
      Servicer] [Trustee];

     

    (4) I
      am
      responsible for reviewing the activities performed by the Company as servicer
      under the Agreement, and based on my knowledge and the compliance review
      conducted in preparing the Compliance Statement and except as disclosed in
      the
      Compliance Statement, the Servicing Assessment or the Attestation Report, the
      Company has fulfilled its obligations under the Agreement in all material
      respects; and

     

    (5) The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Company and by any Subservicer or Subcontractor pursuant to
      the
      Agreement, have been provided to the [Depositor] [Master Servicer]. Any material
      instances of noncompliance described in such reports have been disclosed to
      the
      [Depositor] [Master Servicer]. Any material instance of noncompliance with
      the
      Servicing Criteria has been disclosed in such reports.

     

    Date: _________________________

    

     

    By:

    Name:
       ________________________________
      

    Title:
       ________________________________

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

    

    FORM
      OF
      MORTGAGE LOAN PURCHASE AGREEMENT

    

    
       

      MORTGAGE
        LOAN PURCHASE AGREEMENT, dated as of April 28, 2006, as amended and supplemented
        by any and all amendments hereto (collectively, “this Agreement”),
        by and
        between EMC MORTGAGE CORPORATION, a Delaware corporation (the “Sponsor”
        or “Mortgage Loan Seller”)
        and
        BEAR STEARNS ASSET BACKED SECURITIES I LLC, a Delaware limited liability
        company
        (the “Purchaser”).

       

      Upon
        the
        terms and subject to the conditions of this Agreement, the Mortgage Loan
        Seller
        agrees to sell, and the Purchaser agrees to purchase, certain conventional,
        fixed rate, first and second lien mortgage loans secured by one- to four-family
        residences (collectively, the “Mortgage
        Loans”)
        as
        described herein. The Purchaser intends to deposit the Mortgage Loans into
        a
        trust fund (the “Trust
        Fund”)
        and
        create Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
        Certificates, Series 2006-AC3 (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 depositor, the Mortgage Loan Seller, as sponsor and company,
        Wells Fargo Bank, National Association, as master servicer (the “Master
        Servicer”)
        and as
        securities administrator and U.S. Bank National Association, as trustee (the
        “Trustee”).

       

      The
        Purchaser has filed with the Securities and Exchange Commission (the
“Commission”)
        a
        registration statement on Form S-3 (Number 333-131374) relating to its
        Asset-Backed Certificates and the offering of certain series thereof (including
        certain classes of the Certificates) from time to time in accordance with
        Rule
        415 under the Securities Act of 1933, as amended, and the rules and regulations
        of the Commission promulgated thereunder (the “Securities
        Act”).
        Such
        registration statement, when it became effective under the Securities Act,
        and
        the prospectus relating to the public offering of certain classes of the
        Certificates by the Purchaser (the “Public
        Offering”),
        as
        each may be amended or supplemented from time to time pursuant to the Securities
        Act or otherwise, are referred to herein as the “Registration
        Statement”
        and the
“Prospectus,”
        respectively. The “Prospectus
        Supplement”
        shall
        mean that supplement, dated April 27, 2006, to the Prospectus, dated April
        5,
        2006, relating to certain classes of the Certificates. With respect to the
        Public Offering of certain classes of the Certificates, the Purchaser and
        Bear,
        Stearns & Co. Inc. (“Bear
        Stearns”)
        have
        entered into a terms agreement, dated as of April 27, 2006, to an underwriting
        agreement, dated April 13, 2006, between the Purchaser and Bear Stearns
        (together, the “Underwriting
        Agreement”).

       

      Now,
        therefore, in consideration of the premises and the mutual agreements set
        forth
        herein, the parties hereto agree as follows:

       

      SECTION
        1. Definitions.
        Certain
        terms are defined herein. Capitalized terms used herein but not defined herein
        shall have the meanings specified in the Pooling and Servicing Agreement.
        The
        following other terms are defined as follows:

       

      Acquisition
        Price:
        Cash in
        an amount equal to $            
        *             
        (plus
        $        *       
        in
        accrued interest), and the Retained Certificates.

       

      Bear
        Stearns:
        Bear,
        Stearns & Co. Inc.

       

      Closing
        Date:
        April
        28, 2006.

       

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

       

      Cut-off
        Date Balance:
        Shall
        mean $ 303,251,176 for the Mortgage Loans in loan group I and $231,296,045
        for
        the Mortgage Loans in loan group II.

       

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

       

      Due
        Date:
        With
        respect to each Mortgage Loan, the date in each month on which its scheduled
        payment is due, as set forth in the related Mortgage Note.

       

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

       

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

       

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

       

      Moody’s:
        Moody’s
        Investors Service, Inc., or its successors in interest.

       

      Mortgage:
        The
        mortgage or deed of trust creating a first lien on an interest in real property
        securing a Mortgage Note.

       

      Mortgage
        File:
        The
        items referred to in Exhibit
        1
        pertaining to a particular Mortgage Loan and any additional documents required
        to be added to such documents pursuant to this Agreement.

       

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

       

      Mortgagor:
        The
        obligor(s) on a Mortgage Note.

       

      Net
        Mortgage Rate:
        For
        each Mortgage Loan, the Mortgage Rate for such Mortgage Loan less (i) the
        Master
        Servicing Fee Rate, (ii) the Servicing Fee Rate and (ii) the rate at which
        the
        LPMI Fee is calculated, if applicable.

       

      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.

       

      Person:
        Any
        legal person, including any individual, corporation, partnership, joint venture,
        association, joint stock company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

       

      Purchase
        Price:
        With
        respect to any Mortgage Loan required to be purchased by the Sponsor (on
        its own
        behalf as a Mortgage Loan Seller) pursuant to the applicable provisions of
        this
        Agreement, an amount equal to the sum of (i) 100% of the principal remaining
        unpaid on such Mortgage Loan as of the date of purchase (including if a
        foreclosure has already occurred, the principal balance of the related Mortgage
        Loan at the time the Mortgaged Property was acquired), (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 and Moody’s, each a “Rating
        Agency.”

       

      Replacement
        Mortgage Loan:
        A
        mortgage loan substituted for a Deleted

      Mortgage
        Loan which must meet on the date of such substitution the requirements stated
        herein and in the Pooling and Servicing Agreement; upon such substitution,
        such
        mortgage loan shall be a “Mortgage Loan” hereunder.

      

      Securities
        Act:
        The
        Securities Act of 1933, as amended.

       

      Standard
        & Poor’s:
        Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. or its
        successors in interest.

       

      Transaction
        Documents:
        This
        Agreement, the Pooling and Servicing Agreement, the Custodial Agreement and
        the
        Underwriting Agreement.

       

      Value:
        The
        value of the Mortgaged Property at the time of origination of the related
        Mortgage Loan, such value being the lesser of (i) the value of such property
        set
        forth in an appraisal accepted by the applicable originator of the Mortgage
        Loan
        or (ii) the sales price of such property at the time of
        origination.

       

      Wells
        Fargo:
        Wells
        Fargo Bank, National Association.

       

      SECTION
        2. 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
        sold
        by such Mortgage Loan Seller having an aggregate outstanding principal balance
        as of the Cut-off Date equal to the related Cut-off Date Balance.

       

      (b) The
        closing for the purchase and sale of the Mortgage Loans and the closing for
        the
        issuance of the Certificates will take place on the Closing Date at the office
        of the Purchaser’s counsel in New York, New York or such other place as the
        parties shall agree.

       

      (c) Upon
        the
        satisfaction of the conditions set forth in Section 10 hereof, on the Closing
        Date, the Purchaser shall pay to the Mortgage Loan Seller the Acquisition
        Price
        for the Mortgage Loans sold by such Mortgage Loan Seller in immediately
        available funds by wire transfer to such account or accounts as shall be
        designated by the Mortgage Loan Seller.

       

      (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 Servicing
        Agreements.

       

      SECTION
        3. Mortgage
        Loan Schedules.
        The
        Sponsor (on its own behalf as Mortgage Loan Seller) agrees to provide 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
        Sponsor (on its own behalf as 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 Sponsor
        (on
        its own behalf as 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
        4. Mortgage
        Loan Transfer.

       

      (a) The
        Purchaser will be entitled to all scheduled payments of principal and interest
        on the Mortgage Loans due after the Cut-off Date (regardless of when actually
        collected) and all payments thereof. 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 thereof. 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 to the Trustee a certification by the Mortgage Loan
        Seller or the Master Servicer to such effect. The Mortgage Loan Seller shall
        deliver such original documents (including any original documents as to which
        certified copies had previously been delivered) or such certified copies
        to the
        Trustee, or the Custodian on behalf of the Trustee, promptly after they are
        received. The Sponsor (on its own behalf as Mortgage Loan Seller) 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 Sponsor (on its own behalf as Mortgage Loan Seller) further agrees
        that it will cause, at the Sponsor’s own expense, 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 and by the Purchaser
        to
        the Trustee in accordance with this Agreement for the benefit of the
        Certificateholders by including (or deleting, in the case of Mortgage Loans
        which are repurchased in accordance with this Agreement) in such computer
        files
        (a) the code in the field which identifies the specific Trustee and (b) the
        code
        in the field “Pool Field” which identifies the series of the Certificates issued
        in connection with such Mortgage Loans. The Mortgage Loan 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 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
        U.S.
        Bank National Association, as Trustee for the benefit of the Certificateholders,
        on the date hereof.

       

      SECTION
        5. Examination
        of Mortgage Files.

       

      (a) On
        or
        before the Mortgage File Delivery Date, 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 and/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, substitution or other relief as provided in this Agreement. In
        furtherance of the foregoing, the Mortgage Loan Seller shall make the Mortgage
        Files available 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 Pooling and Servicing Agreement, on the Closing Date the Trustee (or
        the
        Custodian as obligated under the Custodial Agreement), for the benefit of
        the
        Certificateholders, will review items of the Mortgage Files as set forth
        on
Exhibit
        1
        and will
        deliver to the Sponsor (on its own behalf as Mortgage Loan Seller an initial
        certification in the form attached as Exhibit One to the Custodial
        Agreement.

       

      (c) Within
        90
        days of the Closing Date, the Trustee or the Custodian on its behalf shall,
        in
        accordance with the provisions of Section 2.02 of the Pooling and Servicing
        Agreement, deliver to the Sponsor (on its own behalf as Mortgage Loan Seller
        and
        the Trustee an Interim Certification in the form attached as Exhibit Two
        to the
        Custodial Agreement to the effect that all such documents have been executed
        and
        received and that such documents relate to the Mortgage Loans identified
        on the
        Mortgage Loan Schedule, except for any exceptions listed on Schedule A attached
        to such Interim Certification. The Custodian shall be under no duty or
        obligation to inspect, review or examine said documents, instruments,
        certificates or other papers to determine that the same are genuine,
        enforceable, or appropriate for the represented purpose or that they have
        actually been recorded or that they are other than what they purport to be
        on
        their face.

       

      (d) The
        Trustee or the Custodian on its behalf will review the Mortgage Files within
        180
        days of the Closing Date and will deliver to the Sponsor and the Master
        Servicer, and if reviewed by the Custodian, the Trustee, a final certification
        substantially in the form of Exhibit Three to the Custodial Agreement. If
        the
        Trustee or the Custodian on its behalf is unable to deliver a final
        certification with respect to the items listed in Exhibit
        1
        due to
        any document that is missing, has not been executed, is unrelated, determined
        on
        the basis of the Mortgagor name, original principal balance and loan number,
        to
        the Mortgage Loans identified in the Final Mortgage Loan Schedule (a
“Material
        Defect”),
        the
        Trustee or the Custodian on its behalf shall notify the Sponsor of such Material
        Defect. The Sponsor (on its own behalf as a Mortgage Loan Seller) shall correct
        or cure any such Material Defect within 90 days from the date of notice from
        the
        Trustee of the Material Defect and if the Sponsor (on its own behalf as a
        Mortgage Loan Seller) does not correct or cure such Material Defect within
        such
        period and such defect materially and adversely affects the interests of
        the
        Certificateholders in the related Mortgage Loan, the Sponsor (on its own
        behalf
        as a Mortgage Loan Seller) 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 Replacement 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 Sponsor (on its own behalf
        as
        a Mortgage Loan Seller) 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 Sponsor shall not be required to purchase such Mortgage
        Loan
        if the Sponsor (on its own behalf as a Mortgage Loan Seller) 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 Sponsor (on its own behalf as a Mortgage
        Loan Seller) 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
        Sponsor (on its own behalf as a Mortgage Loan Seller) shall instead deliver
        a
        recording receipt of such recording office or, if such receipt is not available,
        a certificate of Sponsor (on its own behalf as a Mortgage Loan Seller) or
        a
        Servicing Officer confirming that such documents have been accepted for
        recording, and delivery to the Trustee shall be effected by the Sponsor (on
        its
        own behalf as a Mortgage Loan Seller) within thirty days of its receipt of
        the
        original recorded document.

       

      (e) At
        the
        time of any substitution, the Sponsor (on its own behalf as a Mortgage Loan
        Seller) shall deliver or cause to be delivered the Replacement Mortgage Loan,
        the related Mortgage File and any other documents and payments required to
        be
        delivered in connection with a substitution pursuant to the Pooling and
        Servicing Agreement. At the time of any purchase or substitution, the Trustee
        shall (i) assign the selected Mortgage Loan to the Sponsor (on its own behalf
        as
        a Mortgage Loan Seller) and shall release or cause the Custodian to release
        the
        documents (including, but not limited to the Mortgage, Mortgage Note and
        other
        contents of the Mortgage File) in the possession of the Trustee or the
        Custodian, as applicable relating to the Deleted Mortgage Loan and (ii) execute
        and deliver such instruments of transfer or assignment, in each case without
        recourse, as shall be necessary to vest in the Sponsor (on its own behalf
        as a
        Mortgage Loan Seller) title to such Deleted Mortgage Loan.

       

      SECTION
        6. Recordation
        of Assignments of Mortgage.

       

      (a) The
        Sponsor (on its own behalf as a Mortgage Loan Seller) will, promptly after
        the
        Closing Date, cause each Mortgage and each assignment of Mortgage from the
        Mortgage Loan Seller to the Trustee, and all unrecorded intervening assignments,
        if any, delivered on or prior to the Closing Date, to be recorded in all
        recording offices in the jurisdictions where the related Mortgaged Properties
        are located; provided,
        however,
        the
        Sponsor (on its own behalf as a Mortgage Loan Seller) need not cause to be
        recorded any assignment which relates to a Mortgage Loan that is a MOM Loan
        or
        for which the related Mortgaged Property is located in any jurisdiction under
        the laws of which, as evidenced by an Opinion of Counsel delivered by the
        Sponsor (on its own behalf as a Mortgage Loan 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; provided,
        however,
        notwithstanding the delivery of any Opinion of Counsel, each assignment of
        Mortgage shall be submitted for recording by the Sponsor (on its own behalf
        as a
        Mortgage Loan Seller) in the manner described above, at no expense to the
        Trust
        Fund or Trustee, upon the earliest to occur of (i) reasonable direction by
        the
        Holders of Certificates evidencing Percentage Interests aggregating not less
        than 25% of the Trust, (ii) the occurrence of a Company Default, (iii) the
        occurrence of a bankruptcy, insolvency or foreclosure relating to the Sponsor
        under the Pooling and Servicing Agreement, (iv) the occurrence of a servicing
        transfer as described in Section 9.05 of the Pooling and Servicing Agreement
        or
        an assignment of the servicing as described in Section 8.05(b) of the Pooling
        and Servicing Agreement or (iv) with respect to any one assignment of Mortgage,
        the occurrence of a bankruptcy, insolvency or foreclosure relating to the
        Mortgagor under the related Mortgage.

       

      While
        each such Mortgage or assignment is being recorded, if necessary, the Sponsor
        (on its own behalf as a Mortgage Loan Seller) shall leave or cause to be
        left
        with the Trustee or the Custodian on its behalf a certified copy of such
        Mortgage or assignment. In the event that, within 180 days of the Closing
        Date,
        the Trustee has not been provided with an Opinion of Counsel as described
        above
        or received evidence of recording with respect to each Mortgage Loan delivered
        to the Purchaser pursuant to the terms hereof or as set forth above and the
        related Mortgage Loan is not a MOM Loan, the failure to provide evidence
        of
        recording or such Opinion of Counsel shall be considered a Material Defect,
        and
        the provisions of Section 5(c) and (d) shall apply. All customary recording
        fees
        and reasonable expenses relating to the recordation of the assignments of
        mortgage to the Trustee or the Opinion of Counsel, as the case may be, shall
        be
        borne by the Sponsor.

       

      (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. 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 (a) this Agreement shall also be deemed
        to be
        a security agreement within the meaning of Articles 8 and 9 of the applicable
        Uniform Commercial Code; (b) the transfer of the Mortgage Loans provided
        for
        herein shall be deemed to be a grant by 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; (c) the possession by the Purchaser or the Trustee (or the
        Custodian on its behalf) of Mortgage Notes and such other items of property
        as
        constitute instruments, money, negotiable documents or chattel paper shall
        be
        deemed to be “possession by the secured party” for purposes of perfecting the
        security interest pursuant to Section 9-305 (or comparable provision) of
        the
        applicable Uniform Commercial Code; and (d) notifications to persons holding
        such property, and acknowledgments, receipts or confirmations from persons
        holding such property, shall be deemed notifications to, or acknowledgments,
        receipts or confirmations from, financial intermediaries, bailees or agents
        (as
        applicable) of the Purchaser for the purpose of perfecting such security
        interest under applicable law. Any assignment of the interest of the Purchaser
        pursuant to any provision hereof or pursuant to the Pooling and Servicing
        Agreement shall also be deemed to be an assignment of any security interest
        created hereby. The Sponsor (on its own behalf as a Mortgage Loan Seller)
        and
        the Purchaser shall, to the extent consistent with this Agreement, take such
        actions as may be reasonably necessary to ensure that, if this Agreement
        were
        deemed to create a security interest in the Mortgage Loans, such security
        interest would be deemed to be a perfected security interest of first priority
        under applicable law and will be maintained as such throughout the term of
        the
        Pooling and Servicing Agreement.

       

      SECTION
        7. Representations
        and Warranties of the Sponsor Concerning the Mortgage Loans.
        The
        Sponsor 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:

       

      (a) The
        information set forth in the Mortgage Loan Schedule hereto is true and correct
        in all material respects and the information provided to the Rating Agencies,
        including the Mortgage Loan level detail, is true and correct according to
        the
        Rating Agency requirements.

       

      (b) Immediately
        prior to the transfer to the Purchaser, the Mortgage Loan Seller was the
        sole
        owner of beneficial title and holder of each Mortgage and Mortgage Note relating
        to the Mortgage Loans and is conveying the same free and clear of any and
        all
        liens, claims, encumbrances, participation interests, equities, pledges,
        charges
        or security interests of any nature and the Mortgage Loan Seller has full
        right
        and authority to sell or assign the same pursuant to this
        Agreement.

       

      (c) Each
        Mortgage Loan at the time it was made complied in all material respects with
        all
        applicable laws and regulations, including, without limitation, usury, equal
        credit opportunity, disclosure and recording laws and all applicable
        anti-predatory lending laws; and each Mortgage Loan has been serviced in
        all
        material respects in accordance with all applicable laws and regulations,
        including, without limitation, usury, equal credit opportunity, disclosure
        and
        recording laws and all applicable anti-predatory lending laws and the terms
        of
        the related Mortgage Note, the Mortgage and other loan documents.

       

      (d) There
        is
        no monetary default existing under any Mortgage or the related Mortgage Note
        and
        there is no material event which, with the passage of time or with notice
        and
        the expiration of any grace or cure period, would constitute a default, breach
        or event of acceleration; and neither the Mortgage Loan Seller, any of its
        affiliates nor any servicer of any related Mortgage Loan has taken any action
        to
        waive any default, breach or event of acceleration; and no foreclosure action
        is
        threatened or has been commenced with respect to the Mortgage Loan.

       

      (e) The
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments, (i) if required by
        law
        in the jurisdiction where the Mortgaged Property is located, or (ii) to protect
        the interests of the Trustee on behalf of the Certificateholders.

       

      (f) No
        selection procedure reasonably believed by the Mortgage Loan Seller to be
        adverse to the interests of the Certificateholders was utilized in selecting
        the
        Mortgage Loans.

       

      (g) Each
        Mortgage is a valid and enforceable first or second lien on the property
        securing the related Mortgage Note and each Mortgaged Property is owned by
        the
        Mortgagor in fee simple (except with respect to common areas in the case
        of
        condominiums, PUDs and de minimis PUDs) or by leasehold for a term longer
        than
        the term of the related Mortgage, subject only to (i) the lien of current
        real
        property taxes and assessments, (ii) covenants, conditions and restrictions,
        rights of way, easements and other matters of public record as of the date
        of
        recording of such Mortgage, such exceptions being acceptable to mortgage
        lending
        institutions generally or specifically reflected in the appraisal obtained
        in
        connection with the origination of the related Mortgage Loan or referred
        to in
        the lender’s title insurance policy delivered to the originator of the related
        Mortgage Loan and (iii) other matters to which like properties are commonly
        subject which do not materially interfere with the benefits of the security
        intended to be provided by such Mortgage.

       

      (h) There
        is
        no mechanics’ lien or claim for work, labor or material affecting the premises
        subject to any Mortgage which is or may be a lien prior to, or equal with,
        the
        lien of such Mortgage except those which are insured against by the title
        insurance policy referred to in xiii below.

       

      (i) There
        was
        no delinquent tax or assessment lien against the property subject to any
        Mortgage, except where such lien was being contested in good faith and a
        stay
        had been granted against levying on the property.

       

      (j) There
        is
        no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
        including the obligation of the Mortgagor to pay the unpaid principal and
        interest on such Mortgage Note.

       

      (k) The
        physical property subject to any Mortgage is free of material damage and
        is in
        good repair and there is no proceeding pending or threatened for the total
        or
        partial condemnation of any Mortgaged Property.

       

      (l) The
        Mortgaged Property and all improvements thereon comply with all requirements
        of
        any applicable zoning and subdivision laws and ordinances;

       

      (m) A
        lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
        assurance of title customary in the relevant jurisdiction therefor in a form
        acceptable to Fannie Mae or Freddie Mac, was issued on the date that each
        Mortgage Loan was created by a title insurance company which, to the best
        of the
        Mortgage Loan Seller’s knowledge, was qualified to do business in the
        jurisdiction where the related Mortgaged Property is located, insuring the
        Mortgage Loan Seller and its successors and assigns that the Mortgage is
        a first
        priority lien on the related Mortgaged Property in the original principal
        amount
        of the Mortgage Loan. The Mortgage Loan Seller is the sole insured under
        such
        lender’s title insurance policy, and such policy, binder or assurance is valid
        and remains in full force and effect, and each such policy, binder or assurance
        shall contain all applicable endorsements including a negative amortization
        endorsement, if applicable.

       

      (n) At
        the
        time of origination, each Mortgaged Property was the subject of an appraisal
        which conformed to the underwriting requirements of the originator of the
        Mortgage Loan and, the appraisal is in a form acceptable to Fannie Mae or
        FHLMC.

       

      (o) The
        improvements on each Mortgaged Property securing a Mortgage Loan are insured
        (by
        an insurer which is acceptable to the Mortgage Loan Seller) against loss
        by fire
        and such hazards as are covered under a standard extended coverage endorsement
        in the locale in which the Mortgaged Property is located, in an amount which
        is
        not less than the lesser of the maximum insurable value of the improvements
        securing such Mortgage Loan or the outstanding principal balance of the Mortgage
        Loan, but in no event in an amount less than an amount that is required to
        prevent the Mortgagor from being deemed to be a co-insurer thereunder; if
        the
        improvement on the Mortgaged Property is a condominium unit, it is included
        under the coverage afforded by a blanket policy for the condominium project;
        if
        upon origination of the related Mortgage Loan, the improvements on the Mortgaged
        Property were in an area identified as a federally designated flood area,
        a
        flood insurance policy is in effect in an amount representing coverage not
        less
        than the least of (i) the outstanding principal balance of the Mortgage Loan,
        (ii) the restorable cost of improvements located on such Mortgaged Property
        or
        (iii) the maximum coverage available under federal law; and each Mortgage
        obligates the Mortgagor thereunder to maintain the insurance referred to
        above
        at the Mortgagor’s cost and expense.

       

      (p) Each
        Mortgage Loan constitutes a "qualified mortgage" under Section 860G(a)(3)(A)
        of
        the Code and Treasury Regulation Section 1.860G-2(a)(1), (2), (4), (5), (6),
        (7)
        and (9) without reliance on the provisions of Treasury Regulation Section
        1.860G-2(a)(3) or Treasury Regulation Section 1.860G-2(f)(2) or any other
        provision that would allow a Mortgage Loan to be treated as a “qualified
        mortgage” notwithstanding its failure to meet the requirements of Section
        860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1),
        (2),
        (4), (5), (6), (7) and (9).

       

      (q) None
        of
        the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12 CFR Part
        226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
        TILA,
        which implements the Home Ownership and Equity Protection Act of 1994, as
        amended or (b) “high cost home,” “covered” (excluding home loans defined as
“covered home loans” in the New Jersey Home Ownership Security Act of 2002 that
        were originated between November 26, 2003 and July 7, 2004), “high risk home” or
“predatory” loans under any applicable state, federal or local law (or a
        similarly classified loan using different terminology under a law imposing
        heightened regulatory scrutiny or additional legal liability for residential
        mortgage loans having high interest rates, points and/or fees).

       

      (r) The
        information set forth in Schedule A of the Prospectus Supplement with respect
        to
        the Mortgage Loans is true and correct in all material respects.

       

      (s) No
        Mortgage Loan (a) is a “high cost loan” or “covered loan” as applicable (as such
        terms are defined in the then current Standard & Poor’s LEVELS® Glossary,
        which is now Version 5.6(d), Appendix E, attached hereto as Exhibit 6 or
        (b) was
        originated on or after October 1, 2002 through March 6, 2003 and is governed
        by
        the Georgia Fair Lending Act.

       

      (t) Each
        Mortgage Loan was originated in accordance with the underwriting guidelines
        of
        the related originator.

       

      (u) Each
        original Mortgage has been recorded or is in the process of being recorded
        in
        accordance with the requirements of Section 2.01 of the Pooling and Servicing
        Agreement in the appropriate jurisdictions wherein such recordation is required
        to perfect the lien thereof for the benefit of the Trust Fund.

       

      (v) The
        related Mortgage File contains each of the documents and instruments listed
        in
        Section 2.01 of the Pooling and Servicing Agreement, subject to any exceptions,
        substitutions and qualifications as are set forth in such Section.

       

      (w) The
        Mortgage Loans are currently being serviced in accordance with accepted
        servicing practices.

       

      (x) With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Mortgage Loan
        Seller and each prepayment penalty is permitted pursuant to federal, state
        and
        local law, provided that (i) no Mortgage Loan will impose a prepayment penalty
        for a term in excess of five years from the date such Mortgage Loan was
        originated and (ii) such prepayment penalty is at least equal to the lesser
        of
        (A) the maximum amount permitted under applicable law and (B) six months
        interest at the related Mortgage Interest Rate on the amount prepaid in excess
        of 20% of the original principal balance of such Mortgage Loan.

       

      (y) If
        any of
        the Mortgage Loans are secured by a leasehold interest, with respect to each
        leasehold interest: the use of leasehold estates for residential properties
        is
        an accepted practice in the area where the related Mortgaged Property is
        located; residential property in such area consisting of leasehold estates
        is
        readily marketable; the lease is recorded and no party is in any way in breach
        of any provision of such lease; the leasehold is in full force and effect
        and is
        not subject to any prior lien or encumbrance by which the leasehold could
        be
        terminated or subject to any charge or penalty; and the remaining term of
        the
        lease does not terminate less than ten years after the maturity date of such
        Mortgage Loan.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 7 will inure to the benefit of the Purchaser, its successors and
        assigns, notwithstanding any restrictive or qualified endorsement on any
        Mortgage Note or assignment of Mortgage or the examination of any Mortgage
        File.
        Upon any substitution for a Mortgage Loan, the representations and warranties
        set forth above shall be deemed to be made by the Mortgage Loan Seller as
        to any
        Replacement Mortgage Loan as of the date of substitution.

       

      Upon
        discovery or receipt of notice by the Sponsor, the Purchaser or the Trustee
        of a
        breach of any representation or warranty of the Sponsor set forth in this
        Section 7 which materially and adversely affects the value of the interests
        of
        the Purchaser, the Certificateholders or the Trustee in any of the Mortgage
        Loans delivered to the Purchaser pursuant to this Agreement, the party
        discovering or receiving notice of such breach shall give prompt written
        notice
        to the others. In the case of any such breach of a representation or warranty
        set forth in this Section 7, within 90 days from the date of discovery by
        the
        Sponsor, or the date the Sponsor is notified by the party discovering or
        receiving notice of such breach (whichever occurs earlier), the Sponsor will
        (i)
        cure such breach in all material respects, (ii) purchase the affected Mortgage
        Loan at the applicable Purchase Price or (iii) if within two years of the
        Closing Date, substitute a qualifying Replacement Mortgage Loan in exchange
        for
        such Mortgage Loan; provided that, (A) in the case of a breach of the
        representation and warranty concerning the Mortgage Loan Schedule contained
        in
        clause (a) of this Section 7, if such breach is material and relates to any
        field on the Mortgage Loan Schedule which identifies any Prepayment Charge
        or
        (B) in the case of a breach of the representation contained in clause (hh)
        of
        this Section 7, then, in each case, in lieu of purchasing such Mortgage Loan
        from the Trust Fund at the Purchase Price, the Sponsor shall pay the amount
        of
        the Prepayment Charge (net of any amount previously collected by or paid
        to the
        Trust Fund in respect of such Prepayment Charge) from its own funds and without
        reimbursement therefor, and the Sponsor shall have no obligation to repurchase
        or substitute for such Mortgage Loan. The obligations of the Sponsor to cure,
        purchase or substitute a qualifying Replacement Mortgage Loan shall constitute
        the Purchaser’s, the Trustee’s and the Certificateholder’s sole and exclusive
        remedy under this Agreement or otherwise respecting a breach of representations
        or warranties hereunder with respect to the Mortgage Loans, except for the
        obligation of the Sponsor to indemnify the Purchaser for such breach as set
        forth in and limited by Section 13 hereof.

       

      Any
        cause
        of action against the Sponsor or relating to or arising out of a breach by
        the
        Sponsor of any representations and warranties made in this Section 7 shall
        accrue as to any Mortgage Loan upon (i) discovery of such breach by the Sponsor
        or notice thereof by the party discovering such breach and (ii) failure by
        the
        Sponsor to cure such breach, purchase such Mortgage Loan or substitute a
        qualifying Replacement Mortgage Loan pursuant to the terms hereof.

       

       

      SECTION
        8. Representations
        and Warranties Concerning the Sponsor.
        As of
        the date hereof and as of the Closing Date, the Sponsor represents and warrants
        to the Purchaser as to itself in the capacity indicated as follows:

       

      (a) the
        Sponsor (i) is a corporation duly organized, validly existing and in good
        standing under the laws of the State of Delaware and (ii) is qualified and
        in
        good standing to do business in each jurisdiction where such qualification
        is
        necessary, except where the failure so to qualify would not reasonably be
        expected to have a material adverse effect on the Sponsor’s business as
        presently conducted or on the Sponsor’s ability to enter into this Agreement or
        any other Transaction Document to which it is a party and to consummate the
        transactions contemplated hereby or thereby;

       

      (b) the
        Sponsor has full power to own its property, to carry on its business as
        presently conducted and to enter into and perform its obligations under this
        Agreement or any other Transaction Document to which it is a party;

       

      (c) the
        execution and delivery by the Sponsor of this Agreement and any other
        Transaction Document to which it is a party has been duly authorized by all
        necessary action on the part of the Sponsor; and neither the execution and
        delivery of this Agreement or any other Transaction Document to which it
        is a
        party, nor the consummation of the transactions herein or therein contemplated,
        nor compliance with the provisions hereof or thereof, will conflict with
        or
        result in a breach of, or constitute a default under, any of the provisions
        of
        any law, governmental rule, regulation, judgment, decree or order binding
        on the
        Sponsor or its properties or the charter or by-laws of the Sponsor, except
        those
        conflicts, breaches or defaults which would not reasonably be expected to
        have a
        material adverse effect on the Sponsor’s ability to enter into this Agreement or
        any other Transaction Document to which it is a party and to consummate the
        transactions contemplated hereby or thereby;

       

      (d) the
        execution, delivery and performance by the Sponsor of this Agreement and
        the
        consummation of the transactions contemplated hereby do not require the consent
        or approval of, the giving of notice to, the registration with, or the taking
        of
        any other action in respect of, any state, federal or other governmental
        authority or agency, except those consents, approvals, notices, registrations
        or
        other actions as have already been obtained, given or made and, in connection
        with the recordation of the Mortgages, powers of attorney or assignments
        of
        Mortgages not yet completed;

       

      (e) each
        of
        this Agreement and the other Transaction Document to which it is a party
        has
        been duly executed and delivered by the Sponsor and, assuming due authorization,
        execution and delivery by the Purchaser, constitutes a valid and binding
        obligation of the Sponsor 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 Sponsor,
        threatened against the Sponsor, before or by any court, administrative agency,
        arbitrator or governmental body (i) with respect to any of the transactions
        contemplated by this Agreement or any other Transaction Document to which
        it is
        a party or (ii) with respect to any other matter which in the judgment of
        the
        Sponsor could reasonably be expected to be determined adversely to the Sponsor
        and will if determined adversely to the Sponsor materially and adversely
        affect
        the Sponsor’s ability to perform its obligations under this Agreement or any
        other Transaction Document to which it is a party; and the Sponsor 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
        9. Representations
        and Warranties Concerning the Purchaser.
        As of
        the date hereof and as of the Closing Date, the Purchaser represents and
        warrants to the Mortgage Loan Seller as follows:

       

      (a) the
        Purchaser (i) is a limited liability company duly organized, validly existing
        and in good standing under the laws of the State of Delaware and (ii) is
        qualified and in good standing to do business in each jurisdiction where
        such
        qualification is necessary, except where the failure so to qualify would
        not
        reasonably be expected to have a material adverse effect on the Purchaser’s
        business as presently conducted or on the Purchaser’s ability to enter into this
        Agreement or any other Transaction Document to which it is a party and to
        consummate the transactions contemplated hereby or thereby;

       

      (b) the
        Purchaser has full power to own its property, to carry on its business as
        presently conducted and to enter into and perform its obligations under this
        Agreement or any other Transaction Document to which it is a party;

       

      (c) the
        execution and delivery by the Purchaser of this Agreement or any other
        Transaction Document to which it is a party has been duly authorized by all
        necessary action on the part of the Purchaser; and neither the execution
        and
        delivery of this Agreement, nor the consummation of the transactions herein
        contemplated, nor compliance with the provisions hereof or thereof, will
        conflict with or result in a breach of, or constitute a default under, any
        of
        the provisions of any law, governmental rule, regulation, judgment, decree
        or
        order binding on the Purchaser or its properties or the certificate of formation
        or limited liability company agreement of the Purchaser, except those conflicts,
        breaches or defaults which would not reasonably be expected to have a material
        adverse effect on the Purchaser’s ability to enter into this Agreement or any
        other Transaction Document to which it is a party and to consummate the
        transactions contemplated hereby or thereby;

       

      (d) the
        execution, delivery and performance by the Purchaser of this Agreement and
        the
        consummation of the transactions contemplated hereby do not require the consent
        or approval of, the giving of notice to, the registration with, or the taking
        of
        any other action in respect of, any state, federal or other governmental
        authority or agency, except those consents, approvals, notices, registrations
        or
        other actions as have already been obtained, given or made;

       

      (e) each
        of
        this Agreement and the other Transaction Documents to which it is a party
        has
        been duly executed and delivered by the Purchaser and, assuming due
        authorization, execution and delivery by the Mortgage Loan 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 and the other Transaction Documents to which
        it
        is a party or (ii) with respect to any other matter which in the judgment
        of the
        Purchaser will be determined adversely to the Purchaser and will if determined
        adversely to the Purchaser materially and adversely affect the Purchaser’s
        ability to perform its obligations under this Agreement and the other
        Transaction Documents to which it is a party; and the Purchaser is not in
        default with respect to any order of any court, administrative agency,
        arbitrator or governmental body so as to materially and adversely affect
        the
        transactions contemplated by this Agreement and the other Transaction Documents
        to which it is a party; and

       

      (g) the
        Purchaser’s Information (as defined in Section 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
        10. Conditions
        to Closing.

       

      (a) The
        obligations of the Purchaser under this Agreement will be subject to the
        satisfaction, on or prior to the Closing Date, of the following conditions:
        

       

      (1) Each
        of
        the obligations of 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 date or dates specified in all material respects; and
        no
        event shall have occurred which, with notice or the passage of time, would
        constitute a default under this Agreement or any of the Transaction Documents;
        and the Purchaser shall have received certificates to that effect signed
        by
        authorized officers of the Mortgage Loan Seller.

       

      (2) The
        Purchaser shall have received all of the following closing documents, in
        such
        forms as are agreed upon and reasonably acceptable to the Purchaser, duly
        executed by all signatories other than the Purchaser as required pursuant
        to the
        respective terms thereof:

       

      (i) If
        required pursuant to Section 3 hereof, the Amendment dated as of the Closing
        Date and any documents referred to therein;

       

      (ii) 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;

       

      (iii) 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;

       

      (iv) A
        certificate of an officer of the Sponsor dated as of the Closing Date, in
        a form
        reasonably acceptable to the Purchaser, and attached thereto the resolutions
        of
        the Sponsor 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 incorporation, by-laws and certificate of good standing of the
        Sponsor;

       

      (v) 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;

       

      (vi) 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

       

      (vii) Such
        other documents, certificates (including additional representations and
        warranties) and opinions as may be reasonably necessary to secure the intended
        ratings from each Rating Agency for the Certificates.

       

      (3) The
        Certificates to be sold to Bear Stearns pursuant to the Underwriting Agreement
        shall have been issued and sold to Bear Stearns.

       

      (4) 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 their respective
        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:

       

      (1) The
        obligations of the Purchaser required to be performed by it on or prior to
        the
        Closing Date pursuant to the terms of this Agreement shall have been duly
        performed and complied with in all material respects, and all of the
        representations and warranties of the Purchaser under this Agreement shall
        be
        true and correct in all material respects as of the date hereof and as of
        the
        Closing Date, and no event shall have occurred which would constitute a breach
        by it of the terms of this Agreement or any of the Transaction Documents,
        and
        the Mortgage Loan Seller shall have received a certificate to that effect
        signed
        by an authorized officer of the Purchaser.

       

      (2) 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:

       

      (i) If
        required pursuant to Section 3 hereof, the Amendment dated as of the Closing
        Date and any documents referred to therein;

       

      (ii) The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to the Sponsor, and all documents required thereby duly executed by all
        signatories;

       

      (iii) 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;

       

      (iv) 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

       

      (v) 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
        11. Fees
        and Expenses.
        Subject
        to Section 16 hereof, the Sponsor (on its own behalf as a 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 reasonable fees and expenses of the Purchaser’s attorneys, (ii) the fees and
        expenses of Deloitte & Touche LLP, (iii) the fee for the use of Purchaser’s
        Registration Statement based on the aggregate original principal amount of
        the
        Certificates and the filing fee of the Commission as in effect on the date
        on
        which the Registration Statement was declared effective, (iv) the fees and
        expenses including counsel’s fees and expenses in connection with any “blue sky”
and legal investment matters, (v) the fees and expenses of the Trustee which
        shall include without limitation the fees and expenses of the Trustee (and
        the
        fees and disbursements of its counsel) with respect to (A) legal and document
        review of this Agreement, the Pooling and Servicing Agreement, the Certificates
        and related agreements, (B) attendance at the Closing and (C) review of the
        Mortgage Loans to be performed by the Trustee or the Custodian on its behalf,
        (vi) the expenses for printing or otherwise reproducing the Certificates,
        the
        Prospectus and the Prospectus Supplement, (vii) the fees and expenses of
        each
        Rating Agency (both initial and ongoing), (viii) the fees and expenses relating
        to the preparation and recordation of mortgage assignments (including
        intervening assignments, if any and if available, to evidence a complete
        chain
        of title from the originator to the Trustee) from the Mortgage Loan Seller
        to
        the Trustee or the expenses relating to the Opinion of Counsel referred to
        in
        Section 6(a) hereof, as the case may be, and (ix) Mortgage File due diligence
        expenses and other out-of-pocket expenses incurred by the Purchaser in
        connection with the purchase of the Mortgage Loans and by Bear Stearns in
        connection with the sale of the Certificates. The Sponsor (on its own behalf
        as
        a Mortgage Loan Seller) additionally agrees to pay directly to any third
        party
        on a timely basis the fees provided for above which are charged by such third
        party and which are billed periodically.

       

      SECTION
        12. 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—The Mortgage Loans” and “The
        Mortgage Pool” and in Schedule A thereto. The Sponsor (on its own behalf as a
        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, Prepayment and Maturity
        Considerations” in the Prospectus Supplement.

       

      (b) To
        the
        extent statistical information with respect to the Sponsor’s servicing portfolio
        is included in the Prospectus Supplement under the caption “Servicing of the
        Mortgage Loans—EMC—Delinquency and Foreclosure Experience of EMC,” a letter from
        the certified public accountant for the Sponsor will be delivered to the
        Purchaser dated the date of the Prospectus Supplement, in the form previously
        agreed to by the Sponsor and the Purchaser, with respect to such statistical
        information.

       

      SECTION
        13. Indemnification.

       

      (a) The
        Sponsor (on its own behalf as a Mortgage Loan Seller) 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 Mortgage
        Loan Seller’s Information
        as
        identified in Exhibit
        3,
        the
        omission to state in the Term Sheet Supplement, the Prospectus Supplement
        or
        Prospectus (or any amendment thereof or supplement thereto approved by the
        Sponsor (on its own behalf as a Mortgage Loan Seller) and in which additional
        Mortgage Loan Seller’s Information is identified), in reliance upon and in
        conformity with Mortgage Loan Seller’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 assigned or made by the Sponsor in Section 7 or Section 8 hereof
        being, or alleged to be, untrue or incorrect, or (iii) any failure by the
        Sponsor (on its own behalf as a Mortgage Loan Seller) to perform its obligations
        under this Agreement; and the Sponsor (on its own behalf as a Mortgage Loan
        Seller) shall reimburse the Purchaser and each other indemnified party for
        any
        legal and other expenses reasonably incurred by them in connection with
        investigating or defending or preparing to defend against any such loss,
        claim,
        damage, liability or action. 

       

      The
        foregoing indemnity agreement is in addition to any liability which the Sponsor
        otherwise may have to the Purchaser or any other such indemnified
        party.

       

      (b) The
        Purchaser shall indemnify and hold harmless the Mortgage Loan Seller and
        its
        respective directors, officers and controlling persons (as defined in Section
        15
        of the Securities Act) from and against any loss, claim, damage or liability
        or
        action in respect thereof, to which they or any of them may become subject,
        under the Securities Act or otherwise, insofar as such loss, claim, damage,
        liability or action arises out of, or is based upon (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 Mortgage Loan Seller, and
        each
        other indemnified party for any legal and other expenses reasonably incurred
        by
        them in connection with investigating or defending or preparing to defend
        any
        such loss, claim, damage, liability or action. The foregoing indemnity agreement
        is in addition to any liability which the Purchaser otherwise may have to
        the
        Mortgage Loan Seller, 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 Mortgage Loan Seller on the one hand and the Purchaser
        on the other from the purchase and sale of the Mortgage Loans, the offering
        of
        the Certificates and the other transactions contemplated hereunder. No person
        found liable for a fraudulent misrepresentation shall be entitled to
        contribution from any person who is not also found liable for such fraudulent
        misrepresentation. 

       

      (e) The
        parties hereto agree that reliance by an indemnified party on any publicly
        available information or any information or directions furnished by an
        indemnifying party shall not constitute negligence, bad faith or willful
        misconduct by such indemnified party. 

       

      SECTION
        14. 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 Sponsor shall be directed to EMC Mortgage Corporation, 909 Hidden
        Ridge
        Drive, Suite 200 Irving, Texas 75038, (Telecopy: (972-444-2880)), and notices
        to
        the Purchaser shall be directed to Bear Stearns Asset Backed Securities I
        LLC,
        383 Madison Avenue, New York, New York 10179, (Telecopy: (212-272-7206)),
        Attention: Chief Counsel; or to any other address as may hereafter be furnished
        by one party to the other party by like notice. Any such demand, notice or
        communication hereunder shall be deemed to have been received on the date
        received at the premises of the addressee (as evidenced, in the case of
        registered or certified mail, by the date noted on the return receipt) provided
        that it is received on a business day during normal business hours and, if
        received after normal business hours, then it shall be deemed to be received
        on
        the next business day.

       

      SECTION
        15. Transfer
        of Mortgage Loans.
        The
        Purchaser retains the right to assign the Mortgage Loans and any or all of
        its
        interest under this Agreement to the Trustee without the consent of the Mortgage
        Loan Seller, and, upon such assignment, the Trustee shall succeed to the
        applicable rights and obligations of the Purchaser hereunder; provided,
        however,
        the
        Purchaser shall remain entitled to the benefits set forth in Sections 11,
        13 and
        17 hereto and as provided in Section 2(a). Notwithstanding the foregoing,
        the
        sole and exclusive right and remedy of the Trustee with respect to a breach
        of
        representation or warranty of the Mortgage Loan Seller shall be the cure,
        purchase or substitution obligations of the Sponsor contained in Sections
        5 and
        7 hereof.

       

      SECTION
        16. 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 Sponsor
        (on
        its own behalf as a 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
        17. 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 Sponsor’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
        18. Severability.
        If any
        provision of this Agreement shall be prohibited or invalid under applicable
        law,
        this Agreement shall be ineffective only to such extent, without invalidating
        the remainder of this Agreement.

       

      SECTION
        19. 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
        20. 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.

       

      SECTION
        22. 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
        23. Successors
        and Assigns.

       

      (a) This
        Agreement shall bind and inure to the benefit of and be enforceable by the
        Mortgage Loan Seller 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 acknowledges and agrees that the
        Purchaser may assign its rights under this Agreement (including, without
        limitation, with respect to the Sponsor’s representations and warranties
        respecting the Mortgage Loans) to the Trustee. Any person into which the
        Mortgage Loan Seller 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 any person
        succeeding to the business of the Mortgage Loan Seller, shall be considered
        the
“successor” of the Mortgage Loan Seller hereunder and shall be considered a
        party hereto without the execution or filing of any paper or any further
        act or
        consent on the part of any party hereto. Except as provided in the two preceding
        sentences, this Agreement cannot be assigned, pledged or hypothecated by
        either
        party hereto without the written consent of the other parties to this Agreement
        and any such assignment or purported assignment shall be deemed null and
        void.

       

      SECTION
        24. The
        Mortgage Loan Seller.
        The
        Mortgage Loan Seller will keep in full force and effect its existence, all
        rights and franchises as a corporation under the laws of the State of its
        incorporation and will obtain and preserve its qualification to do business
        as a
        foreign corporation in each jurisdiction in which such qualification is
        necessary to perform its obligations under this Agreement.

       

      SECTION
        25. 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
        26. No
        Partnership.
        Nothing
        herein contained shall be deemed or construed to create a partnership or
        joint
        venture between the parties hereto.

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

      

        

      

      
        
          * Please
            contact Bear Stearns for pricing information.

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      

        
          	 	 
	 	EMC
                  MORTGAGE CORPORATION
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

      

       

      
        

          
            	 	 
	 	
                    BEAR
                      STEARNS ASSET BACKED

                    SECURITIES
                      I LLC

                  
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        1

      CONTENTS
        OF MORTGAGE FILE

       

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser
        or its
        designee, and which shall be delivered to the Purchaser or its designee pursuant
        to the terms of this Agreement.

       

      (i) The
        original Mortgage Note, including any riders thereto, endorsed without recourse
        to the order of “U.S. Bank National Association”, as Trustee for
        certificateholders of Bear Stearns Asset Backed Securities I LLC Asset-Backed
        Certificates, Series 2006-AC3,” and showing to the extent available to the
        Mortgage Loan Seller 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 “U.S. Bank National
        Association”, as Trustee for certificateholders of Bear Stearns Asset Backed
        Securities I LLC Asset-Backed Certificates, Series 2006-AC3,” 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 Mortgage Loan Seller, 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 Mortgage Loan Seller may deliver
        the
        following documents, under the circumstances set forth below: (x) if any
        Mortgage, assignment thereof to the Trustee or intervening assignments thereof
        have been delivered or are being delivered to recording offices for recording
        and have not been returned in time to permit their delivery as specified
        above,
        the Purchaser may deliver a true copy thereof with a certification by the
        Mortgage Loan Seller 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 J to the Pooling and Servicing
        Agreement, the Purchaser may deliver a lost note affidavit and indemnity
        and a
        copy of the original note, if available; and provided, further, however,
        that in
        the case of Mortgage Loans which have been prepaid in full after the Cut-off
        Date and prior to the Closing Date, the Purchaser, in lieu of delivering
        the
        above documents, may deliver to the Trustee and its Custodian a certification
        of
        a Servicing Officer to such effect and in such case shall deposit all amounts
        paid in respect of such Mortgage Loans, in the Master Servicer Collection
        Account or in the Distribution Account on the Closing Date. In the case of
        the
        documents referred to in clause (x) above, the Purchaser shall deliver such
        documents to the Trustee or its Custodian promptly after they are received.
        The
        Sponsor (on its own behalf as a Mortgage Loan 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 Sponsor (on its own behalf as a Mortgage Loan 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
        Sponsor (on its own behalf as a Mortgage Loan 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 Sponsor (on its own behalf as a
        Mortgage Loan Seller) and its successors and assigns. In the event that the
        Sponsor (on its own behalf as a Mortgage Loan Seller), the Purchaser or the
        Master Servicer gives written notice to the Trustee that a court has
        recharacterized the sale of the Mortgage Loans as a financing, the Sponsor
        (on
        its own behalf as a Mortgage Loan Seller) shall submit or cause to be submitted
        for recording as specified above or, should the Sponsor (on its own behalf
        as a
        Mortgage Loan 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 Company or 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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:

       

      
        	 	
                (i)

              	
                the
                  loan number;

              

      

       

      
        	 	
                (ii)

              	
                the
                  loan group;

              

      

       

      
        	 	
                (iii)

              	
                the
                  Servicer (or the Company, if it services the Mortgage Loan) and
                  the
                  Servicing Fee Rate;

              

      

       

      
        	 	
                (iv)

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

              

      

       

      
        	 	
                (v)

              	
                the
                  LPMI Fee, if applicable;

              

      

       

      
        	 	
                (vi)

              	
                the
                  Net Mortgage Rate in effect as of the Cut-off
                  Date;

              

      

       

      
        	 	
                (vii)

              	
                the
                  maturity date;

              

      

       

      
        	 	
                (viii)

              	
                the
                  original principal balance;

              

      

       

      
        	 	
                (ix)

              	
                the
                  Cut-off Date Balance;

              

      

       

      
        	 	
                (x)

              	
                the
                  original term;

              

      

       

      
        	 	
                (xi)

              	
                the
                  remaining term;

              

      

       

      
        	 	
                (xii)

              	
                the
                  property type; 

              

      

       

      
        	 	
                (xiii)

              	
                the
                  MIN with respect to each Mortgage Loan;
                  and

              

      

       

      
        	 	
                (xiv)

              	
                the
                  Prepayment Charge, if any.

              

      

       

      Such
        schedule shall also set forth the Cut-off Date Principal Balance for all
        of the
        related Mortgage Loans.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        3

      MORTGAGE
        LOAN SELLER’S INFORMATION

       

      All
        information in the Prospectus Supplement described under the following captions:
        “SUMMARY - The Mortgage Loans,” “THE MORTGAGE POOL,” “THE SPONSOR” and “SCHEDULE
        A - Mortgage Loan Statistical Data.”

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        4

      PURCHASER’S
        INFORMATION

       

      All
        information in the Prospectus Supplement and the Prospectus, except the Mortgage
        Loan Seller’s Information.

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        5

      SCHEDULE
        OF LOST NOTES

       

      Available
        Upon Request

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        6

       

      REVISED
        February 14, 2006

      

      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 

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-PredatoryLending 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 Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et
                  seq.
                  

                 

                Effective
                  for loans closed on or after November 27, 2003

              	
                 

                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

              
	
                 

                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 CERTIFICATES

       

      Public
        Certificates

      

      
        	
                Class

              	
                Moody’s

              	
                S&P

              
	
                A-1

              	
                Aaa

              	
                AAA

              
	
                A-2

              	
                Aaa

              	
                AAA

              
	
                A-3

              	
                Aaa

              	
                AAA

              
	
                A-4

              	
                Aaa

              	
                AAA

              
	
                A-5

              	
                Aaa

              	
                AAA

              
	
                A-6

              	
                Aaa

              	
                AAA

              
	
                A-7

              	
                Aaa

              	
                AAA

              
	
                M-1

              	
                Aa1

              	
                AA+

              
	
                M-2

              	
                Aa2

              	
                AA

              
	
                M-3

              	
                Aa3
                  

              	
                AA-

              
	
                M-4

              	
                A1

              	
                A+

              
	
                M-5

              	
                A2

              	
                A

              
	
                M-6

              	
                A3

              	
                A-

              
	
                M-7

              	
                Baa1

              	
                BBB+

              
	
                M-8

              	
                Baa2

              	
                BBB

              
	
                M-9

              	
                Baa3

              	
                BBB-

              

      

      

       

      None
        of
        the above ratings has been lowered, qualified or withdrawn since the dates
        of
        issuance of such ratings by the Rating Agencies.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    EXHIBIT
      M

    

    CLASS
      I-A-1 CORRIDOR CONTRACT CONFIRMATION

    

    
      	
              DATE:

            	
              April
                28, 2006 

            
	 	 
	
              TO:

            	
              U.S.
                Bank National Association, not individually, but solely as Trustee
                on
                behalf of Bear Stearns Asset Backed Securities I Trust 2006-AC3,
                Asset-Backed Certificates, Series 2006-AC3 

               

            
	
              ATTENTION:

            	
              Maryellen
                Hunter 

            
	
              TELEPHONE:

            	
              617-603-6401
                

            
	
              FACSIMILE:

            	
              617-603-6638
                

            
	 	 
	
              FROM:

            	
              Derivatives
                Documentation 

            
	
              TELEPHONE:

            	
              212-272-2711
                

            
	
              FACSIMILE:

            	
              212-272
                -9857 

            
	 	 
	
              SUBJECT:

            	
              Fixed
                Income Derivatives Confirmation and Agreement

            
	 	 
	
              REFERENCE
                NUMBER:

            	
              FXNEC8134

            

    

    

    The
      purpose of this letter agreement (“Agreement”) is to confirm the terms and
      conditions of the Transaction entered into on the Trade Date specified below
      (the “Transaction”) between Bear Stearns Financial Products inc. (“BSFP”) and
      U.S. Bank National Association, not individually, but solely as Trustee (the
      “Trustee”) on behalf of the Bear Stearns Asset Backed Securities I Trust
      2006-AC3, Asset-Backed Certificates, Series 2006-AC3 (“Counterparty”) under the
      Pooling and Servicing Agreement, dated and effective as of April 1, 2006, among
      Bear Steams Asset Backed Securities I LLC, as Depositor, EMC Mortgage
      Corporation, as Sponsor and Company, Wells Fargo Bank, National Association,
      as
      Master Servicer and Securities Administrator, and U.S. Bank National
      Association, as Trustee (the “Pooling and Servicing Agreement”). This Agreement,
      which evidences a complete and binding agreement between you and us to enter
      into the Transaction on the terms set forth below, constitutes a “Confirmation”
as referred to in the “ISDA Form Master Agreement” (as defined below), as well
      as a “Schedule” as referred to in the ISDA Form Master Agreement.

     

    1. This
      Agreement is subject to the 2000
      ISDA Definitions
      (the
“Definitions”), as published by the international Swaps and Derivatives
      Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
      in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
      (Multicurrency Cross Border) form (the “ISDA Form Master Agreement”) but,
      rather. an ISDA Form Master Agreement shall be deemed to have been executed
      by
      you and us on the date we entered into the Transaction. In the event of any
      inconsistency between the provisions of this Agreement and the Definitions
      or
      the ISDA Form Master Agreement, this Agreement shall prevail for purposes of
      the
      Transaction. Terms capitalized but not defined herein shall have the meanings
      attributed to them in the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. The
      terms
      of the particular Transaction to which this Confirmation relates are as
      follows:

     

    
      	
              Type
                of Transaction:

            	
              Rate
                Cap 

               

            
	
              Notional
                Amount:

            	
              With
                respect to any Calculation Period, the lesser of (i) the amount set
                forth
                for such period in Schedule I attached hereto and (ii) the Certificate
                Principal Balance of the Class I-A-1 Certificates at the beginning
                of the
                related Calculation Period. 

               

            
	
              Trade
                Date:

            	
              April
                12, 2006 

               

            
	
              Effective
                Date:

            	
              May
                25, 2006 

               

            
	
              Termination
                Date:

            	
              July
                25, 2013 

               

            
	
              Fixed
                Amount (Premium):

            	 
	
              Fixed
                Rate Payer:

            	
              Counterparty
                

               

            
	
              Fix
                Rate Payer Payment Date:

            	
              April
                28, 2006

               

            
	
              Fixed
                Amount:

            	
              USD
                1,635,000 

               

            
	
              Floating
                Amounts:

            	 
	
              Floating
                Rate Payer:

            	
              BSFP
                

               

            
	
              Cap
                Rate:

            	
              6.10000%
                

               

            
	
              Floating
                Rate Payer Period
                End Dates:

            	
              The
                25th calendar day of each month during the Term of’ this Transaction,
                commencing June 25, 2006 and ending on the Termination Date with
                No
                Adjustment. 

               

            
	
              Floating
                Rate Payer Payment
                Dates:

            	
              Early
                Payment shall be applicable. The Floating Rate Payer Payment Date
                shall be
                one Business Day preceding each Floating Rate Payer Period End Date.
                

               

            
	
              Floating
                Rate Option:

            	
              USD-LIBOR-BBA,
                provided, however, that if the Floating Rate Option for any Calculation
                Period is greater than 9.10000% then the Floating Rate Option for
                such
                Calculation Period shall be deemed to be 9.10000%

               

            
	
              Designated
                Maturity:

            	
              One
                month 

               

            
	
              Floating
                Rate Day Count
                Fraction:

            	
              30/360
                

               

            
	
              Reset
                Dates:

            	
              The
                first day of each Calculation Period. 

               

            
	
              Compounding:

            	
              Inapplicable
                

               

            
	
              Business
                Days:

            	
              New
                York 

               

            
	
              Business
                Day Convention:

            	
              Modified
                Following 

               

            
	
              3. Additional
                Provisions:

            	
              1)
                Each party hereto is hereby advised and acknowledges that the other
                party
                has engaged in (or refrained from engaging in) substantial financial
                transactions and has taken (or refrained from taking) other material
                actions in reliance upon the entry by the parties into the Transaction
                being entered into on the terms and conditions set forth herein and
                in the
                Confirmation relating to such Transaction, as applicable. This paragraph
                (1) shall be deemed repeated on the trade date of each
                Transaction.

            

    

    

    4. Provisions
      Deemed Incorporated in a Schedule to the ISDA Form Master
      Agreement:

     

    
      	
              1)

            	
              The
                parties agree that subparagraph (ii) of Section 2(c) of the ISDA
                Form
                Master Agreement will apply to any
                Transaction.

            

    

     

    
      	
              2)

            	
              Termination
                Provisions.
                For purposes of the ISDA Form Master
                Agreement:

            

    

     

    
      	
              (a)

            	
              “Specified
                Entity” is not applicable to BSFP or Counterparty for any
                purpose.

            

    

     

    
      	
              (b)

            	
              “Breach
                of Agreement” provision of Section 5(a)(ii) will not apply to BSFP or
                Counterparty.

            

    

     

    
      	
              (c)

            	
              “Credit
                Support Default” provisions of Section 5(a)(iii) will not apply to BSFP or
                Counterparty.

            

    

     

    
      	
              (d)

            	
              “Misrepresentation”
                provisions or Section 5(a)(iv) will not apply to BSFP or
                Counterparty.

            

    

     

    
      	
              (e)

            	
              “Specified
                Transaction” is not applicable to BSFP or Counterparty for any purpose,
                and, accordingly, Section 5(a)(v) shall not apply to BSFP or
                Counterparty.

            

    

     

    
      	
              (f)

            	
              The
                “Cross Default” provisions of Section 5(a)(vi) will not apply to BSFP or
                to Counterparty.

            

    

     

    
      	
              (g)

            	
              The
                “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply
                to BSFP or Counterparty.

            

    

     

    
      	
              (h)

            	
              The
                “Bankruptcy” provision of Section 5(a)(vii)(2) will not apply to
                Counterparty.

            

    

     

    
      	
              (i)

            	
              The
                “Automatic Early Termination” provision of Section 6(a) will not apply to
                BSFP or to Counterparty.

            

    

     

    
      	
              (j)

            	
              Payments
                on Early Termination. For the purpose of Section 6(e) of the ISDA
                Form
                Master Agreement:

            

    

     

    (i) Market
      Quotation will apply.

     

    (ii) The
      Second Method will apply.

     

    
      	
              (k)

            	
              “Termination
                Currency” means United States
                Dollars.

            

    

     

    3) Tax
      Representations.

     

    (a)
      Payer
      Representations. For the purpose of Section 3(e) of the ISDA Form Master
      Agreement, each of BSFP and the Counterparty will make the following
      representations:

     

    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 the ISDA Form Master
      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 the ISDA Form Master Agreement;

     

    (ii)
      the
      satisfaction of the agreement contained in Sections 4(a)(i) and 4(a)(iii) of
      the
      ISDA Form Master Agreement and the accuracy and effectiveness of any document
      provided by the other party pursuant to Sections 4(a)(i) and 4(a)(iii) of the
      ISDA Form Master Agreement; and

     

    (iii)
      the
      satisfaction of the agreement of the other party contained in Section 4(d)
      of
      the ISDA Form Master 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 Sections 4(a)(i) and 4(a)(iii) of the
      ISDA
      Form Master Agreement by reason of material prejudice to its legal or commercial
      position.

     

    (b)
      Payee
      Representations. For the purpose of Section 3(f) of the ISDA Form Master
      Agreement, each of BSFP and the Counterparty make the following
      representations.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      following representation will apply to BSFP:

     

    BSFP
      is a
      corporation organized under the laws of the State of Delaware and its U.S.
      taxpayer identification number is 13-3866307.

     

    The
      following representation will apply to the Counterparty:

     

    The
      beneficial owner of the payments made to it under this Agreement is either
      (i) a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of
      United States Treasury Regulations) for United States federal income tax
      purposes and an “Exempt recipient” within the meaning of section
      1.6049-4(c)(1)(ii) of United States Treasury Regulations, or (ii) a “non-U.S.
      branch of a foreign person” as that term) is used in section 1.1441-4(a)(3)(ii)
      of the United States Treasury Regulations (the “Regulations) for United States
      federal income tax purposes, and it is a “foreign person” as that term is used
      in section 1.6041-4(a)(4) of the Regulations for United States federal income
      tax purposes.

     

    4) The
      ISDA
      Form Master Agreement is hereby amended as follows:

     

    (a)
      The
      word “third” shall be replaced by the word “second” in the third line of Section
      5(a)(i) of the ISDA Form Master Agreement

     

    5) Documents
      to be Delivered.
      For the
      purpose of Section 4(a) of the ISDA Form Master Agreement:

     

    (1) Tax
      forms, documents, or certificates to be delivered are:

     

    
      	
              Party
                required

              to
                deliver document

            	
              Form/Document/

              Certificate

            	
              Date
                by which to 

              be
                delivered

            
	
              BSFP
                and the Counterparty

            	
              Any
                document required or reasonably requested to allow the other 

              party
                to make payments under this Agreement without any deduction 

              or
                withholding for or on the account of any Tax or with such deduction
                or
                withholding at a reduced rate

            	
              Promptly
                after the earlier of (i) reasonable demand by either party or (ii)
                learning that such form or document is required 

            
	 	 	 	 
	
              (2) 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

            
	
              BSFP
                and the Counterparty

            	
              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

            	
              Yes

            
	 	 	 	 
	
              BSFP
                and the Counterparty

            	
              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

            	
              Yes
                

            
	 	 	 	 
	
              Counterparty

            	
              An
                executed copy of the Pooling and Servicing Agreement/

            	
              Within
                30 days after the date of this Agreement.

            	
              No

            

    

    

    6) Miscellaneous.
      Miscellaneous

     

    
      	
              (a)

            	
              Address
                for Notices: For the purposes of Section 12(a) of the ISDA Form Master
                Agreement:

            

    

     

    Address
      for notices or communications to BSFP:

     

    Address: 383
      Madison Avenue, New York, New York 10179

    Attention: DPC
      Manager

    Facsimile: 212-272-5823

     

    with
      a
      copy to:

     

    Address: One
      Metrotech Center North, Brooklyn, New York 11201

    Attention: Derivative
      Operations 7th Floor 

    Facsimile: 212-272-1634

     

    (For
      all
      purposes)

     

    Address
      for notices or communications to the Counterparty:

     

    Address:             
        U.S.
      Bank
      National Association 

    US
      Bank
      Corporate Trust Services 

    One
      Federal Street, 3rd
      Floor

    Mailcode:E-MA-FED
      

    Boston,
      MA 02110-2004 

    Attention:             Maryellen
      Hunter 

    Facsimile:        
           617-603-6638
      

    Phone:          
              617-603-6401

     

    With
      a
      copy to:

     

    Address:              
      Wells
      Fargo Bank, NA. 

    9062
      Old
      Annapolis Rd. 

    Columbia,
      Maryland 21045 

    Attention:             
      Client
      Manager/ BSABS 06-AC3 

    Facsimile:              
      410-715-2380
      

    Telephone:            410-884-2000

     

    (For
      all
      purposes)

     

    (b) Process
      Agent. For the purpose of Section 13(c) of the ISDA Form Master
      Agreement:

     

    BSFP
      appoints as its

     

    Process
      Agent: Not
      Applicable

     

    The
      Counterparty appoints as its

     

    Process
      Agent: Not
      Applicable

     

    
      	
              (c)

            	
              Offices.
                The provisions of Section 10(a) of the ISDA Form Master Agreement
                will not
                apply to this Agreement; neither BSFP nor the Counterparty have any
                Offices other than as set forth in the Notices Section and BSFP agrees
                that, for purposes of Section 6(b) of the ISDA Form Master Agreement,
                it
                shall not in future have any Office other than one in the United
                States.

            

    

     

    
      	
              (d)

            	
              Multibranch
                Party. For the purpose of Section 10(c) of the ISDA Form Master
                Agreement:

            

    

     

    BSFP
      is
      not a Multibranch Party.

     

    The
      Counterparty is not a Multibranch Party.

     

    (e) Calculation
      Agent. The Calculation Agent is BSFP.

     

    (f) Credit
      Support Document. Not applicable fox either BSFP or the
      Counterparty.

     

    (g) Credit
      Support Provider.

     

    BSFP:
      Not
      Applicable

     

    The
      Counterparty: Not Applicable

     

    (h) Governing
      Law. The parties to this Agreement hereby agree that the law of the State of
      New
      York shall govern their rights and duties in whole, without regard to conflict
      of law provisions thereof other than New York General Obligations Law Sections
      5-1401 and 5-1402.

     

    (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 had 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
      any
      time 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.

     

    7)
      “Affiliate”: BSFP and Counterparty shall be deemed to not have any Affiliates
      for’ purposes of this Agreement, including for purposes of Section 6(b)(ii) of
      the ISDA Form Master Agreement.

     

    8)
      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 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 conditions and to assume those risks,
      financially and otherwise.

     

    (3)
      Purpose.
      It is
      an “eligible swap participant” as such term is defined in Section 35.1(b)(2) of
      the regulations (17 C.F.R 35) promulgated under, and an “eligible contract
      participant” as defined in Section 1(a)(12) of, the Commodity Exchange Act, as
      amended, and it is entering 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)
      Status
      of Parties.
      The
      other party is not acting as agent, fiduciary or advisor for it in respect
      of
      the Transaction.”

     

    9)
      Trustee
      Capacity.
      It is
      expressly understood and agreed by the parties hereto that (a) this Agreement
      is
      executed and delivered by U.S. Bank National Association (“U.S. Bank”), not
      individually or personally but solely as Trustee, 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 the Counterparty is
      made
      and intended not as personal representations, undertakings and agreements by
      U.S. Bank but is made and intended for the purpose of binding only the
      Counterparty, (c) nothing herein contained shall be construed as creating any
      liability on U.S. Bank, 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 U.S. Bank be
      personally liable for the payment of any indebtedness or expenses of the
      Counterparty or be liable for the breach or failure of any obligation,
      representation, warranty or covenant made or undertaken by the Counterparty
      under this Agreement or any other related documents.

     

    10)
      Proceedings.
      BSFP
      shall not institute against or cause any other person to institute against,
      or
      join any other person in instituting against, Bear Stearns Asset Backed
      Securities I Trust 2006-AC3, Asset-Backed Certificates, Series 2006-AC3 or
      U.S.
      Bank National Association, not individually, but solely as Trustee any
      bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
      or other proceedings under any federal or state bankruptcy or similar law for
      a
      period of one year and one day (or, if longer, the applicable preference period)
      following payment in full of the Certificates.

     

    11)
      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 ISDA Form Master
      Agreement shall not apply for purposes of this Transaction.

     

    12)
      Additional
      Termination Events.
      The
      following Additional Termination Events will apply:

     

    (a)
      If a
      Rating Agency Downgrade has occurred and BSFP has not, complied with Section
      13
      below, then an Additional Termination Event shall have occurred with respect
      to
      BSFP and BSFP shall be the sole Affected Party with respect to such an
      Additional Termination Event;

     

    (b)
      If,
      at any time, the Majority Class I-C Certificateholder purchases the Mortgage
      Loans pursuant to Section 11.01 of the Pooling and Servicing Agreement, then
      an
      Additional Termination Event shall have occurred with respect to Counterparty
      and Counterparty shall be the sole Affected Party with respect to such
      Additional Termination Event; provided, however, that notwithstanding Section
      6(b)(iv) of the ISDA Form Master Agreement, only Counterparty shall have the
      right to designate an Early Termination Date in respect of this Additional
      Termination Event.

     

    (c)
      If,
      upon the occurrence of a Swap Disclosure Event (as defined in paragraph 15
      below) BSFP has not, within 10 Business Days after such Swap Disclosure Event
      complied with any of the provisions set forth in clause (iii) of paragraph
      15
      below, then an Additional Termination Event shall have occurred with respect
      to
      BSFP and BSFP shall be the sole Affected Party with respect to such Additional
      Termination Event.

     

    13)
      Rating
      Agency Downgrade.
      In the
      event that BSFP’s long-term unsecured and unsubordinated debt rating is
      withdrawn or reduced below “AA-” by Standard and Poor’s Ratings Services, Inc.,
      a division of The McGraw-Hill Companies, inc. (“S&P”) or its long-term
      unsecured and unsubordinated debt rating is withdrawn or reduced below “Aa3” by
      Moody’s Investors Service, Inc. (“Moody’s”) (and together with S&P, the
“Swap Rating Agencies”, and such rating thresholds as defined above, “Approved
      Rating Thresholds”), then within 30 days after such rating withdrawal or
      downgrade, BSFP shall, at its own expense, either (1) cause another entity
      to
      replace BSFP 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, BSFP’s obligations under this
      Agreement.

     

    14)
      Additional
      Provisions.
      Notwithstanding the terms of Sections 5 and 6 of the ISDA Form Master Agreement,
      if Counterparty has satisfied its payment obligations under Section 2(a)(i)
      of
      the ISDA Form Master Agreement, then unless BSFP is required pursuant to
      appropriate proceedings to return to Counterparty or otherwise returns to
      Counterparty upon demand of Counterparty 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 Counterparty shall not constitute an Event of Default
      or Potential Event of Default with respect to Counterparty as the Defaulting
      Party and (h) BSFP shall be entitled to designate an Early Termination Event
      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 BSFP as the Affected Party or Section
      5(b)(iii) of the ISDA Form Master Agreement with respect to BSFP as the Burdened
      Party. For purposes of the Transaction to which this Agreement relates,
      Counterparty’ 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.

     

    15)
      Compliance with Regulation AB.

     

    (i)
      BSFP
      agrees and acknowledges that Bear Stearns Asset Backed Securities I LLC
      (“BSABS”) is required under Regulation AB as defined under the Pooling and
      Servicing Agreement, to disclose certain financial information regarding BSFP
      or
      its group of affiliated entities, if applicable, depending on the aggregate
      “significance percentage” of this Agreement and any other derivative contracts
      between BSFP or its group of affiliated entities, if applicable, and
      Counterparty, 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, BSABS requests from BSFP the applicable financial
      information described in Item 1115 of Regulation AB (such request to be based
      on
      a reasonable determination by BSABS, in good faith, that such information is
      required under Regulation AB) (the “Swap Financial Disclosure”).

     

    (iii)
      Upon the occurrence of a Swap Disclosure Event, BSFP, at its own expense, shall
      (1)(a) either (i) provide to BSABS 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 BSABS to incorporation by reference of such current
      Swap Financial Disclosure that are filed with the Securities and Exchange
      Commission in the reports of the Trust filed pursuant to the Exchange Act,
      (b)
      if applicable, cause its outside accounting firm to provide its consent to
      filing or incorporation by reference of such accounting firm’s report relating
      to their audits of such current Swap Financial Disclosure in the Exchange Act
      Reports of the Depositor, and (c) provide to the Depositor any updated Swap
      Financial Disclosure with respect to BSFP or any entity that consolidates BSFP
      within five days of the release of any such updated Swap Financial Disclosure;
      (2) secure another entity to replace BSFP 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 satisfies the Rating
      Agency Condition and which entity is able to comply with the requirements of
      Item 1115 of Regulation AB, or (3) obtain a guaranty of BSFP’s obligations under
      this Agreement from an affiliate of BSFP that is able to comply 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, such that disclosure provided in respect of such affiliate
      will satisfy any disclosure requirements applicable to the Swap
      Provider.

     

    (iv)
      BSFP
      agrees that, in the event that BSFP provides Swap Financial Disclosure to BSABS
      in accordance with clause (iii)(1) of paragraph 15 or causes its affiliate
      to
      provide Swap Financial Disclosure to BSABS in accordance with clause (iii)(3)
      of
      paragraph 15, it will indemnify and hold harmless BSABS, its respective
      directors or officers and any person controlling BSABS, from and against any
      and
      all losses, claims, damages and liabilities caused by any untrue statement
      or
      alleged untrue statement of a material fact contained in such Swap Financial
      Disclosure or caused by any omission or alleged omission to state in such Swap
      Financial Disclosure a material fact required to be stated therein or necessary
      to make the statements therein, in light of the circumstances under which they
      were made, not misleading.

     

    (v)
      If
      BSABS reasonably requests, BSFP shall provide such other information as may
      he
      necessary for BSABS to comply with Item 1115 of Regulation AB.

     

    (vi)
      BSABS shall be an express third party beneficiary of this Agreement as if a
      party hereto to the extent of BSABS’ rights explicitly specified in this
      paragraph 15.

     

    NEITHER
      THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE BEAR
      STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A CREDIT SUPPORT
      PROVIDER ON THIS AGREEMENT.

     

    
      	
              5.
                 Account
                Details and Settlement
                information:

            	
              Payments
                to BSFP:

            
	 	
              Citibank,
                N.A., New York

            
	 	
              ABA
                Number: 021-0000-89, for the account of

            
	 	
              Bear,
                Stearns Securities Corp.

            
	 	
              Account
                Number: 0925-3186, for further credit to 

            
	 	
              Bear
                Steams Financial Products Inc. 

            
	 	
              Sub-account
                Number: 102-04654-1-3 

            
	 	
              Attention:
                Derivatives Department 

            
	 	 
	 	
              Payments
                to Counterparty:

            
	 	
              Wells
                Fargo Bank, N.A. 

            
	 	
              San
                Francisco, CA 

            
	 	
              Bank
                Number ABA: 121000248 

            
	 	
              Beneficiary
                Account #: 3970771416 

            
	 	
              Beneficiary
                Account Name: SAS Clearing 

            
	 	
              Reference:
                FFC: BSABS 2006-AC3 

            
	 	
              Net
                WAC Reserve Fund 

            
	 	
              SEI
                Account 50912901 

            
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Agreement may be executed in several counterparts, each of which shall be deemed
      an original but all of which together shall constitute one and the same
      instrument.

     

    Counterparty
      hereby agrees to check this Confirmation and to confirm that the foregoing
      correctly sets forth the terms of the Transaction by signing in the space
      provided below and returning to BSFP a facsimile of the fully-executed
      Confirmation to 212-272-9857,
      For
      inquiries regarding U.S. Transactions, please contact Susan
      Donlon
      by
      telephone at 212-272-2364.
      For all
      other inquiries please contact Derivatives
      Documentation
      by
      telephone at 353-1-402-6233.
      Originals will be provided for your execution upon your request.

     

    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,

     

    BEAR
      STEARNS FINANCIAL PRODUCTS INC.

     

    By: _____________________________

    Name:
      Leticia Chévere

    Title:
      Authorized Signatory

     

    Counterparty,
      acting through its duly authorized signatory, hereby agrees to, accepts and
      confirms the terms of the foregoing as of the Trade Date,.

     

    U.S.
      BANK NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY AS TRUSTEE OF THE BEAR
      STEARNS ASSET BACKED SECURITIES I TRUST 2006-AC3, ASSET-BACKED CERTIFICATES,
      SERIES 2006-AC3

     

    By: _____________________________

    Name:
      

    Title:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I

    (except
      for the Termination Date, all such dates subject to adjustment in

     

    accordance
      with the Business Day Convention)

     

    
      	
              From
                and including

            	
              To
                but excluding

            	
              Notional
                Amount (USD)

            
	
              Effective
                Date

            	
              6/25/2006

            	
              229,614,976.75

            
	
              6/25/2006

            	
              7/25/2006

            	
              227,084,931.18

            
	
              7/25/2006

            	
              8/25/2006

            	
              224,348,870.96

            
	
              8/25/2006

            	
              9/25/2006

            	
              221,411,941.60

            
	
              9/25/2006

            	
              10/25/2006

            	
              218,279,892.54

            
	
              10/2512006

            	
              11/25/2006

            	
              214,960,912.69

            
	
              11/25/2006

            	
              12/25/2006

            	
              211,461,964.01

            
	
              12/25/2006

            	
              1/25/2007

            	
              207,792,344.78

            
	
              1/25/2007

            	
              2/25/2007

            	
              203,960,891.15

            
	
              2/25/2007

            	
              3/25/2007

            	
              200,074,494.50

            
	
              3/25/2007

            	
              4/25/2007

            	
              196,260,467.84

            
	
              4/25/2007

            	
              5/25/2007

            	
              192,517,814.82

            
	
              5/25/2007

            	
              6/25/2007

            	
              188,845,290.31

            
	
              6/25/2007

            	
              7/25/2007

            	
              185,241,587.38

            
	
              7/25/2007

            	
              8/25/2007

            	
              181,705,423.35

            
	
              8/25/2007

            	
              9/25/2007

            	
              178,235,539.37

            
	
              9/25/2007

            	
              10/25/2007

            	
              174,830,699.98

            
	
              10/25/2007

            	
              11/25/2007

            	
              171,489,692.64

            
	
              11/25/2007

            	
              12/25/2007

            	
              168,211,327.35

            
	
              12/25/2007

            	
              1/25/2008

            	
              164,994,436.19

            
	
              1/25/2008

            	
              2/25/2008

            	
              161,837,872.96

            
	
              2/25/2008

            	
              3/25/2008

            	
              158,740,512.73

            
	
              .3/25/2008

            	
              4/25/2008

            	
              155,701,251.48

            
	
              4/25/2008

            	
              5/25/2008

            	
              152,719,005.67

            
	
              5/25/2008

            	
              6/25/2008

            	
              149,792,711.94

            
	
              6/2,5/2008

            	
              7/25/2008

            	
              146,921,326.63

            
	
              7/25/2008

            	
              8/25/2008

            	
              144,103,825.50

            
	
              8/25/2008

            	
              9/25/2008

            	
              141,339,203.36

            
	
              9/25/2008

            	
              10/25/2008

            	
              138,626,473.64

            
	
              10/25/2008

            	
              11/25/2008

            	
              135,964,668.17

            
	
              11/25/2008

            	
              12/25/2008

            	
              133,352,836.71

            
	
              12/25/2008

            	
              1/25/2009

            	
              130,790,046.73

            
	
              1/25/2009

            	
              2/25/2009

            	
              128,275,383.00

            
	
              2/25/2009

            	
              3/2.5/2009

            	
              125,807,947.31

            
	
              3/25/2009

            	
              4/25/2009

            	
              123,386,858.14

            
	
              4/25/2009

            	
              5/25/2009

            	
              121,011,250.37

            
	
              5/25/2009

            	
              6/25/2009

            	
              118,680,274.94

            
	
              6/25/2009

            	
              7/25/2009

            	
              116,393,098.59

            
	
              7/25/2009

            	
              8/25/2009

            	
              114,148,903.55

            
	
              8/25/2009

            	
              9/25/2009

            	
              111,946,887.25

            
	
              9/25/2009

            	
              10/25/2009

            	
              109,786,262.03

            
	
              10/25/2009

            	
              11/25/2009

            	
              107,666,254.90

            
	
              11/25/2009

            	
              12/25/2009

            	
              105,586,107.23

            
	
              12/25/2009

            	
              1/25/2010

            	
              103,545,074.50

            
	
              1/25/2010

            	
              2/25/2010

            	
              101,542,426.03

            
	
              2/25/2010

            	
              3/25/2010

            	
              99,577,444.74

            
	
              3/25/2010

            	
              4/25/2010

            	
              97,649,426.87

            
	
              4/25/2010

            	
              5/25/2010

            	
              95,757,681.78

            
	
              5/25/2010

            	
              6/25/2010

            	
              93,901,531.63

            
	
              6/25/2010

            	
              7/25/2010

            	
              92,080,311.25

            
	
              7/25/2010

            	
              8/25/2010

            	
              90,293,367.78

            
	
              8/25/2010

            	
              9/25/2010

            	
              88,540,060.56

            
	
              9/25/2010

            	
              10/25/2010

            	
              86,819,760.82

            
	
              10/25/2010

            	
              11/25/2010

            	
              85,131,199.98

            
	
              11/25/2010

            	
              12/25/2010

            	
              83,474,444.82

            
	
              12/25/2010

            	
              1/25/2011

            	
              81,848,900.51

            
	
              1/25/2011

            	
              2/25/2011

            	
              80,253,277.15

            
	
              2/25/2011

            	
              3/25/2011

            	
              78,687,730.17

            
	
              3/25/2011

            	
              4/25/2011

            	
              77,151,347.58

            
	
              4/25/2011

            	
              5/25/2011

            	
              75,643,716.05

            
	
              5/25/2011

            	
              6/25/2011

            	
              74,164,521.36

            
	
              6/25/2011

            	
              7/25/2011

            	
              72,713,231.20

            
	
              7/25/2011

            	
              8/25/2011

            	
              71,289,323.18

            
	
              8/25/2011

            	
              9/25/2011

            	
              69,892,284.65

            
	
              9/25/2011

            	
              10/25/2011

            	
              68,521,612.50

            
	
              10/25/2011

            	
              11/25/2011

            	
              67,176,812.99

            
	
              11/25/2011

            	
              12/25/2011

            	
              65,857,401.58

            
	
              12/25/2011

            	
              1/25/2012

            	
              64,562,902.76

            
	
              1/25/2012

            	
              2/25/2012

            	
              63,292,849.88

            
	
              2/25/2012

            	
              3/25/2012

            	
              62,046,784.98

            
	
              3/25/2012

            	
              4/25/2012

            	
              60,824,258.64

            
	
              4/25/2012

            	
              5/25/2012

            	
              59,624,829.80

            
	
              5/25/2012

            	
              6/25/2012

            	
              58,448,065.64

            
	
              6/25/2012

            	
              7/25/2012

            	
              57,293,541.40

            
	
              7/25/2012

            	
              8/25/2012

            	
              56,160,840.22

            
	
              8/25/2012

            	
              9/25/2012

            	
              55,049,553.04

            
	
              9/25/2012

            	
              10/25/2012

            	
              53,959,278.40

            
	
              10/25/2012

            	
              11/25/2012

            	
              52,889,622.34

            
	
              11/25/2012

            	
              12/25/2012

            	
              51,840,198.23

            
	
              12/25/2012

            	
              1/25/2013

            	
              50,810,626.67

            
	
              1/25/2013

            	
              2/25/2013

            	
              49,800,535.32

            
	
              2/25/2013

            	
              3/25/2013

            	
              48,809,558.79

            
	
              3/25/2013

            	
              4/25/2013

            	
              47,837,338.49

            
	
              4/25/2013

            	
              5/25/2013

            	
              46,883,522.54

            
	
              5/25/2013

            	
              6/25/2013

            	
              45,947,765.61

            
	
              6/25/2013

            	
              Termination
                Date

            	
              45,029,728.81

            

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

    

    CLASS
      II-A-1 CORRIDOR CONTRACT CONFIRMATION

    

    
      	
              DATE:

            	
              April
                28, 2006 

            
	 	 
	
              TO:

            	
              U.S.
                Bank National Association, not individually, but solely as Trustee
                on
                behalf of Bear Stearns Asset Backed Securities I Trust 2006-AC3,
                Asset-Backed Certificates, Series 2006-AC3 

               

            
	
              ATTENTION:

            	
              Maryellen
                Hunter 

            
	
              TELEPHONE:

            	
              617-603-6401
                

            
	
              FACSIMILE:

            	
              617-603-6638
                

            
	 	 
	
              FROM:

            	
              Derivatives
                Documentation 

            
	
              TELEPHONE:

            	
              212-272-2711
                

            
	
              FACSIMILE:

            	
              212-272
                -9857 

            
	 	 
	
              SUBJECT:

            	
              Fixed
                Income Derivatives Confirmation and Agreement

            
	 	 
	
              REFERENCE
                NUMBER:

            	
              FXNEC8157

            

    

    

    The
      purpose of this letter agreement (“Agreement”) is to confirm the terms and
      conditions of the Transaction entered into on the Trade Date specified below
      (the “Transaction”) between Bear Stearns Financial Products inc. (“BSFP”) and
      U.S. Bank National Association, not individually, but solely as Trustee (the
      “Trustee”) on behalf of the Bear Stearns Asset Backed Securities I Trust
      2006-AC3, Asset-Backed Certificates, Series 2006-AC3 (“Counterparty”) under the
      Pooling and Servicing Agreement, dated and effective as of April 1, 2006, among
      Bear Steams Asset Backed Securities I LLC, as Depositor, EMC Mortgage
      Corporation, as Sponsor and Company, Wells Fargo Bank, National Association,
      as
      Master Servicer and Securities Administrator, and U.S. Bank National
      Association, as Trustee (the “Pooling and Servicing Agreement”). This Agreement,
      which evidences a complete and binding agreement between you and us to enter
      into the Transaction on the terms set forth below, constitutes a “Confirmation”
as referred to in the “ISDA Form Master Agreement” (as defined below), as well
      as a “Schedule” as referred to in the ISDA Form Master Agreement.

     

    1. This
      Agreement is subject to the 2000
      ISDA Definitions
      (the
“Definitions”), as published by the international Swaps and Derivatives
      Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
      in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
      (Multicurrency Cross Border) form (the “ISDA Form Master Agreement”) but,
      rather. an ISDA Form Master Agreement shall be deemed to have been executed
      by
      you and us on the date we entered into the Transaction. In the event of any
      inconsistency between the provisions of this Agreement and the Definitions
      or
      the ISDA Form Master Agreement, this Agreement shall prevail for purposes of
      the
      Transaction. Terms capitalized but not defined herein shall have the meanings
      attributed to them in the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. The
      terms
      of the particular Transaction to which this Confirmation relates are as
      follows:

     

    
      	
              Type
                of Transaction

            	
              Rate
                Cap 

               

            
	
              Notional
                Amount

            	
              With
                respect to any Calculation Period, the lesser of (i) the amount set
                forth
                for such period in Schedule I attached hereto and (ii) the Certificate
                Principal Balance of the Class II-A-1 Certificates at the beginning
                of the
                related Calculation Period. 

               

            
	
              Trade
                Date:

            	
              April
                20, 2006 

               

            
	
              Effective
                Date:

            	
              May
                25, 2006 

               

            
	
              Termination
                Date:

            	
              July
                25, 2013 

               

            
	
              Fixed
                Amount (Premium):

            	 
	
              Fixed
                Rate Payer:

            	
              Counterparty
                

               

            
	
              Fixed
                Rate Payer Payment Date:

            	
              April
                28, 2006 

               

            
	
              Fixed
                Amount:

            	
              USD
                1,450,000 

               

            
	
              Floating
                Amounts:

            	 
	
              Floating
                Rate Payer:

            	
              BSFP
                

               

            
	
              Cap
                Rate:

            	
              6.0000%
                

               

            
	
              Floating
                Rate Payer Period
                End Dates:

            	
              The
                25th calendar day of each month during the Term of this Transaction,
                commencing June 25, 2006 and ending on the Termination Date with
                No
                Adjustment. 

               

            
	
              Floating
                Rate Payer Payment
                Dates:

            	
              Early
                Payment shall be applicable. The Floating Rate Payer Payment Date
                shall be
                one Business Day preceding each Floating Rate Payer Period End Date.
                

               

            
	
              Floating
                Rate Option:

            	
              USD-LIBOR-BBA,
                provided, however, that if the Floating Rate Option for any Calculation
                Period is greater than 9.00000% then the Floating Rate Option for
                such
                Calculation Period shall be deemed to be 9.00000%

               

            
	
              Designated
                Maturity:

            	
              One
                month 

               

            
	
              Floating
                Rate Day Count
                Fraction:

            	
              30/360

               

            
	
              Reset
                Dates:

            	
              The
                first day of each Calculation Period. 

               

            
	
              Compounding:

            	
              Inapplicable
                

               

            
	
              Business
                Days:

            	
              New
                York 

               

            
	
              Business
                Day Convention:

            	
              Modified
                Following 

               

            
	
              3. Additional
                Provisions:

            	
              1)
                Each party hereto is hereby advised and acknowledges that the other
                party
                has engaged in (or refrained from engaging in) substantial financial
                transactions and has taken (or refrained from taking) other material
                actions in reliance upon the entry by the parties into the Transaction
                being entered into on the terms and conditions set forth herein and
                in the
                Confirmation relating to such Transaction, as applicable. This paragraph
                (1) shall be deemed repeated on the trade date of each
                Transaction.

               

            

    

    4. Provisions
      Deemed Incorporated in a Schedule to the ISDA Form Master
      Agreement:

     

    
      	
              1)

            	
              The
                parties agree that subparagraph (ii) of Section 2(c) of the ISDA
                Form
                Master Agreement will apply to any
                Transaction.

            

    

     

    
      	
              2)

            	
              Termination
                Provisions.
                For purposes of the ISDA Form Master
                Agreement:

            

    

     

    
      	
              (a)

            	
              “Specified
                Entity” is not applicable to BSFP or Counterparty for any
                purpose.

            

    

     

    
      	
              (b)

            	
              “Breach
                of Agreement” provision of Section 5(a)(ii) will not apply to BSFP or
                Counterparty.

            

    

     

    
      	
              (c)

            	
              “Credit
                Support Default” provisions of Section 5(a)(iii) will not apply to BSFP or
                Counterparty.

            

    

     

    
      	
              (d)

            	
              “Misrepresentation”
                provisions or Section 5(a)(iv) will not apply to BSFP or
                Counterparty.

            

    

     

    
      	
              (e)

            	
              “Specified
                Transaction” is not applicable to BSFP or Counterparty for any purpose,
                and, accordingly, Section 5(a)(v) shall not apply to BSFP or
                Counterparty.

            

    

     

    
      	
              (f)

            	
              The
                “Cross Default” provisions of Section 5(a)(vi) will not apply to BSFP or
                to Counterparty.

            

    

     

    
      	
              (g)

            	
              The
                “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply
                to BSFP or Counterparty.

            

    

     

    
      	
              (h)

            	
              The
                “Bankruptcy” provision of Section 5(a)(vii)(2) will not apply to
                Counterparty.

            

    

     

    
      	
              (i)

            	
              The
                “Automatic Early Termination” provision of Section 6(a) will not apply to
                BSFP or to Counterparty.

            

    

     

    
      	
              (j)

            	
              Payments
                on Early Termination. For the purpose of Section 6(e) of the ISDA
                Form
                Master Agreement:

            

    

     

    (i) Market
      Quotation will apply.

     

    (ii) The
      Second Method will apply.

     

    
      	
              (k)

            	
              “Termination
                Currency” means United States
                Dollars.

            

    

     

    3) Tax
      Representations.

     

    (a)
      Payer
      Representations. For the purpose of Section 3(e) of the ISDA Form Master
      Agreement, each of BSFP and the Counterparty will make the following
      representations:

     

    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 the ISDA Form Master
      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 the ISDA Form Master Agreement;

     

    (ii)
      the
      satisfaction of the agreement contained in Sections 4(a)(i) and 4(a)(iii) of
      the
      ISDA Form Master Agreement and the accuracy and effectiveness of any document
      provided by the other party pursuant to Sections 4(a)(i) and 4(a)(iii) of the
      ISDA Form Master Agreement; and

     

    (iii)
      the
      satisfaction of the agreement of the other party contained in Section 4(d)
      of
      the ISDA Form Master 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 Sections 4(a)(i) and 4(a)(iii) of the
      ISDA
      Form Master Agreement by reason of material prejudice to its legal or commercial
      position.

     

    (b)
      Payee
      Representations. For the purpose of Section 3(f) of the ISDA Form Master
      Agreement, each of BSFP and the Counterparty make the following
      representations.

     

    The
      following representation will apply to BSFP:

     

    BSFP
      is a
      corporation organized under the laws of the State of Delaware and its U.S.
      taxpayer identification number is 13-3866307.

     

    The
      following representation will apply to the Counterparty:

     

    The
      beneficial owner of the payments made to it under this Agreement is either
      (i) a
“U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of United
      States Treasury Regulations) for United States federal income tax purposes
      and
      an “Exempt recipient” within the meaning of section 1.6049-4(c)(1)(ii) of United
      States Treasury Regulations, or (ii) a “non-U.S. branch of a foreign person” as
      that tern) is used in section 1. 1441-4(a)(3)(ii) of the United States Treasury
      Regulations (the “Regulations) for United States federal income tax purposes,
      and it is a “foreign person” as that term is used in section 1.6041-4(a)(4) of
      the Regulations for United States federal income tax purposes.

     

    4) The
      ISDA
      Form Master Agreement is hereby amended as follows:

     

    (a)
      The
      word “third” shall be replaced by the word “second” in the third line of Section
      5(a)(i) of the ISDA Form Master Agreement

     

    5) Documents
      to be Delivered.
      For the
      purpose of Section 4(a) of the ISDA Form Master Agreement:

     

    (1) Tax
      forms, documents, or certificates to be delivered are:

     

    
      	
              Party
                required to deliver document

            	
              Form/Document/

              Certificate

            	
              Date
                by which to
                be delivered

            
	
              BSFP
                and the Counterparty

            	
              Any
                document required or reasonably requested to allow the other party
                to make
                payments under this Agreement without any deduction or withholding
                for or
                on the account of any Tax or with such deduction or withholding at
                a
                reduced rate

            	
              Promptly
                after the earlier of (i) reasonable demand by either party or (ii)
                learning that such form or document is required 

            
	 	 	 	 
	
              (2) 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

            
	
              BSFP
                and the Counterparty

            	
              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

            	
              Yes

            
	 	 	 	 
	
              BSFP
                and the Counterparty

            	
              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

            	
              Yes
                

            
	 	 	 	 
	
              Counterparty

            	
              An
                executed copy of the Pooling and Servicing Agreement/

            	
              Within
                30 days after the date of this Agreement.

            	
              No

            

    

    

    6) Miscellaneous.
      Miscellaneous

     

    
      	
              (a)

            	
              Address
                for Notices: For the purposes of Section 12(a) of the ISDA Form Master
                Agreement:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Address
      for notices or communications to BSFP:

     

    Address: 383
      Madison Avenue, New York, New York 10179

    Attention: DPC
      Manager

    Facsimile: 212-272-5823

     

    with
      a
      copy to:

     

    Address: One
      Metrotech Center North, Brooklyn, New York 11201

    Attention: Derivative
      Operations 7th Floor 

    Facsimile: 212-272-1634

     

    (For
      all
      purposes)

     

    Address
      for notices or communications to the Counterparty:

     

    Address:        
             U.S.
      Bank
      National Association 

    US
      Bank
      Corporate Trust Services 

    One
      Federal Street, 3rd
      Floor

    Mailcode:
      E-MA-FED 

    Boston,
      MA 02110-2004 

    Attention:            
      Maryellen
      Hunter 

    Facsimile:             
      617-603-6638
      

    Phone:                  
      617-603-6401

     

    With
      a
      copy to:

     

    Address:              
      Wells
      Fargo Bank, NA. 

    9062
      Old
      Annapolis Rd. 

    Columbia,
      Maryland 21045 

    Attention:            
      Client
      Manager/ BSABS 06-AC3 

    Facsimile:             
      410-715-2380
      

    Telephone:          
      410-884-2000

     

    (For
      all
      purposes)

     

    (b)         
      Process
      Agent. For the purpose of Section 13(c) of the ISDA Form Master
      Agreement:

     

    BSFP
      appoints as its

     

    Process
      Agent: Not
      Applicable

     

    The
      Counterparty appoints as its

     

    Process
      Agent: Not
      Applicable

     

    
      	
              (c)

            	
              Offices.
                The provisions of Section 10(a) of the ISDA Form Master Agreement
                will not
                apply to this Agreement; neither BSFP nor the Counterparty have any
                Offices other than as set forth in the Notices Section and BSFP agrees
                that, for purposes of Section 6(b) of the ISDA Form Master Agreement,
                it
                shall not in future have any Office other than one in the United
                States.

            

    

     

    
      	
              (d)

            	
              Multibranch
                Party. For the purpose of Section 10(c) of the ISDA Form Master
                Agreement:

            

    

     

    BSFP
      is
      not a Multibranch Party.

     

    The
      Counterparty is not a Multibranch Party.

     

    (e)           
      Calculation
      Agent. The Calculation Agent is BSFP.

     

    (f)           
      Credit
      Support Document. Not applicable fox either BSFP or the
      Counterparty.

     

    (g)          
      Credit
      Support Provider.

     

    BSFP:
      Not
      Applicable

     

    The
      Counterparty: Not Applicable

     

    (h) Governing
      Law. The parties to this Agreement hereby agree that the law of the State of
      New
      York shall govern their rights and duties in whole, without regard to conflict
      of law provisions thereof other than New York General Obligations Law Sections
      5-1401 and 5-1402.

     

    (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 had 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
      any
      time 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.

     

    7)
      “Affiliate”: BSFP and Counterparty shall be deemed to not have any Affiliates
      for’ purposes of this Agreement, including for purposes of Section 6(b)(ii) of
      the ISDA Form Master Agreement.

     

    8)
      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 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 conditions and to assume those risks,
      financially and otherwise.

     

    (3)
      Purpose.
      It is
      an “eligible swap participant” as such term is defined in Section 35. 1(b)(2) of
      the regulations (17 C.F.R 35) promulgated under, and an “eligible contract
      participant” as defined in Section 1(a)(12) of, the Commodity Exchange Act, as
      amended, and it is entering 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)
      Status
      of Parties.
      The
      other party is not acting as agent, fiduciary or advisor for it in respect
      of
      the Transaction.”

     

    9)
      Trustee
      Capacity.
      It is
      expressly understood and agreed by the parties hereto that (a) this Agreement
      is
      executed and delivered by U.S. Bank National Association (“U.S. Bank”), not
      individually or personally but solely as Trustee, 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 the Counterparty is
      made
      and intended not as personal representations, undertakings and agreements by
      U.S. Bank but is made and intended for the purpose of binding only the
      Counterparty, (c) nothing herein contained shall be construed as creating any
      liability on U.S. Bank, 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 U.S. Bank be
      personally liable for the payment of any indebtedness or expenses of the
      Counterparty or be liable for the breach or failure of any obligation,
      representation, warranty or covenant made or undertaken by the Counterparty
      under this Agreement or any other related documents.

     

    10)
      Proceedings.
      BSFP
      shall not institute against or cause any other person to institute against,
      or
      join any other person in instituting against, Bear Stearns Asset Backed
      Securities I Trust 2006-AC3, Asset-Backed Certificates, Series 2006-AC3 or
      U.S.
      Bank National Association, not individually, but solely as Trustee any
      bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
      or other proceedings under any federal or state bankruptcy or similar law for
      a
      period of one year and one day (or, if longer, the applicable preference period)
      following payment in full of the Certificates.

     

    11)
      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 ISDA Form Master
      Agreement shall not apply for purposes of this Transaction.

     

    12)
      Additional
      Termination Events.
      The
      following Additional Termination Events will apply:

     

    (a)
      If a
      Rating Agency Downgrade has occurred and BSFP has not, complied with Section
      13
      below, then an Additional Termination Event shall have occurred with respect
      to
      BSFP and BSFP shall be the sole Affected Party with respect to such an
      Additional Termination Event;

     

    (b)
      If,
      at any time, the Majority Class I-C Certificateholder purchases the Mortgage
      Loans pursuant to Section 11.01 of the Pooling and Servicing Agreement, then
      an
      Additional Termination Event shall have occurred with respect to Counterparty
      and Counterparty shall be the sole Affected Party with respect to such
      Additional Termination Event; provided, however, that notwithstanding Section
      6(b)(iv) of the ISDA Form Master Agreement, only Counterparty shall have the
      right to designate an Early Termination Date in respect of this Additional
      Termination Event;

     

    (c)
      If,
      upon the occurrence of a Swap Disclosure Event (as defined in paragraph 15
      below) BSFP has not, within 10 Business Days after such Swap Disclosure Event
      complied with any of the provisions set forth in clause (iii) of paragraph
      15
      below, then an Additional Termination Event shall have occurred with respect
      to
      BSFP and BSFP shall be the sole Affected Party with respect to such Additional
      Termination Event.

     

    13)
      Rating
      Agency Downgrade.
      In the
      event that BSFP’s long-term unsecured and unsubordinated debt rating is
      withdrawn or reduced below “AA-” by Standard and Poor’s Ratings Services, Inc.,
      a division of The McGraw-Hill Companies, inc. (“S&P”) or its long-term
      unsecured and unsubordinated debt rating is withdrawn or reduced below “Aa3” by
      Moody’s Investors Service, Inc. (“Moody’s”) (and together with S&P, the
“Swap Rating Agencies”, and such rating thresholds as defined above, “Approved
      Rating Thresholds”), then within 30 days after such rating withdrawal or
      downgrade, BSFP shall, at its own expense, either (1) cause another entity
      to
      replace BSFP 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, BSFP’s obligations under this
      Agreement.

     

    14)
      Additional
      Provisions.
      Notwithstanding the terms of Sections 5 and 6 of the ISDA Form Master Agreement,
      if Counterparty has satisfied its payment obligations under Section 2(a)(i)
      of
      the ISDA Form Master Agreement, then unless BSFP is required pursuant to
      appropriate proceedings to return to Counterparty or otherwise returns to
      Counterparty upon demand of Counterparty 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 Counterparty shall not constitute an Event of Default
      or Potential Event of Default with respect to Counterparty as the Defaulting
      Party and (h) BSFP shall be entitled to designate an Early Termination Event
      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 BSFP as the Affected Party or Section
      5(b)(iii) of the ISDA Form Master Agreement with respect to BSFP as the Burdened
      Party. For purposes of the Transaction to which this Agreement relates,
      Counterparty’ 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.

     

    15)
      Compliance with Regulation AB.

     

    (i)
      BSFP
      agrees and acknowledges that Bear Stearns Asset Backed Securities I LLC
      (“BSABS”) is required under Regulation AB as defined under the Pooling and
      Servicing Agreement, to disclose certain financial information regarding BSFP
      or
      its group of affiliated entities, if applicable, depending on the aggregate
      “significance percentage” of this Agreement and any other derivative contracts
      between BSFP or its group of affiliated entities, if applicable, and
      Counterparty, 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, BSABS requests from BSFP the applicable financial
      information described in Item 1115 of Regulation AB (such request to be based
      on
      a reasonable determination by BSABS, in good faith, that such information is
      required under Regulation AB) (the “Swap Financial Disclosure”).

     

    (iii)
      Upon the occurrence of a Swap Disclosure Event, BSFP, at its own expense, shall
      (1)(a) either (i) provide to BSABS 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 BSABS to incorporation by reference of such current
      Swap Financial Disclosure that are filed with the Securities and Exchange
      Commission in the reports of the Trust filed pursuant to the Exchange Act,
      (b)
      if applicable, cause its outside accounting firm to provide its consent to
      filing or incorporation by reference of such accounting firm’s report relating
      to their audits of such current Swap Financial Disclosure in the Exchange Act
      Reports of the Depositor, and (c) provide to the Depositor any updated Swap
      Financial Disclosure with respect to BSFP or any entity that consolidates BSFP
      within five days of the release of any such updated Swap Financial Disclosure;
      (2) secure another entity to replace BSFP 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 satisfies the Rating
      Agency Condition and which entity is able to comply with the requirements of
      Item 1115 of Regulation AB, or (3) obtain a guaranty of BSFP’s obligations under
      this Agreement from an affiliate of BSFP that is able to comply 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, such that disclosure provided in respect of such affiliate
      will satisfy any disclosure requirements applicable to the Swap
      Provider.

     

    (iv)
      BSFP
      agrees that, in the event that BSFP provides Swap Financial Disclosure to BSABS
      in accordance with clause (iii)(1) of paragraph 15 or causes its affiliate
      to
      provide Swap Financial Disclosure to BSABS in accordance with clause (iii)(3)
      of
      paragraph 15, it will indemnify and hold harmless BSABS, its respective
      directors or officers and any person controlling BSABS, from and against any
      and
      all losses, claims, damages and liabilities caused by any untrue statement
      or
      alleged untrue statement of a material fact contained in such Swap Financial
      Disclosure or caused by any omission or alleged omission to state in such Swap
      Financial Disclosure a material fact required to be stated therein or necessary
      to make the statements therein, in light of the circumstances under which they
      were made, not misleading.

     

    (v)
      If
      BSABS reasonably requests, BSFP shall provide such other information as may
      he
      necessary for BSABS to comply with Item 1115 of Regulation AB.

     

    (vi)
      BSABS shall be an express third party beneficiary of this Agreement as if a
      party hereto to the extent of BSABS’ rights explicitly specified in this
      paragraph 15.

     

    NEITHER
      THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE BEAR
      STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A CREDIT SUPPORT
      PROVIDER ON THIS AGREEMENT.

     

    
      	
              5. Account
                Details and Settlement
                information:

            	
              Payments
                to BSFP:

            
	 	
              Citibank,
                N.A., New York

            
	 	
              ABA
                Number: 021-0000-89, for the account of

            
	 	
              Bear,
                Stearns Securities Corp.

            
	 	
              Account
                Number: 0925-3186, for further credit to 

            
	 	
              Bear
                Steams Financial Products Inc. 

            
	 	
              Sub-account
                Number: 102-04654-1-3 

            
	 	
              Attention:
                Derivatives Department 

            
	 	 
	 	
              Payments
                to Counterparty:

            
	 	
              Wells
                Fargo Bank, N.A. 

            
	 	
              San
                Francisco, CA 

            
	 	
              Bank
                Number ABA: 121000248 

            
	 	
              Beneficiary
                Account #: 3970771416 

            
	 	
              Beneficiary
                Account Name: SAS Clearing 

            
	 	
              Reference:
                FFC: BSABS 2006-AC3 

            
	 	
              Net
                WAC Reserve Fund 

            
	 	
              SEI
                Account 50912901 

            
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Agreement may be executed in several counterparts, each of which shall be deemed
      an original but all of which together shall constitute one and the same
      instrument.

     

    Counterparty
      hereby agrees to check this Confirmation and to confirm that the foregoing
      correctly sets forth the terms of the Transaction by signing in the space
      provided below and returning to BSFP a facsimile of the fully-executed
      Confirmation to 212-272-9857,
      For
      inquiries regarding U.S. Transactions, please contact Susan
      Donlon
      by
      telephone at 212-272-2364.
      For all
      other inquiries please contact Derivatives
      Documentation
      by
      telephone at 353-1-402-6233.
      Originals will be provided for your execution upon your request.

     

    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,

     

    BEAR
      STEARNS FINANCIAL PRODUCTS INC.

     

    By: ___________________________

    Name:
      Leticia Chévere

    Title:
      Authorized Signatory

     

    Counterparty,
      acting through its duly authorized signatory, hereby agrees to, accepts and
      confirms the terms of the foregoing as of the Trade Date,.

     

    U.S.
      BANK NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY AS TRUSTEE OF THE BEAR
      STEARNS ASSET BACKED SECURITIES I TRUST 2006-AC3, ASSET-BACKED CERTIFICATES,
      SERIES 2006-AC3

     

    By: ___________________________

    Name:
      

    Title:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I

    (except
      for the Termination Date, all such dates subject to adjustment in

     

    accordance
      with the Business Day Convention)

     

    
      	
              From
                and including

            	
              To
                but excluding

            	
              Notional
                Amount (USD)

            
	
              Effective
                Date

            	
              6/25/2006

            	
              175,373,045.48

            
	
              6/25/2006

            	
              7/25/2006

            	
              173,709,807.05

            
	
              7/25/2006

            	
              8/25/2006

            	
              171,884,884.14

            
	
              8/25/2006

            	
              9/25/2006

            	
              169,901,500.87

            
	
              9/25/2006

            	
              10/25/2006

            	
              167,763,353.36

            
	
              10/25/2006

            	
              11/25/2006

            	
              165,475,330.81

            
	
              11/25/2006

            	
              12/25/2006

            	
              163,042,013.90

            
	
              12/25/2006

            	
              1/25/2007

            	
              160,468,422.77

            
	
              1/25/2007

            	
              2/25/2007

            	
              157,760,002.15

            
	
              2/25/2007

            	
              3/25/2007

            	
              154,925,831.33

            
	
              3/25/2007

            	
              4/25/2007

            	
              152,007,448.13

            
	
              4/25/2007

            	
              5/25/2007

            	
              149,143,294.47

            
	
              5/25/2007

            	
              6/25/2007

            	
              146,332,365.56

            
	
              6/25/2007

            	
              7/25/2007

            	
              143,573,675.16

            
	
              7/25/2007

            	
              8/25/2007

            	
              140,866,255.29

            
	
              8/25/2007

            	
              9/25/2007

            	
              138,209,155.87

            
	
              9/25/2007

            	
              10/25/2007

            	
              135,601,444.37

            
	
              10/25/2007

            	
              11/25/2007

            	
              133,042,205.54

            
	
              11/25/2007

            	
              12/25/2007

            	
              130,530,541.04

            
	
              12/25/2007

            	
              1/25/2008

            	
              128,065,569.14

            
	
              1/25/2008

            	
              2/25/2008

            	
              125,646,424.44

            
	
              2/25/2008

            	
              3/25/2008

            	
              123,272,257.53

            
	
              3/25/2008

            	
              4/25/2008

            	
              120,942,234.73

            
	
              4/25/2008

            	
              5/25/2008

            	
              118,655,537.75

            
	
              5/25/2008

            	
              6/25/2008

            	
              116,411,363.47

            
	
              6/25/2008

            	
              7/25/2008

            	
              114,208,923.61

            
	
              7/25/2008

            	
              8/25/2008

            	
              112,047,444.47

            
	
              8/25/2008

            	
              9/25/2008

            	
              109,926,166.68

            
	
              9/25/2008

            	
              10/25/2008

            	
              107,844,344.92

            
	
              10/25/2008

            	
              11/25/2008

            	
              105,801,247.62

            
	
              11/25/2008

            	
              12/25/2008

            	
              103,796,156.80

            
	
              12/25/2008

            	
              1/25/2009

            	
              101,828,367.72

            
	
              1/25/2009

            	
              2/25/2009

            	
              99,897,188.70

            
	
              2/25/2009

            	
              3/25/2009

            	
              98,001,940.87

            
	
              3/25/2009

            	
              4/25/2009

            	
              96,141,957.89

            
	
              4/25/2009

            	
              5/25/2009

            	
              94,316,585.77

            
	
              5/25/2009

            	
              6/25/2009

            	
              92,525,182.62

            
	
              6/25/2009

            	
              7/25/2009

            	
              90,767,118.44

            
	
              7/25/2009

            	
              8/25/2009

            	
              89,041,774.85

            
	
              8/25/2009

            	
              9/25/2009

            	
              87,348,544.96

            
	
              9/25/2009

            	
              10/25/2009

            	
              85,686,833.08

            
	
              10/25/2009

            	
              11/25/2009

            	
              84,056,054.56

            
	
              11/25/2009

            	
              12/25/2009

            	
              82,455,635.56

            
	
              12/25/2009

            	
              1/25/2010

            	
              80,885,012.87

            
	
              1/25/2010

            	
              2/25/2010

            	
              79,343,633.70

            
	
              2/25/2010

            	
              3/25/2010

            	
              77,830,955.49

            
	
              3/25/2010

            	
              4/25/2010

            	
              76,346,445.73

            
	
              4/25/2010

            	
              5/25/2010

            	
              74,889,581.76

            
	
              5/25/2010

            	
              6/25/2010

            	
              73,459,850.59

            
	
              6/25/2010

            	
              7/25/2010

            	
              72,056,748.74

            
	
              7/25/2010

            	
              8/25/2010

            	
              70,679,782.04

            
	
              8/25/2010

            	
              9/25/2010

            	
              69,328,465.48

            
	
              9/25/2010

            	
              10/25/2010

            	
              68,002,323.01

            
	
              10/25/2010

            	
              11/25/2010

            	
              66,700,538.17

            
	
              11/25/2010

            	
              12/25/2010

            	
              65,423,012.64

            
	
              12/25/2010

            	
              1/25/2011

            	
              64,169,296.06

            
	
              1/25/2011

            	
              2/25/2011

            	
              62,938,946.43

            
	
              2/25/2011

            	
              3/25/2011

            	
              61,730,104.31

            
	
              3/25/2011

            	
              4/25/2011

            	
              60,543,580.00

            
	
              4/25/2011

            	
              5/25/2011

            	
              59,379,195.77

            
	
              5/25/2011

            	
              6/25/2011

            	
              58,236,540.24

            
	
              6/25/2011

            	
              7/25/2011

            	
              57,115,209.68

            
	
              7/25/2011

            	
              8/25/2011

            	
              56,014,807.82

            
	
              8/25/2011

            	
              9/25/2011

            	
              54,934,945.74

            
	
              9/25/2011

            	
              10/25/2011

            	
              53,875,241.73

            
	
              10/25/2011

            	
              11/25/2011

            	
              52,835,321.15

            
	
              11/25/2011

            	
              12/25/2011

            	
              51,814,816.30

            
	
              12/25/2011

            	
              1/25/2012

            	
              50,813,366.30

            
	
              1/25/2012

            	
              2/25/2012

            	
              49,830,616.94

            
	
              2/25/2012

            	
              3/25/2012

            	
              48,866,220.61

            
	
              3/25/2012

            	
              4/25/2012

            	
              47,919,836.11

            
	
              4/25/2012

            	
              5/25/2012

            	
              46,991,128.57

            
	
              5/25/2012

            	
              6/25/2012

            	
              46,079,769.35

            
	
              6/25/2012

            	
              7/25/2012

            	
              45,185,435.87

            
	
              7/25/2012

            	
              8/25/2012

            	
              44,307,811.54

            
	
              8/25/2012

            	
              9/25/2012

            	
              43,446,585.66

            
	
              9/25/2012

            	
              10/25/2012

            	
              42,601,453.27

            
	
              10/25/2012

            	
              11/25/2012

            	
              41,772,115.05

            
	
              11/25/2012

            	
              12/25/2012

            	
              40,958,277.26

            
	
              12/25/2012

            	
              1/25/2013

            	
              40,159,651.58

            
	
              1/25/2013

            	
              2/25/2013

            	
              39,375,955.06

            
	
              2/25/2013

            	
              3/25/2013

            	
              38,606,909.97

            
	
              3/25/2013

            	
              4/25/2013

            	
              37,852,243.76

            
	
              4/25/2013

            	
              5/25/2013

            	
              37,111,688.90

            
	
              5/25/2013

            	
              6/25/2013

            	
              36,384,982.85

            
	
              6/25/2013

            	
              Termination
                Date

            	
              35,671,867.92

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

    

    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

            	 	 	
              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

            	
              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
      P

    

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 4.18 of the Pooling and Servicing Agreement.

    

    Under
      Item 1 of Form 10-D: a) items marked “Monthly Statements to Certificateholders”
are required to be included in the periodic Distribution Date statement under
      Section 6.06, provided by the 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

              (nominal)

            	
              Depositor

            	
              Sponsor

            
	
              10-D

            	
              Must
                be filed within 15 days of the distribution date for the asset-backed
                securities.

            	 	 	 	 
	
              1

            	
              Distribution
                and Pool Performance Information

            	 	 	 	 	 	 	 
	
              Item
                1121(a) - Distribution and Pool Performance
                Information

            	 	 	 	 	 	 	 
	
              (1)
                Any applicable record dates, accrual dates, determination dates for
                calculating distributions and actual distribution dates for the
                distribution period.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (2)
                Cash flows received and the sources thereof for distributions, fees
                and
                expenses.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (3)
                Calculated amounts and distribution of the flow of funds for the
                period
                itemized by type and priority of payment, including:

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (i)
                Fees or expenses accrued and paid, with an identification of the
                general
                purpose of such fees and the party receiving such fees or
                expenses.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (ii)
                Payments accrued or paid with respect to enhancement or other support
                identified in Item 1114 of Regulation AB (such as insurance premiums
                or
                other enhancement maintenance fees), with an identification of the
                general
                purpose of such payments and the party receiving such
                payments.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (iii)
                Principal, interest and other distributions accrued and paid on the
                asset-backed securities by type and by class or series and any principal
                or interest shortfalls or carryovers.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (iv)
                The amount of excess cash flow or excess spread and the disposition
                of
                excess cash flow.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (4)
                Beginning and ending principal balances of the asset-backed
                securities.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (5)
                Interest rates applicable to the pool assets and the asset-backed
                securities, as applicable. Consider providing interest rate information
                for pool assets in appropriate distributional groups or incremental
                ranges.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (6)
                Beginning and ending balances of transaction accounts, such as reserve
                accounts, and material account activity during the period.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (7)
                Any amounts drawn on any credit enhancement or other support identified
                in
                Item 1114 of Regulation AB, as applicable, and the amount of coverage
                remaining under any such enhancement, if known and
                applicable.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (8)
                Number and amount of pool assets at the beginning and ending of each
                period, and updated pool composition information, such as weighted
                average
                coupon, weighted average remaining term, pool factors and prepayment
                amounts.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	
              Updated
                pool composition information fields to be as specified by Depositor
                from
                time to time

            	 
	
              (9)
                Delinquency and loss information for the period.

            	
              X

            	
              X

            	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              In
                addition, describe any material changes to the information specified
                in
                Item 1100(b)(5) of Regulation AB regarding the pool assets.
                (methodology)

            	
              X

            	 	 	 	 	 	 
	
              (10)
                Information on the amount, terms and general purpose of any advances
                made
                or reimbursed during the period, including the general use of funds
                advanced and the general source of funds for
                reimbursements.

            	
              X

            	
              X

            	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (11)
                Any material modifications, extensions or waivers to pool asset terms,
                fees, penalties or payments during the distribution period or that
                have
                cumulatively become material over time.

            	
              X

            	
              X

            	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (12)
                Material breaches of pool asset representations or warranties or
                transaction covenants.

            	
              X

            	
              X

            	
              X

               

              (if
                agreed upon by the parties)

            	 	 	
              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

            	 	 	 	 	 	 	 
	
              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

            	 	 	 	 	 	 	 
	
              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
      Q

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

    Fax:
      (212) 272-2000

    E-mail:
      regabnotifications@bear.com

     

    Wells
      Fargo Bank, N.A. as Securities Administrator 

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    E-mail:
      cts.sec.notifications@wellsfargo.com

    Attn:
      Corporate Trust Services - BSABS I 2006-AC3-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 EMC Mortgage Corporation, as Sponsor and Company, Wells
      Fargo Bank, National Association, as Master Servicer and Securities
      Administrator and U.S. Bank National Association as Trustee. The Undersigned,
      as
      Securities Administrator, 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
      R-1

    

    AMERICAN
      HOME SERVICING AGREEMENT

    

     

    
      

      

      

      

      EMC
        MORTGAGE CORPORATION 

      Purchaser,

      

      AMERICAN
        HOME MORTGAGE CORP. 

      Company,

      

      AMERICAN
        HOME MORTGAGE SERVICING, INC.

      Servicer,

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      Dated
        as
        of March 1, 2006

      

      

      (Fixed
        and Adjustable Rate Mortgage Loans)

      

      

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of March 1, 2006 and
        is
        executed by and among EMC MORTGAGE CORPORATION, as Purchaser, with offices
        located at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving,
        Texas
        75038 (the "Purchaser"), American
        Home Mortgage Corp., with offices located at 538 Broadhollow Road, Melville,
        New
        York 11747
        (the
        "Company"), and American Home Mortgage Servicing, Inc., with offices located
        at
        4600 Regent Boulevard, Suite 200, Irving, Texas 75063 (the
        "Servicer").

      

      W I T N ES S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on
        a
        servicing retained basis;
        

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser, the Company and the Servicer wish to prescribe the
        representations and warranties of the Company and the Servicer with respect
        to
        themselves, respectively, and the Mortgage Loans and the management and
        servicing of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

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

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the time of
        origination of the Mortgage Loan by an appraiser who met the requirements
        of the
        Company and Fannie Mae. 

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York, or (iii) a day on which banks in the State of New York are authorized
        or obligated by law or executive order to be closed.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

       

      Code: The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Commission
        or SEC:
        The
        Securities and Exchange Commission.

      

      Company:
        American Home Mortgage Corp., its successors in interest and assigns, as
        permitted by this Agreement.

      

      Company's
        Officer's Certificate:
        A
        certificate signed by the President, the Executive 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 "[_____________________], in trust for the
        [Purchaser], Owner of Adjustable Rate Mortgage Loans" and shall be established
        in an Eligible Account, in the name of the Person that is the "Purchaser"
        with
        respect to the related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Delinquency
        Recognition Policies:
        The
        generally accepted industry standard that defines the proper means of reporting
        delinquency status (such as MBA versus OTS reporting methodology) and the
        processing standard for addressing residential mortgage loans of the same
        type
        as the Mortgage Loans at various stages throughout default (such as Fannie Mae
        Guide or FHLMC Guide standards). 

      

      Depositor:
        The
        depositor, as such term is defined in Regulation AB, with respect to any
        Securitization Transaction.

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      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 Servicer 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 the Servicer (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 the Servicer (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 Servicer 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.

      

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

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

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

      

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

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989.

      

      First
        Remittance Date:
        With
        respect to any Mortgage Loan, the Remittance Date occurring in the month
        following the month in which the related Closing Date occurs.

      

      GAAP:
        Generally accepted accounting principles, consistently applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any successor
        thereto.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: As
        to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Lifetime
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate over
        the
        term of such Mortgage Loan. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property as of the Origination Date with respect to a Refinanced Mortgage
        Loan,
        and (ii) the lesser of the Appraised Value of the Mortgaged Property as of
        the
        Origination Date or the purchase price of the Mortgaged Property with respect
        to
        all other Mortgage Loans.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      Master
        Servicer:
        With
        respect to any Securitization Transaction, the “master servicer,” if any,
        identified in the related transaction documents.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Servicer on any Remittance Date pursuant
        to Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as described in Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package:

      

        	(1).  	
                the
                  Company's Mortgage Loan identifying
                  number;

              

        

        	(2).  	
                the
                  Mortgagor's first and last name;

              

        

        	(3).  	
                the
                  street address of the Mortgaged Property including the city, state
                  and zip
                  code;

              

        

        	(4).  	
                a
                  code indicating whether the Mortgaged Property is owner-occupied,
                  a second
                  home or an investor property;

              

        

        	(5).  	
                the
                  type of residential property constituting the Mortgaged
                  Property;

              

        

        	(6).  	
                the
                  original months to maturity of the Mortgage
                  Loan;

              

        

        	(7).  	
                the
                  remaining months to maturity from the related Cut-off Date, based
                  on the
                  original amortization schedule and, if different, the maturity
                  expressed
                  in the same manner but based on the actual amortization
                  schedule;

              

        

        	(8).  	
                the
                  Sales Price, if applicable, Appraised Value and Loan-to-Value Ratio,
                  at
                  origination;

              

        

        	(9).  	
                the
                  Mortgage Interest Rate as of origination and as of the related
                  Cut-off
                  Date; with respect to each adjustable rate Mortgage Loan, the initial
                  Adjustment Date, the next Adjustment Date immediately following
                  the
                  related Cut-off Date, the Index, the Margin, the Initial Rate Cap,
                  if any,
                  Periodic Rate Cap, if any, minimum Mortgage Interest Rate under
                  the terms
                  of the Mortgage Note and the Lifetime Rate
                  Cap;

              

        

        	(10).  	
                the
                  Origination Date of the Mortgage Loan;

              

        

        	(11).  	
                the
                  stated maturity date;

              

        

        	(12).  	
                the
                  amount of the Monthly Payment at
                  origination;

              

        

        	(13).  	
                the
                  amount of the Monthly Payment as of the related Cut-off
                  Date;

              

        

        	(14).  	
                the
                  original principal amount of the Mortgage Loan;

              

        

        	(15).  	
                the
                  scheduled Stated Principal Balance of the Mortgage Loan as of the
                  close of
                  business on the related Cut-off Date, after deduction of payments
                  of
                  principal due on or before the related Cut-off Date whether or
                  not
                  collected;

              

        

        	(16).  	
                a
                  code indicating the purpose of the Mortgage Loan (i.e., purchase,
                  rate and
                  term refinance, equity take-out refinance);

              

        

        	(17).  	
                a
                  code indicating the documentation style (i.e. full, alternative,
                  etc.);
                  

              

        

        	(18).  	
                the
                  number of times during the twelve (12) month period preceding the
                  related
                  Closing Date that any Monthly Payment has been received after the
                  month of
                  its scheduled due date;

              

        

        	(19).  	
                the
                  date on which the first payment is or was due;

              

        

        	(20).  	
                a
                  code indicating whether or not the Mortgage Loan is the subject
                  of a
                  Primary Mortgage Insurance Policy and the name of the related insurance
                  carrier; 

              

        

        	(21).  	
                a
                  code indicating whether or not the Mortgage Loan is currently convertible
                  and the conversion spread; 

              

        

        	(22).  	
                the
                  last Due Date on which a Monthly Payment was actually applied to
                  the
                  unpaid principal balance of the Mortgage
                  Loan.

              

        

        	(23).  	
                product
                  type (i.e. fixed, adjustable, 3/1, 5/1, etc.);

              

        

        	(24).  	
                credit
                  score and/or mortgage score, if
                  applicable;

              

        

        	(25).  	
                [reserved];
                  

              

        

        	(26).  	
                a
                  code indicating whether or not the Mortgage Loan has a prepayment
                  penalty
                  and if so, the amount and term thereof;

              

        

        	(27).  	
                the
                  Current Appraised Value of the Mortgage Loan and Current LTV, if
                  applicable;

              

        

        	(28).  	
                whether
                  such Mortgage Loan is a “Home Loan”, “Covered Home Loan”, “Manufactured
                  Housing” or “Home Improvement Loan” as defined in the
                  New Jersey Home Ownership Security Act of 2002;
                  and

              

        

        	(29).  	
                whether
                  the Mortgage Loan has a mandatory arbitration
                  clause.

              

        

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date.

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

      Nonrecoverable
        Advance:
        Any
        portion of a Monthly Advance or Servicing Advance previously made or proposed
        to
        be made by the Servicer pursuant to this Agreement, that, in the good faith
        judgment of the Servicer, 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 President, an Executive Vice President or a Vice
        President or by the Treasurer or the Secretary or one of the Assistant
        Treasurers or Assistant Secretaries of the Person on behalf of whom such
        certificate is being delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      OTS:
        Office
        of Thrift Supervision, or any successor thereto.

      

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency. 

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

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

      

      Prepayment
        Charge:
        Any
        prepayment premium, penalty or charge payable by a Mortgagor in connection
        with
        any Principal Prepayment on a Mortgage Loan pursuant to the terms of the
        related
        Mortgage Note.

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

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

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any Prepayment
        Charge and which is not accompanied by an amount of interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment.

      

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the related Mortgaged Property or in any loan made on the security
        thereof, and whose compensation is not affected by the approval or disapproval
        of the Mortgage Loan, and such appraiser and the appraisal made by such
        appraiser both satisfy the requirements of Title XI of FIRREA and the
        regulations promulgated thereunder and the requirements of Fannie Mae, all
        as in
        effect on the date the Mortgage Loan was originated.

      

      Qualified
        Correspondent:
        Any Person from which the Company purchased Mortgage Loans, provided that
        the
        following conditions are satisfied: (i) such Mortgage Loans were originated
        pursuant to an agreement between the Company and such Person that contemplated
        that such Person would underwrite mortgage loans from time to time, for sale
        to
        the Company, in accordance with underwriting guidelines designated by the
        Company (“Designated Guidelines”) or guidelines that do not vary materially from
        such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
        as described in clause (i) above and were acquired by the Company within
        180
        days after origination; (iii) either (x) the Designated Guidelines were,
        at the
        time such Mortgage Loans were originated, used by the Company in origination
        of
        mortgage loans of the same type as the Mortgage Loans for the Company’s own
        account or (y) the Designated Guidelines were, at the time such Mortgage
        Loans
        were underwritten, designated by the Company on a consistent basis for use
        by
        lenders in originating mortgage loans to be purchased by the Company; and
        (iv)
        the Company employed, at the time such Mortgage Loans were acquired by the
        Company, pre-purchase or post-purchase quality assurance procedures (which
        may
        involve, among other things, review of a sample of mortgage loans purchased
        during a particular time period or through particular channels) designed
        to
        ensure that Persons from which it purchased mortgage loans properly applied
        the
        underwriting criteria designated by the Company.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the related Mortgaged Property is located, duly authorized and licensed in
        such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
        ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
        the
        nationally recognized rating agencies issuing ratings with respect to such
        securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

      

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

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Servicer of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Servicer in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Servicer 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 reasonably 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.

      

      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:
        American Home Mortgage Servicing, Inc., its successors in interest and assigns,
        as permitted by this Agreement.

      

      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 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, 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 Servicer 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 or the Servicer 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 Servicer
        with respect to the liquidation of the Mortgaged Property in accordance with
        the
        terms of this Agreement and (f) compliance with the obligations under Section
        4.08.

      

      Servicing
        Criteria:
        As of
        any date of determination, the “servicing criteria” set forth in Item 1122(d) of
        Regulation AB, or any amendments thereto, a summary of the requirements of
        which
        as of the date hereof is attached hereto as Exhibit
        M
        for
        convenience of reference only. In the event of a conflict or inconsistency
        between the terms of Exhibit
        M
        and the
        text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
        AB
        shall control (or those Servicing Criteria otherwise mutually agreed to by
        the
        Purchaser, the Servicer and any Person that will be responsible for signing
        any
        Sarbanes Certification with respect to a Securitization Transaction in response
        to evolving interpretations of Regulation AB and incorporated into a revised
        Exhibit
        M).

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the 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 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 Servicer, or as otherwise provided under Section 4.05 and in accordance
        with
        the Fannie Mae Guide(s). Any fee payable to the Servicer 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 Servicer 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 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 Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Static
        Pool Information:
        Static
        pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
        AB.

      

      Subcontractor:
        Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of Mortgage Loans but performs one or
        more
        discrete functions identified in Item 1122(d) of Regulation AB with respect
        to
        Mortgage Loans under the direction or authority of the Servicer
        or
        a
        Subservicer. 

      

      Subservicer:
        Any
        Person that services Mortgage Loans on behalf of the Company or any Subservicer
        and is responsible for the performance (whether directly or through Subservicers
        or Subcontractors) of a substantial portion of the material servicing functions
        required to be performed by the Company under this Agreement or any
        Reconstitution Agreement that are identified in Item 1122(d) of Regulation
        AB.
        Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Servicer 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, the Servicer and the Purchaser to
        provide
        for the sale and servicing pursuant to the terms of this Agreement of the
        Mortgage Loans listed on Schedule I attached thereto, which supplemental
        agreement shall contain certain specific information relating to such sale
        of
        such Mortgage Loans and may contain additional covenants relating to such
        sale
        of such Mortgage Loans.

      

      Third-Party
        Originator:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by the Company.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        II

      

      PURCHASE
        OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Servicer. 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 the Servicer
        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 Servicer 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 Servicer to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Servicer 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 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 Purchaser.
        The Servicing File shall contain all documents necessary to service the Mortgage
        Loans. The possession of each Servicing File by the Servicer is at the will
        of
        the Purchaser, for the sole purpose of servicing the related Mortgage Loan,
        and
        such retention and possession by the Servicer 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
        and the Servicer shall be received and held by the Company and the Servicer,
        as
        applicable, in trust for the benefit of the Purchaser as the owner of the
        Mortgage Loans. Any portion of the Mortgage Files retained by the Servicer
        shall
        be appropriately identified in the Servicer's computer system to clearly
        reflect
        the ownership of the Mortgage Loans by the Purchaser. The Servicer 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 Servicer's servicing of the Mortgage Loans or is in connection
        with a repurchase of any Mortgage Loan or Loans with respect thereto pursuant
        to
        this Agreement and the related Term Sheet, such written instructions shall
        not
        be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan shall be reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Servicer 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 and the Servicer 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 or the Servicer,
        as
        applicable, and without cost to Company or the Servicer, as applicable, 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
        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 Company and the Servicer 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
        or the Servicer, as applicable, in accordance with this Section 2.06 and
        the
        books and records of the Servicer 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 and the Servicer, as applicable, 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 and the Servicer, as applicable. The
        Purchaser also shall advise the Company and the Servicer, as applicable,
        of the
        transfer. Upon receipt of notice of the transfer, the Company and the Servicer
        shall mark their respective 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.

      

      Each
        of
        the Company and the Servicer must have an internal quality control program
        that,
        among other things, verifies, on a regular basis, the existence and accuracy
        of
        the legal documents, credit documents, property appraisals, and underwriting
        decisions. These programs must be capable of evaluating and monitoring the
        overall quality of the Company’s and the Servicer’s respective loan production
        and servicing activities. These programs is to ensure that the Mortgage Loans
        are originated and serviced in accordance with prudent mortgage banking
        practices and accounting principles; guard against dishonest, fraudulent,
        or
        negligent acts; and guard against errors and omissions by officers, employees,
        or other authorized persons.

      

      Section
        2.09 Near-term
        Principal Prepayments; Near Term Payment Defaults

      

      In
        the
        event any Principal Prepayment is made by a Mortgagor on or prior to three
        months after the related Closing Date, the Company shall remit to the Purchaser
        an amount equal to the excess, if any, of the Purchase Price Percentage over
        par
        multiplied by the amount of such Principal Prepayment. Such remittance shall
        be
        made by the Company to Purchaser no later than the third Business Day following
        receipt of such Principal Prepayment by the Company or the
        Servicer.

      

      In
        the
        event either of the first three (3) scheduled Monthly Payments which are
        due the
        Purchaser 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 Section
        3.03.

      

      

      Section
        2.10  Modification
        of Obligations. 

      

      Purchaser
        may, without any notice to Company or the Servicer, extend, compromise, renew,
        release, change, modify, adjust or alter, by operation of law or otherwise,
        any
        of the obligations of the Mortgagors or other persons obligated under a Mortgage
        Loan without releasing or otherwise affecting the obligations of Company
        and the
        Servicer under this Agreement, or with respect to such Mortgage Loan, except
        to
        the extent Purchaser’s extension, compromise, release, change, modification,
        adjustment, or alteration affects the Company’s or the Servicer’s ability to
        collect the Mortgage Loan or realize on the security of the Mortgage, but
        then
        only to the extent such action has such effect.

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      

      

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY AND THE SERVICER; 

      REPURCHASE;
        REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company and the Servicer. 

      

      Each
        of
        the Company and the Servicer, to the extent set forth in this Section 3.01,
        hereby represent, warrant and covenant to the Purchaser that, as of the related
        Closing Date or as of such date specifically provided herein:

      

      (a) Each
        of
        the Company and the Servicer are a corporation, duly organized, validly existing
        and in good standing under the laws of their respective jurisdictions of
        incorporation or formation and have all licenses necessary to carry out their
        respective business as now being conducted, and is licensed and qualified
        to
        transact business in and is in good standing under the laws of each state
        in
        which any Mortgaged Property is located or is otherwise exempt under applicable
        law from such licensing or qualification or is otherwise not required under
        applicable law to effect such licensing or qualification and no demand for
        such
        licensing or qualification has been made upon the Company or the Servicer
        by any
        such state, and in any event each of the Company and the Servicer are 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)
        Each
        of the Company and the Servicer have the full corporate 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
        and the Servicer,
        as
        applicable, enforceable against it in accordance with its terms, and all
        requisite corporate action has been taken by the Company and the Servicer
        to
        make this Agreement and the related Term Sheet and all agreements contemplated
        hereby valid and binding upon the Company and the Servicer, as applicable,
        in
        accordance with their terms;
        

      

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet
        by the Company and the Servicer, 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, nor 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 and the Servicer’s, as applicable, 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 or the Servicer, as applicable, 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 the Servicer, or their respective
        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 or the Servicer’s, as applicable, knowledge, threatened, or any order
        or decree outstanding, with respect to the Company or the Servicer, as
        applicable, 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 and the Servicer, as
        applicable.

      

      (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
        or
        the Servicer, as applicable, of or compliance by the Company or the Servicer
        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 or the Servicer,
        as
        applicable, 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 by the Servicer
        in
        all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Servicer, on behalf of an investor, is entitled
        to collect, all such payments are in the possession of, or under the control
        of,
        the Servicer, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage
        Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) The
        Company is an approved seller of residential mortgage loans for Fannie Mae,
        FHLMC and HUD. 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 Fannie Mae and FHLMC and no
        event
        has occurred which would make Company unable to comply with eligibility
        requirements or which would require notification to either Fannie Mae or
        FHLMC.
        The Servicer
        is
        an
        approved servicer of residential mortgage loans for Fannie Mae, FHLMC and
        HUD,
        with such facilities, procedures and personnel necessary for the sound servicing
        of such mortgage loans. The Servicer 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 service mortgage loans for Fannie Mae
        and
        FHLMC and no event has occurred which would make Servicer unable to comply
        with
        eligibility requirements or which would require notification to either Fannie
        Mae or FHLMC;

      

      (k) Neither
        the Company nor the Servicer believe, nor do they have any cause or reason
        to
        believe, that they cannot perform each and every one of their respective
        covenants 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 inaccurate or misleading in any material
        respect;

      

      (m)
         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. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

      

      (n) Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the servicing policies and procedures of the Servicer, business,
        operations, financial condition, properties or assets of the Company or the
        Servicer since the date of the financial statements referenced hereunder
        that
        would have a material adverse effect on its ability to perform its obligations
        under this Agreement;

      

      (o)  The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans;

      

      (p) As
        of the
        date of each Securitization Transaction, and except as has been otherwise
        disclosed to the Purchaser, any Master Servicer and any Depositor: (1) no
        default or servicing related performance trigger has occurred as to any other
        securitization due to any act or failure to act of the Company or the Servicer;
        (2) no material noncompliance with applicable servicing criteria as to any
        other
        securitization has occurred, been disclosed or reported by the Company or
        the
        Servicer; (3) neither the Company nor 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;
        (4) no material changes to the Company’s or the Servicer’s servicing policies
        and procedures for similar loans has occurred in the preceding three years;
        (5)
        there are no aspects of the Company’s or the Servicer’s financial condition that
        could have a material adverse impact on the performance by the Company or
        the
        Servicer, as applicable, of its obligations hereunder; (6) there are no legal
        proceedings pending, or known to be contemplated by governmental authorities,
        against the Company or the Servicer that could be material to investors in
        the
        securities issued in such Securitization Transaction; and (7) there are no
        affiliations, relationships or transactions relating to the Company or the
        Servicer of a type that are described under Item 1119 of Regulation
        AB;

      

      (q) If
        so
        requested by the Purchaser or any Depositor on any date, the Company and
        the
        Servicer shall, within five (5) Business Days following such request, confirm
        in
        writing the accuracy of the representations and warranties set forth in Section
        3.01(p) of this Section or, if any such representation and warranty is not
        accurate as of the date of such request, provide reasonably adequate disclosure
        of the pertinent facts, in writing, to the requesting party; 

      

      (r) Notwithstanding
        anything to the contrary in the Agreement, the Company and the Servicer 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,
        the Servicer, 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, the Servicer, any Subservicer
        or
        any Third-Party Originator and any of the parties specified in clause (7)
        of
        paragraph (p) of this Section (and any other parties identified in writing
        by
        the requesting party) with respect to such Securitization
        Transaction,
        (C) any
        Event of Default under the terms of this Agreement or any Reconstitution
        Agreement, (D) any merger, consolidation or sale of substantially all of
        the
        assets of the Company or 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 Purchaser and any Depositor a description of such proceedings,
        affiliations or relationships.

      

      All
        notification pursuant to this Section 3.01(r) should be sent by e-mail
        transmission to regABnotifications@bear.com,
        and
        additionally as specified below.

      

      All
        notification pursuant to this Section 3.01(r), other than those pursuant
        to
        Section 3.01(r)(i)(A), should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Conduit Seller Approval Dept.

      Facsimile:
        (214) 626-3751

      Email:
        sellerapproval@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      Notifications
        pursuant to Section 3.01(r)(i)(A) should be sent to: 

      

      EMC
        Mortgage Corporation

      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

      

      (s) 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
        Purchaser, any Master Servicer and any Depositor, at least 15 calendar days
        prior to the effective date of such succession or appointment, (x) written
        notice to the Purchaser, any Master Servicer and any Depositor of such
        succession or appointment and (y) in writing and in form and substance
        reasonably satisfactory to the Purchaser, any Master Servicer and such
        Depositor, all information reasonably requested by the Purchaser, any Master
        Servicer or any Depositor in order to comply with its reporting obligation
        under
        Item 6.02 of Form 8-K with respect to any class of asset-backed
        securities.

      

      Section
        3.02 Representations
        and Warranties as to Individual Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        Each of the Company and the Servicer (but with respect to the Servicer, only
        to
        the extent expressly set forth in this Section 3.02), hereby represent and
        warrant 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 Servicer's
        servicing collection system. No payment under any Mortgage Loan is delinquent
        as
        of the related Closing Date nor has any scheduled payment been delinquent
        at any
        time during the twelve (12) months prior to the month of the related Closing
        Date. For purposes of this paragraph, a Mortgage Loan will be deemed delinquent
        if any payment due thereunder was not paid by the Mortgagor in the month
        such
        payment was due;

      

      (d)
        There
        are no defaults by Company in complying with the terms of the Mortgage, and
        all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy and title insurance policy, to the extent required by the
        related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by a Qualified Insurer, against loss by fire, hazards of extended
        coverage and such other hazards as are provided for in the Fannie Mae or
        FHLMC
        Guide, as well as all additional requirements set forth in Section 4.10 of
        this
        Agreement. All such standard hazard policies are in full force and effect
        and
        contain a standard mortgagee clause naming the Company and its successors
        in
        interest and assigns as loss payee and such clause is still in effect and
        all
        premiums due thereon have been paid. If required by the Flood Disaster
        Protection Act of 1973, as amended, the Mortgage Loan is covered by a flood
        insurance policy meeting the requirements of the current guidelines of the
        Federal Insurance Administration which policy conforms to Fannie Mae or FHLMC
        requirements, as well as all additional requirements set forth in Section
        4.10
        of this Agreement. Such policy was issued by a Qualified Insurer. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor's cost and expense and to seek reimbursement therefor from the
        Mortgagor. None of the Company, the Servicer (nor any prior originator or
        servicer of any of the Mortgage Loans) nor any Mortgagor has engaged in any
        act
        or omission which has impaired or would impair the coverage of any such policy,
        the benefits of the endorsement provided for herein, or the validity and
        binding
        effect of either;

      

      (h)
        Each
Mortgage
        Loan complies with, and the Company has complied with, applicable local,
        state
        and federal laws, regulations and other requirements including, without
        limitation, usury, equal credit opportunity, real estate settlement procedures,
        the Federal Truth-In-Lending Act, disclosure laws and all predatory and abusive
        lending laws and consummation of the transactions contemplated hereby, including
        without limitation, the receipt of interest by the owner of such Mortgage
        Loan,
        will not involve the violation of any such laws, rules or regulations. None
        of
        the Mortgage Loans are (a) Mortgage Loans subject to 12 CFR Part 226.31,
        12 CFR
        Part 226.32 or 226.34 of Regulation Z, the regulation implementing TILA,
        which
        implements the Home Ownership and Equity Protection Act of 1994, as amended,
        or
        (b) except as may be provided in subparagraph (c) below, classified and/or
        defined, as a “high cost”, “threshold”, “predatory” “high risk home loan” or
“covered” loan (or a similarly classified loan using different terminology under
        a law imposing additional legal liability for mortgage loans having high
        interest rates, points and or/fees) under any other state, federal or local
        law
        including, but not limited to, the States of Georgia, New York, North Carolina,
        Arkansas, Kentucky or New Mexico, (c) Mortgage Loans subject to the New Jersey
        Home Ownership Security Act of 2002 (the “Act”), unless such Mortgage Loan is a
        (1) “Home Loan” as defined in the Act that is a first lien Mortgage Loan, which
        is not a “High Cost Home Loan” as defined in the Act or (2) “Covered Home Loan”
as defined in the Act that is a first lien purchase money Mortgage Loan,
        which
        is not a High Cost Home Loan under the Act, or (d) secured by Mortgaged Property
        in the Commonwealth of Massachusetts with a loan application date on or after
        November 7, 2004 that refinances a mortgage loan that is less than sixty
        (60)
        months old, unless such Mortgage Loan (1) is on an investment property, (ii)
        meets the requirements set forth in the Code of Massachusetts Regulation
        (“CMR”), 209 CMR 53.04(1)(b), or (iii) meets the requirements set forth in the
        209 CMR 53.04(1)(c). In addition to and notwithstanding anything to the contrary
        herein, no Mortgage Loan for which the Mortgaged Property is located in New
        Jersey is a Home Loan as defined in the Act that was made, arranged, or assigned
        by a person selling either a manufactured home or home improvements to the
        Mortgaged Property or was made by an originator to whom the Mortgagor was
        referred by any such seller. Each Mortgage Loan is being (and has been) serviced
        in accordance with Accepted Servicing Practices and applicable state and
        federal
        laws, including, without limitation, the Federal Truth-In-Lending Act and
        other
        consumer protection laws, real estate settlement procedures, usury, equal
        credit
        opportunity and disclosure laws. Company shall maintain in its possession,
        available for the Purchaser’s inspection, as appropriate, and shall deliver to
        the Purchaser or its designee upon demand, evidence of compliance with all
        such
requirements;
        

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company, the Servicer
        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 the Servicer’s
        servicing the Mortgage Loan as set forth in this Agreement. After the related
        Closing Date, the Company will not have any right to modify or alter the
        terms
        of the sale of the Mortgage Loan and the Company will not have any obligation
        or
        right to repurchase the Mortgage Loan or substitute another Mortgage Loan,
        except as provided in this Agreement, or as otherwise agreed to by the Company
        and the Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender's
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company's
        interest therein does not require the consent of or notification to the insurer
        and such lender's title insurance policy is in full force and effect and
        will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender's title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender's title insurance policy;

      

      (n)
        Other
        than a Monthly Payment due but not delinquent (as provided in Section 3.02(c)
        herein) and in such case, only if specified on the related Mortgage Loan
        Schedule, there is no default, breach, violation or event of acceleration
        existing under the Mortgage or the related Mortgage Note and no event which,
        with the passage of time or with notice and the expiration of any grace or
        cure
        period, would constitute a default, breach, violation or event permitting
        acceleration; and neither the Company, nor any prior mortgagee has waived
        any
        default, breach, violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        Appraised Value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated. The appraisal is in
        a form
        acceptable to Fannie Mae or FHLMC;

      

      (v)
        All
        parties which have had any legal interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain balloon or "graduated payment" features. No
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors who invest
        in
        mortgage loans of the type similar to the Mortgage Loans to regard the Mortgage
        Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than thirty (30) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
“interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
        respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
        a
        monthly payment which is suffi-cient (a) during the period prior to the first
        adjust-ment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjust-ment Date, to fully amortize the outstanding principal balance as
        of the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With respect to each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        No
        Mortgage Loan contains terms or provi-sions which would result in negative
        amortization. None of the Mortgage Loans contain a conversion feature which
        would cause the Mortgage Loan interest rate to convert to a fixed interest
        rate.
        None of the Mortgage Loans are considered agricultural loans; 

      

      (bb) (INTENTIONALLY
        LEFT BLANK)

      

      (cc) (INTENTIONALLY
        LEFT BLANK)

      

      (dd) (INTENTIONALLY
        LEFT BLANK)

       

      (ee) (INTENTIONALLY
        LEFT BLANK) 

      

      (ff) (INTENTIONALLY
        LEFT BLANK)

      

      (gg) (INTENTIONALLY
        LEFT BLANK)

      

      (hh) In
        the
        event the Mortgage Loan had an LTV at origination greater than 80.00%, the
        excess of the principal balance of the Mortgage Loan over 75.0% of the Appraised
        Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
        or
        the lesser of the Appraised Value or the purchase price of the Mortgaged
        Property with respect to a purchase money Mortgage Loan was insured as to
        payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
        Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such Primary
        Mortgage Insurance Policy have been and are being complied with, such policy
        is
        in full force and effect, and all premiums due thereunder have been paid.
        No
        Mortgage Loan requires payment of such premiums, in whole or in part, by
        the
        Purchaser. No action, inaction, or event has occurred and no state of facts
        exists that has, or will result in the exclusion from, denial of, or defense
        to
        coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy
        obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
        Policy, subject to state and federal law, and to pay all premiums and charges
        in
        connection therewith. No action has been taken or failed to be taken, on
        or
        prior to the Closing Date which has resulted or will result in an exclusion
        from, denial of, or defense to coverage under any Primary Mortgage Insurance
        Policy (including, without limitation, any exclusions, denials or defenses
        which
        would limit or reduce the availability of the timely payment of the full
        amount
        of the loss otherwise due thereunder to the insured) whether arising out
        of
        actions, representations, errors, omissions, negligence, or fraud of the
        Company
        or the Mortgagor, or for any other reason under such coverage; The mortgage
        interest rate for the Mortgage Loan as set forth on the related Mortgage
        Loan
        Schedule is net of any such insurance premium. None of the Mortgage Loans
        are
        subject to “lender-paid” mortgage insurance;

      

      (ii) The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj) None
        of
        the Mortgage Loans are secured by an interest in a leasehold estate. The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and consists of a single parcel of real property with a detached
        single family residence erected thereon, or a townhouse, or a two-to four-family
        dwelling, or an individual condominium unit in a condominium project, or
        an
        individual unit in a planned unit development or a de minimis planned unit
        development, provided, however, that no residence or dwelling is a single
        parcel
        of real property with a manufactured home not affixed to a permanent foundation,
        or a mobile home. Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        date of origination, no portion of any Mortgaged Property was used for
        commercial purposes, and since the Origination Date, no portion of any Mortgaged
        Property has been, or currently is, used for commercial purposes;

      

      (kk) Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal and interest,
        which installments are subject to change due to the adjustments to the Mortgage
        Interest Rate on each Adjustment Date, with interest calculated and payable
        in
        arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
        date, over an original term of not more than thirty years from commencement
        of
        amortization;

      

      (ll) As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities;

      

      (mm) There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and the Company has not received any notice of
        any
        environmental hazard on the Mortgaged Property and nothing further remains
        to be
        done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property;

      

      (nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo)
         No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) None
        of
        the Mortgage Loans are Co-op Loans; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage;

      

      (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)
        [reserved];

      

      (zz)
        No
        borrower was encouraged or required to select a Mortgage Loan product offered
        by
        the Mortgage Loan’s originator which is a higher cost product designed for less
        creditworthy borrowers, unless at the time of the Mortgage Loan’s origination,
        such borrower did not qualify taking into account credit history and
        debt-to-income ratios for a lower-cost credit product then offered by the
        Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
        If, at the time of loan application, the borrower may have qualified for
        a
        lower-cost credit product then offered by any mortgage lending affiliate
        of the
        Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
        borrower’s application to such affiliate for underwriting
        consideration;

      

      (aaa) The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the borrower’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the borrower’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the borrower had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (bbb) With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a premium upon a prepayment prior to maturity: (i) prior to the loan’s
        origination, the borrower agreed to such premium in exchange for a monetary
        benefit, including but not limited to a rate or fee reduction, (ii) prior
        to the
        loan’s origination, the borrower was offered the option of obtaining a mortgage
        loan that did not require payment of such a premium, (iii) the prepayment
        premium is disclosed to the borrower in the loan documents pursuant to
        applicable state and federal law, and (iv) notwithstanding any state or federal
        law to the contrary, the Servicer shall not impose such prepayment premium
        in
        any instance when the mortgage debt is accelerated as the result of the
        borrower’s default in making the loan payments;

       

      (ccc) No
        borrower was required to purchase any credit life, disability, accident or
        health insurance product as a condition of obtaining the extension of credit.
        No
        borrower obtained a prepaid single-premium credit life, disability, accident
        or
        health insurance policy in connection with the origination of the Mortgage
        Loan;
        No proceeds from any Mortgage Loan were used to purchase or finance single
        premium credit insurance policies as part of the origination of, or as a
        condition to closing, such Mortgage Loan; 

       

      (ddd) The
        Servicer will
        transmit full-file credit reporting data for each Mortgage Loan pursuant
        to the
        Fannie Mae Selling Guide and that for each Mortgage Loan, the Servicer agrees
        it
        shall report one of the following statuses each month as follows: new
        origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed, or
        charged-off, 

       

      (eee)
        [reserved]; 

      

      (fff)
        With
        respect to any Mortgage Loan originated on or after August 1, 2004 and
        underlying the security, neither the related Mortgage nor the related Mortgage
        Note requires the borrower to submit to arbitration to resolve any dispute
        arising out of or relating in any way to the mortgage loan transaction;

       

      (ggg)
        No Mortgage Loan is secured by Mortgaged Property in the Commonwealth of
        Massachusetts with a loan application date on or after November 7, 2004 that
        refinances a mortgage loan that is less than sixty (60) months old, unless
        such
        Mortgage Loan (1) is on an investment property, (ii) meets the requirements
        set
        forth in the Code of Massachusetts Regulation (“CMR”), 209 CMR 53.04(1)(b), or
        (iii) meets the requirements set forth in the 209 CMR 53.04(1)(c); 

      

      (hhh) 
        For any Mortgage Loan with Mortgaged Property located in Texas which is a
        second
        lien and the interest rate is in excess of 10% where terms of the Mortgage
        Note
        contain a provision for which the Mortgagor may be entitled to prepaid interest
        upon payoff, no Mortgagor paid any administrative fees, points, or loan
        origination fees which would actually result in any prepaid interest being
        due
        the Mortgagor under the terms of the Mortgage Note;

       

      (iii)  
        The Company and the Servicer have 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
        and the Servicer have each established an anti-money laundering compliance
        program as required by the Anti-Money Laundering Laws and has conducted the
        requisite due diligence in connection with the origination of each Mortgage
        Loan
        for the purposes of the Anti-Money Laundering Laws.  The Company and
        the Servicer further represent that each takes reasonable efforts to determine
        whether any Mortgagor appears on any list of blocked or prohibited parties
        designated by the U.S. Department of Treasury; and

      

      (jjj)
        With respect to each Mortgage Loan, information regarding the borrower credit
        files related to such Mortgage Loan has been furnished to credit reporting
        agencies in compliance with the provisions of the Fair Credit Reporting Act
        and
        the applicable implementing regulations.

      

      Section
        3.03 Repurchase.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by any of the Company,
        the Servicer or the Purchaser of a breach of any of the foregoing
        representations and warranties which materially and adversely affects the
        value
        of the Mortgage Loans or the interest of the Purchaser in any Mortgage Loan,
        the
        party discovering such breach shall give prompt written notice to the other.
        The
        Company or the Servicer, as applicable, 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 and the Servicer,
        as
        applicable, hereby covenant and agree that if any such breach is not corrected
        or cured within such sixty day period, the Company shall, at the Purchaser's
        option and not later than ninety (90) days of its discovery or its receipt
        of
        notice of such breach, repurchase such Mortgage Loan at the Repurchase Price.
        In
        the event that any such breach shall involve any representation or warranty
        set
        forth in Section 3.01, and such breach is not cured within sixty (60) days
        of
        the earlier of either discovery by or notice to the Company of such breach,
        all
        Mortgage Loans shall, at the option of the Purchaser, be repurchased by the
        Company at the Repurchase Price. Any such repurchase shall be accomplished
        by
        wire transfer of immediately available funds to Purchaser in the amount of
        the
        Repurchase Price. Notwithstanding anything to the contrary contained herein,
        it
        is understood by the parties hereto that a breach of the representations
        made in
        Section 3.02 (h ),
        (xx),
        (yy), (zz), (aaa), (bbb), (ccc), (fff), (ggg) or (iii) will be deemed to
        materially and adversely affect the value of the related Mortgage Loan or
        the
        interest of Purchaser therein. 

      

      It
        is
        understood and agreed that the obligation of the Company and the Servicer,
        as
        applicable, set forth in this Section 3.03 to cure or repurchase for a defective
        Mortgage Loan, and to indemnify Purchaser pursuant to Section 8.01, constitute
        the sole remedies of the Purchaser respecting a breach of the foregoing
        representations and warranties. If the Company fails to repurchase a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company or the Servicer, as applicable, 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 the Servicer or notice thereof
        by the
        Purchaser to the Company or the Servicer, (ii) failure by the Company or
        the
        Servicer, as applicable, to cure such breach or repurchase such Mortgage
        Loan as
        specified above, and (iii) demand upon the Company or the Servicer, as
        applicable, by the Purchaser for compliance with this Agreement.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and convenants to the Company and the Servicer
        that, as of the related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise exempt or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full corporate power and authority and legal right 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, and this Agreement and the related Term Sheet and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Purchaser, enforceable against it in accordance with its terms, and all
        requisite corporate action has been taken by the Purchaser to make this
        Agreement and the related Term Sheet and all agreements contemplated hereby
        valid and binding upon the Purchaser, in accordance with their
        terms;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation, legal proceeding or governmental investigation 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 hereunder, 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 Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every one of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and the Servicer, as applicable, and
        hold
        them 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 and the Servicer as provided herein
        constitute the sole remedies of the Company and the Servicer respecting a
        breach
        of the foregoing representations and warranties.

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Servicer
        to Act as Servicer.

      

      The
        Servicer,
        as
        independent contract servicer, shall service and administer the Mortgage
        Loans
        in accordance with this Agreement and the related Term Sheet and with Accepted
        Servicing Practices, and shall have full power and authority, acting alone,
        to
        do or cause to be done any and all things in connection with such servicing
        and
        administration which the Servicer may deem necessary or desirable and consistent
        with the terms of this Agreement and the related Term Sheet and with Accepted
        Servicing Practices and exercise the same care that it customarily employs
        for
        its own account. In
        addition, the Servicer shall furnish information regarding the borrower credit
        files related to such Mortgage Loan to credit reporting agencies in compliance
        with the provisions of the Fair Credit Reporting Act and the applicable
        implementing regulations. Except
        as
        set forth in this Agreement and the related Term Sheet, the Servicer shall
        service the Mortgage Loans in strict compliance with the servicing provisions
        of
        the Fannie Mae Guides (special servicing option), which include, but are
        not
        limited to, provisions regarding the liquidation of Mortgage Loans, the
        collection of Mortgage Loan payments, the payment of taxes, insurance and
        other
        charges, the maintenance of hazard insurance with a Qualified Insurer, the
        maintenance of mortgage impairment insurance, the maintenance of fidelity
        bond
        and errors and omissions insurance, inspections, the restoration of Mortgaged
        Property, the maintenance of Primary Mortgage Insurance Policies, insurance
        claims, the title, management and disposition of REO Property, permitted
        withdrawals with respect to REO Property, liquidation reports, and reports
        of
        foreclosures and abandonments of Mortgaged Property, the transfer of Mortgaged
        Property, the release of Mortgage Files, annual statements, and examination
        of
        records and facilities. In the event of any conflict, inconsistency or
        discrepancy between any of the servicing provisions of this Agreement and
        the
        related Term Sheet and any of the servicing provisions of the Fannie Mae
        Guides,
        the provisions of this Agreement and the related Term Sheet shall control
        and be
        binding upon the Purchaser and the Servicer. 

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Servicer
        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 Servicer's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Servicer has obtained the prior
        written consent of the Purchaser, the Servicer 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 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 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 Servicer 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 Servicer 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 Servicer may not enter into a forbearance agreement
        or similar arrangement with respect to any Mortgage Loan which runs more
        than
        180 days after the first delinquent Due Date. Any such agreement shall be
        approved by Purchaser and, if required, by the Primary Mortgage Insurance
        Policy
        insurer, if required. 

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Securitization Transaction, the servicing provisions set forth in the
        related Reconstitution Agreement shall govern the servicing of such Mortgage
        Loans to the extent such terms contradict the servicing provisions set forth
        in
        this Agreement, including but not limited to the servicing provisions of
        Articles IV, V and VI hereof.

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Securitization Transaction, the Servicer (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 Servicer, reasonably foreseeable) make or permit any
        modification, waiver or amendment of any term of such Mortgage Loan that
        would
        both (i) effect an exchange or reissuance of such Mortgage Loan under Section
        1001 of the Code (or Treasury regulations promulgated thereunder) and (ii)
        cause
        any REMIC to fail to qualify as a REMIC under the Code or the imposition
        of any
        tax on “prohibited transactions” or “contributions” after the startup date under
        the REMIC Provisions.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Securitization
        Transaction, which is not contemplated under the terms of this Agreement,
        the
        Servicer will obtain an Opinion of Counsel reasonably acceptable to the trustee
        in such Securitization Transaction with respect to whether such action could
        result in the imposition of a tax upon any REMIC (including but not limited
        to
        the tax on prohibited transactions as defined in Section 860F(a)(2) of the
        Code
        and the tax on contributions to a REMIC set forth in Section 860G(d) of the
        Code)(either such event, an “Adverse REMIC Event”), and the Servicer shall not
        take any such actions as to which it has been advised that an Adverse REMIC
        Event could occur.

      

      The
        Servicer shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Servicer shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a REMIC to receive any income from assets other than
        “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
        investments” as defined in Section 860G(a)(5) of the Code.

      

      In
        servicing and administering the Mortgage Loans, the Servicer shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Servicer. 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
        Servicer as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Servicer
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Servicer 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 Servicer
        of
        the Subservicer shall not release the Servicer from any of its obligations
        hereunder and the Servicer shall remain responsible hereunder for all acts
        and
        omissions of the Subservicer as fully as if such acts and omissions were
        those
        of the Servicer. The Servicer shall pay all fees and expenses of the Subservicer
        from its own funds, and the Subservicer's fee shall not exceed the Servicing
        Fee. Servicer shall notify Purchaser promptly in writing upon the appointment
        of
        any Subservicer.

      

      At
        the
        cost and expense of the Servicer, without any right of reimbursement from
        the
        Custodial Account, the Servicer shall be entitled to terminate the rights
        and
        responsibilities of 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 Servicer, at
        the
        Servicer's option, from electing to service the related Mortgage Loans itself.
        In the event that the Servicer'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 Servicer shall at its own cost and
        expense terminate the rights and responsibilities of the Subservicer effective
        as of the date of termination of the Servicer. The Servicer shall pay all
        fees,
        expenses or penalties necessary in order to terminate the rights and
        responsibilities of the Subservicer from the Servicer's own funds without
        reimbursement from the Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Servicer and the Subservicer or any reference herein to actions
        taken through the Subservicer or otherwise, the Servicer 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 Servicer shall be entitled to enter
        into
        an agreement with the Subservicer for indemnification of the Servicer by
        the
        Subservicer and nothing contained in this Agreement shall be deemed to limit
        or
        modify such indemnification. The Servicer 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 Servicer 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 Servicer pursuant to this
        Agreement, the Servicer shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      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 Servicer will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy, follow such collection procedures as it follows
        with
        respect to mortgage loans comparable to the Mortgage Loans and held for its
        own
        account. Further, the Servicer 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
        Servicer shall not waive any Prepayment Charge unless: (i) the enforceability
        thereof shall have been limited by bankruptcy, insolvency, moratorium,
        receivership and other similar laws relating to creditors’ rights generally,
        (ii) the enforcement thereof is illegal, or any local, state or federal agency
        has threatened legal action if the prepayment penalty is enforced, (iii)
        the
        mortgage debt has been accelerated in connection with a foreclosure or other
        involuntary payment or (iv) such waiver is standard and customary in servicing
        similar Mortgage Loans and relates to a default or a reasonably foreseeable
        default and would, in the reasonable judgment of the Servicer, maximize recovery
        of total proceeds taking into account the value of such Prepayment Charge
        and
        the related Mortgage Loan. If a Prepayment Charge is waived, but does not
        meet
        the standards described above, then the Servicer is required to pay the amount
        of such waived Prepayment Charge by remitting such amount to the Purchaser
        by
        the Remittance Date.

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Servicer shall use its best efforts, consistent with the procedures that
        the
        Servicer would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        the
        best interest of Purchaser, to foreclose upon or otherwise comparably convert
        the ownership of properties securing such of the Mortgage Loans as come into
        and
        continue in default and as to which no satisfactory arrangements can be made
        for
        collection of delinquent payments pursuant to Section 4.01. In
        determining the delinquency status of any Mortgage Loan, the Servicer will
        use
        Delinquency Recognition Policies, and shall revise these policies as reasonably
        requested by the Purchaser from time to time. Foreclosure
        or comparable proceedings shall be initiated within ninety (90) days of default
        for Mortgaged Properties for which no satisfactory arrangements can be made
        for
        collection of delinquent payments, subject to state and federal law and
        regulation. The Servicer 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 Servicer
        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 Servicer through Insurance Proceeds or
        Liquidation Proceeds from the related Mortgaged Property, as contemplated
        in
        Section 4.05. The Servicer shall obtain prior approval of Purchaser as to
        repair
        or restoration expenses in excess of ten thousand dollars ($10,000). The
        Servicer shall notify the Purchaser in writing of the commencement of
        foreclosure proceedings and not less than five (5) days prior to the acceptance
        or rejection of any offer of reinstatement. The Servicer 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 Servicer 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 Servicer 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 Servicer
        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 Servicer 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 Servicer shall on the date said termination takes effect be reimbursed
        for any unreimbursed Monthly Advances of the Servicer'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 Servicer, 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 Servicer provides to the trustee under such REMIC an
        opinion of counsel to the effect that the holding of such REO Property
        subsequent to the close of the third taxable year following the taxable year
        in
        which the Mortgage Loan became an REO Property, will not result in the
        imposition of taxes on "prohibited transactions" as defined in Section 860F
        of
        the Code, or cause the transaction to fail to qualify as a REMIC at any time
        that certificates are outstanding. The Servicer 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 Servicer shall either itself or through
        an agent selected by Servicer, 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, Servicer 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
        Servicer shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds shall be deposited
        in the
        Custodial Account within two (2) Business Days 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 Servicer 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
        Servicer shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the 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 Servicer in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Servicer
        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 Servicer’s aggregate Servicing Fee received
        with respect to the related Prepayment Period;

      

      (ix)
         any
        amounts required to be deposited by the Servicer pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Servicer'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 Servicer
        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
        Servicer and the Servicer 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
        Servicer 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 Servicer'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 Servicer'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 Servicer'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, the Servicer's right to reimburse itself pursuant to this subclause
        (iii)
        with respect to any defaulted 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
        and only
        to the extent that the aggregate of Liquidation Proceeds and Insurance Proceeds
        with respect to such Mortgage Loan, after any reimbursement to the Servicer,
        exceeds the outstanding Stated Principal Balance of such Mortgage Loan plus
        accrued and unpaid interest thereon at the related Mortgage Rate less the
        Servicing Fee Rate to but not including the date of payment (in any event,
        the
        aggregate amount of servicing compensation received by a Subservicer and
        the
        Servicer with respect to any defaulted Monthly Payment shall not exceed the
        applicable Servicing Fee);
        

      

      (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 Servicer;

      

      (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
        Servicer shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. 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 Servicer 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
        Servicer 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
        Servicer 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 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 and, to the extent required by law, the Servicer
        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 Servicer 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 Servicer for any Servicing Advance made by Servicer 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 Servicer, 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 Servicer 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 Servicer 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 Servicer 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 Servicer shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Servicer 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. Notwithstanding
        anything else contained herein, it is agreed that Servicer will not be required
        to pay any such bills for ground rents, taxes, assessments, water rates and
        other charges if the Mortgage does not provide for Escrow Payments until
        such time at which such unpaid amounts would be considered delinquent or
        result in a superior lien being imposed on the Mortgaged Property or
        otherwise impair Purchaser's interest in the Mortgaged Property.

      

      The
        Servicer will maintain in full force and effect Primary Mortgage Insurance
        Policies issued by a Qualified Insurer with respect to each Mortgage Loan
        for
        which such coverage is herein required. Such coverage will be terminated
        only
        with the approval of Purchaser, or as required by applicable law or regulation.
        The Servicer will not cancel or refuse to renew any Primary Mortgage Insurance
        Policy in effect on the Closing Date that is required to be kept in force
        under
        this Agreement unless a replacement Primary Mortgage Insurance Policy for
        such
        canceled or nonrenewed policy is obtained from and maintained with a Qualified
        Insurer. The Servicer shall not take any action which would result in
        non-coverage under any applicable Primary Mortgage Insurance Policy of any
        loss
        which, but for the actions of the 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 Primary Mortgage Insurance Policy, if any, of such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy. If such Primary Mortgage Insurance Policy is terminated as a result
        of
        such assumption or substitution of liability, the Servicer shall obtain a
        replacement Primary Mortgage Insurance Policy as provided above.

      

      The
        Servicer agrees to prepare and present, on behalf of itself and the Purchaser,
        claims to the insurer under any Private Mortgage Insurance Policy in a timely
        fashion in accordance with the terms of such Primary Mortgage Insurance Policy
        and, in this regard, to take such action as shall be necessary to permit
        recovery under any Primary Mortgage Insurance Policy respecting a defaulted
        Mortgage Loan. Pursuant to Section 4.04, any amounts collected by the Servicer
        under any Primary Mortgage Insurance Policy shall be deposited in the Custodial
        Account, subject to withdrawal pursuant to Section 4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Servicer 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
        Servicer shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        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. The Servicer 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 Servicer 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
        Servicer 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 Servicer
        and
        its successors and/or assigns and shall provide for at least thirty (30)
        days
        prior written notice of any cancellation, reduction in the amount or material
        change in coverage to the Servicer. 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 Qualified
        Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the
        event that the Servicer 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 Servicer
        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 Servicer 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 Servicer 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
        Servicer 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 Servicer
        against
        losses, including forgery, theft, embezzlement and fraud of such persons.
        The
        errors and omissions insurance shall protect and insure the Servicer 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 Servicer
        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 Servicer
        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 Servicer 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 Servicer 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, Servicer 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 Servicer 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
        Servicer 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 Servicer 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 Servicer shall continue to
        provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. 

      The
        Servicer shall, either itself or through an agent selected by the Servicer,
        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
        Servicer 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 Servicer 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 Servicer to the Purchaser.

      

      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 within one (1) year
        after
        title has been taken to such REO Property, unless the Servicer 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 Servicer 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 Servicer at such price, and upon such terms and conditions, as the Servicer
        deems to be in the best interests of the Purchaser (subject to the above
        conditions) only with the prior written consent of the Purchaser. Servicer
        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 Servicer as servicer of any such REO Property
        without
        payment of any termination fee with respect thereto, provided that the Servicer
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Servicer's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five (5) Business Days of any such
        termination, the Servicer shall, if necessary convey such property to the
        Purchaser and shall further provide the Purchaser with the following information
        regarding the subject REO Property: the related drive by appraisal or brokers
        price opinion, and copies of any related Mortgage Impairment Insurance Policy
        claims. In addition, within five (5) Business Days, the Servicer 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 Servicer 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 Servicer 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 Servicer 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 Servicer’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 Servicer 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 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. On each Remittance Date, the Servicer shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Servicer shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Servicer's assigned loan number
        order to document Mortgage Loan payment activity on an individual Mortgage
        Loan
        basis. With respect to each month, the corresponding individual loan accounting
        report shall be received by the Purchaser no later than the fifth Business
        Day
        of the following month on a disk or tape or other computer-readable format
        in
        such format as may be mutually agreed upon by both Purchaser and Servicer,
        and
        no later than the fifth Business Day of the following month in hard copy,
        and
        shall contain the following:

      

      (i) with
        respect to each Mortgage Loan and each Monthly Payment, the amount of such
        remittance allocable to principal (including a separate breakdown of any
        Principal Prepayment, including the date of such prepayment, and any prepayment
        penalties or premiums, along with a detailed report of interest on principal
        prepayment amounts remitted in accordance with Section 4.04);

      

      (ii) with
        respect to each Mortgage Loan and each Monthly Payment, the amount of such
        remittance allocable to interest;

      

      (iii) with
        respect to each Mortgage Loan, the amount of servicing compensation received
        by
        the Servicer during the prior distribution period;

      

      (iv) the
        Stated Principal Balance of each Mortgage Loan and the aggregate Stated
        Principal Balance of all Mortgage Loans as of the beginning of the distribution
        period and the ending of the distribution period;

      

      (v) with
        respect to each Mortgage Loan, the current Mortgage Interest Rate;

      

      (vi) with
        respect to each Mortgage Loan for which liquidation and final distribution
        has
        occurred, the aggregate amount of any Insurance Proceeds, Condemnation Proceeds,
        Liquidation Proceeds and REO Disposition Proceeds received during the prior
        distribution period;

      

      (vii) with
        respect to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls
        paid by the Servicer in accordance with Section 4.04(viii) during the prior
        distribution period; 

      

      (viii) [RESERVED];

      

      (ix) the
        number of Mortgage Loans as of the beginning of the distribution period and
        the
        ending of the distribution period; 

      

      (x) with
        respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
        Loan that is (A)
        delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1)
        30
        days delinquent, (2) 60 days delinquent and (3) 90 days or more delinquent;
        (B)
        in foreclosure and delinquent (1) 30 days delinquent, (2) 60 days delinquent
        and
        (3) 90 days or more delinquent; and (C) in bankruptcy and delinquent (1)
        30 days
        delinquent, (2) 60 days delinquent and (3) 90 days or more delinquent, in
        each
        case as of the close of business on the last day of the calendar month preceding
        such Distribution Date and separately identifying such information for the
        (1)
        first lien Mortgage Loans, (2) second lien Mortgage Loans, and (3) adjustable
        rate Mortgage Loans;

      

      (xi) with
        respect to each Mortgage Loan, the amount and severity of any realized loss
        following liquidation of such Mortgage Loan; 

      

      (xii) with
        respect to each Mortgage Loan, and in the aggregate for all Mortgage Loans,
        the
        amount of the month end Monthly Advance balances made by the Servicer during
        the
        prior distribution period; 

      

      (xiii) with
        respect to each Mortgage Loan, a description of any Servicing Advances made
        by
        the Servicer with respect to such Mortgage Loan including the amount, terms
        and
        general purpose of such Servicing Advances, and the aggregate amount of
        Servicing Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xiv) with
        respect to each Mortgage Loan, a description of any Nonrecoverable Advances
        made
        by the Servicer with respect to such Mortgage Loan including the amount,
        terms
        and general purpose of such Nonrecoverable Advances, and the aggregate amount
        of
        Nonrecoverable Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xv) with
        respect to each Mortgage Loan, a description of any Monthly Advances, Servicing
        Advances and Nonrecoverable Advances reimbursed to the Servicer with respect
        to
        such Mortgage Loan during the prior distribution period pursuant to Section
        4.05, and the source of funds for such reimbursement, and the aggregate amount
        of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
        reimbursed to the Servicer for all Mortgage Loans during the prior distribution
        period pursuant to Section 4.05; 

      

      (xvi) with
        respect to any Mortgage Loan, a description of any material modifications,
        extensions or waivers to the terms, fees, penalties or payments of such Mortgage
        Loan during the prior distribution period or that have cumulatively become
        material over time;

      

      (xvii) a
        description of any material breach of a representation or warranty set forth
        in
        Section 3.01 or Section 3.02 herein or of any other breach of a covenant
        or
        condition contained herein and the status of any resolution of such
        breach;

      

      (xviii) [reserved];

      

      (xix) with
        respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
        Loan
        that has been repurchased by the Servicer in accordance with Section 3.03
        herein.

      

      In
        addition, the Servicer shall provide to the Purchaser such other information
        known or available to the Servicer that is necessary in order to provide
        the
        distribution and pool performance information as required under Regulation
        AB,
        as amended from time to time, as determined by the Purchaser in its sole
        discretion. The Servicer shall also provide a monthly report, in the form
        of
Exhibit
        E
        hereto,
        or such other form as is mutually acceptable to the Servicer, the Purchaser
        and
        any Master Servicer, Exhibit
        F
        with
        respect to defaulted mortgage loans and Exhibit
        P,
        with
        respect to realized losses and gains, with each such report. 

      

      The
        Servicer shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Servicer shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for Purchaser to prepare its federal income tax return as Purchaser may
        reasonably request from time to time.

      

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Servicer shall furnish to each Person who was a Purchaser at any time during
        such calendar year an annual statement in accordance with the requirements
        of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

      

      Section
        5.03 Monthly
        Advances by the Servicer.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Servicer shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Servicer, 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
        Servicer'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 Servicer deems such advance to be a Nonrecoverable Advance. In
        such
        event, the Servicer shall deliver to the Purchaser an Officer's Certificate
        of
        the Servicer to the effect that an officer of the Servicer 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 Servicer shall submit
        to the Purchaser a liquidation report with respect to such Mortgaged Property
        in
        a form mutually acceptable to the Servicer and Purchaser. The Servicer 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 Servicer 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
        Servicer’s aggregate Servicing Fee received with respect to the related Due
        Period.

       

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Servicer 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 Servicer
        shall not exercise any such rights if prohibited by law or the terms of the
        Mortgage Note from doing so or if the exercise of such rights would impair
        or
        threaten to impair any recovery under the related Primary Mortgage Insurance
        Policy, if any. If the Servicer reasonably believes it is unable under
        applicable law to enforce such "due-on-sale" clause, the Servicer, 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 Servicer, 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 Servicer
        shall follow the underwriting practices and procedures of the Servicer. 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 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. The Servicer 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 Servicer for entering into an assumption
        or
        substitution of liability agreement shall belong to the Servicer.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Servicer shall not be deemed to be in default, breach or any
        other violation of its obligations hereunder by reason of any assumption
        of a
        Mortgage Loan by operation of law or any assumption which the Servicer 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 Servicer of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Servicer 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 (5) Business Days after receipt of such certification
        and request, release or cause to be released to the Servicer, the related
        Mortgage Loan Documents and, upon its receipt of such documents, the Servicer
        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 Servicer 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 Servicer 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 Servicer, 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 Servicer
        shall maintain the Fidelity Bond and errors and omissions insurance 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.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy, the Purchaser shall, upon request of the Servicer 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 Servicer. Such
        servicing receipt shall obligate the Servicer to return the related Mortgage
        documents to the Purchaser when the need therefor by the Servicer no longer
        exists, unless the Mortgage Loan has been liquidated and the Liquidation
        Proceeds relating to the Mortgage Loan have been deposited in the 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 Servicer
        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
        Servicer.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Servicer 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 Servicer'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,
        late
        payment charges and ancillary fees or otherwise shall be retained by the
        Servicer 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
        Servicer shall be required to pay all expenses incurred by it in connection
        with
        its servicing activities hereunder and shall not be entitled to reimbursement
        therefor except as specifically provided for.

      

      Section
        6.04 Annual
        Statement as to Compliance; Annual Certification.

      

      (a) The
        Servicer will deliver to the Purchaser and any Master Servicer, using
best
        efforts by March 1st,
        but in
        no event later than March 15th of
        each
        calendar year beginning in 2007, an Officer’s Certificate acceptable to the
        Purchaser (an “Annual Statement of Compliance”) stating, as to each signatory
        thereof, that (i) a review of the activities of the Servicer during the
        preceding calendar year and of performance under this Agreement or other
        applicable servicing agreement has been made under such officer’s supervision
        and (ii) to the best of such officer’s knowledge, based on such review, the
        Servicer has fulfilled all of its obligations under this Agreement or other
        applicable servicing agreement in all material respects throughout such year,
        or, if there has been a failure to fulfill any such obligation in any material
        respect, specifying each such failure known to such officer and the nature
        and
        status of cure provisions thereof. Such Annual Statement of Compliance shall
        contain no restrictions or limitations on its use. Copies of such statement
        shall be provided by the Servicer to the Purchaser upon request and by the
        Purchaser to any Person identified as a prospective purchaser of the Mortgage
        Loans. In the event that the Servicer has delegated any servicing
        responsibilities with respect to the Mortgage Loans to a Subservicer, the
        Servicer shall deliver an Annual Statement of Compliance of the Subservicer
        as
        described above as to each Subservicer as and when required with respect
        to the
        Servicer.

      

      (b) With
        respect to any Mortgage Loans that are the subject of a Securitization
        Transaction, using best efforts by March 1st,
        but in
        no event later than March 15th
        of each
        calendar year beginning in 2007, an officer of the Servicer shall execute
        and
        deliver an officer’s certificate (an “Annual Certification”) to the Purchaser,
        any Master Servicer and any related Depositor for the benefit of each such
        entity and such entity’s affiliates and the officers, directors and agents of
        any such entity and such entity’s affiliates, in the form attached hereto as
Exhibit
        L.
        In the
        event that the Servicer has delegated any servicing responsibilities with
        respect to the Mortgage Loans to a Subservicer, the Servicer shall deliver
        an
        Annual Certification of the Subservicer as described above as to each
        Subservicer as and when required with respect to the Servicer.

      

      Failure
        of the Servicer to timely comply with this Section 6.04 (including with respect
        to the cure timeframes required in this section) shall be deemed an Event
        of
        Default, automatically, without notice and without any cure period, and
        Purchaser may, in addition to whatever rights the Purchaser may have under
        Sections 3.03 and 8.01 and at law or equity or to damages, including injunctive
        relief and specific performance, terminate all the rights and obligations
        of the
        Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
        thereof without compensating the Servicer for the same, as provided in Section
        9.01. Such termination shall be considered with cause pursuant to Section
        10.01
        of this Agreement. This paragraph shall supercede any other provision in
        this
        Agreement or any other agreement to the contrary.

      

      Section
        6.05 [Reserved]

      

      Section
        6.06 Purchaser's
        Right to Examine Compnay and the Servicer Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company or the Servicer, as applicable, 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 the
        Servicer, as applicable, or held by another for the Company or the Servicer
        or
        on their behalf or otherwise, which relates to the performance or observance
        by
        the Company or the Servicer, as applicable, of the terms, covenants or
        conditions of this Agreement.

      

      The
        Company and the Servicer 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 or the Servicer 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 or the Servicer, as applicable, and in accordance with the FDIC,
        OTS, or
        any other similar federal or state regulations, as applicable.

      

      Section
        6.07 Assessment
        of Compliance with Servicing Criteria.

      

      On
        and
        after January 1, 2006, the Servicer shall service and administer, and shall
        cause each subservicer to servicer or administer, the Mortgage Loans in
        accordance with all applicable requirements of the Servicing
        Criteria.

      

      With
        respect to any Mortgage Loans that are the subject of a Securitization
        Transaction, the Servicer shall deliver to the Purchaser or its designee,
        any
        Master Servicer and any Depositor, using best efforts by March 1st,
        but in
        no event later than March 15th
        of each
        calendar year beginning in 2007, a report (an “Assessment of Compliance”)
        reasonably satisfactory to the Purchaser, any Master Servicer and any Depositor
        regarding the Servicer’s assessment of compliance with the Servicing Criteria
        during the preceding calendar year as required by Rules 13a-18 and 15d-18
        of the
        Exchange Act and Item 1122 of Regulation AB or as otherwise required by the
        Master Servicer, which as of the date hereof, require a report by an authorized
        officer of the Servicer that contains the following:

      

      (a) A
        statement by such officer of its responsibility for assessing compliance
        with
        the Servicing Criteria applicable to the Servicer;

      

      (b) A
        statement by such officer that such officer used the Servicing Criteria to
        assess compliance with the Servicing Criteria applicable to the
        Servicer;

      

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

      

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

      

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

      

      Such
        report at a minimum shall address each of the Servicing Criteria specified
        on a
        certification substantially in the form of Exhibit
        O
        hereto
        delivered to the Servicer concurrently with the execution of this
        Agreement.

      

      With
        respect to any Mortgage Loans that are the subject of a Securitization
        Transaction, using best efforts by March 1st,
        but in
        no event later than March 15th
        of each
        calendar year beginning in 2007, the Servicer shall furnish to the Purchaser
        or
        its designee, any Master Servicer and any Depositor a report (an “Attestation
        Report”) by a registered public accounting firm that attests to, and reports on,
        the Assessment of Compliance made by the Servicer, as required by Rules 13a-18
        and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB or as otherwise
        required by the Master Servicer, which Attestation Report must be made in
        accordance with standards for attestation reports issued or adopted by the
        Public Servicer Accounting Oversight Board. 

      

      The
        Servicer shall cause each Subservicer, and each Subcontractor determined
        by the
        Servicer pursuant to Section 11.20 to be “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB, to deliver to the
        Purchaser, any Master Servicer and any Depositor an assessment of compliance
        and
        accountants’ attestation as and when provided in Sections 6.07.

      

      Failure
        of the Servicer to timely comply with this Section 6.07 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, unless
        otherwise agreed to by the Purchaser as described herein, and Purchaser may,
        in
        addition to whatever rights the Purchaser may have under Sections 3.03 and
        8.01
        and at law or equity or to damages, including injunctive relief and specific
        performance, terminate all the rights and obligations of the Servicer under
        this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Servicer for the same, as provided in Section 9.01. Such
        termination shall be considered with cause pursuant to Section 10.01 of this
        Agreement. This paragraph shall supercede any other provision in this Agreement
        or any other agreement to the contrary.

      

      Section
        6.08 Intent
        of the Parties; Reasonableness.

      

      The
        Purchaser, the Company and the Servicer acknowledge and agree that a purpose
        of
        Sections 3.01(p), 5.02, 6.04, 6.07 and 11.18 of this Agreement is to facilitate
        compliance by the Purchaser and any Depositor with the provisions of Regulation
        AB and related rules and regulations of the Commission. None of the Purchaser,
        any Master Servicer or any Depositor shall exercise its right to request
        delivery of information or other performance under these provisions other
        than
        in good faith, or for purposes other than compliance with the Securities
        Act,
        the Exchange Act and the rules and regulations of the Commission thereunder.
        The
        Company and the Servicer acknowledge 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, the Servicer, any Subservicer, any Third-Party Originator and the
        Mortgage Loans, or the servicing of the Mortgage Loans, reasonably believed
        by
        the Purchaser or any Depositor to be necessary in order to effect such
        compliance.

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY COMPANY AND SERVICER

      

      Section
        7.01 Company
        and Servicer Shall Provide Information as Reasonably Required.

      

      The
        Company and the Servicer 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 and the Servicer,
        as
        applicable, 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 and the Servicer, as applicable, under
        this
        Agreement. The Company and the Servicer agree 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 and
        the
        Servicer for the most recently completed two (2) fiscal years for which such
        statements are available, as well as a Consolidated Statement of Condition
        at
        the end of the last two (2) fiscal years covered by any Consolidated Statement
        of Operations. If it has not already done so, the Company and the Servicer
        shall
        furnish promptly to the Purchaser or a prospective purchaser copies of the
        statements specified above.

      

      The
        Servicer 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
        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
        COMPANY AND THE SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      (a)
         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 in
        strict
        compliance with the terms of this Agreement. The Company agrees to indemnify
        the
        Purchaser and hold it harmless against any and all claims, losses, damages,
        penalties, fines, forfeitures, legal fees and related costs, judgments, and
        any
        other costs, fees and expenses that the Purchaser may sustain in any way
        from
        any claim, demand, defense or assertion based on or grounded upon, or resulting
        from any assertion based on, grounded upon or resulting from a breach or
        alleged
        breach of any of its 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
        its
        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(a) shall survive termination of this Agreement.

      

      (b) The
        Servicer 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 Servicer 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 Servicer agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way from any claim, demand, defense
        or
        assertion based on or grounded upon, or resulting from any assertion based
        on,
        grounded upon or resulting from a breach or alleged breach of any of its
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
        The Servicer shall immediately notify the Purchaser if a claim is made by
        a
        third party against Servicer 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 Servicer shall follow any written instructions
        received from the Purchaser in connection with such claim. The Purchaser
        shall
        promptly reimburse the Servicer for all amounts advanced by it pursuant to
        the
        two preceding sentences except when the claim relates to the failure of the
        Servicer to service and administer the Mortgages in strict compliance with
        the
        terms of this Agreement, its breach of representation or warranty set forth
        in
        Sections 3.01 or 3.02, or the negligence, bad faith or willful misconduct
        of
        Servicer. The provisions of this Section 8.01(b) shall survive termination
        of
        this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company and the Servicer

      

      The
        Company and the Servicer will each keep in full effect its respective 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.

      

      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
        whether or not related to loan servicing, shall be the successor of the Servicer
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; 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 servicing of first lien
        mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved 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
        and Servicer 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 reasonably acceptable
        to
        the Purchaser.

      

      The
        Servicer shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Servicer 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
        Servicer. Any such determination permitting the resignation of the Servicer
        shall be evidenced by an Opinion of Counsel to such effect delivered to the
        Purchaser which Opinion of Counsel shall be in form and substance reasonably
        acceptable to the Purchaser. 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 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Servicer to service the Mortgage Loans
        hereunder, the Servicer acknowledges that the Purchaser has acted in reliance
        upon the Servicer'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 Servicer 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 reasonable
        discretion.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Servicer 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 Servicer (other than with respect to accrued
        but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company or the Servicer
        shall occur and be continuing, that is to say:

      

      (i)
        any
        failure by the Servicer to remit to the Purchaser any payment required to
        be
        made under the terms of this Agreement which continues unremedied for a period
        of one (1) Business Day after notice; or

      

      (ii)
        failure on the part of the Company or the Servicer, as applicable, duly to
        observe or perform in any material respect any other of the covenants or
        agreements on the part of the Company or the Servicer, as applicable, 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 or the Servicer and
        such
        decree or order shall have remained in force undischarged or unstayed for
        a
        period of sixty days; or

      

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

      

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

      

      (vi)
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller for more than thirty days, or the Servicer ceases to be approved by
        either Fannie Mae or FHLMC as a mortgage loan servicer for more than thirty
        days; or

      

      (vii)
        the
        Servicer attempts to assign its right to servicing compensation hereunder
        or the
        Servicer 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)
        (a) the Servicer ceases to be licensed to service first lien residential
        mortgage loans in any jurisdiction in which a Mortgaged Property is located
        and
        such licensing is required, or (b) either the Servicer or the Company cease
        to
        be qualified to transact business in any jurisdiction where it is currently
        so
        qualified, but only to the extent such non-qualification materially and
        adversely affects the Company’s or the Servicer's ability to perform its
        obligations hereunder; or

      

      (ix)
        the
        Servicer 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 or the Servicer,
        as
        applicable (except in the case of an Event of Default under clauses (iii),
        (iv)
        or (v) above, or as otherwise stated herein, in which case, automatically
        and
        without notice) may, in addition to whatever rights the Purchaser may have
        under
        Sections 3.03 and 8.01 and at law or equity or to damages, including injunctive
        relief and specific performance, terminate all the rights and obligations
        of the
        Company or the Servicer, as applicable (and if the Servicer is servicing
        any of
        the Mortgage Loans in a Securitization Transaction, appoint a successor servicer
        reasonably acceptable to any Master Servicer for such Securitization
        Transaction) under this Agreement and in and to the Mortgage Loans and the
        proceeds thereof without compensating the Company and the Servicer for the
        same.
        On or
        after the receipt by the Company or Servicer 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
        or the Servicer, as applicable, 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 Servicer 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 Servicer's sole expense. The Servicer agrees to cooperate
        with
        the Purchaser and such successor in effecting the termination of the Servicer's
        responsibilities and rights hereunder, including, without limitation, the
        transfer to such successor for administration by it of all 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 or any
        REO
        Property.

      

      The
        Servicer 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
        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 Purchaser or any Depositor may have under other provisions of
        this
        Agreement and/or any applicable Reconstitution Agreement or otherwise, whether
        in equity or at law, such as an action for damages, specific performance
        or
        injunctive relief.

       

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company or
        the
        Servicer 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 and the Servicer
        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, the Servicer 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 [Reserved]

      

      Section
        10.03 Survival.

       

      Termination
        of this Agreement under Section 10.01 shall not affect any of the Company’s or
        the Servicer’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 Servicer.

      

      Prior
        to
        termination of Servicer'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 Servicer's responsibilities, rights,
        duties
        and obligations relating to servicing 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 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 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
        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 Servicer 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 or the Servicer 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 and the Servicer notwithstanding
        any
        such resignation or termination of the Servicer, or the termination of this
        Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Servicer and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Servicer, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Servicer or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Servicer arising prior to any such termination or resignation.

      

      The
        Servicer shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Servicer shall account for all funds.
        The Servicer 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 Servicer. The successor shall make arrangements as
        it may
        deem appropriate to reimburse the Servicer for unrecovered Servicing Advances
        which the successor retains hereunder and which would otherwise have been
        recovered by the Servicer pursuant to this Agreement but for the appointment
        of
        the successor servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Servicer 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, the Servicer and
        the
        Purchaser by written agreement signed by the Company, the Servicer 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 Servicer at the Servicer'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 (without giving effect
        to its
        choice of law rules and principles) 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:

       

      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

      

      
        	(ii)  	
                if
                  to the Servicer:

              

      

      

      David
        Friedman

      American
        Home Mortgage Servicing, Inc.

      4600
        Regent Boulevard, Suite 200

      Irving,
        Texas 75063

      

      With
        a
        copy to:

      

      Alan
        Horn, General Counsel

      American
        Home Mortgage Corp.

      538
        Broadhollow Road

      Melville,
        New York 11747

      Telecopier
        No. (800) 209-7276

      

      
        	(iii)  	
                if
                  to the Company:

              

      

      

      Robert
        F.
        Johnson, Jr.

      American
        Home Mortgage Corp.

      538
        Broadhollow Road

      Melville,
        New York 11747

      Telecopier
        No. (866) 822-3288

      

      With
        a
        copy to:

      

      Alan
        Horn, General Counsel

      American
        Home Mortgage Corp.

      538
        Broadhollow Road

      Melville,
        New York 11747

      Telecopier
        No. (800) 209-7276

      

      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 hereto
        in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        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 (i) its employees,
        agents and affiliates who have a need to know such information in order to
        effectuate the transaction, (ii) a regulatory authority with supervisory
        power
        over Purchaser, the Servicer or the Company, or (iii) to any Person that
        the
        disclosing party reasonably believes to be necessary relating to the enforcement
        of such party’s rights hereunder, provided in all cases that 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, the
        Servicer 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 the Servicer each agree that the Company and Servicer, as
        applicable, (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 and the Servicer each agree that the Company and the Servicer, as
        applicable, 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 or the Servicer’s, as applicable, failure to perform the obligations
        set forth in this Section 11.10.

      

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments is subject to
        recordation in all appropriate public offices for real property records in
        all
        the counties or other comparable jurisdictions in which any or all of the
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment.

      

      The
        Purchaser shall have the right, without the consent of the Company or 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 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 prior 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
        or the
        Servicer 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 related Closing Date, the Company and the Servicer agree that each
        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 the Servicer or any affiliate of the Company or the Servicer 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 the Servicer or any of their respective
        affiliates from soliciting any Mortgagor for any other financial products
        or
        services. The Company and the Servicer shall each use its best efforts to
        prevent the sale of the name of any Mortgagor to any Person who is not affiliate
        of the Company or the Servicer, as applicable.

      

      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 and the Servicer 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 and the Servicer shall have each 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, the Servicer and the Purchaser agree that with respect to some or
        all
        of the Mortgage Loans, on or after the related Closing Date, on one or more
        dates (each a "Reconstitution Date") at the Purchaser's sole option, the
        Purchaser may effect a sale (each, a "Reconstitution") of some or all of
        the
        Mortgage Loans then subject to this Agreement, without recourse,
        to:

      

      (a) one
        or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more Securitization
        Transactions.

      

      The
        Company and the Servicer agree to execute in connection with any agreements
        among the Purchaser, the Company, the Servicer 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 Securitization
        Transaction, a pooling and servicing agreement in form and substance reasonably
        acceptable to the parties, (collectively the agreements referred to herein
        are
        designated, the “Reconstitution Agreements”). It is understood that any such
        Reconstitution Agreements will not contain any greater obligations on the
        part
        of Company or the Servicer than are contained in this Agreement. Notwithstanding
        anything to the contrary in this Section 11.18, the Servicer agrees that
        it is
        required to perform the obligations described in Exhibit
        K
        hereto.

      

      With
        respect to each Whole Loan Transfer and each Securitization Transaction entered
        into by the Purchaser, the Company and the Servicer agree (1) to cooperate
        fully
        with the Purchaser and any prospective purchaser with respect to all reasonable
        requests and due diligence procedures; (2) to execute, deliver and perform
        all
        Reconstitution Agreements required by the Purchaser; (3) to restate the
        representations and warranties set forth in this Agreement as of the settlement
        or closing date in connection with such Reconstitution (each, a "Reconstitution
        Date"). 

      

      In
        addition, the Company and the Servicer shall provide to such servicer or
        issuer,
        as the case may be, and any other participants in such Reconstitution:

      

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

      

      (ii) such
        additional representations, warranties, covenants, opinions of counsel, letters
        from auditors, and certificates of public officials or officers of the Company
        or the Servicer as are reasonably agreed upon by the Company or the Servicer,
        as
        applicable, and the Purchaser or any such other participant;

      

      (iii) within
        five (5) Business Days after request by the Purchaser, the information with
        respect to the Company (as originator) and each Third-Party Originator of
        the
        Mortgage Loans as required under Item 1110(a) and (b) of Regulation AB, a
        summary of the requirements of which has of the date hereof is attached hereto
        as Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion. If requested by the Purchaser, this will include information
        about
        the applicable credit-granting or underwriting criteria;

      

      (iv) within
        five (5) Business Days after request by the Purchaser, the Company shall
        provide
        (or, as applicable, cause each Third-Party Originator to provide) Static
        Pool
        Information with respect to the mortgage loans (of a similar type as the
        Mortgage Loans, as reasonably identified by the Purchaser as provided below)
        originated by (i) the Company, if the Company is an originator of Mortgage
        Loans
        (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
        and/or (ii) each Third-Party Originator. Such Static Pool Information shall
        be
        prepared by the Company (or Third-Party Originator) on the basis of its
        reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
        and (c) of Regulation AB. To the extent that there is reasonably available
        to
        the Company (or Third-Party Originator) Static Pool Information with respect
        to
        more than one mortgage loan type, the Purchaser or any Depositor shall be
        entitled to specify whether some or all of such information shall be provided
        pursuant to this paragraph. The content of such Static Pool Information may
        be
        in the form customarily provided by the Company, and need not be customized
        for
        the Purchaser or any Depositor. Such Static Pool Information for each vintage
        origination year or prior securitized pool, as applicable, shall be presented
        in
        increments no less frequently than quarterly over the life of the mortgage
        loans
        included in the vintage origination year or prior securitized pool. The most
        recent periodic increment must be as of a date no later than 135 days prior
        to
        the date of the prospectus or other offering document in which the Static
        Pool
        Information is to be included or incorporated by reference. The Static Pool
        Information shall be provided in an electronic format that provides a permanent
        record of the information provided, such as a portable document format (pdf)
        file, or other such electronic format reasonably required by the Purchaser
        or
        the Depositor, as applicable;

      

      (v) within
        five (5) Business Days after request by the Purchaser, information with respect
        to the Servicer (as servicer) as required by Item 1108(b) and (c) of Regulation
        AB, a summary of the requirements of which as of the date hereof is attached
        hereto as Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion. In the event that the Servicer has delegated any servicing
        responsibilities with respect to the Mortgage Loans to a Subservicer, the
        Servicer shall provide the information required pursuant to this clause with
        respect to the Subservicer;

      

      (vi) within
        five (5) Business Days after request by the Purchaser, 

      (a)
        information regarding any legal proceedings pending (or known to be
        contemplated) against the Company (as originator) and Servicer (as servicer)
        and
        each other originator of the Mortgage Loans and each Subservicer as required
        by
        Item 1117 of Regulation AB, a summary of the requirements of which as of
        the
        date hereof is attached hereto as Exhibit N for convenience of reference
        only,
        as determined by Purchaser in its sole discretion,

      (b)
        information regarding affiliations with respect to the Company (as originator)
        and Servicer (as servicer) and each other originator of the Mortgage Loans
        and
        each Subservicer as required by Item 1119(a) of Regulation AB, a summary
        of the
        requirements of which as of the date hereof is attached hereto as Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion, and

      (c)
        information regarding relationships and transactions with respect to the
        Company
        (as originator) and Servicer (as servicer) and each other originator of the
        Mortgage Loans and each Subservicer as required by Item 1119(b) and (c) of
        Regulation AB, a summary of the requirements of which as of the date hereof
        is
        attached hereto as Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion; 

      

      (vii) if
        so
        requested by the Purchaser, the Company shall provide (or, as applicable,
        cause
        each Third-Party Originator to provide), at the expense of the requesting
        party
        (to the extent of any additional incremental expense associated with delivery
        pursuant to this Agreement), such statements and agreed-upon procedures letters
        of certified public accountants reasonably acceptable to the Purchaser or
        Depositor, as applicable, pertaining to Static Pool Information relating
        to
        prior securitized pools for securitizations closed on or after January 1,
        2006
        or, in the case of Static Pool Information with respect to the Company’s or
        Third-Party Originator’s originations or purchases, to calendar months
        commencing January 1, 2006, or to any financial information included in any
        other disclosure provided under this Section 11.18, as the Purchaser or such
        Depositor shall reasonably request. Such statements and letters shall be
        addressed to and be for the benefit of such parties as the Purchaser or such
        Depositor shall designate, which may include, by way of example, any Sponsor,
        any Depositor and any broker dealer acting as underwriter, placement agent
        or
        initial purchaser with respect to a Securitization Transaction. Any such
        statement or letter may take the form of a standard, generally applicable
        document accompanied by a reliance letter authorizing reliance by the addressees
        designated by the Purchaser or such Depositor; 

      

      (viii)
        For the purpose of satisfying the reporting obligation under the Exchange
        Act
        with respect to any class of asset-backed securities, the Company and the
        Servicer shall each (or shall cause each Subservicer and Third-Party Originator
        to), in accordance with Section 3.01(r), (i) provide immediate notice to
        the
        Purchaser, any Master Servicer and any Depositor in writing of (A) any material
        litigation or governmental proceedings involving the Company, the Servicer
        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, the Servicer, 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 or 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 Company’s obligations under this Agreement or
        any Reconstitution Agreement and (ii) provide to the Purchaser and any Depositor
        a description of such proceedings, affiliations or relationships; 

      

      (ix)
        As a
        condition to the succession to the 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 Purchaser, any Master Servicer,
        and any Depositor, at least 15 calendar days prior to the effective date
        of such
        succession or appointment, (x) written notice to the Purchaser and any Depositor
        of such succession or appointment and (y) in writing and in form and substance
        reasonably satisfactory to the Purchaser and such Depositor, all information
        reasonably requested by the Purchaser or any Depositor in order to comply
        with
        its reporting obligation under Item 6.02 of Form 8-K with respect to any
        class
        of asset-backed securities; 

      

      (x)
        In
        addition to such information as the Servicer, as servicer, is obligated to
        provide pursuant to other provisions of this Agreement, not later than ten
        (10)
        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 Servicer or any Subservicer, the Servicer
        or such
        Subservicer, as applicable, shall, to the extent the Servicer or such
        Subservicer has knowledge, provide to the party responsible for filing such
        report (including, if applicable, the Master Servicer) notice of the occurrence
        of any of the following events along with all information, data, and materials
        related thereto as may be required to be included in the related distribution
        report on Form 10-D (as specified in the provisions of Regulation AB referenced
        below):

      

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

      

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

      

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

      

      (xi)
        The
        Servicer shall provide to the Purchaser, any Master Servicer and any Depositor,
        evidence of the authorization of the person signing any certification or
        statement, copies or other evidence of Fidelity Bond Insurance and Errors
        and
        Omission Insurance policy, financial information and reports, and such other
        information related to the Servicer or any Subservicer or the Servicer or
        such
        Subservicer’s performance hereunder.

      

      In
        the
        event of a conflict or inconsistency between the terms of Exhibit N and the
        text
        of the applicable Item of Regulation AB as cited above, the text of Regulation
        AB, its adopting release and other public statements of the SEC shall
        control.

      

      The
        Company shall indemnify the Purchaser, each affiliate of the Purchaser, and
        each
        of the following parties participating in a Securitization Transaction: each
        sponsor and issuing entity; each Person (including, but not limited to, any
        Master Servicer, if applicable) responsible for the preparation, execution
        or
        filing of any report required to be filed with the Commission with respect
        to
        such Securitization Transaction, or for execution of a certification pursuant
        to
        Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
        Securitization Transaction; each broker dealer acting as underwriter, placement
        agent or initial purchaser, each Person who controls any of such parties
        or the
        Depositor (within the meaning of Section 15 of the Securities Act and Section
        20
        of the Exchange Act); and the respective present and former directors, officers,
        employees, agents and affiliates of each of the foregoing and of the Depositor
        (each, an “Indemnified Party”), and shall hold each of them harmless from and
        against any claims, losses, damages, penalties, fines, forfeitures, legal
        fees
        and expenses and related costs, judgments, and any other costs, fees and
        expenses that any of them may sustain arising out of or based upon:

      

      (i)(A)
        any untrue statement of a material fact contained or alleged to be contained
        in
        any information, report, certification, data, accountants’ letter or other
        material provided under this Section 11.18 by or on behalf of the Company,
        or
        provided under this Section 11.18 by or on behalf of the Servicer, or any
        Subservicer, Subcontractor or Third-Party Originator (collectively, the “Company
        Information”), or (B) the omission or alleged omission to state in the Company
        Information a material fact required to be stated in the Company Information
        or
        necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; provided, by way
        of
        clarification, that clause (B) of this paragraph shall be construed solely
        by
        reference to the Company Information and not to any other information
        communicated in connection with a sale or purchase of securities, without
        regard
        to whether the Company Information or any portion thereof is presented together
        with or separately from such other information;

      

      (ii)
        any
        breach by the Company of its obligations under this Section 11.18, including
        particularly any failure by the Company, the Servicer, any Subservicer, any
        Subcontractor or any Third-Party Originator to deliver any information, report,
        certification, accountants’ letter or other material when and as required under
        this Section 11.18, including any failure by the Company to identify pursuant
        to
        Section 11.20 any Subcontractor “participating in the servicing function” within
        the meaning of Item 1122 of Regulation AB; 

      

      (iii)
        any
        breach by the Company of a representation or warranty set forth in Section
        3.01
        or in a writing furnished pursuant to Section 3.01(q) and made as of a date
        prior to the closing date of the related Securitization Transaction, to the
        extent that such breach is not cured by such closing date, or any breach
        by the
        Company of a representation or warranty in a writing furnished pursuant to
        Section 3.01(q) to the extent made as of a date subsequent to such closing
        date;
        or

       

      (iv) the
        negligence bad faith or willful misconduct of the Company in connection with
        its
        performance under this Section
        11.18.

        

        If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other. 

        

        In
        the
        case of any failure of performance described above, the Company shall promptly
        reimburse the Purchaser, any Depositor, as applicable, and each Person
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission with respect to such Securitization Transaction,
        or
        for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
        under the Exchange Act with respect to such Securitization Transaction, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, the Servicer, 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.

      

      The
        Servicer 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 Section 11.18 by or on behalf of the Servicer,
        or
        provided under this Section 11.18 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 11.18, 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 this Section 11.18, including any failure
        by
        the Servicer to identify pursuant to Section 11.20 any Subcontractor
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB; 

      

      (iii)
        any
        breach by the Servicer of a representation or warranty set forth in Section
        3.01
        or in a writing furnished pursuant to Section 3.01(q) and made as of a date
        prior to the closing date of the related Securitization Transaction, to the
        extent that such breach is not cured by such closing date, or any breach
        by the
        Servicer of a representation or warranty in a writing furnished pursuant
        to
        Section 3.01(q) to the extent made as of a date subsequent to such closing
        date;
        or

       

      (iv) the
        negligence bad faith or willful misconduct of the Servicer in connection
        with
        its performance under this Section 11.18.

        

        If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the 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 above, the Servicer 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 Servicer, any Subservicer or any Subcontractor.

      

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

      

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      

      Section
        11.19. Monthly
        Reporting with Respect to a Reconstitution.

      

      As
        long
        as the Servicer
        continues
        to service Mortgage Loans, the Servicer
        agrees
        that with respect to any Mortgage Loan sold or transferred pursuant to a
        Reconstitution as described in Section 11.18 of this Agreement (a “Reconstituted
        Mortgage Loan”), the Servicer,
        at its
        expense, shall provide the Purchaser with the information set forth in Exhibit
        J
        attached hereto for each Reconstituted Mortgage Loan in Excel or such electronic
        delimited file format as may be mutually agreed upon by both Purchaser and
        Servicer.
        Such
        information shall be provided monthly for all Reconstituted Mortgage Loans
        on
        the fifth (5th)
        Business Day of each month for the immediately preceding monthly period,
        and
        shall be transmitted to fast.data@bear.com.

      

      Section
        11.20. Unpaid
        Fees and Expenses and other Amounts Owing to Purchaser; Offset. 

      

      It
        is
        understood that this Agreement creates an ongoing relationship between the
        parties.  As a result, there may be various fees, charges, and expenses
        assessed by Purchaser on each sale.  In addition, there may be amounts owed
        to Purchaser as a result of certain obligations relating to repurchase of
        Mortgage Loans, premium recapture or indemnification of Purchaser, all as
        set
        forth in the Agreement or in each related Term Sheet.   If any such
        amount due Purchaser from Company remains outstanding more than thirty (30)
        days
        after it is due, Company then hereby authorizes Purchaser to deduct from
        any
        subsequent purchase proceeds hereunder such amounts (which
        amounts may be an initial payment of amounts owed Purchaser, subject to further
        adjustment) due
        Purchaser, plus interest at an annual rate equal to the Prime Rate from the
        due
        date through the date of payment. Furthermore, Company authorizes Purchaser
        to set off any funds or other assets of Company in possession of Bear, Stearns
        & Co. Inc. or any of its affiliates against any loss, damage or expense
        Purchaser may incur as a result of Company’s breach of its obligations hereunder
        or in the related Term Sheet.

      

      Section
        11.21. Use
        of
        Subservicers and Subcontractors.

      

      (a) The
        Servicer shall not hire or otherwise utilize the services of any Subservicer
        to
        fulfill any of the obligations of the Servicer as servicer under this Agreement
        or any Reconstitution Agreement unless the Servicer complies with the provisions
        of paragraph (b) of this Section. 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 as servicer under this Agreement or any
        Reconstitution Agreement unless the Servicer complies with the provisions
        of
        paragraph (d) of this Section. 

      

      (b) The
        Servicer shall cause any Subservicer used by the Servicer (or by any
        Subservicer) for the benefit of the Purchaser and any Depositor to comply
        with
        the provisions of this Section and with Sections 3.01(p), 3.01(s), 6.04,
        6.07
        and 11.18 of this Agreement to the same extent as if such Subservicer were
        the
        Servicer, and to provide the information required with respect to such
        Subservicer under Section 3.01(r) of this Agreement. The Servicer shall be
        responsible for obtaining from each Subservicer and delivering to the Purchaser,
        any Master Servicer and any Depositor any Annual Statement of Compliance
        required to be delivered by such Subservicer under Section 6.04(a), any
        Assessment of Compliance and Attestation Report required to be delivered
        by such
        Subservicer under Section 6.07 and any Annual Certification required under
        Section 6.04(b) as and when required to be delivered.

      

      (c) The
        Servicer 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, any 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.

      

      (d) As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Servicer shall cause any such Subcontractor used by the
        Servicer (or by any Subservicer) for the benefit of the Purchaser and any
        Depositor to comply with the provisions of Sections 6.07 and 11.18 of this
        Agreement to the same extent as if such Subcontractor were the Servicer.
        The
        Servicer shall be responsible for obtaining from each Subcontractor and
        delivering to the Purchaser and any Depositor any Assessment of Compliance
        and
        Attestation Report and the other certificates required to be delivered by
        such
        Subservicer and such Subcontractor under Section 6.07, in each case as and
        when
        required to be delivered.

      

      Section
        11.22. Third
        Party Beneficiary.

      

      For
        purposes of this Agreement, each Master Servicer shall be considered a
        third party beneficiary to this Agreement, entitled to all the rights and
        benefits hereof as if it were a direct party to this
        Agreement.

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      IN
        WITNESS WHEREOF, the Company, the Servicer and the Purchaser have caused
        their
        names to be signed hereto by their respective officers thereunto duly authorized
        as of the day and year first above written.

      

      
        	
                EMC
                  MORTGAGE CORPORATION

                Purchaser

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                AMERICAN
                  HOME MORTGAGE CORP.  

                Company

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                AMERICAN
                  HOME MORTGAGE SERVICING, INC.  

                Servicer

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      EXHIBIT
        A

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by "[Company],
        successor by merger to the [name of predecessor]". If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by "[Company] formerly known as [previous name]".
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

      

      2.
        The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy, if required.

      

      4. The
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6. Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. reserved.

      

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.
        Residential loan application.

      

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13. Credit
        report on the mortgagor.

      

      14. Business
        credit report, if applicable.

      

      15. Residential
        appraisal report and attachments thereto.

      

      16. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20. Survey
        of
        the Mortgaged Property, if any.

      

      21. Sales
        contract, if applicable.

      

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24. Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for
        recording.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2005

      

      To: [_______________________]
        

      (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        [_____________________] 1, 200[_] (the "Agreement"), we hereby authorize
        and
        request you to establish an account, as a Custodial Account pursuant to Section
        4.04 of the Agreement, to be designated as
        "[______________________________________], in trust for the [Purchaser],
        Owner
        of Adjustable Rate Mortgage Loans". All deposits in the account shall be
        subject
        to withdrawal therefrom by order signed by the Company. This letter is submitted
        to you in duplicate. Please execute and return one original to us.

      
        	
                 

                [__________________________]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      
        	
                 

                [__________________________]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2005

      

      To: [_______________________]

      (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        [____________________]1, 200[_] (the "Agreement"), we hereby authorize and
        request you to establish an account, as an Escrow Account pursuant to Section
        4.06 of the Agreement, to be designated as "[__________________________],
        in
        trust for the [Purchaser], Owner of Adjustable Rate Mortgage Loans, and various
        Mortgagors." All deposits in the account shall be subject to withdrawal
        therefrom by order signed by the Company. This letter is submitted to you
        in
        duplicate. Please execute and return one original to us.

      
        	
                 

                [__________________________]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      
        	
                 

                [__________________________]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
        (the “Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of _________, 200__, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the Company, in blank,
        and an assignment of mortgage in recordable form from the Company, in blank.
        Assignee shall pay the Funding Amount by wire transfer of immediately available
        funds to the account specified by Assignor. Assignee shall be entitled to
        all
        scheduled payments due on the Assigned Loans after ___________, 200__ and
        all
        unscheduled payments or other proceeds or other recoveries on the Assigned
        Loans
        received on and after _____________, 200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

      

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

       

      
        	(a)  	
                Attached
                  hereto as Attachment 2 is a true and accurate copy of the Purchase
                  Agreement, which agreement is in full force and effect as of the
                  date
                  hereof and the provisions of which have not been waived, amended
                  or
                  modified in any respect, nor has any notice of termination been
                  given
                  thereunder; 

              

        

        	(b)  	
                Company
                  is duly organized, validly existing and in good standing under
                  the laws of
                  the jurisdiction of its incorporation, and has all requisite power
                  and
                  authority to service the Assigned Loans and otherwise to perform
                  its
                  obligations under the Purchase Agreement;

              

        

        	(c)  	
                Company
                  has full corporate power and authority to execute, deliver and
                  perform its
                  obligations under this PAAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this PAAR Agreement is in the ordinary course of Company’s business and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Company’s charter or by-laws or any legal
                  restriction, or any material agreement or instrument to which Company
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Company
                  or its
                  property is subject. The execution, delivery and performance by
                  Company of
                  this PAAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  corporate
                  action on part of Company. This PAAR Agreement has been duly executed
                  and
                  delivered by Company, and, upon the due authorization, execution
                  and
                  delivery by Assignor and Assignee, will constitute the valid and
                  legally
                  binding obligation of Company, enforceable against Company in accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

        

        	(d)  	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by Assignee in connection with the execution, delivery or
                  performance
                  by Company of this PAAR Agreement, or the consummation by it of
                  the
                  transactions contemplated hereby; and

              

        

        	(e)  	
                No
                  event has occurred
                  from the Closing Date to the date hereof which would render the
                  representations and warranties as to the related Assigned Loans
                  made by
                  the Company in Sections 3.01 and 3.02 of the Purchase Agreement
                  to be
                  untrue in any material respect.

              

        

        	(f)  	
                Neither
                  this AAR Agreement nor any certification, statement, report or
                  other
                  agreement, document or instrument furnished or to be furnished
                  by the
                  Company pursuant to this AAR Agreement contains or will contain
                  any
                  materially untrue statement of fact or omits or will omit to state
                  a fact
                  necessary to make the statements contained therein not
                  misleading.

              

        

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

      

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      

      (a) In
        the
        case of Company,

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________

       

      With
        a copy to ______________________________________.

      

      (b)  In
        the
        case of Assignor,

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________

      

      (c) In
        the
        case of Assignee,

      

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Raylene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      

      ___________________

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        ___________

      Telecopier
        No.: (212) 272-____

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control.

      

      

      [Modification
        of Purchase Agreement

      

      15.  The
        Company and Assignor hereby amend the Purchase Agreement as
        follows:

      

      (a) The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator:     ________________________

      

      Supplemental
        PMI Insurer:    ________________________

      

      Supplemental
        PMI Policy: The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee.

      

      Trustee:
         ________________________

      

      (b) The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy, any
        title
        policy, any hazard insurance policy or any other insurance policy covering
        a
        Mortgage Loan or other related Mortgaged Property, including any amounts
        required to be deposited in the Custodial Account pursuant to Section 4.04,
        to
        the extent such proceeds are not to be applied to the restoration of the
        related
        Mortgaged Property or released to the Mortgagor in accordance with Accepted
        Servicing Practices.

      

      (c) The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the Purchaser and the
        [Securities Administrator] any statements or other reports given by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

      

      
        	
                EMC
                  MORTGAGE CORPORATION

                Assignor

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                _________________________________

                Assignee

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                _________________________________

                Company

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

       EXHIBIT
        ___

      

      FORM
        OF COMPANY CERTIFICATION

      

      I,
        [identify certifying individual], certify to the [Trustee] [Seller] [Securities
        Administrator] [Mortgage Loan Seller] [Purchaser] and [Master Servicer]
        that:

      

      1. I
        have reviewed the servicing reports prepared by [COMPANY] (the “Company”)
        pursuant to the [Servicing Agreement] (the “Servicing Agreement”), dated as of
        __________ between __________ and the Company (as modified by the AAR Agreement
        (as defined below) and delivered to [MASTER SERVICER] (the “Master Servicer”)
        pursuant to the Assignment, Assumption and Recognition Agreement (the “AAR
        Agreement”), dated as of __________ among [ASSIGNOR] as Assignor, Company and
        [ASSIGNEE], as Assignee.

      

      2. Based
        on my knowledge, the information in these reports, taken as a whole, does
        not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading as of the last day of the period
        covered by such servicing reports.

      

      3. Based
        on my knowledge, the servicing information required to be provided to the
        Master
        Servicer under the Servicing Agreement and the AAR Agreement is included
        in
        these reports.

      

      4. I
        am responsible for reviewing the activities performed the Company under the
        Servicing Agreement and the AAR Agreement and based upon the review required
        under the Servicing Agreement and the AAR Agreement, and except as disclosed
        in
        the Annual Statement of Compliance, the Company has fulfilled its obligations
        under the Servicing Agreement and the AAR Agreement.

      

      5. I
        have disclosed to the Master Servicer's certified public accountants all
        significant deficiencies relating to the Company's compliance with the minimum
        servicing standards in accordance with a review conduced in compliance with
        the
        Uniform Single Attestation Program for Mortgage Bankers or similar standard
        as
        set forth in the Servicing Agreement and the AAR Agreement.

      

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        AAR
        Agreement.

      

      Date:______________

      

      _____________________

      [Signature]

      [Title]

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        E

      

      REPORTING
        DATA FOR MONTHLY REPORT

      

      
        	
                Standard
                  File Layout - Master Servicing

              
	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	 	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	 	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	 	 	 	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	 	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        F

      

      REPORTING
        DATA FOR DEFAULTED LOANS

      

      Standard
        File Layout - Delinquency Reporting

      

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

       

       

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting

       

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

       

      

        
          	
                  ·  ASUM-

                	
                  Approved
                    Assumption

                
	
                  ·  BAP-

                	
                  Borrower
                    Assistance Program

                
	
                  ·  CO-

                	
                  Charge
                    Off

                
	
                  ·  DIL-

                	
                  Deed-in-Lieu

                
	
                  ·  FFA-

                	
                  Formal
                    Forbearance Agreement

                
	
                  ·  MOD-

                	
                  Loan
                    Modification

                
	
                  ·  PRE-

                	
                  Pre-Sale

                
	
                  ·  SS-

                	
                  Short
                    Sale

                
	
                  ·  MISC-

                	
                  Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

      

      

       

      NOTE:
        Wells Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      

       

      The
        Occupant
        Code
        field should show the current status of the property code as
        follows:

       

      
        	·  	
                Mortgagor

              

      

       

      
        	·  	
                Tenant

              

      

       

      
        	·  	
                Unknown
                  

              

      

       

      
        	·  	
                Vacant

              

      

       

      

       

      The
        Property
        Condition
        field should show the last reported condition of the property as follows:
        

       

      
        	·  	
                Damaged

              

      

       

      
        	·  	
                Excellent

              

      

       

      
        	·  	
                Fair

              

      

       

      
        	·  	
                Gone

              

      

       

      
        	·  	
                Good

              

      

       

      
        	·  	
                Poor

              

      

       

      
        	·  	
                Special
                  Hazard

              

      

       

      
        	·  	
                Unknown

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      The
        FNMA
        Delinquent Reason Code
        field should show the Reason for Delinquency as follows: 

       

      

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of property

              
	
                009

              	
                FNMA-Distant
                  employee transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell property

              
	
                013

              	
                FNMA-Inability
                  to rent property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

      

      
 

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

      

       

      The
        FNMA
        Delinquent Status Code
        field should show the Status of Default as follows: 

       

      

      
        	
                Status
                  Code

              	
                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7 Bankruptcy

              
	
                66

              	
                Chapter
                  11 Bankruptcy

              
	
                67

              	
                Chapter
                  13 Bankruptcy

              

      

       

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE: Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned loan is being repurchased pursuant to the terms of the Agreement.
        The
        Company hereby certifies that the repurchase price has been credited to the
        Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned loan is being placed in foreclosure and the original documents
        are
        required to proceed with the foreclosure action. The Company hereby certifies
        that the documents will be returned to the Purchaser in the event of
        reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan.

      

      Dated:_________________

      

      By:________________________________

      Signature

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        I

       

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, by and among American Home
        Mortgage Corporation, with offices located at 520 Broadhollow Road, Melville,
        New York 11747 (the “Company”), American Home Mortgage Servicing, Inc., with
        offices located at 4600 Regent Boulevard, Suite 200, Irving, Texas 75063
        (the
        "Servicer"), and EMC Mortgage Corporation, a Delaware corporation, located
        at
        909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038 (the "Purchaser")
        is made
        pursuant to the terms and conditions of that certain Purchase, Warranties and
        Servicing Agreement (the "Agreement") dated as of March 1, 2006, by and among
        the Company, the Servicer 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
        Servicer 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.

       

      
        	
                AMERICAN
                  HOME MORTGAGE CORPORATION

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                EMC
                  MORTGAGE CORPORATION

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                AMERICAN
                  HOME MORTGAGE SERVICING, INC.

              
	 	 
	 	 
	
                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
        Servicer shall (i) possess the ability to service to a securitization documents;
        (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through the
        liquidation of an REO Property), (iii) make compensating interest payments
        on
        payoffs and curtailments, (iv) report to a Master Servicer in format acceptable
        to such Master Servicer by the 10th calendar day of each month, and (v) remit
        to
        a Master Servicer in format acceptable to such Master Servicer by the 18th
        calendar day of each month, and if such 18th
        calendar
        day is not a Business Day, the Business Day immediately preceding the
        18th
        calendar
        day)..

      .

      

      •     The
        Servicer
        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
        Servicer
        shall allow for the Purchaser, the Master Servicer or their designee to perform
        a review of audited financials and net worth of the Servicer.

      

      •     The
        Servicer
        shall provide a Uniform Single Attestation Program certificate and Management
        Assertion as requested by the Master Servicer or the Purchaser.

      

      •     The
        Servicer
        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
        Servicer
        shall maintain its servicing system in accordance with the requirements of
        the
        Master Servicer.

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        L

      

      FORM
        OF
        COMPANY CERTIFICATION

      

      Re: The
        [ ]
        agreement dated as of [ l,
        200[ ]
        (the “Agreement”), among [IDENTIFY PARTIES]

      

      I,
        ____________________________, the _______________________ of [NAME OF COMPANY]
        (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
        Servicer] [Securities Administrator] [Trustee], and their officers, with
        the
        knowledge and intent that they will rely upon this certification,
        that:

      

      I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
        reports, officer’s certificates and other information relating to the servicing
        of the Mortgage Loans by the Company during 200[ ] that were delivered by
        the
        Company to the [Depositor] [Master Servicer] [Securities Administrator]
        [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
        Information”);

      

      Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

      

      Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Securities Administrator] [Trustee];

      

      I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

      

      The
        Compliance Statement required to be delivered by the Company pursuant to
        this
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master Servicer]. Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        [Depositor] [Master Servicer]. Any material instance of noncompliance with
        the
        Servicing Criteria has been disclosed in such reports.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        M

      

      SUMMARY
        OF REGULATION AB

      SERVICING
        CRITERIA

      

      NOTE:
        This Exhibit M is provided for convenience of reference only. In the event
        of a
        conflict or inconsistency between the terms of this Exhibit M and the text
        of
        Regulation AB, the text of Regulation AB, its adopting release and other
        public
        statements of the SEC shall control. 

      

      Item
        1122(d)

       

      
        	(a)  	
                General
                  servicing considerations.

              

      

       

      (1)  Policies
        and procedures are instituted to monitor any performance or other triggers
        and
        events of default in accordance with the transaction agreements.

       

      (2)  If
        any
        material servicing activities are outsourced to third parties, policies and
        procedures are instituted to monitor the third party’s performance and
        compliance with such servicing activities.

       

      (3)  Any
        requirements in the transaction agreements to maintain a back-up servicer
        for
        the mortgage loans are maintained.

       

      (4)  A
        fidelity bond and errors and omissions policy is in effect on the party
        participating in the servicing function throughout the reporting period in
        the
        amount of coverage required by and otherwise in accordance with the terms
        of the
        transaction agreements.

       

      
        	(b)  	
                Cash
                  collection and administration.

              

      

       

      (1)  Payments
        on mortgage loans are deposited into the appropriate custodial bank accounts
        and
        related bank clearing accounts no more than two business days following receipt,
        or such other number of days specified in the transaction
        agreements.

       

      (2)  Disbursements
        made via wire transfer on behalf of an obligor or
        to an
        investor are made only by authorized personnel.

       

      (3)  Advances
        of funds or guarantees regarding collections, cash flows or distributions,
        and
        any interest or other fees charged for such advances, are made, reviewed
        and
        approved as specified in the transaction agreements.

       

      (4)  The
        related accounts for the transaction, such as cash reserve accounts or accounts
        established as a form of overcollateralization, are separately maintained
        (e.g.,
        with respect to commingling of cash) as set forth in the transaction
        agreements.

       

      (5)  Each
        custodial account is maintained at a federally insured depository institution
        as
        set forth in the transaction agreements. For purposes of this criterion,
        “federally insured depository institution” with respect to a foreign financial
        institution means a foreign financial institution that meets the requirements
        of
        Rule 13k-1(b)(1) of the Securities Exchange Act.

       

      (6)  Unissued
        checks are safeguarded so as to prevent unauthorized access.

       

      (7)  Reconciliations
        are prepared on a monthly basis for all asset-backed securities related bank
        accounts, including custodial accounts and related bank clearing accounts.
        These
        reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar
        days after the bank statement cutoff date, or such other number of days
        specified in the transaction agreements; (C) reviewed and approved by someone
        other than the person who prepared the reconciliation; and (D) contain
        explanations for reconciling items. These reconciling items are resolved
        within
        90 calendar days of their original identification, or such other number of
        days
        specified in the transaction agreements.

       

      
        	(c)  	
                Investor
                  remittances and reporting.

              

      

       

      (1)  Reports
        to investors, including those to be filed with the Commission, are maintained
        in
        accordance with the transaction agreements and applicable Commission
        requirements. Specifically, such reports (A) are prepared in accordance with
        timeframes and other terms set forth in the transaction agreements; (B) provide
        information calculated in accordance with the terms specified in the transaction
        agreements; (C) are filed with the Commission as required by its rules and
        regulations; and (D) agree with investors’ or the trustee’s records as to the
        total unpaid principal balance and number of mortgage loans serviced by the
        Servicer.

       

      (2)  Amounts
        due to investors are allocated and remitted in accordance with timeframes,
        distribution priority and other terms set forth in the transaction
        agreements.

       

      (3)  Disbursements
        made to an investor are posted within two business days to the Servicer’s
        investor records, or such other number of days specified in the transaction
        agreements.

       

      (4)  Amounts
        remitted to investors per the investor reports agree with cancelled checks,
        or
        other form of payment, or custodial bank statements.

       

      
        	(d)  	
                Mortgage
                  Loan administration.

              

      

       

      (1)  Collateral
        or security on mortgage loans is maintained as required by the transaction
        agreements or related mortgage loan documents.

       

      (2)  Mortgage
        loan and related documents are safeguarded as required by the transaction
        agreements.

       

      (3)  Any
        additions, removals or substitutions to the asset pool are made, reviewed
        and
        approved in accordance with any conditions or requirements in the transaction
        agreements.

       

      (4)  Payments
        on mortgage loans, including any payoffs, made in accordance with the related
        mortgage loan documents are posted to the Servicer’s obligor records maintained
        no more than two business days after receipt, or such other number of days
        specified in the transaction agreements, and allocated to principal, interest
        or
        other items (e.g., escrow) in accordance with the related mortgage loan
        documents.

       

      (5)  The
        Servicer’s records regarding the mortgage loans agree with the Servicer’s
        records with respect to an obligor’s unpaid principal balance.

       

      (6)  Changes
        with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
        modifications or re-agings) are made, reviewed and approved by authorized
        personnel in accordance with the transaction agreements and related mortgage
        loan documents.

       

      (7)  Loss
        mitigation or recovery actions (e.g., forbearance plans, modifications and
        deeds
        in lieu of foreclosure, foreclosures and repossessions, as applicable) are
        initiated, conducted and concluded in accordance with the timeframes or other
        requirements established by the transaction agreements.

       

      (8)  Records
        documenting collection efforts are maintained during the period a mortgage
        loan
        is delinquent in accordance with the transaction agreements. Such records
        are
        maintained on at least a monthly basis, or such other period specified in
        the
        transaction agreements, and describe the entity’s activities in monitoring
        delinquent mortgage loans including, for example, phone calls, letters and
        payment rescheduling plans in cases where delinquency is deemed temporary
        (e.g.,
        illness or unemployment).

       

      (9)  Adjustments
        to interest rates or rates of return for mortgage loans with variable rates
        are
        computed based on the related mortgage loan documents.

       

      (10)  Regarding
        any funds held in trust for an obligor (such as escrow accounts): (A) such
        funds
        are analyzed, in accordance with the obligor’s mortgage loan documents, on at
        least an annual basis, or such other period specified in the transaction
        agreements; (B) interest on such funds is paid, or credited, to obligors
        in
        accordance with applicable mortgage loan documents and state laws; and (C)
        such
        funds are returned to the obligor within 30 calendar days of full repayment
        of
        the related mortgage loans, or such other number of days specified in the
        transaction agreements.

       

      (11)  Payments
        made on behalf of an obligor (such as tax or insurance payments) are made
        on or
        before the related penalty or expiration dates, as indicated on the appropriate
        bills or notices for such payments, provided that such support has been received
        by the Servicer at least 30 calendar days prior to these dates, or such other
        number of days specified in the transaction agreements.

       

      (12)  Any
        late
        payment penalties in connection with any payment to be made on behalf of
        an
        obligor are paid from the Servicer’s funds and not charged to the obligor,
        unless the late payment was due to the obligor’s error or omission.

       

      (13)  Disbursements
        made on behalf of an obligor are posted within two business days to the
        obligor’s records maintained by the Servicer, or such other number of days
        specified in the transaction agreements.

       

      (14)  Delinquencies,
        charge-offs and uncollectable accounts are recognized and recorded in accordance
        with the transaction agreements.

       

      (15)  Any
        external enhancement or other support, identified in Item 1114(a)(1) through
        (3)
        or Item 1115 of Regulation AB, is maintained as set forth in the
        transaction agreements.

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        N

      

      SUMMARY
        OF APPLICABLE REGULATION AB REQUIREMENTS

      

      NOTE:
        This Exhibit N is provided for convenience of reference only. In the event
        of a
        conflict or inconsistency between the terms of this Exhibit N and the text
        of
        Regulation AB, the text of Regulation AB, its adopting release and other
        public
        statements of the SEC shall control. 

       

      Item
        1105(a)(1)-(3) and (c)

      

      -Provide
        static pool information with respect to mortgage loans that were originated
        or
        purchased by the Company and which are of the same type as the Mortgage
        Loans.

       

      -Provide
        static pool information regarding delinquencies, cumulative losses and
        prepayments for prior securitized pools of the Company.

       

      -If
        the
        Company has less than 3 years experience securitizing assets of the same
        type as
        the Mortgage Loans, provide the static pool information by vintage origination
        years regarding loans originated or purchased by the Company, instead of
        by
        prior securitized pool. A vintage origination year represents mortgage loans
        originated during the same year.

       

      -Such
        static pool information shall be for the prior five years, or for so long
        as the
        Company has been originating or purchasing (in the case of data by vintage
        origination year) or securitizing (in the case of data by prior securitized
        pools) such mortgage loans if for less than five years.

       

      -The
        static pool information for each vintage origination year or prior securitized
        pool, as applicable, shall be presented in monthly increments over the life
        of
        the mortgage loans included in the vintage origination year or prior securitized
        pool.

       

      -Provide
        summary information for the original characteristics of the prior securitized
        pools or vintage origination years, as applicable and material, including:
        number of pool assets, original pool balance, weighted average initial loan
        balance, weighted average mortgage rate, weighted average and minimum and
        maximum FICO, product type, loan purpose, weighted average and minimum and
        maximum LTV, distribution of loans by mortgage rate, and geographic
        concentrations of 5% or more.

       

      

      Item
        1108(b) and (c)

      

      Provide
        the following information with respect to each servicer that will service,
        including interim service, 20% or more of the mortgage loans in any loan
        group
        in the securitization issued in the Securitization Transaction: 

       

      -a
        description of the Company’s form of organization;

       

      -a
        description of how long the Company has been servicing residential mortgage
        loans; a general discussion of the Company’s experience in servicing assets of
        any type as well as a more detailed discussion of the Company’s experience in,
        and procedures for the servicing function it will perform under this Agreement
        and any Reconstitution Agreements; information regarding the size, composition
        and growth of the Company’s portfolio of mortgage loans of the type similar to
        the Mortgage Loans and information on factors related to the Company that
        may be
        material to any analysis of the servicing of the Mortgage Loans or the related
        asset-backed securities, as applicable, including whether any default or
        servicing related performance trigger has occurred as to any other
        securitization due to any act or failure to act of the Company, whether any
        material noncompliance with applicable servicing criteria as to any other
        securitization has been disclosed or reported by the Company, and the extent
        of
        outsourcing the Company uses;

       

      -a
        description of any material changes to the Company’s policies or procedures in
        the servicing function it will perform under this Agreement and any
        Reconstitution Agreements for mortgage loans of the type similar to the Mortgage
        Loans during the past three years;

       

      -information
        regarding the Company’s financial condition to the extent that there is a
        material risk that the effect on one or more aspects of servicing resulting
        from
        such financial condition could have a material impact on the performance
        of the
        securities issued in the Securitization Transaction, or on servicing of mortgage
        loans of the same asset type as the Mortgage Loans;

       

      -any
        special or unique factors involved in servicing loans of the same type as
        the
        Mortgage Loans, and the Company’s processes and procedures designed to address
        such factors;

       

      -statistical
        information regarding principal and interest advances made by the Company
        on the
        Mortgage Loans and the Company’s overall servicing portfolio for the past three
        years; and

       

      -the
        Company’s process for handling delinquencies, losses, bankruptcies and
        recoveries, such as through liquidation of REO Properties, foreclosure, sale
        of
        the Mortgage Loans or workouts.

       

      Item
        1110(a)

      

      -Identify
        any originator or group of affiliated originators that originated, or is
        expected to originate, 10% or more of the mortgage loans in any loan group
        in
        the securitization issued in the Securitization Transaction.

       

      

      Item
        1110(b)

      

      Provide
        the following information with respect to any originator or group of affiliated
        originators that originated, or is expected to originate, 20% or more of
        the
        mortgage loans in any loan group in the securitization issued in the
        Securitization Transaction:

       

      -the
        Company’s form of organization; and

       

      -a
        description of the Company’s origination program and how long the Company has
        been engaged in originating residential mortgage loans, which description
        must
        include a discussion of the Company’s experience in originating mortgage loans
        of the same type as the Mortgage Loans and information regarding the size
        and
        composition of the Company’s origination portfolio as well as information that
        may be material to an analysis of the performance of the Mortgage Loans,
        such as
        the Company’s credit-granting or underwriting criteria for mortgage loans of the
        same type as the Mortgage Loans.

       

      

      Item
        1117

      

      -describe
        any legal proceedings pending against the Company or against any of its
        property, including any proceedings known to be contemplated by governmental
        authorities, that may be material to the holders of the securities issued
        in the
        Securitization Transaction.

       

      

      Item
        1119(a)

      

      -describe
        any affiliations of the Company, each other originator of the Mortgage Loans
        and
        each Subservicer with the sponsor, depositor, issuing entity, trustee, any
        originator, any other servicer, any significant obligor, enhancement or support
        provider or any other material parties related to the Securitization
        Transaction.

       

      

      Item
        1119(b)

      

      -describe
        any business relationship, agreement, arrangement, transaction or understanding
        entered into outside of the ordinary course of business or on terms other
        than
        those obtained in an arm’s length transaction with an unrelated third party,
        apart from the Securitization Transaction, between the Company, each other
        originator of the Mortgage Loans and each Subservicer, or their respective
        affiliates, and the sponsor, depositor or issuing entity or their respective
        affiliates, that exists currently or has existed during the past two years,
        that
        may be material to the understanding of an investor in the securities issued
        in
        the Securitization Transaction.

       

      Item
        1119(c)

      

      -describe
        any business relationship, agreement, arrangement, transaction or understanding
        involving or relating to the Mortgage Loans or the Securitization Transaction,
        including the material terms and approximate dollar amount involved, between
        the
        Company, each other originator of the Mortgage Loans and each Subservicer,
        or
        their respective affiliates and the sponsor, depositor or issuing entity
        or
        their respective affiliates, that exists currently or has existed during
        the
        past two years.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        O

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Company] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                General
                  Servicing Considerations

              	
                 

              
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	
                X

              
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                 

              	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	
                X

              
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	
                X

              
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	
                X

              
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                X

              
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	
                X

              
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	
                X

              
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	
                X

              
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 
	
                 

              	
                 

              	
                 

              

      

      

      
        	
                [NAME
                  OF COMPANY]

                [NAME
                  OF SUBSERVICER]

              
	
                Date:

              	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        P

      

      REPORTING
        DATA FOR REALIZED LOSSES AND GAINS

      

      Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

      

       

      The
        numbers on the 332 form correspond with the numbers listed
        below.

       

      Liquidation
        and Acquisition Expenses:

       

      
        
          	
                  1.

                	
                  The
                    Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
                    an Amortization Schedule from date of default through liquidation
                    breaking
                    out the net interest and servicing fees advanced is
                    required.

                
	 	 
	
                  2.

                	
                  The
                    Total Interest Due less the aggregate amount of servicing fee
                    that would
                    have been earned if all delinquent payments had been made as
                    agreed. For
                    documentation, an Amortization Schedule from date of default
                    through
                    liquidation breaking out the net interest and servicing fees
                    advanced is
                    required.

                
	 	 
	
                  3.
                    

                	
                  Accrued
                    Servicing Fees based upon the Scheduled Principal Balance of
                    the Mortgage
                    Loan as calculated on a monthly basis. For documentation, an
                    Amortization
                    Schedule from date of default through liquidation breaking out
                    the net
                    interest and servicing fees advanced is required.

                
	 	 
	
                  4-12.

                	
                  Complete
                    as applicable. Required documentation:

                
	 	 

        

        *
          For
          taxes and insurance advances - see page 2 of 332 form - breakdown required
          showing period

        of
          coverage, base tax, interest, penalty. Advances prior to default require
          evidence of servicer efforts to recover advances.

        *
          For
          escrow advances - complete payment history 

        (to
          calculate advances from last positive escrow balance forward)

        *
          Other
          expenses -  copies of corporate advance history showing all payments

        *
          REO
          repairs > $1500 require explanation

        *
          REO
          repairs >$3000 require evidence of at least 2 bids.

        *
          Short
          Sale or Charge Off require P&L supporting the decision and WFB’s approved
          Officer Certificate 

        *
          Unusual
          or extraordinary items may require further documentation. 

        
          	
                  13.

                	
                  The
                    total of lines 1 through 12.

                

        

        Credits:
          

         

        
          	
                  14-21.

                	
                  Complete
                    as applicable. Required
                    documentation:

                

        

        *
          Copy of
          the HUD 1 from the REO sale. If a 3rd
          Party
          Sale, bid instructions and Escrow Agent / Attorney

        Letter
          of
          Proceeds Breakdown.

        *
          Copy of
          EOB for any MI or gov't guarantee 

        *
          All
          other credits need to be clearly defined on the 332
          form      
     

        
          	
                  22.

                	
                  The
                    total of lines 14 through 21.

                

        

         

        Please
          Note: For
          HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
          for Part
          B/Supplemental proceeds.

      

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      23.           The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show the amount in parenthesis ( ). 

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      

      Calculation
        of Realized Loss/Gain Form 332

       

      Prepared
        by: __________________   Date:
        _______________

       

      Phone:
        ______________________     Email
        Address:_____________________

       

       

      
        	
                Servicer
                  Loan No.

              	 	
                Servicer
                  Name

              	 	
                Servicer
                  Address 

                 

              

      

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: _________________________________________________________

      Property
        Address: _________________________________________________________

       

      Liquidation
        Type: REO Sale  
        3rd
        Party Sale  Short
        Sale     Charge
        Off 

       

      Was
        this loan granted a Bankruptcy deficiency or cramdown  Yes 
        No

      If
“Yes”,
        provide deficiency or cramdown amount
        _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

      
        	
                (1)

              	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	
                $
                  ______________

              	
                (1)

              
	
                (2)

              	
                Interest
                  accrued at Net Rate

              	
                ________________

              	
                (2)

              
	
                (3)

              	
                Accrued
                  Servicing Fees

              	
                ________________

              	
                (3)

              
	
                (4)

              	
                Attorney's
                  Fees

              	
                ________________

              	
                (4)

              
	
                (5)

              	
                Taxes

              	
                ________________

              	
                (5)

              
	
                (6)

              	
                Property
                  Maintenance

              	
                ________________

              	
                (6)

              
	
                (7)

              	
                MI/Hazard
                  Insurance Premiums

              	
                ________________

              	
                (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 Proceeds

              	
                ________________

              	
                (18)

              
	
                (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
      R-2

    

    CHEVY
      CHASE SERVICING AGREEMENT

    

    

       

      

      

      

      EMC
        MORTGAGE CORPORATION

      Purchaser,

      

      CHEVY
        CHASE BANK, F.S.B.

      Company,

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      Dated
        as
        of July 1, 2001

      

      

      

      (Adjustable
        Rate Mortgage Loans)

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of July 1, 2001 and
        is
        executed between EMC Mortgage Corporation, as Purchaser (the "Purchaser")
        and
        Chevy Chase Bank, F.S.B., as the Company (the “Company”).

      

      
        W I T N ES S E T H
          :

      

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis, pursuant to the terms of a
        letter
        agreement dated as of June 29, 2001 by and between the Company and the Purchaser
        (the "Confirmation").

      

      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
        FNMA
        or Freddie Mac servicing practices and procedures, for MBS pool mortgages,
        as
        defined in the FNMA or Freddie Mac Guides including future updates.

      

      Adjustment
        Date:
        As to
        each Mortgage Loan, the date on which the Mortgage Interest Rate is adjusted
        in
        accordance with the terms of the related Mortgage Note.

      

      Agency
        Guide: The
        FNMA
        Guides or the Freddie Mac Guides. 

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        The
        value set forth in an appraisal made in connection with the origination of
        the
        related Mortgage Loan as of the Origination Date as the value of the Mortgaged
        Property.

      

      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 or transfer
        of the Mortgage Loan, or
        a
        notice of transfer or equivalent instrument delivered in accordance with
        the
        MERS requirements.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or Maryland, or (iii) a day on which banks in the State of New York
        or
        Maryland are authorized or obligated by law or executive order to be
        closed.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan or pool of Mortgage Loans, the date stated on
        the
        related Term Sheet.

      

      

      Code:
        The
        Internal Revenue Code, as amended (the “Code”).

      

      

      Company:
        Chevy
        Chase Bank, F.S.B., its successor 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 Assistant
        Vice
        President, Vice President or Treasurer of Company stating the date by which
        Company expects to receive any missing documents sent for recording from
        the
        applicable recording office.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        As
        defined in the Recitals to this Agreement.

      

      Conversion
        Feature: A
        provision whereby the Mortgagor may elect to convert to a fixed Mortgage
        Interest Rate pursuant to the terms set forth in the Mortgage Note.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "Chevy Chase Bank, F.S.B., in trust for EMC
        Mortgage Corporation" 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.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term
        Sheet.

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace.

      

      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: (a) within FDIC insured accounts (or
        other
        accounts with comparable insurance coverage acceptable to the Rating Agencies)
        created, maintained and monitored by the Company so that all funds deposited
        therein are fully insured, (b) with the corporate trust department of a
        financial institution assigned a long-term debt rating of not less than Baa3,
        and a short term debt rating of P3, from Moody's Investors Services and,
        if
        ownership of the Mortgage Loans is evidenced by mortgaged backed securities,
        the
        equivalent required ratings of the Rating Agencies, 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 and of any
        creditors or depositors of the institution in which such account is maintained
        or (c) 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 (b) or (c) 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:
        Chevy
        Chase Bank, F.S.B., or an institution having (i) the highest short-term debt
        rating, and one of the two highest long-term debt ratings of the Rating
        Agencies; 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 the Rating Agencies.

      

      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.

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled "Chevy Chase Bank, F.S.B., in trust for EMC
        Mortgage Corporation, 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.

      

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

      

      FHLMC:
        The
        Federal Home Loan Mortgage 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.

      

      FNMA:
        The
        Federal National Mortgage Association, or any successor thereto.

      

      FNMA
        Guides:
        The
        FNMA Seller's Guide and the FNMA Servicer's Guide and all amendments or
        additions thereto.

      

      Freddie
        Mac Guides: The
        Freddie Mac Seller’s Guide and the Freddie Mac Servicer’s 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.

      

      Index:
        On each
        Adjustment Date, the applicable index shall be the
        six
        month London Interbank Offered Rate (LIBOR) as

      published
        in the Wall Street Journal. For purposes of determining the Index, for each
        Adjustment Date LIBOR shall
        be
        the most
        recent figure available as of the first business day of the month immediately
        preceding the Adjust-ment
        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.

      

      Lifetime
        Rate Cap:
        As to
        each Mortgage Loan, the maximum Mortgage Interest Rate over the term of such
        Mortgage Loan which is 600 basis points (6%) above the initial Mortgage Interest
        Rate. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property as of the Origination Date with respect to a Refinanced Mortgage
        Loan,
        and (ii) the lesser of the Appraised Value of the Mortgaged Property as of
        the
        Origination Date or the purchase price of the Mortgaged Property with respect
        to
        all other Mortgage Loans.

      

      Margin:
        With
        respect to each Mortgage Loan, the fixed percentage amount set forth in each
        related Mortgage Note which is added to the Index in order to determine the
        related Mortgage Interest Rate, as set forth in the Mortgage Loan
        Schedule.

      

      MERS: Mortgage
        Electronic Registration Systems, Inc.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note. 

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as required by Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time, in accordance with the provisions of the related
        Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual Mortgage Loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate minus the Lender Paid Mortgage Insurance
        Premium.

      

      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 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;

      

      (5) the
        type
        of residential property constituting the Mortgaged Property;

      

      (6) the
        original months 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;

      

      (7) the
        Sales
        Price, if applicable, appraised value and Loan-to-Value Ratio, at
        origination;

      

      (8) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        the
        initial Adjustment Date, the next Adjustment Date immediately following the
        related Cut-off Date, the Index, the Margin, the Periodic Rate Cap and the
        Lifetime Rate Cap;

      

      (9) the
        Origination Date of the Mortgage Loan; the stated maturity date; and the
        amount
        of the Monthly Payment at origination;

      

      (10) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

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

      

      (12) the
        principal balance of the Mortgage Loan as of the close of business on the
        Cut-off Date, after deduction of payments of principal due on or before the
        related Cut-off Date whether or not collected;

      

      (13)
        a
        code indicating the purpose of the Mortgage Loan (i.e., purchase, rate and
        term
        refinance, equity take-out refinance); 

      

      (14)
        a
        code indicating the documentation style (i.e. full, alternative or reduced);
        

      

      (15) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received thirty (30) or more
        days
        after its Due Date;

      

      (16) the
        date
        on which the first payment is or was due; 

      

      (17) a
        code
        indicating whether or not the Mortgage Loan is the subject of Primary Mortgage
        Insurance;

      

      (18)
        a
        code indicating whether or not the Mortgage Loan is currently convertible
        and
        the conversion spread;

      

      (19)
        actual next due date as of the Cutoff Date;

      

      (20)
        product type; and

      

      (21)
        Lender Paid Mortgage Insurance Rate.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
        the
        weighted average months to next Adjustment Date.

      

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located, which may include condominium
        units and planned unit developments, improved by a residential dwelling;
        except
        that with respect to real property located in jurisdictions in which the
        use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

      OCC:
        Office
        of the Comptroller of the Currency, its successors and assigns.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President, Assistant Vice President or a 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 party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan closed and funded, which date shall not, in
        connection with a Refinanced Mortgage Loan, be the date of the closing and
        funding of the debt being refinanced, but rather the closing and funding
        of the
        debt currently outstanding under the terms of the Mortgage Loan Documents.
        

      

      OTS:
        Office
        of Thrift Supervision, its successors and assigns.

      

      Periodic
        Rate Cap:
        As to
        each Mortgage Loan, the maximum increase or decrease in the Mortgage Interest
        Rate on any Adjustment Date, starting with the second Adjustment Date, which
        is
        200 basis points (2%) above or below, respectively, the Mortgage Interest
        Rate
        in effect during the immediately preceding 12 month period. As to the first
        Adjustment Date, the maximum increase or decrease in the Mortgage Interest
        Rate
        is 300 basis points (3%) above or below, respectively, the Mortgage Interest
        Rate in effect during the immediately preceding fixed-rate period.

      

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

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment.

      

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the Mortgaged Property or in any loan made on the security thereof,
        and whose compensation is not affected by the approval or disapproval of
        the
        Mortgage Loan, and such appraiser and the appraisal made by such appraiser
        both
        satisfy the requirements of Title XI of FIRREA and the regulations promulgated
        thereunder, all as in effect on the date the Mortgage Loan was
        originated.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the Mortgaged Properties are located, duly authorized and licensed in such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by FNMA or FHLMC. 

      

      Rating
        Agencies:
        Standard & Poor's Ratings Services, Moody's Investor Service or, in the
        event that some or all of 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.

      

      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 outstanding principal
        balance of the Mortgage Loan, 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 date of
        repurchase, plus, (iii) third party expenses incurred in connection with
        the
        transfer of the Mortgage Loan being repurchased; less amounts received or
        advanced in respect of such repurchased Mortgage Loan which are being held
        in
        the Custodial Account for distribution in the month of repurchase.

      

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto.

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate, and 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, as 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 (including recoveries with respect
        to
        interest from Liquidation 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:
        The
        Servicing Fee Rate shall be a rate per annum equal to 37.5 basis
        points.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals or microfilmed copies of all documents in the Mortgage File which
        are
        not delivered to the Purchaser and copies of the Mortgage Loan Documents
        listed
        in Exhibit A, the originals of which are delivered to the Purchaser or its
        designee pursuant to Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans. 

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans.

      

      

      ARTICLE
        II

      

      SERVICING
        OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate 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 Stated Principal Balance of the Mortgage Loans accepted by the Purchaser
        on the Closing Date, with servicing retained by 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 one (1) Business Day 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 aggregate principal balance, as of the related Cut-off Date, of the Mortgage
        Loans 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. The initial principal amount
        of
        the Mortgage Loans shall be the aggregate principal balance of the Mortgage
        Loans, so computed as of the related Cut-off Date.

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the current principal amount
        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 to the Company after the related Cut-off Date shall belong to the
        Company), and (3) all payments of interest on the Mortgage Loans net of
        applicable Servicing Fees (minus that portion of any such payment which is
        allocable to the period prior to the related Cut-off Date). The outstanding
        principal balance of each Mortgage Loan as of the related Cut-off Date is
        determined after application of payments of principal due on or before the
        related Cut-off Date whether or not collected, together with any unscheduled
        principal prepayments collected prior to the related Cut-off Date; provided,
        however, that payments of scheduled principal and interest prepaid for a
        Due
        Date beyond the related Cut-off Date shall not be applied to the principal
        balance as of the related Cut-off Date. Such prepaid amounts shall be the
        property of the Purchaser. The Company shall deposit any such prepaid amounts
        into the Custodial Account, which account is established for the benefit
        of the
        Purchaser for subsequent remittance by the Company to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Company does hereby
        agree to directly service the Mortgage Loans listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet subject to the terms of this
        Agreement and the related Term Sheet. The rights of the Purchaser to receive
        payments with respect to the related Mortgage Loans shall be as set forth
        in
        this Agreement.

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files; Maintenance of Servicing
        Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, and the Company hereby acknowledges
        that the Purchaser has, but subject to the terms of this Agreement and the
        related Term Sheet, all the right, title and interest of the Company in and
        to
        the Mortgage Loans. Company will deliver the Mortgage Files to the custodian
        designated by Purchaser, on or before the related Closing Date, at the expense
        of the Company. The Company shall maintain a Servicing File consisting of
        a copy
        of the contents of each Mortgage File and the originals or microfilmed copies
        of
        the documents in each Mortgage File not delivered to the Purchaser. The
        Servicing File shall contain all documents necessary to service the Mortgage
        Loans. The possession of each Servicing File by the Company is at the will
        of
        the Purchaser, for the sole purpose of servicing the related Mortgage Loan,
        and
        such retention and possession by the Company is in a custodial capacity only.
        From the related Closing Date, the ownership of each Mortgage Loan, including
        the Mortgage Note, the Mortgage, the contents of the related Mortgage File
        and
        all rights, benefits, proceeds and obligations arising therefrom or in
        connection therewith, has been vested in the Purchaser. All rights arising
        out
        of the Mortgage Loans including, but not limited to, all funds received on
        or in
        connection with the Mortgage Loans and all records or documents with respect
        to
        the Mortgage Loans prepared by or which come into the possession of the Company
        shall be received and held by the Company in trust for the benefit of the
        Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage
        Files
        retained by the Company shall be appropriately identified in the Company's
        computer system to clearly reflect the ownership of the Mortgage Loans by
        the
        Purchaser. The Company shall release its custody of the contents of the Mortgage
        Files only in accordance with written instructions of the Purchaser, except
        when
        such release is required as incidental to the Company's servicing of the
        Mortgage Loans or is in connection with a repurchase of any Mortgage Loan
        or
        Loans with respect thereto pursuant to this Agreement and the related Term
        Sheet, such written instructions shall not be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan has been reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans which 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 FNMA or FHLMC, as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by FNMA or FHLMC,
        and
        periodic inspection reports as required by Section 4.13. To the extent that
        original documents are not required for purposes of realization of Liquidation
        Proceeds or Insurance Proceeds, documents maintained by the Company may be
        in
        the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the OTS,
        the
        FDIC and other similar entities, access, during normal business hours, upon
        reasonable advance notice to Company and without charge to Company or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that (i) 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 and the Company, and (ii) in no event
        shall
        there be more than three (3) Persons at any given time having the status
        of
        "Purchaser" hereunder. The Purchaser also shall advise the Company of the
        transfer. Upon receipt of notice of the transfer, the Company shall mark
        its
        books and records to reflect the ownership of the Mortgage Loans of such
        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)
        and (8) in Exhibit A hereto shall be delivered by the Company to the Purchaser
        or its designee no later than one (1) 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 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, the Company shall deliver such document
        to
        Purchaser, or its designee, within such time period as specified in a Company's
        Officer's Certificate. In the event that documents have not been received
        by the
        date specified in the Company's Officer's Certificate, a subsequent Company's
        Officer's Certificate shall be delivered by such date specified in the prior
        Company's Officer's Certificate, stating a revised date for receipt of
        documentation. The procedure shall be repeated until the documents have been
        received and delivered. The Company shall continue to use its best efforts
        to
        effect delivery within 210 days of the related Closing Date.

      

      The
        Company shall pay all initial recording fees, for the assignments of mortgage
        and any other fees in connection with the transfer of all original documents
        to
        the Purchaser or its designee, including
        any fees, costs or expenses related to the registration of the Mortgage Loans
        with MERS, if applicable.
        The
        Company shall prepare, in recordable form, all assignments of mortgage necessary
        to assign the Mortgage Loans to Purchaser, or its designee.

      

      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 two weeks of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within 120 days of its submission for
        recordation.

      

      From
        time
        to time the Company may have a need 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, in the form of Exhibit G attached
        hereto, 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 No
        Commission.

      

      The
        Company and the Purchaser agree that no broker, Investment Banker, agent
        or
        other person (including but not limited to Purchaser) is entitled to any
        commission or compensation in connection with the sale of the Mortgage
        Loans.

      

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY AND 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) Chevy
        Chase Bank, F.S.B. is a federally chartered savings bank duly organized,
        validly
        existing and in good standing and has all licenses and qualifications necessary
        to carry out its business as now being conducted, and in any event the Company
        is in compliance with the applicable laws of any state to the extent necessary
        to ensure the enforceability of each Mortgage Loan in accordance with the
        terms
        of this Agreement; the Company 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 unresolved 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 of Mortgage 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; the Company
        has the full power and authority and legal right 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 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 nor the related Term
        Sheet,
        nor the origination 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 or 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 they are 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 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 or 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
        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 Company, and the
        transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by
        the Company pursuant to this Agreement and 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 Company 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. With respect to escrow deposits and payments
        that the Company, on behalf of the investor, is entitled to collect, all
        such
        payments are in the possession of, or under the control of, the Company,
        and
        there exist no deficiencies in connection therewith for which customary
        arrangements for repayment thereof have not been made. All escrow payments
        have
        been collected in full compliance with state and federal law and the provisions
        of the related Mortgage Note and Mortgage. As to any Mortgage Loan that is
        the
        subject of an escrow, escrow of funds is not prohibited by applicable law
        and
        has been established in an amount sufficient to pay for every escrowed item
        that
        remains unpaid and has been assessed but is not yet due and payable. No escrow
        deposits or other charges or payments due under the Mortgage Note have been
        capitalized under any Mortgage or the related Mortgage Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) The
        Company is an approved Seller/Servicer of residential mortgage loans for
        FNMA,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans. The Company is duly qualified, licensed,
        registered and otherwise authorized under all applicable federal, state and
        local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OCC, and is in good standing to sell mortgage
        loans to and service mortgage loans for FNMA and FHLMC and no event has occurred
        which would make Company unable to comply with eligibility requirements or
        which
        would require notification to either FNMA or FHLMC; 

      

      (k) The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement and
        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 or Company pursuant to this Agreement and 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 and the related Term Sheet. 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)
         If
        requested by the Purchaser, the Company shall have delivered to the Purchaser
        financial statements of its parent, for its last two complete fiscal years.
        If
        so, 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 generally accepted accounting principles
        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 and the related Term Sheet;
        and

      

      (o)
         Neither
        the Company nor the Purchaser have dealt with any broker, investment banker,
        agent or other person that may be entitled to any commission or compensation
        in
        connection with the sale of the Mortgage Loans.

      

      Section
        3.02 Representations
        and Warranties as to Individual Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate principal balance of the Mortgage Loans as of
        the
        related Cut-off Date, based on the outstanding balances of the Mortgage Loans
        as
        of the 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 principal balances of the related Mortgage Loans (determined
        as described in the preceding sentence). The Company hereby represents and
        warrant 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; and, as of the related Closing Date, there
        has
        been no more than one delinquency during the related preceding twelve-month
        period, and such delinquency did not last more than 30 days;

      

      (d)
        There
        are no defaults by the Company in complying with the terms of the Mortgage,
        and
        all taxes, governmental assessments, insurance premiums, water, sewer and
        municipal charges, leasehold payments or ground rents which previously became
        due and owing have been paid, or escrow funds have been established in an
        amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed, 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 Mortgage Loan Schedule;
        the
        substance of any such waiver, alteration or modification has been approved
        by
        the issuer of any related Primary Mortgage Insurance Policy and title insurance
        policy, to the extent required by the related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the Closing Date the Mortgagor was
        not
        a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by an insurer acceptable under the FNMA or FHLMC Guides, against
        loss by fire, hazards of extended coverage and such other hazards as are
        provided for in the FNMA or FHLMC Guide, as well as all additional requirements
        set forth in Section 4.10 of this Agreement. All such standard hazard policies
        are in full force and effect and on the date of origination contained 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 FNMA or FHLMC requirements, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. Such policy was
        issued
        by an insurer acceptable under FNMA or FHLMC guidelines. The Mortgage obligates
        the Mortgagor thereunder to maintain all such insurance at the Mortgagor's
        cost
        and expense, and on the Mortgagor's failure to do so, authorizes the holder
        of
        the Mortgage to maintain such insurance at the Mortgagor's cost and expense
        and
        to seek reimbursement therefor from the Mortgagor;

      

      (h)
        Any
        and all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity or disclosure laws applicable
        to the
        Mortgage Loan have been complied with in all material respects; the Company
        maintains, and shall maintain, evidence of such compliance as required by
        applicable law or regulation and shall make such evidence available for
        inspection at the Company's office during normal business hours upon reasonable
        advance notice;

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage 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, the
        Mortgagor, or, to the best of Company's knowledge, on the part of any other
        party involved in the origination of the Mortgage Loan. Either the borrower
        or a
        guarantor is a natural person. 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 (including
        any fees, costs or expenses related to the registration of the Mortgage Loans
        with MERS, if applicable)
        were
        paid or are in the process of being 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 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 FNMA or FHLMC
        (including adjustable rate endorsements), issued by a title insurer acceptable
        to FNMA or FHLMC and qualified to do business in the jurisdiction where the
        Mortgaged Property is located, insuring (subject to the exceptions contained
        in
        (j)(1), (2) and (3) above) the Company, its successors and assigns, as to
        the
        first priority lien of the Mortgage in the original principal amount of the
        Mortgage Loan and against any loss by reason of the invalidity or
        unenforceability of the lien resulting from the provisions of the Mortgage
        providing for adjustment in the Mortgage Interest Rate and Monthly Payment.
        Where required by state law or regulation, the Mortgagor has been given the
        opportunity to choose the carrier of the required mortgage title insurance.
        The
        Company, its successors and assigns, are the sole insureds 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 of the related Mortgage, including the Company,
        has
        done, by act or omission, anything which would impair the coverage of such
        lender's title insurance policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
        Mortgage Notes and Mortgages are on forms generally acceptable in the industry.
        The Mortgage Loan bears interest at an adjustable rate as set forth in the
        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)
        No
        Mortgaged Property has been materially damaged by waste, fire, earthquake,
        earth
        movement, windstorm, tornado, flood or other casualty. At origination of
        the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        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 FNMA
        or
        FHLMC and Title XI of the Federal Institutions Reform, Recovery, and Enforcement
        Act of 1989 and the regulations promulgated thereunder, all as in effect
        on the
        date the Mortgage Loan was originated. The appraisal is in a form acceptable
        to
        FNMA or FHLMC and was made by a Qualified Appraiser;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain “balloon” or "graduated payment" features; No
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, to the best of the Company's knowledge,
        the
        Mortgagor is not insolvent and the Company has no knowledge of any circumstances
        or condition with respect to the Mortgage, the Mortgaged Property, the Mortgagor
        or the Mortgagor's credit standing that could reasonably be expected to cause
        investors to regard the Mortgage Loan as an unacceptable investment, cause
        the
        Mortgage Loan to become delinquent, or materially adversely affect the value
        or
        marketability of the Mortgage Loan;

      

      (aa)
        [reserved] 

      

      (bb)
        [reserved]

      

      (cc)
        [reserved] 

      

      (dd)
        [reserved] 

      

      (ee)
        None
        of the Mortgage Loans have a Loan-to-Value Ratio greater than 95%; 

      

      (ff) For
        all
        of the Mortgage Loans, based on representations made by the Mortgagor at
        the
        time of origination, all of the Mortgaged Properties are occupied as the
        Mortgagor's primary residence. To the best of the Company's knowledge, the
        Mortgaged Property is lawfully occupied under applicable law;

      

      (gg) In
        the
        event the Mortgage Loan has an LTV 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 is and will be insured as to payment defaults
        by a Primary Mortgage Insurance Policy issued by a Qualified Insurer. No
        Mortgage Loan has an LTV over 95%. All provisions of such Primary Mortgage
        Insurance Policy have been and are being complied with, such policy is in
        full
        force and effect, and all premiums due thereunder have been paid. No Mortgage
        Loan requires payment of such premiums, in whole or in part, by the Purchaser.
        No action, inaction, or event has occurred and no state of facts exists that
        has, or will result in the exclusion from, denial of, or defense to coverage.
        The Mortgage Loan Remittance Rate for the Mortgage Loan as set forth on the
        related Mortgage Loan Schedule is net of any such insurance
        premium;

      

      (hh) The
        assignment of Mortgage (unless
        the Mortgage is registered with MERS in accordance with Subsection 2.07)
        is
        in
        recordable form and is acceptable for recording under the laws of the
        jurisdiction in which the Mortgaged Property is located. Any
        Assignments of Mortgage registered with MERS in accordance with Subsection
        2.07
        have been assigned a valid mortgage identification number by MERS. Company
        is an
        approved MERS participant. Any and all costs, fees and expenses associated
        with
        the registration of the Mortgages with MERS and the transfer of the Mortgage
        Loans on the MERS system to Purchaser have been paid by Company and Purchaser
        shall not be responsible for any such costs, fees and expenses;

      

      (ii) 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. As of the date of origination, no portion of any Mortgaged
        Property is used for commercial purposes, and since the Origination Date,
        to the
        best of the Company's knowledge, no portion of any Mortgaged Property is
        used
        for commercial purposes;

      

      (jj) Except
        for the Mortgage Loans indicated on the Mortgage Loan Schedule which require
        interest-only payments until the first Adjustment Date and both interest
        and
        principal payments after such Adjustment Date (the “Interest Only Mortgage
        Loans”), principal 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 (other than with respect to the Interest Only Mortgage
        Loans) and interest, which installments are subject to change due to the
        adjustments to the Mortgage Interest Rate on each Adjustment Date, with interest
        calculated and payable in arrears, sufficient to amortize the Mortgage Loan
        fully by the stated maturity date, over an original term of not more than
        thirty
        years from commencement of amortization;

      

      (kk) As
        of the
        date of origination and to the best of Company’s knowledge, as of the related
        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;

      

      (ll) If
        the
        Mortgaged Property is a condominium unit or a planned unit development (other
        than a de minimis planned unit development), such condominium or planned
        unit
        development project meets Company's eligibility requirements as set forth
        in
        Exhibit H;

      

      (mm) To
        the
        best of Company’s knowledge, 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; to the best of Company's knowledge, 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 does not have any
        knowledge of any relief requested or allowed to the Mortgagor under the
        Soldiers' and Sailors' Civil Relief Act of 1940;

      

      (oo)
        No
        Mortgage Loan is currently a construction or rehabilitation Mortgage Loan
        or
        facilitates the trade-in or exchange of a Mortgaged Property;

      

      (pp) No
        action
        has been taken or failed to be taken by Company, 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 for any other reason
        under such coverage;

      

      (qq) Each
        Mortgage Loan has been serviced in all material respects in compliance with
        Accepted Servicing Practices; 

       

      (rr)
        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. No Mortgaged Property is a timeshare;
        and

       

      (ss)
        Each
        Mortgage Note, each Mortgage, each Assignment of Mortgage 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 Closing Date, delivered to the Purchaser or its designee, or its
        assignee.

      

      

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty 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 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 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.

      

      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 one hundred twenty (120) 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; provided however, that in the
        event
        that any Mortgage Loan was part of a securitization, notwithstanding any
        contrary provision of this Agreement, no substitution shall be made. Any
        substitute Mortgage Loan shall be acceptable to Purchaser. Any substituted
        Loans
        will comply with the representations and warranties set forth in this Agreement
        as of the substituted date

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

      

      Purchaser
        represents, warrants and covenants to Company that, as of the related Closing
        Date or as of such date specifically provided herein:

       

      
        	(a)  	
                Purchaser
                  is duly organized, validly existing and in good standing under
                  the laws of
                  the State of Delaware and is qualified to transact business in
                  and is in
                  good standing under the laws of each state in which the business
                  transacted by it or the character of the properties owned or leased
                  by it
                  requires such qualification.

              

      

      

      
        	(b)  	
                Purchaser
                  has the full power an authority to perform, and to enter into and
                  consummate, all transactions contemplated by this Agreement and
                  the
                  related Term Sheet. Purchaser has the full power and authority
                  to purchase
                  and hold each Mortgage Loan.

              

      

      

      
        	(c)  	
                Neither
                  the acquisition of the Mortgage Loans by Purchaser pursuant to
                  this
                  Agreement and the related Term Sheet, the consummation of the transactions
                  contemplated hereby, nor the fulfillment of or the compliance with
                  the
                  terms and conditions of this Agreement and the related Term Sheet,
                  will
                  conflict with or result in a breach of any of the terms, conditions
                  or
                  provisions of the Purchaser’s charter or by-laws or result in a material
                  breach of any legal restriction or any material agreement or instrument
                  to
                  which the Purchaser is now a party or by which it is bound, or
                  constitute
                  a material default or result in an acceleration under any of the
                  foregoing, or result in the violation of any material law, rule,
                  regulation, order, judgment or decree to which Purchaser or its
                  property
                  is subject;

              

      

      

      
        	(d)  	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  the Purchaser’s knowledge, threatened, which either in any one instance or
                  in the aggregate, if determined adversely to Purchaser would adversely
                  affect the purchase of the Mortgage Loans by Purchaser hereunder,
                  or
                  Purchaser’s ability to perform its obligations under this Agreement and
                  the related Term Sheet; and

              

      

      

      
        	(e)  	
                No
                  consent, approval, authorization or order of any court or governmental
                  agency or body is required for the execution, delivery and performance
                  by
                  Purchaser of or compliance by Purchaser with this Agreement and
                  the
                  related Term Sheet or the consummation of the transactions contemplated
                  by
                  this Agreement and the related Term Sheet (including, but not limited
                  to,
                  any approval from HUD), or if required, such consent, approval,
                  authorization or order has been obtained prior to the related Closing
                  Date.

              

      

      

      

      

      

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as an independent contractor, shall service and administer the Mortgage
        Loans in accordance with this Agreement and the related Term Sheet and with
        Accepted Servicing Practices, and shall have full power and authority, acting
        alone, to do or cause to be done any and all things in connection with such
        servicing and administration which the Company may deem necessary or desirable
        and consistent with the terms of this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices and exercise the same care that it customarily
        employs for its own account. Except as set forth in this Agreement and the
        related Term Sheet, the Company shall service the Mortgage Loans in strict
        compliance with the servicing provisions of the FNMA Guides (special servicing
        option), which include, but are not limited to, provisions regarding the
        liquidation of Mortgage Loans, the collection of Mortgage Loan payments,
        the
        payment of taxes, insurance and other charges, the maintenance of hazard
        insurance with a Qualified Insurer, the maintenance of mortgage impairment
        insurance, the maintenance of fidelity bond and errors and omissions insurance,
        inspections, the restoration of Mortgaged Property, the maintenance of Primary
        Mortgage Insurance Policies, insurance claims, the title, management 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 any of the servicing provisions of the Agency 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,
        forgive the 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 issuer, if required. In no event shall Company be obligated to repurchase
        a Mortgage Loan due to the exercise of any Conversion Feature.

      

      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, Purchaser shall be deemed to have given consent in connection
        with
        respect to a particular matter if Purchaser does not affirmatively grant
        or deny
        consent within 5 Business Days from the date Purchaser receives a written
        request for consent for such matter from Company as Company. 

       

      Section
        4.02 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy, follow such collection procedures as it follows
        with
        respect to mortgage loans comparable to the Mortgage Loans and held for its
        own
        account. 

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        the
        best interest of Purchaser, to foreclose upon or otherwise comparably convert
        the ownership of properties securing such of the Mortgage Loans as come into
        and
        continue in default and as to which no satisfactory arrangements can be made
        for
        collection of delinquent payments pursuant to Section 4.01. Foreclosure or
        comparable proceedings shall be initiated within ninety (90) days of default
        for
        Mortgaged Properties for which no satisfactory arrangements can be made for
        collection of delinquent payments. 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 restoration expenses in excess of five thousand dollars
        ($5,000). The Company shall notify the Purchaser in writing of the commencement
        of foreclosure proceedings and prior to the 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, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90 days or greater delinquent in payment of a scheduled Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed advances of the Company's funds made pursuant to Section
        5.03 and any unreimbursed Servicing Advances and Servicing Fees in each case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      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. 

      

      In
        the
        event that a Mortgage Loan becomes REO Property, such property shall be disposed
        of by Company, with the consent of Purchaser as required pursuant to this
        Agreement, within two years after becoming an REO Property. Company shall
        manage, conserve, protect and operate each such REO Property for the
        certificateholders solely for the purpose of its prompt disposition and sale,
        and if such REO Property has been securitized, the Company shall consult
        with
        any applicable master servicer with respect to such securitization so that
        the
        foregoing will be in compliance with the applicable securitization’s structure.
        Moreover, 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, if such REO Property
        has
        been securitized, the Company shall perform the tax withholding and reporting
        related to Sections 1445 and 6050J of the Code after consultation with the
        applicable master servicer for the related securitization.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in
        Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds deposited in the Custodial
        Account 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;

      

      (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 the Company's normal servicing procedures,
        the
        loan documents or applicable law;

      

      (vii)
        any
        Monthly Advances;

      

      (viii)
        Intentionally Omitted;

      

      (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;

      

      (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: amortization
        schedule fees, fees for copies of canceled escrow checks, escrow analysis
        and
        loan documents, credit verification fees, fees for property inspections for
        defaults and lost drafts, fees for fax copies, partial release fees, nsf
        fees,
        speed pay fees, subordination fees and wire

      Fees,
        as
        well as 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).

      

      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
        or
        Section 3.04, 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, 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 FNMA Guides or as otherwise set forth
        in
        this Agreement or the related Term Sheet, it being understood that for those
        Mortgage Loans in foreclosure, Company shall recover for Servicing Advances
        and
        Servicing Fees through the completion of foreclosure and disposition of the
        REO
        Property; such 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 or Section 3.04 all amounts received thereon and not distributed
        as
        of the date on which the related repurchase price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii)to
        remove funds inadvertently placed in the Custodial Account by the Company;
        and

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this
        Agreement.

      

      

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in 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.

      

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii)to
        refund to the Mortgagor any funds as may be determined to be
        overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
        to
        clear and terminate the Escrow Account on the termination of this Agreement.
        As
        part of its servicing duties, the Company shall pay to the Mortgagors interest
        on funds in Escrow Account, to the extent required by law, and to the extent
        that interest earned on funds in the Escrow Account is insufficient, shall
        pay
        such interest from its own funds, without any reimbursement therefor;
        and

      

      (viii)
        to
        pay to the Mortgagors or other parties Insurance Proceeds deposited in
        accordance with Section 4.06.

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges; Maintenance of Primary Mortgage Insurance
        Policies; Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely payments of all such bills irrespective of the Mortgagor's
        faithful performance in the payment of same or the making of the Escrow Payments
        and shall make advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies issued by a Qualified Insurer with respect to each Mortgage Loan
        for
        which such coverage is herein required. Such coverage will be terminated
        only
        with the approval of Purchaser, or as required by applicable law or regulation;
        provided, however that any such lender paid mortgage insurance coverage may
        also
        be terminated without approval by Purchaser in the event that such coverage
        is
        terminated in accordance with the Mortgagor’s Mortgage Note, Mortgage, or any
        riders or addenda thereto. The Company will not cancel or refuse to renew
        any
        Primary Mortgage Insurance Policy in effect on the Closing Date that is required
        to be kept in force under this Agreement unless a replacement Primary Mortgage
        Insurance Policy for such canceled or nonrenewed policy is obtained from
        and
        maintained with a Qualified Insurer. The Company shall not take any action
        which
        would result in non-coverage under any applicable Primary Mortgage Insurance
        Policy of any loss which, but for the actions of the Company would have been
        covered thereunder. In connection with any assumption or substitution agreement
        entered into or to be entered into pursuant to Section 6.01, the Company
        shall
        promptly notify the insurer under the related Primary Mortgage Insurance
        Policy,
        if any, of such assumption or substitution of liability in accordance with
        the
        terms of such policy and shall take all actions which may be required by
        such
        insurer as a condition to the continuation of coverage under the Primary
        Mortgage Insurance Policy. If such Primary Mortgage Insurance Policy is
        terminated as a result of such assumption or substitution of liability, the
        Company shall obtain a replacement Primary Mortgage Insurance Policy as provided
        above.

      

      In
        connection with its activities as Company, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Private Mortgage Insurance Policy in a timely fashion in accordance with
        the
        terms of such Primary Mortgage Insurance Policy and, in this regard, to take
        such action as shall be necessary to permit recovery under any Primary Mortgage
        Insurance Policy respecting a defaulted Mortgage Loan. Pursuant to Section
        4.04,
        any amounts collected by the Company under any Primary Mortgage Insurance
        Policy
        shall be deposited in the Custodial Account, subject to withdrawal pursuant
        to
        Section 4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to FNMA or FHLMC and customary
        in the area where the Mortgaged Property is located in an amount which is
        equal
        to the lesser of (i) the maximum insurable value of the improvements securing
        such Mortgage Loan or (ii) the greater of (a) the outstanding principal balance
        of the Mortgage Loan, and (b) an amount such that the proceeds thereof shall
        be
        sufficient to prevent the Mortgagor and/or the mortgagee from becoming a
        co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to FNMA or
        FHLMC,
        in an amount representing coverage not less than the least of (i) the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        FNMA
        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 FNMA Guides or
        such
        applicable state or federal laws and regulations as shall at any time be
        in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by an
        insurer acceptable to FNMA or FHLMC insuring against hazard losses on all
        of the
        Mortgage Loans, then, to the extent such policy provides coverage in an amount
        equal to the amount required pursuant to Section 4.10 and otherwise complies
        with all other requirements of Section 4.10, it shall conclusively be deemed
        to
        have satisfied its obligations as set forth in Section 4.10, it being understood
        and agreed that such policy may contain a deductible clause, in which case
        the
        Company shall, in the event that there shall not have been maintained on
        the
        related Mortgaged Property or REO Property a policy complying with Section
        4.10,
        and there shall have been a loss which would have been covered by such policy,
        deposit in the Custodial Account the amount not otherwise payable under the
        blanket policy because of such deductible clause. In connection with its
        activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and
        present, on behalf of the Purchaser, claims under any such blanket policy
        in a
        timely fashion in accordance with the terms of such policy. Upon request
        of the
        Purchaser, the Company shall cause to be delivered to the Purchaser a certified
        true copy of such policy and shall use its best efforts to obtain a statement
        from the insurer thereunder that such policy shall in no event be terminated
        or
        materially modified without thirty 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 FNMA in the FNMA Guide. 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 days' prior written notice to the Purchaser. The Company shall
        notify the Purchaser within thirty 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 FNMA Guides of
        each
        acquisition of REO Property upon such acquisition, together with a copy of
        the
        drive by appraisal or brokers price opinion of the Mortgaged Property obtained
        in connection with such acquisition, and thereafter assume the responsibility
        for marketing such REO property in accordance with Accepted Servicing Practices.
        Thereafter, the Company shall continue to provide certain administrative
        services to the Purchaser relating to such REO Property as set forth in this
        Section 4.13. The fee for such administrative services (the “Administrative
        Fee”) shall be $1,500 to be paid upon liquidation of the REO Property. No
        Servicing Fee shall be assessed 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 FNMA 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 at Purchaser’s
        request.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives an appropriate notice to the Purchaser to such effect, that a longer
        period is necessary for the orderly liquidation of such REO Property. If
        a
        longer period than one (1) year is permitted under the foregoing sentence
        and is
        necessary to sell any REO Property, the Company shall report monthly to the
        Purchaser as to the progress being made in selling such REO Property. No
        REO
        Property shall be marketed for less than the Appraised Value, without the
        prior
        consent of Purchaser. No REO Property shall be sold for less than ninety
        five
        percent (95%) of its Appraised Value, without the prior consent of Purchaser.
        All requests for reimbursement of Servicing Advances shall be in accordance
        with
        the FNMA 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).
        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, and, only to the extent the related REO
        Property was not liquidated prior to Company’s termination, any Administrative
        Fee prorated based on the following ratio: (1) the total number of months
        the
        Company serviced it as REO Property to (2) the total number of months from
        completion of foreclosure to completion of liquidation of the REO Property.
        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.

      

      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 related 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 related 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 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.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, which
        report, in hard copy, shall contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and

      

      The
        Company shall also provide a trial balance, sorted in Purchaser's assigned
        loan
        number order with each such Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority pursuant
        to any applicable law with respect to the Mortgage Loans and the transactions
        contemplated hereby. In addition, the Company
        shall provide Purchaser with such information concerning the Mortgage Loans
        as
        is necessary for Purchaser to prepare its federal income tax return as Purchaser
        may reasonably request from time to time.

      

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be nonrecoverable. In such event,
        the
        Company shall deliver to the Purchaser an Officer's Certificate of the Company
        to the effect that an officer of the Company has reviewed the related Mortgage
        File and has made the reasonable determination that any additional advances
        are
        nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require.

       

      
 

      

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (whether by absolute
        conveyance or by contract of sale, and whether or not the Mortgagor remains
        or
        is to remain liable under the Mortgage Note and/or the Mortgage), exercise
        its
        rights to accelerate the maturity of such Mortgage Loan under any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy,
        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
        (such
        approval not to be unreasonably withheld), 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. Purchaser
        shall
        be deemed to have consented to any assumption for which Purchaser was given
        notification and requested to consent, but for which neither a consent nor
        an
        objection was given by Purchaser within five Business Days of such notification.
        

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the FNMA Guides.
        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 three 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 Business
        Days to the Purchaser the then outstanding principal balance of the related
        Mortgage Loan by deposit thereof in the Custodial Account. The Company shall
        maintain the Fidelity Bond and errors and omissions insurance insuring the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy, the Purchaser shall, upon request of the Company and delivery
        to the Purchaser of a servicing receipt signed by a Servicing Officer, release
        the portion of the Mortgage File held by the Purchaser to the Company. Such
        servicing receipt shall obligate the Company to return the related Mortgage
        documents to the Purchaser when the need therefor by the Company no longer
        exists, unless the Mortgage Loan has been liquidated and the Liquidation
        Proceeds relating to the Mortgage Loan have been deposited in the Custodial
        Account or the Mortgage File or such document has been delivered to an attorney,
        or to a public trustee or other public official as required by law, for purposes
        of initiating or pursuing legal action or other proceedings for the foreclosure
        of the Mortgaged Property either judicially or non-judicially, and the Company
        has delivered to the Purchaser a certificate of a Servicing Officer certifying
        as to the name and address of the Person to which such Mortgage File or such
        document was delivered and the purpose or purposes of such delivery. Upon
        receipt of a certificate of a Servicing Officer stating that such Mortgage
        Loan
        was liquidated, the servicing receipt shall be released by the Purchaser
        to the
        Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges and other ancillary fees shall be retained by the Company
        to the extent not required to be deposited in the Custodial Account. No
        Servicing Fee shall be payable in connection with partial Monthly Payments.
        The
        Company shall be required to pay all expenses incurred by it in connection
        with
        its servicing activities hereunder and shall not be entitled to reimbursement
        therefor except as specifically provided for.

      

      Section
        6.04 Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Purchaser as of September 30th of each year,
        beginning with 2001, an Officers' Certificate stating, as to each signatory
        thereof, that (i) a review of the activities of the Company during the preceding
        fiscal year and of performance under this Agreement has been made under such
        officers' supervision, and (ii) to the best of such officers' knowledge,
        based
        on such review, the Company has fulfilled all of its obligations under this
        Agreement throughout such year, or, if there has been a default in the
        fulfillment of any such obligation, specifying each such default known to
        such
        officers and the nature and status of cure provisions thereof. Copies of
        such
        statement shall be provided by the Company to the Purchaser upon
        request.

      

      Section
        6.05 Annual
        Independent Certified Public Accountants' Servicing Report.

      

      Within
        one hundred twenty (120) days of Company's fiscal year end the Company at
        its
        expense shall cause a firm of independent public accountants which is a member
        of the American Institute of Certified Public Accountants to furnish a statement
        to the Purchaser to the effect that such firm has examined certain documents
        and
        records relating to the Company's servicing of mortgage loans of the same
        type
        as the Mortgage Loans pursuant to servicing agreements substantially similar
        to
        this Agreement, which agreements may include this Agreement, and that, on
        the
        basis of such an examination, conducted substantially in the uniform single
        audit program for mortgage bankers, such firm is of the opinion that the
        Company's servicing has been conducted in compliance with the agreements
        examined pursuant to this Section 6.05, except for (i) such exceptions as
        such
        firm shall believe to be immaterial, and (ii) such other exceptions as shall
        be
        set forth in such statement. Copies of such statement shall be provided by
        the
        Company to the Purchaser. In addition, on an annual basis, Company shall
        provided Purchaser with copies of its audited financial statements upon
        execution by Purchaser of an agreement to keep confidential the contents
        of such
        financial statements.

      

      Section
        6.06 Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to OTS, FDIC and other similar entities,
        access to any documentation regarding the Mortgage Loans in the possession
        of
        the Company which may be required by any applicable regulations. Such access
        shall be afforded without charge, upon reasonable request, during normal
        business hours and at the offices of the Company, and in accordance with
        the
        federal government, FDIC, OTS, or any other similar regulations.

       

      
 

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY COMPANY

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement,
        such
        periodic, special or other reports, information or documentation, whether
        or not
        provided for herein, as shall be necessary, reasonable or appropriate in
        respect
        to the Purchaser, or otherwise in respect to the Mortgage Loans and the
        performance of the Company under this Agreement, including any reports,
        information or documentation reasonably required to comply with any regulations
        regarding any supervisory agents or examiners of the Purchaser all such reports
        or information to be as provided by and in accordance with such applicable
        instructions and directions as the Purchaser may reasonably request in relation
        to this Agreement or the performance of the Company under this Agreement.
        The
        Company agrees to execute and deliver all such instruments and take all such
        action as the Purchaser, from time to time, may reasonably request in order
        to
        effectuate the purpose and to carry out the terms of this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified above;
        provided, however, that prior to furnishing such statements or information
        to
        any prospective purchaser, the Company may require such prospective purchaser
        to
        execute a confidentiality agreement in a form satisfactory to the
        Company.

      

      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
        COMPANY

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way related to the breach of a
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
        The Company shall immediately notify the Purchaser if a claim is made by
        a third
        party against Company with respect to this Agreement or the Mortgage Loans,
        assume (with the consent of the Purchaser) the defense of any such claim
        and pay
        all expenses in connection therewith, including counsel fees, whether or
        not
        such claim is settled prior to judgment, and promptly pay, discharge and
        satisfy
        any judgment or decree which may be entered against it or the Purchaser in
        respect of such claim. The Company shall follow any reasonable written
        instructions received from the Purchaser in connection with such claim. The
        Purchaser shall promptly reimburse the Company for all amounts advanced by
        it
        pursuant to the two preceding sentences except when the claim relates to
        the
        failure of the Company to service and administer the Mortgages in strict
        compliance with the terms of this Agreement, the breach of representation
        or
        warranty set forth in Sections 3.01 or 3.02, or the gross negligence, bad
        faith
        or willful misconduct of Company. The provisions of this Section 8.01 shall
        survive termination of this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      Unless
        the Purchaser is notified in writing that the Company intends to change its
        status as a federal savings bank (such notice shall be given by the Company
        to
        Purchaser one month prior to such change), the Company will keep in full
        effect
        its existence, rights and franchises as a federal savings bank under federal
        law
        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, or which
        is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a FNMA or FHLMC approved
        Seller/Servicer in good standing.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment made in good faith; provided, however, that this provision shall
        not
        protect the Company 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 as set forth in Section 10.02, without any payment of any penalty
        or
        damages and without any liability whatsoever to the Company (other than with
        respect to accrued but unpaid Servicing Fees and Servicing Advances remaining
        unpaid) or any third party. 

       

      
 

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of two
        Business Days after the earlier of 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 date upon which such non-payment is discovered by
        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
        days
        (except that such number of days shall be fifteen in the case of a failure
        to
        pay any premium for any insurance policy required to be maintained under
        this
        Agreement) 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 both FNMA and FHLMC as a mortgage loan Company
        and Company 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 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, 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 or the disposition of all 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
        or without cause under the terms of this Agreement.

      

      Section
        10.02 Termination
        Without Cause.

      

      The
        Purchaser may, at its sole option, terminate any rights the Company may have
        hereunder, without cause, upon no less than 90 days written notice. Any such
        notice of termination shall be in writing and delivered to the Company as
        provided in Section 11.05 of this Agreement. In the event of such termination,
        the Purchaser agrees to pay, as liquidated damages, a sum equal to three
        percent
        (3.0%) of the aggregate unpaid principal balance of the Mortgage
        Loans.

       

      
 

      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) or 10.02, 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 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 Company
        shall
        be compensated in accordance with this Agreement up until the effective date
        of
        its termination or resignation. 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, 10.01, or 10.02 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
        Company.

      

      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 and the related Term Sheet may be amended from time to time by
        the
        Company and the Purchaser only 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 shall be governed by and construed in accordance with the laws
        of the
        State of New York except to the extent preempted by Federal law. The
        obligations, rights and remedies of the parties hereunder shall be determined
        in
        accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      (i)           
        if
        to the
        Company:

      Chevy
        Chase Bank, F.S.B.

      7501
        Wisconsin Avenue, West Tower, 6th
        Floor

      Bethesda,
        MD 20814

      Attention:
        Michael Drayne

       

      With
        copy
        to: 

      Keith
        McLendon, Esq.

      Deputy
        General Counsel

      7501
        Wisconsin Avenue, West Tower, 13th
        Floor

      Bethesda,
        MD 20814 

      

      and:

      

      Vicki
        Parry

      Loan
        Servicing Manager

      6151
        Chevy Chase Drive

      Laurel,
        MD 20707

      

      

      (ii)          
        if
        to the
        Purchaser:

      EMC
        Mortgage Corporation

      Mac
        Arthur Ridge II

      909
        Hidden Ridge Drive, Suite 200

      Irvine,
        Texas 75038

      Attention:
        Edward Raice

       

      with
        copy
        to: EMC Mortgage Corporation, General Counsel

      

      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 which prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        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, in addition to consumer information some of
        which
        information may be deemed confidential pursuant to the Gramm-Leach-Bliley
        Act (Pub. L. 106-102).
        Each
        party agrees to keep all such non-public information strictly confidential
        (and
        shall require any third party which receives any such confidential information
        to keep such information confidential), and to use all such information solely
        in order to effectuate the purpose of the Agreement, provided that each party
        may provide confidential information to its employees, agents and affiliates
        who
        have a need to know such information in order to effectuate the transaction,
        provided further that such information is identified as confidential non-public
        information. In addition, confidential information may be provided to a
        regulatory authority with supervisory power over Purchaser, provided such
        information is identified as confidential non-public information.

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments 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 under applicable
        law or requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment
        by Purchaser.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. However, in no event shall there
        be
        more than three (3) Persons at any given time having the status of "Purchaser"
        hereunder.

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        11.14 Execution:
        Successors and Assigns.

      

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to Section 8.04, this Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successors and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein or
        in the
        Confirmation. This Agreement and the related Term Sheet sets forth the entire
        understanding between the parties hereto and shall be binding upon all
        successors of both parties. In the event of any inconsistency between the
        Confirmation and this Agreement and the related Term Sheet, 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,
        or by
        any independent contractors on the Company's behalf, to personally, by telephone
        or mail, solicit the borrower or obligor under any Mortgage Loan to refinance
        the Mortgage Loan, in whole or in part, without the prior written consent
        of the
        Purchaser. Notwithstanding the foregoing, it is understood and agreed that
        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 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. 

      

      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 and Company under this
        Agreement and the related Term Sheet 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
        or
        the related Term Sheet;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement and 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 of
        this
        Agreement and the related Term Sheet;

      

      (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 and the related Term Sheet, 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 and the related Term Sheet, without recourse,
        to:

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer");

      

      however,
        in no event shall there be more than three (3) persons at any given time
        having
        the status of "Purchaser" hereunder.

      

      The
        Company agrees to execute in connection with any agreements between the
        Purchaser and the Company in connection with a Whole Loan Transfer, a Company's
        warranties and servicing agreement or a participation and servicing agreement
        or
        similar agreement in form and substance reasonably acceptable to the parties,
        and in connection with a Pass-Through Transfer, a pooling and servicing
        agreement in form and substance reasonably acceptable to the parties,
        (collectively the agreements referred to herein are designated, the
        "Reconstitution Agreements"). It is understood that any such Reconstitution
        Agreements will not contain any greater obligations on the part of Company
        than
        are contained in this Agreement and the related Term Sheet.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement (provided that with respect to those
        representations and warranties set forth in Section 3.02, the Company shall
        only
        restate those representations and warranties that relate in any way to the
        Mortgage Loan (or any set of facts with respect thereto) as of origination
        and
        any representations and warranties that relate to the servicing of such Mortgage
        Loan as of the settlement or closing date in connection with such Reconstitution
        (each, a "Reconstitution Date"). In that connection, the Company shall provide
        to such Company or issuer, as the case may be, and any other participants
        in
        such Reconstitution: (i) any and all information and appropriate verification
        of
        information which may be reasonably available to the Company, whether through
        letters of its auditors and counsel or otherwise, as the Purchaser or any
        such
        other participant shall request upon reasonable demand; 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. The Purchaser shall be responsible for the costs relating to
        the
        delivery of such information. 

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

      

      EMC
        MORTGAGE CORPORATION

      Purchaser

      

      By:________________________

      Name:
        Virginia Darrow

      Title:
        Attorney in Fact

      

      

      CHEVY
        CHASE BANK, F.S.B. 

      Company

      

      By:
        _______________________

      Name:

      Title:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed 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]". In
        the
        event that the original Mortgage Note is lost, a lost note affidavit may
        be
        provided.

      

      2.
        The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy, if required.

      

      4. At
        Purchaser’s option, the Company shall either deliver (i) 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; or (ii) if the Assignment of Mortgage is issued in accordance
        with
        MERS requirements, Company shall cause each Mortgage Loan to be registered
        with
        MERS in the name of Purchaser (or as otherwise directed by Purchaser). If
        an
        Assignment of Mortgage is issued in accordance with (i) above, and 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]".

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6. Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      10.
        Residential loan application.

      

      11. Uniform
        underwriter and transmittal summary (FNMA Form 1008) or reasonable
        equivalent.

      

      12. Credit
        report on the mortgagor.

      

      13. Business
        credit report, if applicable.

      

      14. Residential
        appraisal report and attachments thereto.

      

      15. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      16. Verification
        of employment and income except for Mortgage Loans originated under a Limited
        Documentation Program, all in accordance with Company's underwriting
        guidelines.

      

      17. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      18. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      19. Survey
        of
        the Mortgaged Property, if any.

      

      20. Sales
        contract, if applicable.

      

      21. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      22. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      23. 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

      

      

      To: Chevy
        Chase Bank, F.S.B.

      _____________________

      _____________________

      

      (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        July 1, 2001, Adjustable Rate Mortgage Loans (the "Agreement"), we hereby
        authorize and request you to establish an account, as a Custodial Account
        pursuant to Section 4.04 of the Agreement, to be designated as "Chevy Chase
        Bank, F.S.B., in trust for EMC Mortgage Corporation". 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.

      

      CHEVY
        CHASE BANK, F.S.B.

      

      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. 

      

      CHEVY
        CHASE BANK, F.S.B.

      

      By:____________________________

      Name:__________________________

      Title:___________________________

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      

      

      To: Chevy
        Chase Bank, F.S.B.

      _____________________

      _____________________

      

      (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        July 1, 2001, Adjustable Rate Mortgage Loans (the "Agreement"), we hereby
        authorize and request you to establish an account, as an Escrow Account pursuant
        to Section 4.06 of the Agreement, to be designated as " Chevy Chase Bank,
        F.S.B., in trust for EMC Mortgage Corporation, 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.

      

      CHEVY
        CHASE BANK, F.S.B.

      

      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. 

      

      CHEVY
        CHASE BANK, F.S.B.

      

      

      By:______________________________

      Name:____________________________

      Title:_____________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT AND ASSUMPTION

      

      THIS
        ASSIGNMENT AND ASSUMPTION AGREEMENT, dated ___________________, between
        __________________, a _____________________ corporation("Assignor") and
        _____________________, a __________________ corporation
        ("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:

      

      1. The
        Assignor hereby grants, transfers and assigns to Assignee all of the right,
        title and interest of Assignor, as Purchaser, in, to and under (a) those
        certain
        Mortgage Loans listed on Exhibit A attached hereto (the "Mortgage Loans")
        and
        (b) that certain Purchase, Warranties and Servicing Agreement, Adjustable
        Rate
        Mortgage Loans (the "Purchase, Warranties and Servicing Agreement"), dated
        as of
        July 1, 2001 by and among EMC Mortgage Corporation ("Purchaser"), and Chevy
        Chase Bank, F.S.B. (the "Company") 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 Purchase, Warranties
        and Servicing Agreement which are not the Mortgage Loans set forth on Exhibit
        A
        attached hereto and are not the subject of this Assignment and Assumption
        Agreement.

      

      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 or, and has no knowledge of, any offsets,
        counterclaims or other defenses available to the Company with respect to
        the
        Purchase, Warranties and 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 Purchase, Warranties and Servicing
        Agreement or the Mortgage Loans, including without limitation the transfer
        of
        the servicing obligations under the Purchase, Warranties and 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 or defaults under, the Purchase, Warranties and 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
        by
        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 "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.

      

      3. The
        Assignee warrants and represents to, and covenants with, the Assignor and
        the
        Company that:

      

      a. The
        Assignee is a corporation duly organized, validly existing and in good standing
        under the laws of the jurisdiction of its incorporation, and has all requisite
        corporate power and authority to acquire, own and purchase the Mortgage
        Loans;

      

      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 execution, delivery and performance of
        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 of the Assignee. This Assignment and Assumption
        Agreement has been duly executed and delivered by the Assignee and constitutes
        the valid and legally binding obligation of the Assignee enforceable against
        the
        Assignee in accordance with its respective terms;

      

      c. To
        the
        best of Assignee's knowledge, 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 and
        Assumption Agreement, or the consummation by it of the transactions contemplated
        hereby;

      

      d. The
        Assignee agrees to be bound, as Purchaser, by all of the terms, covenants
        and
        conditions of the Purchase, Warranties and Servicing Agreement and the Mortgage
        Loans, 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, with respect to the Mortgage Loans;

      

      e. The
        Assignee understands that the Mortgage Loans have not been registered under
        the
        1933 Act or the securities laws of any state;

      

      f.
        The
        purchase price being paid by the Assignee for the Mortgage Loans is in excess
        of
        $250,000 and will be paid by cash remittance of the full purchase price within
        sixty (60) days of the sale;

      

      g. The
        Assignee is acquiring the Mortgage Loans for investment for its own account
        only
        and not for any other person;

      

      h. The
        Assignee considers itself a substantial, sophisticated institutional investor
        having such knowledge and financial and business matters that it is capable
        of
        evaluating the merits and the risks of investment in the Mortgage
        Loans;

      

      i. The
        Assignee has been furnished with all information regarding the Mortgage Loans
        that it has requested from the Assignor or the Company;

      

      j. Neither
        the Assignee nor anyone acting on its behalf has offered, transferred, pledged,
        sold or otherwise disposed of the Mortgage Loans, an 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 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, 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

      

      k.
        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.

      

      Distributions
        shall be made by wire transfer of immediately available funds to
        _____________________________

      for
        the
        account of _________________________________________

      account
        number ___________________________________________________. Applicable
        statements should be mailed to ____________________

      _____________________________________________________________.

      

      Any
        new
        loan number assigned to a Mortgage Loan by the Assignee shall be provided
        to the
        Company at the following address: Chevy Chase Bank, F.S.B., 7501
        Wisconsin Avenue, Bethesda, MD 20814, Attention: _______________.
        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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
        Assignor's address for purposes for all notices and correspondence related
        to
        the Mortgage Loans and this Agreement is:

      

      ________________________________________

      ________________________________________

      

      Attention:
        ______________________________

      

      

      IN
        WITNESS WHEREOF, the parties have caused this Assignment and Assumption to
        be
        executed by their duly authorized officers as of the date first above
        written.

      

      _____________________________                
        ______________________________

      Assignor     
Assignee

      

      By:______________________  
By:___________________________

      Its:______________________                           
        Its:____________________________

      

      Taxpayer
        Identification                                           
Taxpayer
        Identification

      Number:________________--__                        
        Number:_______________________

      

      

      

      Acknowledged:

      

      Chevy
        Chase Bank, F.S.B.

      

      By:___________________________

      Its:___________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      RESERVED

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

      

      RESERVED

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE/RETURN OF DOCUMENTS

      

      

      To
        Custodian/Name:

      Address:

      Date:

      

      In
        connection with the administration of the pool of mortgages held by you in
        custody for _______________ (“Owner”), the undersigned (the “Company”) requests
        the release of the mortgage documents for the mortgage described below for
        the
        reason indicated.

      

      

      Property
        address:

      Pool
        number:

      Lender
        loan number:

      

      

      Original
        Mortgage Amount........................................$

      Date
        of
        Original Mortgage.........................................

      Interest
        Rate...............................................................

      Monthly
        Fixed Installment (P&I).................................

      Paid
        Through Date........................................................

      

      

      REASON
        FOR REQUESTING DOCUMENTS (Check one of the items below):

      

      ____
          On
        __________ (date), the above captioned mortgage loan was paid in full or
        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 to be paid have been or will be deposited in the Custodial Account
        as
        required.

      

      ____
          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 Owner in the event of
        reinstatement.

      

      ____
          Other
        (explain)

      _________________________________________________

      _________________________________________________
        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      TO
        CUSTODIAN: PLEASE ACKNOWLEDGE RELEASE OF THE DOCUMENTS BY YOUR
        SIGNATURE.

      

      Lender
        Number: 149020004

      Lender
        Address: 6151 Chevy Chase Drive, Laurel, MD 20707, Telephone No: (800)
        933-9100

      

      Acknowledged:

      

      By
        Custodian:                                                                               
By
        Lender: 

      _______________________________                                 CHEVY
        CHASE BANK, F.S.B.

      

       

      
        	
                ________________________________

              	 	 	
                ________________________________

              	 

      

      Authorized
        Signature                                                                   
Authorized
        Signature

      Name:       
Name:

      Date:
        __________________________                                  
Date:
        _________________________

       

      

      

      

      --------------------------------------------------------------------------------------------------------------------------------------

      TO
        CUSTODIAN: PLEASE ACKNOWLEDGE RETURN OF THE DOCUMENTS BY YOUR
        SIGNATURE.

      

      Acknowledged:

      

      By
        Custodian:      Reason
        For Returning Documents (check one):

      

      
        	
                ________________________________

              	 	 	
                ____
                  

              	
                Loan
                  was reinstated

              

      

      Authorized
        Signature

      Name:

      Date:
        __________________________   ____
        Other: (Explain) ________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, between and Chevy Chase Bank,
        F.S.B., a federal savings bank, located at 7700 Old Georgetown Road, Bethesda,
        MD 20814 (the “Company”) and EMC Mortgage Corporation, a Delaware corporation,
        located at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irvine,
        Texas
        75038 (the "Purchaser") is made pursuant to the terms and conditions of that
        certain Purchase, Warranties and Servicing Agreement (the "Agreement") dated
        as
        of July 1, 2001, between the Company and the Purchaser, the provisions of
        which
        are incorporated herein as if set forth in full herein, as such terms and
        conditions may be modified or supplemented hereby. All initially capitalized
        terms used herein unless otherwise defined shall have the meanings ascribed
        thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1. Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:  

      

      Mortgage
        Loan:    

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate:  

       

      Additional
        Closing Conditions: 

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional conditions: 

      

      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:
        

      

      [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.

       

      CHEVY
        CHASE BANK, F.S.B.

       

      

      
        	 	 	 	 	
                By:
                  ______________________________

              

      

      
        	 	 	 	 	
                Name:
                  ____________________________

              

      

      
        	 	 	 	 	
                Title:
                  _____________________________

              

      

      

      

      

      
        	 	 	 	 	
                EMC
                  MORTGAGE CORPORATION

              

      

      

      

      
        	 	 	 	 	
                By:
                  ______________________________

              

      

      
        	 	 	 	 	
                Name:
                  ____________________________

              

      

      
        	 	 	 	 	
                Title:
                  _____________________________

              

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    

      

      AMENDMENT
        NO. 1 TO PURCHASE, WARRANTIES AND SERVICING AGREEMENT

      

      

      THIS
        AMENDMENT NO. 1, effective as of January 13, 2003, amends the Purchase,
        Warranties and Servicing Agreement by and between EMC Mortgage Corporation
        (the
“Purchaser”) and Chevy Chase Bank, F.S.B. (the “Company”), previously entered
        into as of July 1, 2002 (the “Agreement”). 

      

      RECITALS

      

      WHEREAS,
        the Company sells to the Purchaser, and the Purchaser purchases from the
        Company, from time to time, pursuant to the Agreement, certain conventional
        residential Mortgage Loans, including all Servicing Rights related thereto;
        and

      

      WHEREAS,
        in connection with future sales of Mortgage Loans to the Purchaser, the Company
        and the Purchaser wish to amend the Agreement as set forth below.

      

      NOW,
        THEREFORE, in consideration of the premises and the mutual covenants hereinafter
        set forth and for good and valuable consideration, the receipt and sufficiency
        of which are hereby acknowledged, the Purchaser and the Company agree to
        amend
        the Agreement as follows:

      

      1.  Section
        1.01 of the Agreement shall be amended as follows: (a) The definitions of
        Cash-Out Refinancing and Rate/Term Refinancing shall be added.

      

      “Cash-Out
        Refinancing:
        As
        defined in the Fannie Mae Guide under the heading Cash-Out Refinance.”

      

      “Rate/Term
        Refinancing:
        As
        defined in the Fannie Mae Guide under the heading Limited Cash-Out
        Refinance.”

      

      (b)
        Item
        (16) of the definition of “Mortgage
        Loan Schedule”
shall
        be revised as follows: “(16) a code indicating the purpose of the Mortgage Loan
        (i.e., purchase, Cash-Out Refinancing, Rate/Term Refinance);” 

      

      2.
        The second
        sentence of Section 3.02 (h) of the Agreement shall be deleted in its entirety
        and replaced with the following: “None
        of the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12 CFR
        Part
        226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
        TILA,
        which implements the Home Ownership and Equity Protection Act of 1994, as
        amended or (b) classified and/or defined as a “high cost”, “covered”, or
“predatory” loan under any other state, federal or local law or regulation or
        ordinance, including, but not limited to, the States of Georgia or North
        Carolina, or the City of New York.”

      

      3.
        All
        other terms and conditions of the Agreement remain unchanged and in full
        force
        and effect.

       

      4.
        Capitalized terms used but not defined herein shall have the meanings ascribed
        to them in the Agreement.

      IN
        WITNESS WHEREOF, the parties hereto have caused this Addendum to be executed
        and
        delivered by their proper and duly authorized officers as of the day and
        year
        first above written.

      

      

      EMC
        Mortgage Corporation   Chevy
        Chase Bank, F.S.B.

      

      

      BY:______________________________   BY:______________________________

      NAME:                                                                  
        NAME:

      

      ITS:
        (Title)________________________      ITS:
        (Title)_________________________

       

      

      

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      AMENDMENT
        NUMBER TWO

       

      to
        the

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      Dated
        as
        of January 31, 2006

      

      between

      

      EMC
        MORTGAGE CORPORATION, 

      as
        Purchaser

      

      and

      

      CHEVY
        CHASE BANK, F.S.B,

      as
        Company

      

      This
        AMENDMENT NUMBER TWO (this “Amendment”) is made and entered into this 31st day
        of January, 2006, by and between EMC Mortgage Corporation, a Delaware
        corporation, as purchaser (the “Purchaser”) and Chevy Chase Bank, F.S.B., as
        company (the “Company”) in connection with the Purchase, Warranties and
        Servicing Agreement, dated as of July 1, 2001, between the above mentioned
        parties (the “Agreement”). This Amendment is made pursuant to Section 11.02 of
        the Agreement.

      

      RECITALS

       

      WHEREAS,
         the
        parties hereto have entered into the Agreement; 

      

      WHEREAS,
        the Agreement provides that the parties thereto may enter into an amendment
        to
        the Agreement;

      

      WHEREAS,
        the parties hereto desire to amend the Agreement as set forth in this Amendment;
        and

      

      NOW,
        THEREFORE, in consideration of the premises and for other good and valuable
        consideration, the receipt and sufficiency of which is hereby acknowledged,
        the
        parties hereto agree as follows:

      

      1. Capitalized
        terms used herein and not defined herein shall have the meanings assigned
        to
        such terms in the Agreement or Regulation AB as applicable. 

      

      2. Article
        I
        of the Agreement is hereby amended effective as of the date hereof by adding
        the
        following definitions to Section 1.01: 

      

      Commission
        or SEC:
        The
        Securities and Exchange Commission.

      

      Depositor:
        The
        depositor, as such term is defined in Regulation AB, with respect to any
        Securitization Transaction and
        as
        identified in writing to the Company as the depositor for such Securitization
        Transaction.

      

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

      

      Master
        Servicer:
        With
        respect to any Securitization Transaction, the “master servicer,” if any,
        identified in the related transaction documents and as identified in writing
        to
        the Company as the depositor for such Securitization Transaction.

      

      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.

      

      Originator:
        A bank,
        savings and loan, or mortgage banker that creates a mortgage secured by a
        borrower’s residential real property and sells such mortgage in the secondary
        market.

      

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

      

      Prepayment
        Charge:
        Any
        prepayment premium, penalty or charge payable by a Mortgagor in connection
        with
        any Principal Prepayment on a Mortgage Loan pursuant to the terms of the
        related
        Mortgage Note.

      

      Qualified
        Correspondent:
        Any Person from which the Company purchased Mortgage Loans, provided that
        the
        following conditions are satisfied: (i) such Mortgage Loans were originated
        pursuant to an agreement between the Company and such Person that contemplated
        that such Person would underwrite mortgage loans from time to time, for sale
        to
        the Company, in accordance with underwriting guidelines designated by the
        Company (“Designated Guidelines”) or guidelines that do not vary materially from
        such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
        as described in clause (i) above and were acquired by the Company within
        180
        days after origination; (iii) either (x) the Designated Guidelines were,
        at the
        time such Mortgage Loans were originated, used by the Company in origination
        of
        mortgage loans of the same type as the Mortgage Loans for the Company’s own
        account or (y) the Designated Guidelines were, at the time such Mortgage
        Loans
        were underwritten, designated by the Company on a consistent basis for use
        by
        lenders in originating mortgage loans to be purchased by the Company; and
        (iv)
        the Company employed, at the time such Mortgage Loans were acquired by the
        Company, pre-purchase or post-purchase quality assurance procedures (which
        may
        involve, among other things, review of a sample of mortgage loans purchased
        during a particular time period or through particular channels) designed
        to
        ensure that Persons from which it purchased mortgage loans properly applied
        the
        underwriting criteria designated by the Company. For the avoidance of doubt,
        a
“Qualified Correspondent” includes a “table broker” or mortgage lender that
        originates loans underwritten and funded by the Company or an Affiliate of
        the
        Company.

      

      Reconstitution
        Agreement:
        Any servicing agreement relating to a Reconstitution.

      

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

      

      Securities
        Act:
        The
        Securities Act of 1933, as amended.

      

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

      

      Servicing
        Criteria:
        As of
        any date of determination, the “servicing criteria” set forth in Item 1122(d) of
        Regulation AB, or any amendments thereto, a summary of the requirements of
        which
        as of the date hereof is attached hereto as Exhibit
        M
        for
        convenience of reference only. In the event of a conflict or inconsistency
        between the terms of Exhibit
        M
        and the
        text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
        AB
        shall control (or those Servicing Criteria otherwise mutually agreed to by
        the
        Purchaser, the Company and any Person that will be responsible for signing
        any
        Sarbanes Certification with respect to a Securitization Transaction in response
        to evolving interpretations of Regulation AB and incorporated into a revised
        Exhibit
        M).

      

      Static
        Pool Information:
        Static
        pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
        AB.

      

      Subcontractor:
        Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of Mortgage Loans but performs one or
        more
        discrete functions identified in Item 1122(d) of Regulation AB with respect
        to
        Mortgage Loans under the direction or authority of the Company or a Subservicer.
        

      

      Third-Party
        Originator:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by the Company, and shall not include a mortgage broker that does
        not
        fund loans.

      

      3. Article
        I
        of the Agreement is hereby amended effective as of the date hereof by deleting
        in its entirety the definition of Subservicer in Section 1.01 and replacing
        it
        with the following:

      

      Subservicer:
        Any
        Person that services Mortgage Loans on behalf of the Company or any Subservicer
        and is responsible for the performance (whether directly or through Subservicers
        or Subcontractors) of a substantial portion of the material servicing functions
        required to be performed by the Company under this Agreement or any
        Reconstitution Agreement that are identified in Item 1122(d) of Regulation
        AB;
        provided, however, that the term “Subservicer” shall not include any master
        servicer, or any special servicer engaged at the request of a Depositor,
        Purchaser or investor in a Securitization Transaction, nor any “back-up
        servicer” or trustee performing servicing functions on behalf of a
        Securitization Transaction.

      

      4. Article
        I
        of the Agreement is hereby amended effective as of the date hereof by deleting
        in its entirety the definition of Principal Prepayment in Section 1.01 and
        replacing it with the following:

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any Prepayment
        Charge, and which is not accompanied by an amount of interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment.

      

      5. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        revising Section 3.01(n) as follows (new text underlined):

      

      (n) If
        requested by the Purchaser, the
        Company shall have delivered to the Purchaser the Company’s financial
        statements, for its last two complete fiscal years. If so, 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
        generally accepted accounting principles consistently applied throughout
        the
        periods involved, except as set forth in the notes thereto. There has been
        no
        change in the servicing
        policies and procedures,
        business, operations, financial condition, properties or assets of the Company
        since the date of the Company’s financial information last provided to the
        Purchaser that would have a material adverse effect on its ability to perform
        its obligations under this Agreement and the related Term Sheet;

      

      6. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(p):

      

      (p) As
        of the
        date of each Pass-Through Transfer, and with respect to the representations
        (1)-(5) only if the Company is a “servicer” within the meaning of Item
        1108(a)(3) of Regulation AB, and with respect to representation (6) only
        if the
        Company meets the requirements for disclosure under Item 1117 of Regulation
        AB,
        and with respect to representation (7) only if the Company meets the
        requirements for disclosure under Item 1119 of Regulation AB and except as
        has
        been otherwise disclosed to the Purchaser, any Master Servicer and any
        Depositor: (1) no default or servicing related performance trigger has occurred
        as to any other securitization due to any act or failure to act of the Company;
        (2) no material noncompliance with applicable servicing criteria as to any
        other
        securitization has been disclosed or reported by the Company; (3) the Company
        has not been terminated as Servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger; (4) no material changes to the Company’s
        servicing policies and procedures for similar loans has occurred in the
        preceding three years; (5) there are no aspects of the Company’s financial
        condition that could have a material adverse impact on the performance by
        the
        Company of its obligations hereunder; (6) there are no legal proceedings
        pending, or known to be contemplated by governmental authorities, against
        the
        Company that could be material to investors in the securities issued in such
        Pass-Through Transfer; and (7) there are no affiliations, relationships or
        transactions relating to the Company of a type that are described under Item
        1119 of Regulation AB.

      

      7. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(q):

      

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

      

      8. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(r):

      

      (r) Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        each Subservicer and Third-Party Originator to), provided that 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, for such disclosure period (i) immediately notify 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,
        any
        Subservicer or any Third-Party Originator that could reasonably be expected
        to
        be material to investors in securities in such Securitization Transaction,
        (B)
        any known affiliations or relationships that develop following the closing
        date
        of a Pass-Through Transfer between the Company, any Subservicer or any
        Third-Party Originator 9provided that the requesting party identify, in writing,
        such parties by name) and any of the parties specified in clause (7) of
        paragraph (p) of this Section (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.

      

      All
        notification pursuant to this Section 3.01(r), other than those pursuant
        to
        Section 3.01(r)(i)(A), should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Conduit Seller Approval Dept.

      Facsimile:
        (214) 626-3751

      Email:
        sellerapproval@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      Notifications
        pursuant to Section 3.01(r)(i)(A) should be sent to: 

      

      EMC
        Mortgage Corporation

      Two
        Mac
        Arthur Ridge

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        TX 75038

      Attention:
        Associate General Counsel for Loan Administration

      Facsimile:
        (972) 831-2555

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Conduit Seller Approval Dept.

      Facsimile:
        (214) 626-3751

      Email:
        sellerapproval@bear.com

      

      

      9. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(s):

      

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

      

      10. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.02(tt):

      

      With
        respect to each Mortgage Loan, information regarding the borrower credit
        files
        related to such Mortgage Loan has been furnished to credit reporting agencies
        in
        compliance with the provisions of the Fair Credit Reporting Act and the
        applicable implementing regulations.

      

      11.
         Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following after the second sentence of the first paragraph of Section
        4.01:

      

      In
        addition, the Company shall furnish information regarding the borrower credit
        files related to such Mortgage Loan to credit reporting agencies in compliance
        with the provisions of the Fair Credit Reporting Act and the applicable
        implementing regulations.

      

      12. Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        adding
        this paragraph to the end of Section 4.02:

      

      The
        Company shall not waive any Prepayment Charge unless: (i) the enforceability
        thereof shall have been limited by bankruptcy, insolvency, moratorium,
        receivership and other similar laws relating to creditors’ rights generally,
        (ii) the enforcement thereof is illegal, or any local, state or federal agency
        has threatened legal action if the prepayment penalty is enforced, (iii)
        the
        mortgage debt has been accelerated in connection with a foreclosure or other
        involuntary payment or (iv) such waiver is standard and customary in servicing
        similar Mortgage Loans and relates to a default or a reasonably foreseeable
        default and would, in the reasonable judgment of the Company, maximize recovery
        of total proceeds taking into account the value of such Prepayment Charge
        and
        the related Mortgage Loan.

      

      13. Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        revising the first paragraph of Section 4.03 by adding the following after
        the
        first sentence:

      

      In
        determining the delinquency status of any Mortgage Loan, the Company will
        use
        delinquency recognition policies as described to and approved by the Purchaser,
        and shall revise these policies as requested by the Purchaser from time to
        time.

      

      14. Article
        V
        of the Agreement is hereby amended effective as of the date hereof by deleting
        Section 5.02 in its entirety and replacing it with the following:

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i) with
        respect to each Mortgage Loan and each Monthly Payment, the amount of such
        remittance allocable to principal (including a separate breakdown of any
        Principal Prepayment, including the date of such prepayment, and any prepayment
        penalties or premiums, along with a detailed report of interest on principal
        prepayment amounts remitted in accordance with Section 4.04);

      

      (ii) with
        respect to each Mortgage Loan and each Monthly Payment, the amount of such
        remittance allocable to interest;

      

      (iii) with
        respect to each Mortgage Loan, the amount of servicing compensation received
        by
        the Company during the prior distribution period;

      

      (iv) the
        Stated Principal Balance of each Mortgage Loan and the aggregate Stated
        Principal Balance of all Mortgage Loans as of the first day of the distribution
        period and the last day of the distribution period;

      

      (v) with
        respect to each Mortgage Loan, the current Mortgage Interest Rate;

      

      (vi) with
        respect to each Mortgage Loan, the aggregate amount of any Insurance Proceeds,
        Condemnation Proceeds, Liquidation Proceeds and REO Disposition Proceeds
        received during the prior distribution period;

      

      (vii) with
        respect to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls
        paid by the Company in accordance with Section 4.04(viii) during the prior
        distribution period; 

      

      (viii) the
        beginning and ending balances of the Custodial Account and Escrow
        Account;

      

      (ix) the
        number of Mortgage Loans as of the first day of the distribution period and
        the
        last day of the distribution period; 

      

      (x) with
        respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
        Loan (a) delinquent as grouped in the following intervals through final
        liquidation of such Mortgage Loan: 30 to 59 days, 60 to 89 days, 90 days
        or
        more; (b) as to which foreclosure has commenced; and (c) as to which REO
        Property has been acquired;

      

      (xi) with
        respect to each Mortgage Loan, the amount and severity of any realized loss
        following liquidation of such Mortgage Loan; 

      

      (xii) with
        respect to each Mortgage Loan, and in the aggregate for all Mortgage Loans,
        the
        amount of any Monthly Advances made by the Company during the prior distribution
        period; 

      

      (xiii) with
        respect to each Mortgage Loan, a description of any Servicing Advances made
        by
        the Company with respect to such Mortgage Loan including the amount, terms
        and
        general purpose of such Servicing Advances, and the aggregate amount of
        Servicing Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xiv) with
        respect to each Mortgage Loan, a description of any Nonrecoverable Advances
        made
        by the Company with respect to such Mortgage Loan including the amount, terms
        and general purpose of such Nonrecoverable Advances, and the aggregate amount
        of
        Nonrecoverable Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xv) with
        respect to each Mortgage Loan, a description of any Monthly Advances, Servicing
        Advances and Nonrecoverable Advances reimbursed to the Company with respect
        to
        such Mortgage Loan during the prior distribution period pursuant to Section
        4.05, and the source of funds for such reimbursement, and the aggregate amount
        of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
        reimbursed to the Company for all Mortgage Loans during the prior distribution
        period pursuant to Section 4.05; 

      

      (xvi) with
        respect to any Mortgage Loan, a description of any material modifications,
        extensions or waivers to the terms, fees, penalties or payments of such Mortgage
        Loan during the prior distribution period or that have cumulatively become
        material over time;

      

      (xvii) a
        description of any material breach of a representation or warranty set forth
        in
        Section 3.01 or Section 3.02 herein or of any other breach of a covenant
        or
        condition contained herein and the status of any resolution of such
        breach;

      

      (xviii) with
        respect to each Mortgage Loan, the Stated Principal Balance of any substitute
        Mortgage Loan provided by the Company and the Stated Principal Balance of
        any
        Mortgage Loan that has been replaced by a substitute Mortgage Loan in accordance
        with Section 3.03 herein;

      

      (xix) with
        respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
        Loan
        that has been repurchased by the Company in accordance with Section 3.03
        herein.

      

      In
        addition, the Company shall provide to the Purchaser such other information
        reasonably known or available to the Company that is related to Company’s
        performance of such servicing functions and that is reasonably required to
        facilitate preparation of distribution reports in accordance with Item 1121
        of
        Regulation AB, as amended from time to time. The Company shall also provide
        a
        monthly report, in the form of Exhibit
        E
        hereto,
        or such other form as is mutually acceptable to the Company, the Purchaser
        and
        any Master Servicer, Exhibit
        F
        with
        respect to defaulted mortgage loans and Exhibit
        N,
        with
        respect to realized losses and gains, with each such report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings that any governmental taxing authority requires the Company to deliver
        to such taxing authority or to the Purchaser pursuant to any applicable law
        with
        respect to the Mortgage Loans and the transactions contemplated hereby. In
        addition, the Company shall provide Purchaser with such information concerning
        the Mortgage Loans as is necessary for Purchaser to prepare its federal income
        tax return as Purchaser may reasonably request from time to
        time.

      15. Article
        V
        of the Agreement is hereby amended effective as of the date hereof by deleting
        the last paragraph of Section 5.03 in its entirety and replacing it with
        the
        following:

      

      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 Loans, 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 Advances.

      

      16. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        deleting Section 6.04 in its entirety and replacing it with the
        following:

      

      Section
        6.04 Annual
        Statement as to Compliance; Annual Certification.

      

      (a) The
        Company will deliver to the Purchaser and any Master Servicer, not later
        than
        March 1 of each calendar year beginning in 2007, an Officer’s Certificate
        reasonably acceptable to the Purchaser (an “Annual Statement of Compliance”)
        stating, as to the signatory thereof, that (i) a review of the servicing
        activities of the Company during the preceding calendar year and of servicing
        performance under this Agreement or other applicable servicing agreement
        has
        been made under such officers’ supervision and (ii) to the best of such
        officers’ knowledge, based on such review, the Company has fulfilled all of its
        servicing-related obligations under this Agreement or other applicable servicing
        agreement in all material respects throughout such year, or, if there has
        been a
        failure to fulfill any such obligation in any material respect, specifying
        each
        such failure known to such officer and the nature and status of cure provisions
        thereof. Such Annual Statement of Compliance shall contain no restrictions
        or
        limitations on its use. Copies of such statement shall be provided by the
        Company to the Purchaser upon request and by the Purchaser to any Person
        identified as a prospective purchaser of the Mortgage Loans. In the event
        that
        the Company has delegated any servicing responsibilities with respect to
        the
        Mortgage Loans to a Subservicer, the Company shall deliver an officer’s
        certificate (an “Annual Certification”) of the Subservicer as described above as
        to each Subservicer as and when required with respect to the
        Company.

      

      (b) With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        by March 1 of each calendar year beginning in 2007, an officer of the Company
        shall execute and deliver an Annual Certification to the Purchaser, any Master
        Servicer and any related Depositor for the benefit of each such entity and
        such
        entity’s affiliates that are transaction parties and the officers, directors and
        agents of any such entities that may rely on such Annual Certification in
        the
        fulfillment of their obligations with respect to Regulation AB, in the form
        attached hereto as Exhibit
        K.
        In the
        event that the Company has delegated any servicing responsibilities with
        respect
        to the Mortgage Loans to a Subservicer, the Company shall deliver an Annual
        Certification of the Subservicer as described above as to each Subservicer
        as
        and when required with respect to the Company.

      

      (c) If
        the
        Company cannot deliver the related Annual Statement of Compliance or Annual
        Certification by March 1st
        of such
        year, the Purchaser, at its sole option, may permit a cure period for the
        Company to deliver such Annual Statement of Compliance or Annual Certification,
        but in no event later than March 10th of such year.

      

      Failure
        of the Company to timely comply with this Section 6.04 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, unless
        otherwise agreed to by the Purchaser as set forth in 6.04(c), and Purchaser
        may,
        in addition to whatever rights the Purchaser may have under Sections 3.03
        and
        8.01 and at law or equity or to damages, including injunctive relief and
        specific performance, terminate all the rights and obligations of the Company
        under this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without compensating the Company except for compensation and rights arising
        prior to such termination. Such termination shall be considered with cause
        pursuant to Section 10.01 of this Agreement. This paragraph shall supersede
        any
        other provision in this Agreement or any other agreement to the
        contrary.

      

      17. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        deleting Section 6.05 in its entirety and replacing it with the
        following:

      

      Section
        6.05 [Reserved]

      

      18. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 6.07:

      

      Section
        6.07 Assessment
        of Compliance with Servicing Criteria.

      

      On
        and
        after January 1, 2006, the Company shall service and administer, and shall
        cause
        each Subservicer to Servicer or administer, the Mortgage Loans in accordance
        with all applicable requirements of the Servicing Criteria.

      

      With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        the Company shall deliver to the Purchaser or its designee, any Master Servicer
        and any Depositor on or before March 1 of each calendar year beginning in
        2007,
        a report (an “Assessment of Compliance”) reasonably satisfactory to the
        Purchaser, any Master Servicer and any Depositor regarding the Company’s
        assessment of compliance with the Servicing Criteria during the preceding
        calendar year as required by Rules 13a-18 and 15d-18 of the Exchange Act
        and
        Item 1122 of Regulation AB or as otherwise required by the Master Servicer,
        which as of the date hereof, require a report by an authorized officer of
        the
        Company that contains the following:

      

      (a) A
        statement by such officer of its responsibility for assessing compliance
        with
        the Servicing Criteria applicable to the Company;

      

      (b) A
        statement by such officer that such officer used the Servicing Criteria to
        assess compliance with the Servicing Criteria applicable to the
        Company;

      

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

      

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

      

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

      

      Such
        report at a minimum shall address each of the Servicing Criteria specified
        on a
        certification substantially in the form of Exhibit
        M
        hereto
        delivered to the Purchaser concurrently with the execution of this
        Agreement.

      

      With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        on or before March 1 of each calendar year beginning in 2007, the Company
        shall
        furnish to the Purchaser or its designee, any Master Servicer and any Depositor
        a report (an “Attestation Report”) by a registered public accounting firm that
        attests to, and reports on, the Assessment of Compliance made by the Company,
        as
        required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
        of
        Regulation AB or as otherwise required by the Master Servicer, which Attestation
        Report must be made in accordance with standards for attestation reports
        issued
        or adopted by the Public Company Accounting Oversight Board. 

      

      The
        Company shall cause each Subservicer, and each Subcontractor determined by
        the
        Company pursuant to Section 11.19 to be “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB, to deliver to the
        Purchaser, any Master Servicer and any Depositor an assessment of compliance
        and
        accountants’ attestation as and when provided in Sections 6.07.

      

      If
        the
        Company cannot deliver the related Assessment of Compliance or Attestation
        Report by March 1st
        of such
        year, the Purchaser, at its sole option, may permit a cure period for the
        Company to deliver such Assessment of Compliance or Attestation Report, but
        in
        no event later than March 10th of such year.

      

      Failure
        of the Company to timely comply with this Section 6.07 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, unless
        otherwise agreed to by the Purchaser as described herein, and Purchaser may,
        in
        addition to whatever rights the Purchaser may have under Sections 3.03 and
        8.01
        and at law or equity or to damages, including injunctive relief and specific
        performance, terminate all the rights and obligations of the Company under
        this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Company except for compensation and rights arising prior
        to
        such termination. Such termination shall be considered with cause pursuant
        to
        Section 10.01 of this Agreement. This paragraph shall supersede any other
        provision in this Agreement or any other agreement to the contrary.

      

      Notwithstanding
        anything in this Agreement to the contrary, the Company will only be required
        to
        deliver an Assessment of Compliance and Attestation Report when it is not
        “participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB including Instruction 2 thereof upon prior written notice by
        the
        Purchaser that any Master Servicer has requested such information.

      

      19. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 6.08:

      

      Section
        6.08 Intent
        of the Parties; Reasonableness.

      

      The
        Purchaser and the Company acknowledge and agree that a purpose of Sections
        3.01(p), 5.02, 6.04, 6.07, 11.18, 11.19 and Exhibit J of this Agreement is
        to
        facilitate compliance by the Purchaser and any Depositor with the provisions
        of
        Regulation AB and related rules and regulations of the Commission. None of
        the
        Purchaser, any Master Servicer or any Depositor shall exercise its right
        to
        request or require delivery of information or other performance under these
        provisions other than in good faith and as is reasonable, or for purposes
        other
        than compliance with the provisions of the Securities Act, the Exchange Act
        and
        the rules and regulations of the Commission thereunder that are applicable
        to
        any Securitization Transaction. The Company, the Purchaser, the Master Servicer
        and any Depositor acknowledge that interpretations of the requirements of
        Regulation AB may change over time, whether due to interpretive guidance
        provided by the Commission or its staff or consensus among participants in
        the
        asset-backed securities markets, and agrees to negotiate in good faith with
        the
        Purchaser, Master Servicer or any Depositor, upon a request made in good
        faith
        regarding the Company’s delivery of information under these provisions on the
        basis of evolving interpretations of Regulation AB. In connection with any
        Pass-Through Transfer, the Company shall cooperate with the Purchaser to
        deliver
        to the Purchaser (including any of its assignees or designees that are parties
        to the relevant transaction) and any Depositor, any and all statements, reports,
        certifications, records and any other information necessary in the good faith
        and reasonable determination of the Purchaser, Master Servicer 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.

      

      20. Article
        IX of the Agreement is hereby amended effective as of the date hereof by
        deleting the first sentence of the last paragraph of Section 9.01 and replacing
        it with the following (new text underlined):

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, or
        as
        otherwise stated herein,
        in
        which case, automatically and without notice) may, in addition to whatever
        rights the Purchaser or
        Master Servicer
        may have
        under Sections 3.03 and 8.01 and at law or equity or to damages, including
        injunctive relief and specific performance, terminate all the rights and
        obligations of the Company (and
        if the Company is servicing any of the Mortgage Loans in a Securitization
        Transaction, appoint a successor Servicer reasonably acceptable to any Master
        Servicer for such Securitization Transaction)
        under
        this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without
        compensating the Company for the same except for compensation and rights
        arising
        prior to such termination.

      

      21. Article
        IX of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following at the end of the last paragraph of Section 9.01:

      

      The
        Company shall promptly reimburse the Purchaser (or any designee of the
        Purchaser, such as a master servicer) and any Depositor, as applicable, for
        all
        reasonable expenses incurred by the Purchaser (or such designee) or such
        Depositor, as such are incurred, in connection with the termination of the
        Company as Servicer for cause and the transfer of servicing of the Mortgage
        Loans to a successor Servicer due to such termination for cause. 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.

      

      22. Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        restating Section 11.18 in its entirety as follows:

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a) one
        or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more Pass-Through
        Transfers.

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any Servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
Exhibit
        D
        hereto,
        or, at Purchaser’s request, a seller's warranties and servicing agreement or a
        participation and servicing agreement or similar agreement in form and substance
        reasonably acceptable to the parties (including the Company), and in connection
        with a Pass-Through Transfer, a pooling and servicing agreement in form and
        substance reasonably acceptable to the parties and the Company, (collectively
        the agreements referred to herein are designated, the "Reconstitution
        Agreements"). It is understood that any such Reconstitution Agreements will
        not
        contain any greater obligations on the part of Company than are contained
        in
        this Agreement. Notwithstanding anything to the contrary in this Section
        11.18,
        the Company agrees that it is required to perform the obligations described
        in
Exhibit
        J
        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,
        at
        the Purchaser’s expense due diligence procedures; (2) to execute, deliver and
        perform all Reconstitution Agreements required by the Purchaser subject to
        the
        limitations of this Section 11.18; and (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date").

      

      In
        addition, the Company shall provide to such Servicer or issuer, as the case
        may
        be, and any other participants in such Reconstitution upon the Purchaser’s
        request and subject to the limitations of this Section 11.18:

      

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

      

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

      

      (iii) within
        5
        Business Days after request by the Purchaser, the information with respect
        to
        the Company (as Originator) and each Third-Party Originator of the Mortgage
        Loans as required under Item 1110(a) and (b) of Regulation AB, a summary
        of the
        requirements of which has of the date hereof is attached hereto as Exhibit
        L
        for
        convenience of reference only. If requested by the Purchaser, this will include
        information about the applicable credit-granting or underwriting
        criteria;

      

      (iv) within
        5
        Business Days after request by the Purchaser, the Company shall provide (or,
        as
        applicable, cause each Third-Party Originator to provide) Static Pool
        Information with respect to the mortgage loans (of a similar type as the
        Mortgage Loans, as reasonably identified by the Purchaser as provided below)
        originated by (i) the Company, if the Company is an originator of Mortgage
        Loans
        (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
        and/or (ii) each Third-Party Originator. Such Static Pool Information shall
        be
        prepared by the Company (or Third-Party Originator) on the basis of its
        reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
        and (c) provided, however, that Seller shall not be required to provide Static
        Pool Information with respect to mortgage loans originated prior to January
        1,
        2006 pursuant to Item 1105(f) of Regulation AB; provided, further, however
        that
        Seller shall provide such information if it becomes reasonably available
        to
        Seller. 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 and presentation of such Static Pool Information may
        be
        in the form customarily provided by the Company, and need not be customized
        for
        the Purchaser or any Depositor. Such Static Pool Information for each vintage
        origination year or prior securitized pool, as applicable, shall be presented
        in
        increments no less frequently than quarterly over the life of the mortgage
        loans
        included in the vintage origination year or prior securitized pool. The most
        recent periodic increment must be as of a date no later than 135 days prior
        to
        the date of the prospectus or other offering document in which the Static
        Pool
        Information is to be included or incorporated by reference. The Static Pool
        Information shall be provided in an electronic format that provides a permanent
        record of the information provided, such as a portable document format (pdf)
        file, or other such electronic format as customarily provided by Seller or
        if
        Seller does not customarily provide such information as reasonably required
        by
        the Purchaser or the Depositor, as applicable and agreed to by the
        Company;

      

      (v) within
        5
        Business Days after request by the Purchaser, information with respect to
        the
        Company (as Servicer) as required by Item
        1108(b) and (c) of Regulation AB,
        and
        provided the Company (as Servicer) meets the criteria in Item 1108(a)(3).
        A
        summary of the requirements of Item 1108(b) and (c) of Regulation AB is attached
        hereto as Exhibit
        L
        for
        convenience of reference only. In the event that the Company has delegated
        any
        servicing responsibilities with respect to the Mortgage Loans to a Subservicer,
        the Company shall provide the information required pursuant to this clause
        with
        respect to the Subservicer;

      

      (vi) within
        5
        Business Days after request by the Purchaser, 

      (a)
        if
        the Company (or Third-Party Originator of Subservicer as the case may be)
        meets
        the disclosure criteria of Item 1117 of Regulation AB, information regarding
        any
        legal proceedings pending (or known to be contemplated by governmental
        authorities) against the Company (as Originator and as Servicer) and each
        Third-Party Originator of the Mortgage Loans and each Subservicer that could
        be
        material to investors in the Securities issued in the related Securitization
        Transaction, a summary of the requirements of Item 1117 of Regulation AB
        as of
        the date hereof is attached hereto as Exhibit
        L
        for
        convenience of reference only;

      (b)
        if
        the Company (or Third-Party Originator of Subservicer as the case may be)
        meets
        the disclosure criteria of Item 1119 of Regulation AB, information regarding
        affiliations with respect to the Company (as Originator and as Servicer)
        and
        each Third-Party Originator of the Mortgage Loans and each Subservicer as
        required by Item 1119(a) of Regulation AB, a summary of the requirements
        of Item
        1119(a) of Regulation AB as of the date hereof is attached hereto as
Exhibit
        L
        for
        convenience of reference only; and

      (c)
        if
        the Company (or Third-Party Originator of Subservicer as the case may be)
        meets
        the disclosure criteria of Item 1119 of Regulation AB,information regarding
        relationships and transactions with respect to the Company (as Originator
        and as
        Servicer) and each Third-Party Originator of the Mortgage Loans and each
        Subservicer as required by Item 1119(b) and (c) of Regulation AB, a summary
        of
        the requirements of Item 1119(b) and (c) of Regulation AB as of the date
        hereof
        is attached hereto as Exhibit
        L
        for
        convenience of reference only; and 

      

      (vii) if
        so
        requested by the Purchaser, the Company shall provide (or, as applicable,
        cause
        each Third-Party Originator to provide), at the expense of the requesting
        party
        (to the extent of any additional incremental expense associated with delivery
        pursuant to this Agreement), such statements and agreed-upon procedures letters
        of certified public accountants reasonably acceptable to the Purchaser or
        Depositor, as applicable, pertaining to Static Pool Information relating
        to
        prior securitized pools for securitizations closed on or after January 1,
        2006
        or, in the case of Static Pool Information with respect to the Company’s or
        Third-Party Originator’s originations or purchases, to calendar months
        commencing January 1, 2006, or to any financial information included in any
        other disclosure provided under this Section 11.18, as the Purchaser or such
        Depositor shall reasonably request. Such statements and letters shall be
        addressed to and be for the benefit of such parties as the Purchaser or such
        Depositor shall designate, which may include, by way of example, any Sponsor,
        any Depositor and any broker dealer acting as underwriter, placement agent
        or
        initial purchaser with respect to a Pass-Through Transfer. Any such statement
        or
        letter may take the form of a standard, generally applicable document
        accompanied by a reliance letter authorizing reliance by the addressees
        designated by the Purchaser or such Depositor;

      

      (viii) Following
        the date of any Pass-Through Transfer after January 1, 2006 containing Mortgage
        Loans and for the period while such Mortgage Loans are in any Pass-Through
        Transfer, the Purchaser agrees to furnish to the Company, within forty-five
        (45)
        days of the close of each related month, on a monthly basis, loan level
        performance information regarding the related Mortgage Loans, including
        delinquency, foreclosure and loss data, but excluding any personal borrower
        information, which Purchaser deems necessary for the Company’s compliance with
        Regulation AB, and to be used by the Company solely on an aggregate basis
        for
        Regulation AB disclosure purposes. The preceding sentence shall only apply
        to
        Mortgage Loans for which Purchaser is the Servicer; provided, however, that
        if
        Purchaser is no longer the Servicer of the related Mortgage Loans, the Purchaser
        shall use its best efforts to require the new Servicer to provide such
        information. The Company agrees that the Purchaser may thereafter provide
        updated performance information on the Mortgage Loans for any previous
        period.

      

      (ix) If
        so
        requested, in writing, 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), provided that 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,
        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,
        any
        Subservicer or any Third-Party Originator that could be material to investors
        in
        the securities issued in such Securitization Transaction that develop following
        the closing date of such Securitization Transaction, (B) any known 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 (provided that the requesting party identify, in writing,
        such parties by name) 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. The obligations
        of the Company under this paragraph (ix) with respect to a Securitization
        Transaction shall terminate upon the termination of the Purchaser’s and
        Depositor’s reporting obligations under the Exchange Act with respect to such
        securitization; 

      

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

      

      (x)
        In
        addition to such information as the Company, as Servicer, is obligated to
        provide pursuant to other provisions of this Agreement, not later than ten
        days
        prior to the deadline for the filing of any distribution report on Form 10-D
        in
        respect of any Securitization Transaction that includes any of the Mortgage
        Loans serviced by the Company or any Subservicer, the Company or such
        Subservicer, as applicable, shall, to the extent the Company or such Subservicer
        has knowledge, provide to the party responsible for filing such report
        (including, if applicable, the Master Servicer) notice of the occurrence
        of any
        of the following events with respect to such Mortgage Loans serviced by the
        Company along with all information, data, and materials related thereto as
        may
        be required to be included in the related distribution report on Form 10-D
        (as
        specified in the provisions of Regulation AB referenced below):

      

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

      

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

      

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

      

      (xi)
        The
        Company shall provide to the Purchaser, any Master Servicer and any Depositor,
        evidence of the authorization of the person signing any certification or
        statement, copies or other evidence of Fidelity Bond Insurance and Errors
        and
        Omission Insurance policy, financial information and reports, and such other
        information related to the Company or any Subservicer or the Company or such
        Subservicer’s performance hereunder.

      

      In
        the
        event of a conflict or inconsistency between the terms of Exhibit
        L
        and the
        text of the applicable Item of Regulation AB as cited above, the text of
        Regulation AB, its adopting release and other public statements of the SEC
        shall
        control.

      

      The
        Company shall indemnify the Purchaser, the Depositor, and the Master Servicer,
        and each of their respective affiliates including as applicable 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 with respect to such Pass-Through Transfer, 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
        (each, a “Regulation AB Loss”) arising out of or based upon:

      

      (i)(A)
        any
        untrue statement of a material fact contained or alleged to be contained
        in any
        information, report, certification, data, accountants’ letter or other material
        provided under this Section 11.18 by the Company or by another third-party
        on
        the direction of the Company,
        or
        provided under this Section 11.18 by or at the direction of any Subservicer,
        Subcontractor or Third-Party Originator (collectively, the “Company
        Information”), or (B) the omission or alleged omission to state in the Company
        Information a material fact required to be stated in the Company Information
        or
        necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; provided, by way
        of
        clarification, that clause (B) of this paragraph shall be construed solely
        by
        reference to the Company Information and not to any other information
        communicated in connection with a sale or purchase of securities, without
        regard
        to whether the Company Information or any portion thereof is presented together
        with or separately from such other information;

      

      (ii)
        any
        breach by the Company of its obligations under this Section 11.18, including
        particularly any failure by the Company, any Subservicer, any Subcontractor
        or
        any Third-Party Originator to deliver any information, report, certification,
        accountants’ letter or other material when and as required under this Section
        11.18, including any failure by the Company to identify pursuant to Section
        11.19 any Subcontractor “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB;

      

      (iii)
        any
        breach by the Company of a representation or warranty set forth in Section
        3.01
        or in a writing furnished pursuant to Section 3.01(q) and made as of a date
        prior to the closing date of the related Pass-Through Transfer, to the extent
        that such breach is not cured by such closing date, or any breach by the
        Company
        of a representation or warranty in a writing furnished pursuant to Section
        3.01(q) to the extent made as of a date subsequent to such closing date;
        or

      

      (iv)
        the
        negligence bad faith or willful misconduct of the Company in connection with
        its
        performance under this Section 11.18.

      

      In
        the
        case of any claim involving Regulation AB Losses instituted involving any
        untrue
        statement of a material fact alleged to be contained in any Company Information,
        the Purchaser shall notify the Company and the Company may, but only with
        the
        written approval of the Purchaser in the Purchaser’s sole discretion, retain
        counsel satisfactory to the Purchaser to represent the Purchaser with respect
        to
        the Regulation AB Losses (provided that the counsel so designated would have
        no
        actual or potential conflict of interest in connection with such
        representation), and the Company shall pay the fees and disbursements of
        such
        counsel related to such claim. If the Company assumes the defense of such
        proceeding, it shall be entitled to settle such proceeding with the written
        consent of the Purchaser (in its sole discretion) or, if such settlement
        provides for release of the Purchaser in connection with all matters relating
        to
        the proceeding which have been asserted against the Purchaser in such proceeding
        by the other parties to such settlement, without the consent of the
        Purchaser.

      

      For
        purposes of clarification with respect to the indemnification given above
        in
        this Section 11.18, the Seller shall only be required to indemnify the
        Indemnified Parties with respect to Regulation AB Losses that any Indemnified
        Party incurs when such Regulation AB Losses arise out of or are based upon
        Company Information and only with respect to those Mortgage Loans sold pursuant
        to this Agreement; provided, that the indemnification provided in this Section
        11.18 shall be the only indemnification with respect to Regulation AB Losses;
        provided, further, that if any loan performance information is not provided
        to
        the Company pursuant to this Agreement, the Company shall have no obligation
        to
        indemnify any Indemnified Party for Regulation AB Losses arising from the
        Company’s failure to provide Static Pool Information.

      

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other. 

      

      In
        the
        case of any failure of performance described above, the Company shall promptly
        reimburse the Purchaser, any Depositor, as applicable, and each Person
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission with respect to such Securitization Transaction,
        or
        for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
        under the Exchange Act with respect to such Securitization Transaction, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

      

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

      

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      

      23. Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 11.19:

      

      Section
        11.19. Use
        of
        Subservicers and Subcontractors.

      

      (a) The
        Company shall not hire or otherwise utilize the services of any Subservicer
        to
        fulfill any of the obligations of the Company as Servicer under this Agreement
        or any Reconstitution Agreement unless the Company complies with the provisions
        of paragraph (b) of this Section. The Company shall not hire or otherwise
        utilize the services of any Subcontractor, and shall not permit any Subservicer
        to hire or otherwise utilize the services of any Subcontractor, to fulfill
        any
        of the obligations of the Company as Servicer under this Agreement or any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (d) of this Section. 

      

      (b) The
        Company shall cause any Subservicer used by the Company (or by any Subservicer)
        for the benefit of the Purchaser and any Depositor to comply with the provisions
        of this Section and with Sections 3.01(p), 3.01(s), 6.04, 6.07 and 11.18
        of this
        Agreement to the same extent as if such Subservicer were the Company, and
        to
        provide the information required with respect to such Subservicer under Section
        3.01(r) of this Agreement. The Company shall be responsible for obtaining
        from
        each Subservicer and delivering to the Purchaser, any Master Servicer and
        any
        Depositor any Annual Statement of Compliance required to be delivered by
        such
        Subservicer under Section 6.04(a), any Assessment of Compliance and Attestation
        Report required to be delivered by such Subservicer under Section 6.07 and
        any
        Annual Certification required under Section 6.04(b) as and when required
        to be
        delivered under this Agreement.

      

      (c) The
        Company shall promptly upon request provide to the Purchaser, any Master
        Servicer and any Depositor (or any designee of the Depositor, such as an
        administrator) a written description (in form and substance satisfactory
        to the
        Purchaser, any Master Servicer and such Depositor) of the role and function
        of
        each Subcontractor utilized by the Company or any Subservicer, specifying
        (i)
        the identity of each such Subcontractor, (ii) which (if any) of such
        Subcontractors are “participating in the servicing function” within the meaning
        of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
        Criteria will be addressed in assessments of compliance provided by each
        Subcontractor identified pursuant to clause (ii) of this paragraph.

      

      (d) As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Company shall cause any such Subcontractor used by the
        Company (or by any Subservicer) for the benefit of the Purchaser and any
        Depositor to comply with the provisions of Sections 6.07 and 11.18 of this
        Agreement to the same extent as if such Subcontractor were the Company. The
        Company shall be responsible for obtaining from each Subcontractor and
        delivering to the Purchaser and any Depositor any Assessment of Compliance
        and
        Attestation Report and the other certificates required to be delivered by
        such
        Subservicer and such Subcontractor under Section 6.07, in each case as and
        when
        required to be delivered.

      

      24. Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 11.20:

      

      Section
        11.20. Third
        Party Beneficiary Rights, Benefits and Obligations.

      

      For
        purposes of this Agreement, each Master Servicer shall be considered a
        third party beneficiary to this Agreement, entitled to all the rights and
        benefits hereof and as limited herein as if it were a direct party to this
        Agreement.

      

      25. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit E:

      EXHIBIT
        E

      

      REPORTING
        DATA FOR MONTHLY REPORT

      

      
        	
                Standard
                  File Layout - Master Servicing

              
	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	 	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	 	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  Servicer's fee rate for a loan as reported by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  Servicer's fee amount for a loan as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	 	 	 	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	 	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

      

      26. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit F:

      

      EXHIBIT
        F

      

      REPORTING
        DATA FOR DEFAULTED LOANS

      

      Standard
        File Layout - Delinquency Reporting

      

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the Originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external Servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the Servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the Servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the Servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

       

       

       

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting

       

      

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

      
        	
                ·  ASUM-

              	
                Approved
                  Assumption

              
	
                ·  BAP-

              	
                Borrower
                  Assistance Program

              
	
                ·  CO-

              	
                Charge
                  Off

              
	
                ·  DIL-

              	
                Deed-in-Lieu

              
	
                ·  FFA-

              	
                Formal
                  Forbearance Agreement

              
	
                ·  MOD-

              	
                Loan
                  Modification

              
	
                ·  PRE-

              	
                Pre-Sale

              
	
                ·  SS-

              	
                Short
                  Sale

              
	
                ·  MISC-

              	
                Anything
                  else approved by the PMI or Pool
                  Insurer

              

      

       

      

       

      NOTE:
        Wells Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      

       

      The
        Occupant
        Code
        field should show the current status of the property code as
        follows:

       

      
        	·  	
                Mortgagor

              

      

       

      
        	·  	
                Tenant

              

      

       

      
        	·  	
                Unknown
                  

              

      

       

      
        	·  	
                Vacant

              

      

       

      

       

      The
        Property
        Condition
        field should show the last reported condition of the property as follows:
        

       

      
        	·  	
                Damaged

              

      

       

      
        	·  	
                Excellent

              

      

       

      
        	·  	
                Fair

              

      

       

      
        	·  	
                Gone

              

      

       

      
        	·  	
                Good

              

      

       

      
        	·  	
                Poor

              

      

       

      
        	·  	
                Special
                  Hazard

              

      

       

      
        	·  	
                Unknown

              

      

       

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      

       

      The
        FNMA
        Delinquent Reason Code
        field should show the Reason for Delinquency as follows: 

       

      

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of property

              
	
                009

              	
                FNMA-Distant
                  employee transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell property

              
	
                013

              	
                FNMA-Inability
                  to rent property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

      

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

      

       

      The
        FNMA
        Delinquent Status Code
        field should show the Status of Default as follows: 

       

      

      
        	
                Status
                  Code

              	
                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7 Bankruptcy

              
	
                66

              	
                Chapter
                  11 Bankruptcy

              
	
                67

              	
                Chapter
                  13 Bankruptcy

              

      

       

      

      27. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit J:

       

      EXHIBIT
        J

      

      COMPANY’S
        OBLIGATIONS IN CONNECTION 

      WITH
        A
        RECONSTITUTION

      

      • The
        Company shall (i) possess the ability to service to a securitization documents;
        (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through the
        liquidation of an REO Property), (iii) make compensating interest payments
        on
        payoffs and curtailments and (iv) remit and report to a Master Servicer in
        format reasonably acceptable to such Master Servicer by the 10th calendar
        day of
        each month.

      

      • The
        Company shall provide an acceptable annual certification (officer’s certificate)
        to the Master Servicer (as required by the Sarbanes-Oxley Act of 2002) as
        well
        as any other annual certifications customarily required under the securitization
        documents (i.e. the annual statement as to compliance/annual independent
        certified public accountants’ servicing report due by March 1 of each year),
        provided that the Company has notice that such other annual certifications
        will
        be required.

      

      • The
        Company shall maintain its servicing system in accordance with the requirements
        of the Master Servicer.

      

      

      28. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit K:

      

      EXHIBIT
        K

      

      FORM
        OF
        COMPANY CERTIFICATION

      

      Re: The
        [ ]
        agreement dated as of [ l,
        200[ ]
        (the “Agreement”), among [IDENTIFY PARTIES]

      

      I,
        ____________________________, the _______________________ of [NAME OF COMPANY]
        (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
        Servicer] [Securities Administrator] [Trustee], and their officers, with
        the
        knowledge and intent that they will rely upon this certification,
        that:

      

      I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
        reports, officer’s certificates and other information relating to the servicing
        of the Mortgage Loans by the Company during 200[ ] that were delivered by
        the
        Company to the [Depositor] [Master Servicer] [Securities Administrator]
        [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
        Information”);

      

      Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

      

      Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Securities Administrator] [Trustee];

      

      I
        am
        responsible for reviewing the activities performed by the Company as Servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

      

      The
        Compliance Statement required to be delivered by the Company pursuant to
        this
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master Servicer]. Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        [Depositor] [Master Servicer]. Any material instance of noncompliance with
        the
        Servicing Criteria has been disclosed in such reports.

      

      

      29. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit L:

      

      EXHIBIT
        L

      

      SUMMARY
        OF APPLICABLE REGULATION AB REQUIREMENTS

      

      NOTE:
        This Exhibit L is provided for convenience of reference only. In the event
        of a
        conflict or inconsistency between the terms of this Exhibit L and the text
        of
        Regulation AB, the text of Regulation AB, its adopting release and other
        public
        statements of the SEC shall control. 

       

      Item
        1105(a)(1)-(3) and (c)

      

      -Provide
        static pool information with respect to mortgage loans that were originated
        or
        purchased by the Company and which are of the same type as the Mortgage
        Loans.

       

      -Provide
        static pool information regarding delinquencies, cumulative losses and
        prepayments for prior securitized pools of the Company.

       

      -If
        the
        Company has less than 3 years experience securitizing assets of the same
        type as
        the Mortgage Loans, the Company may provide the static pool information by
        vintage origination years regarding loans originated or purchased by the
        Company, instead of by prior securitized pool. A vintage origination year
        represents mortgage loans originated during the same year.

       

      -Such
        static pool information shall be for the prior five years, or for so long
        as the
        Company has been originating or purchasing (in the case of data by vintage
        origination year) or securitizing (in the case of data by prior securitized
        pools) such mortgage loans if for less than five years.

       

      -The
        static pool information for each vintage origination year or prior securitized
        pool, as applicable, shall be presented in monthly or quarterly increments
        over
        the life of the mortgage loans included in the vintage origination year or
        prior
        securitized pool.

       

      -Provide
        summary information for the original characteristics of the prior securitized
        pools or vintage origination years, as applicable and material, including:
        number of pool assets, original pool balance, weighted average initial loan
        balance, weighted average mortgage rate, weighted average and minimum and
        maximum FICO, product type, loan purpose, weighted average and minimum and
        maximum LTV, distribution of loans by mortgage rate, and geographic
        concentrations of 5% or more.

       

      

      Item
        1108(b) and (c)

      

      Provide
        the following information with respect to each servicer that will service,
        including interim service, 20% or more of the mortgage loans in any loan
        group
        in the securitization issued in the Pass-Through Transfer: 

       

      -a
        description of the Company’s form of organization;

       

      -a
        description of how long the Company has been servicing residential mortgage
        loans; a general discussion of the Company’s experience in servicing assets of
        any type as well as a more detailed discussion of the Company’s experience in,
        and procedures for the servicing function it will perform under this Agreement
        and any Reconstitution Agreements; information regarding the size, composition
        and growth of the Company’s portfolio of mortgage loans of the type similar to
        the Mortgage Loans and information on factors related to the Company that
        may be
        material to any analysis of the servicing of the Mortgage Loans or the related
        asset-backed securities, as applicable, including whether any default or
        servicing related performance trigger has occurred as to any other
        securitization due to any act or failure to act of the Company, whether any
        material noncompliance with applicable servicing criteria as to any other
        securitization has been disclosed or reported by the Company, and the extent
        of
        outsourcing the Company uses;

       

      -a
        description of any material changes to the Company’s policies or procedures in
        the servicing function it will perform under this Agreement and any
        Reconstitution Agreements for mortgage loans of the type similar to the Mortgage
        Loans during the past three years;

       

      -information
        regarding the Company’s financial condition to the extent that there is a
        material risk that the effect on one or more aspects of servicing resulting
        from
        such financial condition could have a material impact on the performance
        of the
        securities issued in the Pass-Through Transfer, or on servicing of mortgage
        loans of the same asset type as the Mortgage Loans;

       

      -any
        special or unique factors involved in servicing loans of the same type as
        the
        Mortgage Loans, and the Company’s processes and procedures designed to address
        such factors;

       

      -statistical
        information regarding principal and interest advances made by the Company
        on the
        Mortgage Loans and the Company’s overall servicing portfolio for the past three
        years; and

       

      -the
        Company’s process for handling delinquencies, losses, bankruptcies and
        recoveries, such as through liquidation of REO Properties, foreclosure, sale
        of
        the Mortgage Loans or workouts.

       

      Item
        1110(a)

      

      -Identify
        any originator or group of affiliated originators that originated, or is
        expected to originate, 10% or more of the mortgage loans in any loan group
        in
        the securitization issued in the Pass-Through Transfer.

       

      

      Item
        1110(b)

      

      Provide
        the following information with respect to any originator or group of affiliated
        originators that originated, or is expected to originate, 20% or more of
        the
        mortgage loans in any loan group in the securitization issued in the
        Pass-Through Transfer:

       

      -the
        Company’s form of organization; and

       

      -a
        description of the Company’s origination program and how long the Company has
        been engaged in originating residential mortgage loans, which description
        must
        include a discussion of the Company’s experience in originating mortgage loans
        of the same type as the Mortgage Loans and information regarding the size
        and
        composition of the Company’s origination portfolio as well as information that
        may be material to an analysis of the performance of the Mortgage Loans,
        such as
        the Company’s credit-granting or underwriting criteria for mortgage loans of the
        same type as the Mortgage Loans.

       

      

      Item
        1117

      

      -describe
        any legal proceedings pending against the Company or against any of its
        property, including any proceedings known to be contemplated by governmental
        authorities, that may be material to the holders of the securities issued
        in the
        Pass-Through Transfer.

       

      

      Item
        1119(a)

      

      -describe
        any affiliations of the Company, each other originator of the Mortgage Loans
        and
        each Subservicer with the sponsor, depositor, issuing entity, trustee, any
        originator, any other servicer, any significant obligor, enhancement or support
        provider or any other material parties related to the Pass-Through
        Transfer.

       

      

      Item
        1119(b)

      

      -describe
        any business relationship, agreement, arrangement, transaction or understanding
        entered into outside of the ordinary course of business or on terms other
        than
        those obtained in an arm’s length transaction with an unrelated third party,
        apart from the Pass-Through Transfer, between the Company, each other originator
        of the Mortgage Loans and each Subservicer, or their respective affiliates,
        and
        the sponsor, depositor or issuing entity or their respective affiliates,
        that
        exists currently or has existed during the past two years, that may be material
        to the understanding of an investor in the securities issued in the Pass-Through
        Transfer.

       

      Item
        1119(c)

      

      -describe
        any business relationship, agreement, arrangement, transaction or understanding
        involving or relating to the Mortgage Loans or the Pass-Through Transfer,
        including the material terms and approximate dollar amount involved, between
        the
        Company, each other originator of the Mortgage Loans and each Subservicer,
        or
        their respective affiliates and the sponsor, depositor or issuing entity
        or
        their respective affiliates, that exists currently or has existed during
        the
        past two years.

       

      30. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit M:

      

      EXHIBIT
        M

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Company] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                General
                  Servicing Considerations

              	
                 

              
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  Servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	 
	
                 

              	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	 
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	 
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the Servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the Servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 
	
                 

              	
                 

              	
                 

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                [NAME
                  OF COMPANY] [NAME OF SUBSERVICER]

                 

                Date: _________________________

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

       

      

      

      31. The
        Agreement is hereby amended as of the date hereof by adding the following
        new
        Exhibit N:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        N

      

      REPORTING
        DATA FOR REALIZED LOSSES AND GAINS

      

      Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

      1.  

       

      2.  The
        numbers on the 332 form correspond with the numbers listed below.

       

      Liquidation
        and Acquisition Expenses:

      
        	
                1.

              	
                The
                  Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
                  an Amortization Schedule from date of default through liquidation
                  breaking
                  out the net interest and servicing fees advanced is
                  required.

              
	 	 
	
                2.

              	
                The
                  Total Interest Due less the aggregate amount of servicing fee that
                  would
                  have been earned if all delinquent payments had been made as agreed.
                  For
                  documentation, an Amortization Schedule from date of default through
                  liquidation breaking out the net interest and servicing fees advanced
                  is
                  required.

              
	 	 
	
                3.
                  

              	
                Accrued
                  Servicing Fees based upon the Scheduled Principal Balance of the
                  Mortgage
                  Loan as calculated on a monthly basis. For documentation, an Amortization
                  Schedule from date of default through liquidation breaking out
                  the net
                  interest and servicing fees advanced is required.

              
	 	 
	
                4-12.

              	
                Complete
                  as applicable. Required documentation:

              
	 	 

      

      *
        For
        taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period

       

      of
        coverage, base tax, interest, penalty. Advances prior to default require
        evidence of Servicer efforts to recover advances.

       

      *
        For
        escrow advances - complete payment history 

       

      (to
        calculate advances from last positive escrow balance forward)

       

      *
        Other
        expenses -  copies of corporate advance history showing all payments

       

      *
        REO
        repairs > $1500 require explanation

       

      *
        REO
        repairs >$3000 require evidence of at least 2 bids.

       

      *
        Short
        Sale or Charge Off require P&L supporting the decision and WFB’s approved
        Officer Certificate 

       

      *
        Unusual
        or extraordinary items may require further documentation. 

       

      
        	
                13.

              	
                The
                  total of lines 1 through 12.

              

      

      3.  Credits:
        

       

      
        	
                14-21.

              	
                Complete
                  as applicable. Required
                  documentation:

              

      

      *
        Copy of
        the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow Agent / Attorney

       

      Letter
        of
        Proceeds Breakdown.

       

      *
        Copy of
        EOB for any MI or gov't guarantee 

       

      *
        All
        other credits need to be clearly defined on the 332
        form      
     

       

      
        	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      Please
        Note: For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      
        	
                23.

              	
                The
                  total derived from subtracting line 22 from 13. If the amount represents
                  a
                  realized gain, show
                  the amount in parenthesis ( ). 

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Calculation
        of Realized Loss/Gain Form 332

       

      Prepared
        by: __________________   Date:
        _______________

       

      Phone:
        ______________________ Email Address:_____________________

       

       

      
        	
                Servicer
                  Loan No.

              	 	
                Servicer
                  Name

              	 	
                Servicer
                  Address 

                 

              

      

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: _________________________________________________________

      Property
        Address: _________________________________________________________

       

      Liquidation
        Type: REO Sale  
        3rd
        Party Sale  Short
        Sale 
Charge
        Off 

       

      Was
        this loan granted a Bankruptcy deficiency or cramdown  Yes                 
        No

      If
“Yes”,
        provide deficiency or cramdown amount
        _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

      
        	
                (1)

              	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	
                $
                  ______________

              	
                (1)

              
	
                (2)

              	
                Interest
                  accrued at Net Rate

              	
                ________________

              	
                (2)

              
	
                (3)

              	
                Accrued
                  Servicing Fees

              	
                ________________

              	
                (3)

              
	
                (4)

              	
                Attorney's
                  Fees

              	
                ________________

              	
                (4)

              
	
                (5)

              	
                Taxes

              	
                ________________

              	
                (5)

              
	
                (6)

              	
                Property
                  Maintenance

              	
                ________________

              	
                (6)

              
	
                (7)

              	
                MI/Hazard
                  Insurance Premiums

              	
                ________________

              	
                (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 Proceeds

              	
                ________________

              	
                (18)

              
	
                (19)

              	
                Pool
                  Insurance Proceeds

              	
                ________________

              	
                (19)

              
	
                (20)

              	
                Proceeds
                  from Sale of Acquired Property

              	
                ________________

              	
                (20)

              
	
                (21)

              	
                Other
                  (itemize)

              	
                ________________

              	
                (21)

              
	
                _________________________________________

              	 	
                _________________

              	 
	
                _________________________________________

              	 	
                _________________

              	 
	
                Total
                  Credits

              	
                $________________                    
                  

              	
                (22)

              	 
	
                Total
                  Realized Loss (or Amount of Gain)

              	
                $________________                    
                  

              	
                (23)

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      Escrow
        Disbursement Detail

      

      

      
        	
                Type

                (Tax
                  /Ins.)

              	
                Date
                  Paid

              	
                Period
                  of Coverage

              	
                Total
                  Paid

              	
                Base
                  Amount

              	
                Penalties

              	
                Interest

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

      

      

      

      

      32. Except
        as
        amended above, the Agreement shall continue to be in full force and effect
        in
        accordance with its terms.

      

      33. This
        Amendment may be executed by one or more of the parties hereto on any number
        of
        separate counterparts and of said counterparts taken together shall be deemed
        to
        constitute one and the same instrument.

      

      [SIGNATURE
        PAGES FOLLOW]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the following parties have caused their names to be signed
        hereto by their respective officers thereunto duly authorized as of the day
        and
        year first above written.

       

      
        	
                EMC
                  MORTGAGE CORPORATION,

                as
                  Purchaser

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                CHEVY
                  CHASE BANK, F.S.B.,

                as
                  Company

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      R-3

    

    CITIMORTGAGE
      SERVICING AGREEMENT

     

     

    
 

    

      
        

        

      

      

      

      

      

      

      

      MORTGAGE
        LOAN PURCHASE AND SERVICING AGREEMENT

      

      

      

      EMC
        MORTGAGE CORPORATION

      (Initial
        Purchaser)

      

      

      

      

      CITIMORTGAGE,
        INC.

      (Seller
        and Servicer)

      

      

      

      Fixed
        Rate Mortgage Loans

      

      

      Dated
        and effective as of August 1, 2003

      

      

      

      

      

      

      

      

      
        

        

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        LOAN PURCHASE AND SERVICING AGREEMENT

      

      

      This
        is a
        Mortgage Loan Purchase and Servicing Agreement (the “Agreement”), dated and
        effective as of August 1, 2003, by and between EMC MORTGAGE CORPORATION,
        (the
        "Initial Purchaser," and the Initial Purchaser or the Person, if any, to
        which
        the Initial Purchaser has assigned its rights and obligations hereunder as
        Purchaser with respect to a Mortgage Loan, and each of their respective
        successors and assigns, the “Purchaser”), and CITIMORTGAGE, INC. (the
        "Seller").

      

      WITNESSETH:

      

      WHEREAS,
        Purchaser has agreed to purchase from Seller, and Seller has agreed to sell
        to
        Purchaser, certain mortgage loans (the “Mortgage Loans”) on a non-recourse,
        servicing retained basis, and which shall be delivered as whole loans on
        the
        date provided herein (the “Closing Date”);

      

      WHEREAS,
        Each Mortgage Loan is secured by a mortgage, deed of trust or other instrument
        creating a first lien on a residential dwelling located in the jurisdiction
        indicated on the Mortgage Loan Schedule; and

      

      WHEREAS,
        Purchaser and Seller wish to prescribe the manner of the purchase, conveyance,
        management, servicing and control of the Mortgage Loans.

      

      NOW
        THEREFORE, In consideration of the premises and the mutual agreements
        hereinafter set forth, and for other good and valuable consideration, the
        receipt and sufficiency of which are hereby acknowledged, the Purchaser and
        Seller agree as follows:

       

      
 

      ARTICLE
        I

      

      DEFINITIONS;
        GENERAL INTERPRETIVE PRINCIPLES

      

      Section
        1.01 Definitions.

      

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

      

      Agreement:
        This
        Mortgage Loan Purchase and Servicing Agreement, including all exhibits hereto,
        and all amendments hereof and supplements hereto.

      

      Appraised
        Value:
        As to
        any Mortgage Loan, the value of the related Mortgaged Property based upon
        the
        appraisal made for the originator of the Mortgage Loan at the origination
        of the
        Mortgage Loan or the sales price of the Mortgaged Property, whichever is
        less,
        pro-vided, however, that in the case of a no cash out Refinanced Mortgage
        Loan,
        such value may be based solely upon the original appraisal.

      

      Assignment
        of Mortgage:
        An
        assignment of the Mortgage, notice of transfer or equivalent instrument,
        in
        recordable form, that when properly completed and recorded, is sufficient
        under
        the laws of the jurisdiction wherein the related Mortgaged Property is located
        to reflect of record the sale of the Mortgage Loan to Purchaser.

      

      Business
        Day:
        Any day
        other than (i) a Saturday or Sunday, or (ii) a day on which banking or savings
        and loan institutions in the States of New York , Missouri and Texas are
        authorized or obligated by law or executive order to be closed.

      

      Citibank:
        Citibank (New York State) and any successors or assigns.

      

      Closing
        Date:
        August
        18, 2003, or such other date as may be mutually agreed to by Seller and
        Purchaser.

      

      Closing
        Documents:
        The
        documents required pursuant to Section 8.01.

      

      Code:
        The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      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.

      

      Custodial
        Account:
        The
        separate account or accounts created and maintained pursuant to Section 10.09
        which shall be entitled "CitiMortgage, Inc., in trust for the [Purchaser],
        Owner
        of Fixed 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 identified by the Purchaser, and
        its
        successors and assigns, as custodian for the Purchaser.

      

      Customary
        Servicing Procedures:
        Procedures (including collection procedures) (i) that Seller customarily
        employs
        and exercises in servicing and administering mortgage loans for its own account;
        (ii) which are in accordance with accepted mort-gage servicing practices
        of
        prudent lending institutions which service mortgage loans of the same type
        as
        such Mortgage Loan in the jurisdiction where the related Mortgaged Property
        is
        located; and (iii) which are in accordance with Fannie Mae and FHLMC servicing
        practices and procedures (including any waivers obtained by
        Seller).

      

      Cut-off
        Date:
        August
        1, 2003.

      

      Deleted
        Mortgage Loan:
        A
        Mortgage Loan replaced or to be replaced with a Qualified Substitute Mortgage
        Loan in accordance with this Agreement.

      

      Determination
        Date:
        The
        sixteenth (16th) day, or if such sixteenth (16th) day is not a Business Day,
        the
        Business Day immediately preceding such sixteenth (16th) day, of the month
        of
        the related Remittance Date.

      

      Due
        Date:
        The day
        of the month of the related Remittance Date on which each 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 each Remittance Date, the period beginning on the second day of
        the
        month preceding the month of the Remittance Date, and ending on the first
        day of
        the month in which the Remittance Date occurs.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Seller 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
        Seller (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 Seller (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 Seller
        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.

      

      Escrow
        Account:
        The
        separate account or accounts created and maintained pursuant to Section 10.11
        which shall be entitled "CitiMortgage, Inc., in trust for the [Purchaser],
        Owner
        of Fixed 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:
        The
        amounts constituting ground rents, taxes, assessments, water rates, mortgage
        insurance pre-miums, fire and hazard insurance premiums and 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 14.01.

      

      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 and any waivers obtained by Seller.

      

      FDIC:
        The
        Federal Deposit Insurance Corporation or any successor
        organization.

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond required to be obtained by Seller pursuant to Section
        10.16.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any successor
        thereto.

      

      Initial
        Purchaser:
        EMC
        Mortgage Corporation.

      

      Liquidating
        Loan:
        A
        Mortgage Loan as to which, prior to the close of business on the Business
        Day
        next preceding the Due Date, (a) has become an REO Property or (b) Seller
        and
        the Mortgagor have agreed in writing that Seller will accept a deed to the
        related Mortgaged Property in lieu of foreclosure in whole or partial
        satisfaction of the Mortgage Loan.

      

      Liquidation
        Proceeds:
        Cash
        (other than REO Disposi-tion Proceeds) received in connection with the
        liquidation of a defaulted Mortgage Loan, whether through the sale or assignment
        of the Mortgage Loan, trustee's sale, fore-closure sale or
        other-wise.

      

      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.

      

      Monthly
        Payment:
        With
        respect to any Mortgage Loan, the scheduled combined payment of principal
        and
        interest payable by a Mortgagor under the related Mortgage Note on each Due
        Date.

      

      Mortgage:
        The
        mortgage, deed of trust or other instru-ment creating a first lien on an
        estate
        in fee simple in real property securing a Mortgage Note, including any rider
        incorporated by reference therein.

      

      Mortgagee:
        The
        mortgagee or beneficiary named in the Mortgage and the successors and assigns
        of
        such mortgagee or beneficiary.

      

      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
        Interest Rate:
        With
        respect to each Mortgage Loan, the annual rate at which interest accrues
        on such
        Mortgage Loan from time to time in accordance with the provisions of the
        related
        Mortgage Note.

      

      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. The term Mortgage Loan includes, without limitation,
        the
        contents of the Mortgage File, the Monthly Payments, Principal Prepayments,
        Liquidation Proceeds, insurance proceeds, Condemnation 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 listed in Exhibit H hereto pertaining to any Mortgage
        Loan.

      

      Mortgage
        Loan Remittance Rate:
        As to
        each Mortgage Loan, the annual rate of interest payable to Purchaser, which
        shall be equal to the Mortgage Interest Rate minus the Servicing Fee
        Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans attached hereto as Exhibit F, such schedule setting
        forth the information listed on Schedule I attached hereto.

      

      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,
        consisting of a single parcel of property considered to be real estate under
        the
        law of the state in which it is located improved by a residential
        dwelling.

      

      Mortgagor:
        The
        obligor on a Mortgage Note.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board or the Vice Chairman of the
        Board or the President, a Senior Vice President or a Vice President and by
        the
        Treasurer or the Secre-tary or one of the Assistant Treasurers or Assistant
        Secretaries of Seller, or by other duly authorized officers or agents of
        Seller
        and delivered to Purchaser as required by this Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel.

      

      OTS:
        Office
        of Thrift Supervision, or any successor thereto.

      

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

      

      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 and is not accompanied by
        an
        amount of interest repre-sent-ing 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 Purchaser to Seller in exchange for the
        Mortgage Loans purchased on the Closing Date as calculated as provided in
        Section 4.01.

      

      Purchase
        Price Percentage:
        As
        defined in Section 4.01.

      

      Purchaser:
        The
        Initial Purchaser and any subsequent permitted holder or holders of the Mortgage
        Loans.

      

      Qualified
        Insurer:
        Any
        insurer acceptable to Seller and qualified to do business in the state in
        which
        any related Mortgaged Property is located, duly authorized and licensed in
        such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC.

      

      Qualified
        Substitute Mortgage Loan:
        A
        mortgage loan substituted by Seller for a Deleted Mortgage Loan which must,
        on
        the date of such substitution, (a) 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 (the amount of any shortfall plus interest
        thereon equal to the related Mortgage Interest Rate will be distributed by
        Seller to Purchaser in the month of substitution), (b) have a Mortgage Interest
        Rate equal to the Mortgage Interest Rate of the Deleted Mortgage Loan, (c)
        have
        a remaining term to maturity not greater than (and not more than one year
        less
        than) that of the Deleted Mortgage Loan, and (d) comply as of the date of
        substitution with each representa-tion and warranty set forth in Section
        6.01.

      

      Rating
        Agency:
        Standard & Poor's, Fitch, Inc., Moody’s Investor Services 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.

      

        Record
        Date:
        The
        close of business of the last Busi-ness Day of the month preceding the month
        of
        the related Remit-tance Date.

      

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan the proceeds of which were not used to purchase the related
        Mortgaged Property and the proceeds of which were used in whole or part to
        satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        eighteenth (18th) day of any month, begin-ning in September, 2003, or if
        such
        eighteenth (18th) day is not a Business Day, the first Business Day immediately
        following such eighteenth (18th) day or if the Mortgage Loans have been sold
        to
        third party investors, the Remittance Date, the first Business Day immediately
        preceding such eighteenth (18th)
        day.

      

      REO
        Account:
        The
        account or accounts maintained pursuant to Section 10.17.

      

      REO
        Disposition:
        The
        final sale by Seller of a Mortgaged Property acquired by Seller in foreclosure
        or by deed in lieu of foreclosure.

      

      REO
        Disposition Proceeds:
        All
        amounts received with respect to an REO Disposition pursuant to Section
        10.17.

      

      REO
        Property:
        A
        Mortgaged Property acquired by Seller through foreclosure or deed in lieu
        of
        foreclosure, as described in Section 10.17.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (a) the product of the Stated
        Principal Balance of the Mortgage Loan times (i) during the period of the
        first
        twelve (12) months following the Closing Date, the greater of (x) the Purchase
        Price Percentage and (y) 100%, or (ii) for any date thereafter, the lesser
        of
        (x) the Purchase Price Percentage and (y) 100%, plus (b) interest on such
        Stated
        Principal Balance at a rate equal to the Mortgage Loan Remittance Rate from
        the
        date to which interest has last been paid and distributed to Purchaser to
        the
        first day of the month following the month of repurchase.

      

      Seller:
        CitiMortgage, Inc., its successors and assigns.

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary out-of-pocket costs and expenses incurred
        in
        the performance by Seller of its servicing obligations, including, but not
        limited to, the cost of (a) the inspection, preservation, restoration and
        protection of the Mortgaged Property, (b) any enforcement or judicial
        proceedings, including foreclosures, (c) the management and liquidation of
        the
        Mortgaged Property if the Mortgaged Property is acquired in satisfaction
        of the
        Mortgage and (d) compliance with the obligations under Section
        10.13.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee Purchaser shall
        pay
        to Seller, which shall, for each 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 Purchaser to pay the Servicing
        Fee is limited to, and payable solely from, the interest portion (including
        recoveries with respect to interest from Liquidation Proceeds and other
        proceeds, to the extent permitted by Section 10.10) of related Monthly Payments
        collected by Seller, or as otherwise provided under Section 10.10.

      

      Servicing
        Fee Rate:
        With
        respect to each Mortgage Loan, the servicing fee rate of .25% per
        annum.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Seller 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 H,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 5.03.

      

      Servicing
        Officer:
        Any
        officer of the Seller 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 Seller to the Purchaser upon request, as such list
        may
        from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan, (a) the principal balance of the 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 (b) all amounts previously distributed
        to
        Purchaser with respect to the Mortgage Loan representing payments or recoveries
        of principal, or advances in lieu thereof.

      

      Subservicer:
        Any
        mortgage loan servicing institution other than Seller which is responsible
        for
        the servicing and administration of any Mortgage Loan or any successor appointed
        pursuant to any Subservicing Agreement; provided that the Subservicer is
        an
        entity that engages in the business of servicing loans, and in either case
        shall
        be authorized to transact business, and licensed to service mortgage loans,
        in
        the state or states where the related Mortgaged Properties it is to service
        are
        situated, if and to the extent required by applicable law to enable the
        Subservicer to perform its obligations hereunder and under the Subservicing
        Agreement, and in either case shall be a FHLMC or Fannie Mae approved mortgage
        servicer in good standing, and no event has occurred, including but not limited
        to a change in insurance coverage, which would make it unable to comply with
        the
        eligibility requirements for lenders imposed by Fannie Mae or for
        seller/servicers imposed by Fannie Mae or FHLMC, or which would require
        notification to Fannie Mae or FHLMC. In addition, each Subservicer will obtain
        and preserve its qualifications to do business as a foreign corporation and
        its
        licenses to service mortgage loans, in each jurisdiction in which such
        qualifications and/or licenses are or shall be necessary to protect the validity
        and enforceability of this Agreement, or any of the Mortgage Loans and to
        perform or cause to be performed its duties under the related Subservicing
        Agreement. 

      

      Subservicing
        Account:
        As
        defined in Section 10.06.

      

      Subservicing
        Agreement:
        Each
        agreement providing for the servicing of any of the Mortgage Loans by a
        Subservicer.

      

      Subservicing
        Fee:
        As to
        each Mortgage Loan, the monthly fee payable to the Subservicer, paid by Seller
        from its Servicing Fee.

      

      Section
        1.02 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      
        	 	
                (a)

              	
                the
                  terms defined in this Agreement have the meanings assigned to them
                  in this
                  Agreement and include the plural as well as the singular, and the
                  use of
                  any gender herein shall be deemed to include the other
                  gender;

              

      

      

      
        	 	
                (b)

              	
                accounting
                  terms not otherwise defined herein have the meanings assigned to
                  them in
                  accordance with generally accepted accounting
                  principles;

              

      

      

      
        	 	
                (c)

              	
                references
                  herein to "Articles", "Sections", "Subsections", "Paragraphs",
                  and other
                  subdivisions without reference to a document are to designated
                  Articles,
                  Sections, Subsections, Paragraphs and other subdivisions of this
                  Agreement;

              

      

      

      
        	 	
                (d)

              	
                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.

              

      

       

      
 

      

      ARTICLE
        II

      

      AGREEMENT
        TO PURCHASE

      

      Section
        2.01 Agreement
        to Purchase.

      

      Seller
        agrees to sell, and Purchaser agrees to purchase, Mortgage Loans having a
        Stated
        Principal Balance of $23,208,784.81 as of Cut-off Date, or in such other
        amount
        as agreed by Purchaser and Seller as evidenced by the actual aggregate principal
        balance of the Mortgage Loans accepted by Purchaser on the Closing
        Date.

      

       

      
 

      ARTICLE
        III

      

      MORTGAGE
        LOAN SCHEDULE

      

      Section
        3.01 Mortgage
        Loan Schedule.

      

      Seller
        shall deliver the Mortgage Loan Schedule to Purchaser at least five (5) Business
        Days prior to the Closing Date.

       

      
 

      ARTICLE
        IV

      

      PURCHASE
        PRICE

      

      Section
        4.01 Purchase
        Price.

      

      The
        Purchase Price for the Mortgage Loans shall be 100.917206% (the “Purchase Price
        Percentage”) of the aggregate Stated Principal Balance of the Mortgage Loans, as
        of the Cut-off Date. Purchaser will pay to Seller accrued interest on the
        Stated
        Principal Balance of each Mortgage Loan as of the Cut-off Date at its Mortgage
        Loan Remittance Rate from the Cut-off Date up to and including the day preceding
        the Closing Date, prorated on the basis of a 360 day year consisting of twelve
        (12) months of thirty (30) days each.

      

      Purchaser
        shall own and be entitled to receive with respect to each Mortgage Loan
        purchased, (a) all scheduled principal due after the Cut-off Date, (b) all
        other
        recoveries of principal collected on or after the Cut-off Date (provided,
        however, that all scheduled payments of principal due on or before the Cut-off
        Date and collected by Seller after the Cut-off Date shall belong to Seller),
        and
        (c) all payments of interest on the Mortgage Loans net of the Servicing Fee
        (minus that portion of any such interest payment that is allocable to the
        period
        prior to the Cut-off Date). The Stated Principal Balance of each Mortgage
        Loan
        as of the Cut-off Date is determined after application to the reduction of
        principal of payments of principal due on or before the Cut-off Date whether
        or
        not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date.
        Therefore, for the purposes of this Agreement, 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
        the
        applicable Servicing Fee) shall be the property of Purchaser. Seller shall
        deposit any such prepaid amounts into the Custodial Account, which account
        is
        established for the benefit of Purchaser, for remittance by Seller to Purchaser
        on the first Remittance Date such payment is to be applied. All payments
        of
        principal and interest, less the applicable Servicing Fee, due on a Due Date
        following the Cut-off Date shall belong to Purchaser.

      

       

      
 

      ARTICLE
        V

      

      CONVEYANCE
        OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; DELIVERY OF MORTGAGE

      LOAN
        DOCUMENTS; TRANSFER OF MORTGAGE LOANS

      

      Section
        5.01 Conveyance
        of Mortgage Loans; Possession of Mortgage Files.

      

      Seller,
        simultaneously with the execution and delivery of this Agreement, does hereby
        sell, transfer, assign, set over and convey to Purchaser, without recourse,
        but
        subject to the terms of this Agreement, all the right, title and interest
        of
        Seller in and to the Mortgage Loans. The contents of each Mortgage File not
        delivered to Purchaser are and shall be held in trust by Seller for the benefit
        of Purchaser as the owner thereof and Seller's possession of the portion
        of each
        Mortgage File so retained is for the sole purpose of servicing the related
        Mortgage Loan, and such retention and possession by Seller is in a custodial
        capacity only. Seller 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. Upon the purchase of the Mortgage
        Loans, the ownership of each Mortgage Note, Mortgage and each related Mortgage
        File is vested in Purchaser and the ownership of all records and documents
        with
        respect to each related Mortgage Loan prepared by or which come into the
        possession of Seller shall immediately vest in Purchaser and shall be retained
        and main-tained, in trust, by Seller in such custodial capacity only. The
        portion of each Mort-gage File so retained shall be appropriately marked
        to
        clearly reflect the sale of the related Mortgage Loan to Purchaser. Seller
        shall
        release from its custody the contents of any Mortgage File only in accordance
        with written instructions from Purchaser, unless such release is required
        as
        incidental to Seller's servicing of the Mortgage Loans or is in connection
        with
        a repurchase of any Mortgage Loan pursuant to Section 6.03.

      

      Section
        5.02 Books
        and Records.

      

      All
        rights arising out of the Mortgage Loans including, but not limited to, all
        funds received on or in connection with a Mortgage Loan shall be held by
        Seller
        in trust for the benefit of Purchaser as the owner of the Mortgage
        Loans.

      

      The
        sale
        of each Mortgage Loan shall be reflected on Seller's balance sheet and other
        financial statements as a sale of assets by Seller. Seller shall be responsible
        for maintaining, and shall maintain, a complete set of books and records
        for
        each Mortgage Loan which shall be clearly marked to reflect the ownership
        of
        each Mortgage Loan by Purchaser in Seller’s computer system.

      

      Seller
        shall maintain in its possession, available for inspection by the Purchaser
        upon
        reasonable notice, or its designee and shall deliver to the Purchaser upon
        demand, evidence of compliance with all federal, state and local laws, rules
        and
        regulations, and requirements of Fannie Mae or FHLMC, as applicable, including
        but not limited to documentation as to the method used in determining the
        applicability of the provisions of the Flood Disaster Protection Act of 1973,
        as
        amended, to the Mortgaged Property, documentation evidencing insurance coverage
        of any condominium project as required by Fannie Mae or FHLMC,. To the extent
        that original documents are not required for purposes of realization of
        Liquidation Proceeds or insurance proceeds, documents maintained by the Seller
        may be in the form of microfilm or microfiche or other imaged
        format.

      

      Seller
        shall maintain with respect to each Mortgage Loan and shall make available
        for
        inspection upon reasonable notice 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, Seller 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 Seller and without cost to Seller or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator.

      

      Section
        5.03 Delivery
        of Mortgage Loan Documents.

      

      Seller
        shall deliver to Purchaser or custodian, as directed by Purchaser, the Mortgage
        Loan Documents as required by Exhibit H hereto for each Mortgage Loan no
        later
        than five (5) Business Days prior to the Closing Date.

      

      Seller
        shall forward to Purchaser or its designee, original documents evidencing
        an
        assumption, modification, consolidation or extension of any Mortgage Loan
        entered into in accordance with this Agreement within two (2) weeks of their
        execution; provided, however, that Seller shall provide Purchaser or its
        designee, with a certified true copy of any such document submitted for
        recordation within two (2) weeks 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 270 days of its submission for recordation. In
        the
        event Seller cannot deliver the original of such documents submitted for
        recording due to a delay by the recording office in the applicable jurisdiction,
        Seller shall instead deliver a recording receipt of such recording office
        or, if
        such recording receipt is not available, an Officer's Certificate from Seller
        confirming that such documents have been accepted for recording. Any such
        document shall be delivered to Purchaser or its designee promptly upon receipt
        thereof from the related recording office.

      

      From
        time
        to time Purchaser shall deliver or cause to be delivered to Seller, as soon
        as
        practicable following receipt of a written request from Seller, by first
        class
        mail and at no expense to Seller, any Mortgage Loan Document needed by Seller
        in
        connection with the servicing of a Mortgage Loan. Seller’s request for the
        release of a Mortgage Loan Document shall specify in reasonable detail the
        reason for Seller’s request. During the time that any such Mortgage Loan
        Document is in the possession of Seller, such possession shall be deemed
        to be
        in trust for the benefit of Purchaser and Seller shall promptly return to
        Purchaser or its designee any Mortgage Loan Document so released when Seller’s
        need for such Mortgage Loan Document no longer exists. Purchaser shall indemnify
        and hold Seller 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 Seller may sustain
        in
        connection with any third party claim in any way related to Purchaser’s or its
        designee’s failure to release, in a timely manner, the Mortgage Loan Documents
        requested by Seller. Purchaser shall pay all costs, fees and expenses in
        connection with the possession of the Mortgage Loan Documents.

      

      Purchaser
        shall provide Seller with written notice at least fifteen (15) days prior
        to any
        transfer of the Mortgage Loan Documents.

      

      Section
        5.04 Transfer
        of Mortgage Loans.

      

      The
        Initial Purchaser shall have the right, without the consent of Seller, to
        assign
        its interest under this Agreement with respect to all or some of the Mortgage
        Loans, and designate any person to exercise any rights of Purchaser hereunder,
        and the assignee or designee shall accede to the rights and obligations
        hereunder of Purchaser with respect to such Mortgage Loans; provided, however,
        that Seller shall not be required to recognize any assignment to the extent
        that
        it would result in Mortgage Loans being serviced for more than three (3)
        Purchasers hereunder. All references to Purchaser shall be deemed to include
        its
        assignee or designee.

      

      Seller
        shall keep at its servicing office books and records in which, subject to
        such
        reasonable regulations as it may prescribe, Seller shall note transfers of
        the
        Mortgage Loans. No transfer of the Mortgage Loans may be made unless such
        transfer is in compliance with the terms hereof. For the purposes of this
        Agreement, Seller 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 Purchaser of the Mortgage Loans. Purchaser may, subject
        to
        the terms of this Agreement, sell and transfer, in whole or in part, the
        Mortgage Loans, provided that no such sale and transfer shall be binding
        upon
        Seller unless such transferee shall agree in writing in the form of (i) an
        Assignment, Assumption and Recognition Agreement attached hereto as Exhibit
        G,
        or (ii) a FNMA Tri-Party Agreement or (iii) a FHLMC Form 960; (collectively,
        the
“Reconstitution Agreements”), to be bound by the terms of this Agreement and an
        executed copy of such Reconstitution Agreement shall have been delivered
        to
        Seller. Upon receipt thereof, Seller shall mark its books and records to
        reflect
        the ownership of the Mortgage Loans by such assignee, and the previous Purchaser
        shall be released from its obligations hereunder to the extent such obligations
        relate to Mortgage Loans sold by Purchaser. This Agreement shall be binding
        upon
        and inure to the benefit of Purchaser and Seller and their respective permitted
        successors, assignees and designees.

      

      Section
        5.05 Quality
        Control Procedures.

      

      Seller
        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.

       

      
 

      

      ARTICLE
        VI

      

      REPRESENTATIONS
        AND WARRANTIES;

      REMEDIES
        FOR BREACH

      

      

      Section
        6.01 Representations
        and Warranties Regarding Individual Mortgage Loans.
        

      

      Seller
        hereby represents and warrants to Purchaser that, as to each Mortgage Loan,
        as
        of the Closing Date (or such other date as may be specified
        herein):

      

      
        	 	
                (a)

              	
                The
                  information set forth on the Mortgage Loan Schedule and the magnetic
                  tape
                  or diskette delivered to Purchaser by Seller is complete, true
                  and correct
                  as of the Cut-off Date;

              

      

      

      
        	 	
                (b)

              	
                The
                  Mortgage Note and the Mortgage have not been assigned or pledged,
                  and
                  Seller has good and marketable title thereto, and Seller is the
                  sole owner
                  and holder of the Mortgage Loan free and clear of any and all liens,
                  claims, encumbrances, participation interests, equities, pledges,
                  charges
                  or security interests of any nature and has full right and author-ity,
                  subject to no interest or participation of, or agreement with,
                  any other
                  party, to sell and assign the same pursuant to this
                  Agreement;

              

      

      

      
        	 	
                (c)

              	
                The
                  Mortgage is a valid and subsisting first lien on the property therein
                  described, and the Mortgaged Property is free and clear of any
                  and all
                  adverse claims, encumbrances and liens having priority over the
                  first lien
                  of the Mort-gage except for (i) liens for real estate taxes and
                  special
                  assessments not yet due and payable, (ii) covenants, conditions
                  and
                  restrictions, rights of way, easements and other matters of public
                  record
                  as of the date of recording being 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
                  which do not adversely affect the Appraised Value of the Mortgaged
                  Property, and (iii) other matters to which like properties are
                  commonly
                  subject which do not 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 the
                  Mortgage
                  and delivered to Purchaser establishes in Seller a valid and sub-sisting
                  first lien on the property described therein, and Seller has full
                  right to
                  sell and assign the same to
                  Purchaser;

              

      

      

      
        	 	
                (d)

              	
                The
                  terms of the Mortgage Note and the Mortgage have not been impaired,
                  waived, altered or modified in any respect, except by a written
                  instrument
                  which has been recorded, if required by law, or, if necessary,
                  to protect
                  the interest of Purchaser. The substance of any such alteration
                  or
                  modification is reflected on the Mortgage Loan Schedule and has
                  been
                  approved by the private mortgage guaranty insurer, if
                  any;

              

      

      

      
        	 	
                (e)

              	
                No
                  instrument of release, alteration, modification or waiver has been
                  executed in connection with the Mortgage Loan, and no Mortgagor
                  has been
                  released, in whole or in part, except in connection with an assumption
                  agreement which has been approved by the private mortgage guaranty
                  insurer, if any, and except such Mortgage Loan which contains in
                  the
                  related Mortgage File evidence of a release or waiver or an assumption
                  agreement discharging the original borrower from all of the debt
                  obligations in connection with the related Mortgage Loan and providing
                  for
                  the assumption of all such debt obligations by the party assuming
                  the
                  obligations under the Mortgage Loan and, in each case, terms of
                  which are
                  reflected in the Mortgage Loan
                  Schedule;

              

      

      

      
        	 	
                (f)

              	
                There
                  are no defaults 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 an escrow of funds has
                  been
                  established in an amount sufficient to pay for every such item
                  which
                  remains unpaid and which has been assessed but is not yet due and
                  payable.
                  Seller has not advanced funds, or induced, solicited or knowingly
                  received
                  any advance of funds by a party other than the Mortgagor, directly
                  or
                  indirectly, for the payment of any amount required by the Mortgage
                  Note or
                  Mortgage, except for interest accruing from the date of the Mortgage
                  Note
                  or date of disbursement of the Mortgage proceeds, whichever is
                  greater, to
                  the day which precedes by one month the Due Date of the first installment
                  of principal and interest;

              

      

      

      
        	 	
                (g)

              	
                There
                  is no proceeding pending or threatened for the total or partial
                  condemnation of the Mortgaged Property, nor is such a proceeding
                  currently
                  occurring, and such property is undamaged by waste, fire, earthquake
                  or
                  earth movement, windstorm, flood, tornado or other casualty, so
                  as to
                  affect materially and adversely the value of the Mortgaged Property
                  as
                  security for the Mortgage Loan or the use for which the premises
                  were
                  intended. 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 Seller
                  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;

              

      

      

      
        	 	
                (h)

              	
                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 lien) affecting the Mortgaged Property
                  which are,
                  or may be, liens prior or equal to, or coordinate with, the lien
                  of the
                  related Mortgage unless such lien is insured under the related
                  title
                  insurance policy;

              

      

      

      
        	 	
                (i)

              	
                All
                  improvements which were included for the purpose of determining
                  the
                  Appraised Value of the Mortgaged Property lie wholly within the
                  boundaries
                  and building restriction lines of the Mortgaged Property and, to
                  Seller's
                  knowledge, no improvements on adjoining properties encroach upon
                  the
                  Mortgaged Property (other than minor encroachments (i) which do
                  not affect
                  the value of the Mortgage Loan or the Purchaser’s interest therein and
                  (ii) to which properties similar to the Mortgaged Property within
                  the same
                  jurisdiction are commonly subject and which do not interfere with
                  the
                  benefits of the security intended to be provided by the related
                  Mortgage
                  or the use, enjoyment, value or marketability of the related Mortgaged
                  Property);

              

      

      

      
        	 	
                (j)

              	
                No
                  improvement located on or being part of the Mortgaged Property
                  is in
                  violation of any applicable zoning law or regulation 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 certif-icates, have been made
                  or
                  obtained from the appropriate authorities and the Mortgaged Property
                  is
                  lawfully occupied under applicable
                  law;

              

      

      

      
        	 	
                (k)

              	
                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) (i) in compliance
                  with any and all applicable licensing requirements of the laws
                  of the
                  state wherein the Mortgaged Property is located, and (ii) either
                  (1)
                  organized under the laws of such state, or (2) qualified to do
                  business in
                  such state, or (3) federal savings and loan associations, federal
                  savings
                  banks or national banks having authorized offices in such state,
                  or (4)
                  not doing business in such state;

              

      

      

      
        	 	
                (l)

              	
                All
                  Mortgage Loans will be current as of the Closing Date. No
                  payment required under any Mortgage Loan has been more than thirty
                  (30)
                  days delinquent prior to the Cut-off Date. All payments due prior
                  to the
                  Cut-off Date for such Mortgage Loan have been made as of the Closing
                  Date;
                  the Mortgage Loan has not been dishonored; there are no material
                  defaults
                  under the terms of the Mortgage Loan. As of the 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
                  Seller’s servicing collection
                  system.

              

      

      

      
        	 	
                (m)

              	
                The
                  Mortgage File contains each of the documents and instruments specified
                  to
                  be included therein duly executed and in due and proper form, and
                  each
                  such document or instrument is in form acceptable to Fannie Mae
                  and FHLMC,
                  and each Mortgage Note, Mortgage, and appraisal are on forms acceptable
                  to
                  Fannie Mae and FHLMC;

              

      

      

      
        	 	
                (n)

              	
                The
                  Mortgage Note and the related Mortgage are genuine, and each is
                  the legal,
                  valid and binding obligation of the maker thereof, enforceable
                  in
                  accordance with its terms, except as enforceability may be limited
                  by
                  applicable bankruptcy, insolvency, reorganization or other similar
                  laws
                  relating to or affecting the enforcement of creditors' rights and
                  by
                  general principles of equity. All parties to the Mortgage Note
                  and the
                  Mort-gage had legal capacity to execute the Mortgage Note and the
                  Mortgage, and each Mortgage Note and Mortgage have been duly and
                  properly
                  executed by such parties;

              

      

      

      
        	 	
                (o)

              	
                Any
                  and all requirements of any federal, state or local law including,
                  without
                  limitation, usury, truth-in-lending, real estate settlement procedures,
                  consumer credit protection, equal credit opportunity or disclo-sure
                  laws
                  applicable to the Mortgage Loan have been complied with. None of
                  the
                  Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12
                  CFR Part
                  226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
                  TILA, which implements the Home Ownership and Equity Protection
                  Act of
                  1994, as amended or (b) classified and/or defined as a “high cost”,
                  "covered", or “predatory” loan under any other state, federal or local law
                  or regulation or ordinance, including, but not limited to, the
                  States of
                  Georgia and North Carolina. The Seller maintains, and shall maintain,
                  evidence of such compliance as required by applicable law or regulation
                  and shall make such evidence available for inspection at the Seller’s
                  office during normal business hours upon reasonable advance notice;
                  

              

      

      

      
        	 	
                (p)

              	
                The
                  proceeds of the Mortgage Loan have been fully disbursed, there
                  is no
                  requirement for future advances thereunder and any and all requirements
                  as
                  to comple-tion 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 Mortgage
                  Loans and
                  the recording of the Mortgage were
                  paid;

              

      

      

      
        	 	
                (q)

              	
                Any
                  future advances made prior to the Cut-off Date have been consolidated
                  with
                  the outstanding principal amount secured by the Mortgage, and the
                  secured
                  princi-pal amount, as consolidated, bears a single interest rate
                  and
                  single repayment term reflected on the Mort-gage 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. The consolidated principal amount does
                  not
                  exceed the original principal amount of the Mortgage
                  Loan;

              

      

      

      
        	 	
                (r)

              	
                All
                  improvements upon the Mortgaged Property are insured by a generally
                  acceptable insurer acceptable to Fannie Mae or FHLMC against loss
                  by fire,
                  hazards of extended coverage and such other hazards as are customary
                  in
                  the area where the Mortgaged Property is located, pursuant to insurance
                  policies conforming to the requirements of Section 10.15 hereof.
                  All
                  individual insurance policies (collectively, the "hazard insurance
                  policy") are the valid and binding obligation of the insurer and
                  contain a
                  standard mortgagee clause insuring Seller, its successors and assigns,
                  as
                  mortgagee. All premiums thereon have been paid. The Mortgage obligates
                  the
                  Mortgagor thereunder to maintain all such insurance at the Mortgagor's
                  cost and expense, and upon the Mortgagor's failure to do so, authorizes
                  the holder of the Mortgage to obtain and maintain such insurance
                  at the
                  Mortgagor's cost and expense and to seek reimbursement therefor
                  from the
                  Mortgagor. Neither the Seller (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;

              

      

      

      
        	 	
                (s)

              	
                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, viola-tion or event
                  of
                  acceleration; and Seller has not waived any default, breach, violation
                  or
                  event of acceleration;

              

      

      

      
        	 	
                (t)

              	
                The
                  Mortgage Loan is 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, counter-claim 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 Closing Date the Mortgagor was not a debtor in any state or
                  federal
                  bankruptcy or insolvency
                  proceeding;

              

      

      

      
        	 	
                (u)

              	
                All
                  provisions of each 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 Seller or the Mortgagor,
                  or for any
                  other reason under such coverage; The mortgage interest rate for
                  the
                  Mortgage Loan as set forth on the Mortgage Loan Schedule is net
                  of any
                  such insurance premium. None of the Mortgage Loans are subject
                  to
                  “lender-paid” mortgage insurance;

              

      

      

      
        	 	
                (v)

              	
                The
                  Mortgage Note is not 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 Section 6.01(c). 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;

              

      

      

      
        	 	
                (w)

              	
                The
                  Mortgage contains customary and enforceable provisions which 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,
                  subject only to rights of redemption, seizure and other laws that
                  would
                  not materially interfere with the ultimate realization of the benefits
                  of
                  the security;

              

      

      

      
        	 	
                (x)

              	
                No
                  fraud, error, omission, misrepresentation, negligence or similar
                  occurrence with respect to a Mortgage Loan has taken place on the
                  part of
                  Seller or the Mortgagor or, any other party involved in the origination
                  of
                  the Mortgage Loan;

              

      

      

      
        	 	
                (y)

              	
                The
                  Mortgaged Property consists of a single parcel of real property
                  with a one
                  family residence erected thereon, or a two-to-four family dwelling,
                  or an
                  individual condominium unit, planned unit development unit or townhouse;
                  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
                  Seller’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;

              

      

      

      
        	 	
                (z)

              	
                There
                  exist no deficiencies with respect to escrow deposits and payments,
                  if
                  such are required, for which customary arrangements for repayment
                  thereof
                  have not been made, and, to Seller's knowledge, no escrow deposits
                  or
                  payments of other charges or payments due Seller have been capital-ized
                  under the Mortgage or the related Mortgage
                  Note;

              

      

      

      
        	 	
                (aa)

              	
                The
                  collection and servicing practices used by Seller with respect
                  to the
                  Mortgage Note and Mortgage have been in all respects legal and
                  customary
                  in the mortgage servicing business;

              

      

      

      
        	 	
                (bb)

              	
                The
                  Mortgage Loan is covered by an ALTA or CLTA mortgage title insurance
                  policy, or such other generally acceptable form of policy or insurance
                  acceptable to Fannie Mae or FHLMC, issued by and the valid and
                  binding
                  obligation of a title insurer acceptable to Fannie Mae or FHLMC,
                  and
                  qualified to do business in the jurisdiction where the Mortgaged
                  Property
                  is located, insuring Seller, its successors and assigns, as to
                  the first
                  priority lien of the Mortgage in the original principal amount
                  of the
                  Mortgage Loan
                  and against any loss by reason of the invalidity or unenforceability
                  of
                  the lien resulting from the provisions of the Mortgage.
                  Such mortgage title insurance policy insures Seller, its successors
                  and
                  assigns as mortgagee and the assignment to Purchaser of Seller's
                  interest
                  in such mortgage title insurance policy does not require the consent
                  of or
                  notification to the insurer, such mortgage title insurance policy
                  is in
                  full force and effect and will be in full force and effect and
                  inure to
                  the benefit of Purchaser upon the consummation of the trans-actions
                  contemplated by this Agreement. No claims have been made under
                  such
                  mortgage title insurance policy and, to Seller's knowledge, no
                  prior
                  holder of the related Mortgage, including Seller, has done, by
                  act or
                  omission, anything which would impair the coverage of such mortgage
                  title
                  insurance policy;

              

      

      

      
        	 	
                (cc)

              	
                Principal
                  payments on the Mortgage Loan commenced no more than sixty (60)
                  days after
                  the proceeds of the Mortgage Loan were disbursed. The Mortgage
                  Loan bears
                  interest at the Mortgage Interest Rate. With respect to each Mortgage
                  Loan, the Mortgage Note is payable on the first day of each month
                  in
                  Monthly Payments which will fully amortize the Stated Principal
                  Balance of
                  the Mortgage Loan over its remaining term at the Mortgage Interest
                  Rate.
                  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 fifteen (15) years,
                  with
                  interest payable in arrears on the first day of each month. The
                  Mortgage
                  Note does not permit negative amortization. None of the Mortgage
                  Loans are
                  “interest-only” Mortgage Loans. None of the Mortgage Loans are considered
                  agricultural loans; 

              

      

      

      
        	(dd)  	
                The
                  Mortgage Loans were originated or purchased by the Seller and were
                  underwritten in accordance with Fannie Mae guidelines (inclusive
                  of any
                  negotiated items or waivers incorporated into Seller’s Fannie Mae Master
                  Agreement);

              

      

      

      
        	(ee)  	
                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 Seller 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 Seller waived
                  any
                  default resulting from any action or inaction by the
                  Mortgagor;

              

      

      

      
        	(ff)  	
                The
                  Seller 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 Seller 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. The Seller 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 Closing Date, the Seller will not have
                  any right
                  to modify or alter the terms of the sale of the Mortgage Loan and
                  the
                  Seller 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 Seller and the
                  Purchaser;

              

      

      

      
        	(gg)  	
                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 Seller
                  has
                  not received notification that any such proceedings are scheduled
                  to
                  commence at a future date;

              

      

      

      
        	(hh)  	
                The
                  Mortgage File contains an appraisal of the related Mortgaged Property
                  signed prior to the final approval of the mortgage loan application
                  by an
                  appraiser approved by the Seller, who had no interest, direct or
                  indirect,
                  in the Mortgaged Property or in any loan made on the security thereof,
                  and
                  whose compensation is not affected by the approval or disapproval
                  of the
                  Mortgage Loan, and the appraisal and appraiser both satisfy the
                  requirements of Fannie Mae or FHLMC and Title XI of the Federal
                  Institutions Reform, Recovery, and Enforcement Act of 1989 and
                  the
                  regulations promulgated thereunder, all as in effect on the date
                  the
                  Mortgage Loan was originated. The appraisal is in a form acceptable
                  to
                  Fannie Mae or FHLMC;

              

      

      

      
        	(ii)  	
                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; 

              

      

      

      
        	(jj)  	
                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; 

              

      

      

      
        	(kk)  	
                The
                  Mortgage Loan does not contain balloon or "graduated payment" features.
                  No
                  Mortgage Loan is subject to a buydown agreement or contains any
                  buydown
                  provision;

              

      

      

      
        	(ll)  	
                The
                  Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent
                  and the
                  Seller 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;

              

      

      

      
        	(mm)  	
                The
                  Assignment of Mortgage is in recordable form and is acceptable
                  for
                  recording under the laws of the jurisdiction in which the Mortgaged
                  Property is located;

              

      

      

      
        	(nn)  	
                As
                  of the Closing Date, the Mortgaged 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;

              

      

      

      
        	(oo)  	
                The
                  Mortgagor has not notified the Seller, and the Seller has no knowledge
                  of
                  any relief requested or allowed to the Mortgagor under the Soldiers'
                  and
                  Sailors' Civil Relief Act of 1940;

              

      

      

      
        	(pp)  	
                No
                  Mortgage Loan is a construction or rehabilitation Mortgage Loan
                  or was
                  made to facilitate the trade-in or exchange of a Mortgaged
                  Property;

              

      

      

      
        	(qq)  	
                The
                  Mortgagor for each Mortgage Loan is a natural
                  person;

              

      

      

      
        	(rr)  	
                None
                  of the Mortgage Loans are Co-op
                  Loans;

              

      

      

      
        	(ss)  	
                With
                  respect to each Mortgage Loan that has a prepayment penalty feature,
                  each
                  such prepayment penalty is enforceable and each prepayment penalty
                  is
                  permitted pursuant to federal, state and local law. No Mortgage
                  Loan will
                  impose a prepayment penalty for a term in excess of five years
                  from the
                  date such Mortgage Loan was originated. Except as otherwise set
                  forth on
                  the Mortgage Loan Schedule, with respect to each Mortgage Loan
                  that
                  contains a prepayment penalty, such prepayment penalty is at least
                  equal
                  to the lesser of (A) the maximum amount permitted under applicable
                  law and
                  (B) the amount allowable by FNMA;

              

      

      

      
        	(tt)  	
                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 Mortgaged Property and (b) substantially all
                  of the
                  proceeds of such Mortgage Loan were used to acquire or to improve
                  or
                  protect the Mortgaged 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;

              

      

      

      
        	(uu)  	
                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;
                  

              

      

      

      
        	(vv)  	
                None
                  of the Mortgage Loans are simple interest Mortgage Loans and none
                  of the
                  Mortgaged Properties are
                  timeshares;

              

      

      

      
        	(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 Closing Date, delivered to the Purchaser or its designee,
                  or
                  its assignee;

              

      

      

      
        	(xx)  	
                Each
                  Mortgage Loan shall acceptable for delivery to Fannie Mae as described
                  in
                  the Fannie Mae Guide.

              

      

      

      Section
        6.02 Representations
        and Warranties Regarding Seller.
        

      

      Seller
        hereby represents and warrants to Purchaser as of the Closing Date:

      

      
        	 	
                (a)

              	
                Seller
                  is duly organized, validly existing and in good standing under
                  the laws of
                  Delaware and is and will remain 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 and the servicing
                  of the
                  Mortgage Loan in accordance with the terms of this Agreement,
                  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 Seller by any such
                  state.

              

      

      

      
        	 	
                (b)

              	
                Seller
                  has power and authority and legal right to hold, transfer and convey
                  each
                  Mortgage Loan, to sell each Mortgage Loan and 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 Seller and the consummation
                  of the transactions contemplated hereby have been duly and validly
                  authorized; this Agreement evidences the valid, binding and enforceable
                  obligation of Seller, subject to applicable law; and all requisite
                  corporate action has been taken by Seller to make this Agreement
                  valid and
                  binding upon Seller in accordance with its
                  terms;

              

      

      

      
        	 	
                (c)

              	
                No
                  approval of the transactions contemplated by this Agreement from
                  any
                  federal or state regulatory authority having jurisdiction over
                  Seller is
                  required or, if required, such approval has been or will, prior
                  to the
                  Closing Date, be obtained;

              

      

      

      
        	 	
                (d)

              	
                The
                  consummation of the transactions contemplated by this Agreement
                  are in the
                  ordinary course of business of Seller and will not result in the
                  breach of
                  any term or provision of the charter or by-laws of Seller or result
                  in the
                  breach of any term or provi-sion of, or conflict with or constitute
                  a
                  default under or result in the acceleration of any obligation under,
                  any
                  agreement, indenture or loan or credit agreement or other instrument
                  to
                  which Seller or its property is subject, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Seller
                  or its
                  property is subject;

              

      

      

      
        	 	
                (e)

              	
                The
                  transfer, assignment and conveyance of the Mortgage Notes and the
                  Mortgage
                  Loans by Seller pursuant to this Agreement are not subject to the
                  bulk
                  transfer or any similar statutory provi-sions in effect in any
                  applic-able
                  jurisdiction;

              

      

      

      
        	 	
                (f)

              	
                There
                  is no action, suit, proceeding or investigation pending or, to
                  the best
                  knowledge of Seller, threatened against Seller which, either individually
                  or in the aggregate, would result in any material adverse change
                  in the
                  business, operations, financial condition, properties or assets
                  of Seller,
                  or in any material impairment of the right or ability of Seller
                  to carry
                  on its business substantially as now conducted or which would draw
                  into
                  question the validity of this Agreement or the Mortgage Loans or
                  of any
                  action taken or to be taken in connection with the obligations
                  of Seller
                  contemplated herein, or which would materially impair the ability
                  of
                  Seller to perform under the terms of this
                  Agreement;

              

      

      

      
        	 	
                (g)

              	
                Seller
                  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;

              

      

      

      
        	 	
                (h)
                  

              	
                The
                  origination and servicing practices used by the Seller 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 Customary
                  Servicing
                  Procedures. With respect to escrow deposits and payments that the
                  Seller,
                  on behalf of an investor, is entitled to collect, all such payments
                  are in
                  the possession of, or under the control of, the Seller, 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;

              

      

      

      
        	 	
                (i)
                  

              	
                The
                  Seller used no selection procedures that identified the Mortgage
                  Loans as
                  being less desirable or valuable than other comparable mortgage
                  loans in
                  the Seller's portfolio at the Cut-off Date;

              

      

      

      
        	 	
                (j)

              	
                The
                  Seller 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; 

              

      

      

      
        	 	
                (k)

              	
                Seller
                  is an approved seller/servicer of residential mortgage loans for
                  Fannie
                  Mae, FHLMC and HUD, with such facilities, procedures and personnel
                  necessary for the sound servicing of such mortgage loans. The Seller
                  is
                  duly qualified, licensed, registered and otherwise authorized under
                  all
                  applicable federal, state and local laws, and regulations, if applicable,
                  meets the minimum capital requirements set forth by the OTS, and
                  is in
                  good standing to sell mortgage loans to and service mortgage loans
                  for
                  Fannie Mae and FHLMC and no event has occurred which would make
                  Seller
                  unable to comply with eligibility requirements or which would require
                  notification to either Fannie Mae or FHLMC;

              

      

      

      
        	 	
                (l)

              	
                The
                  sale of the Mortgage Loans is not undertaken with the intent to
                  hinder,
                  delay or defraud any of the Seller's
                  creditors;

              

      

      

      
        	 	
                (m)

              	
                No
                  statement, tape, diskette, form, report or other document prepared
                  by, or
                  on behalf of, Seller pursuant to this Agreement 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;

              

      

      

      
        	 	
                (n)
                  

              	
                The
                  Seller 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 Seller, for accounting and
                  tax
                  purposes, as compensation for the servicing and administration
                  of the
                  Mortgage Loans pursuant to this Agreement. In the opinion of Seller,
                  the
                  consideration received by Seller upon the sale of the Mortgage
                  Loans to
                  Purchaser under this Agreement constitutes fair consideration for
                  the
                  Mortgage Loans under current market conditions;
                  and

              

      

      

      
        	(o)  	
                The
                  Seller has not dealt with any broker, investment banker, agent
                  or other
                  person that may be entitled to any commission or compensation in
                  connection with the sale of the Mortgage
                  Loans.

              

      

      

      Section
        6.03 Remedies
        for Breach of Representations and Warranties.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 6.01 and 6.02 shall survive delivery of the Mortgage Loans to
        Purchaser, or its designee, and shall inure to the benefit of Purchaser,
        notwithstanding any restrictive or qualified endorsement on any Mortgage
        Note or
        Assignment of Mortgage or the examination, or lack of examination, of any
        Mortgage File.

      

      Upon
        discovery by either Seller or 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 Purchaser (or which materially and
        adversely affects the interest of Purchaser in the related Mortgage Loan
        in the
        case of a repre-sentation and warranty relating to a particular Mortgage
        Loan),
        the party discovering such breach shall give prompt written notice to the
        other.
        Purchaser agrees to give written notice of any such breach, outlining with
        specificity the section of this Agreement which Purchaser claims has been
        violated. Within sixty (60) days of the earlier of either discovery by it
        or
        notice to it of any such breach, Seller shall use its best efforts to promptly
        cure such breach in all material respects and, if such breach cannot be cured
        during such sixty (60) day period, Seller shall, at Purchaser's option and
        not
        later than ninety (90) days after its discovery or receipt of notice of such
        breach, repurchase such Mortgage Loan at the Repurchase Price.

      

      In
        the
        event that any such breach shall involve any representation or warranty set
        forth in Section 6.02, and such breach cannot be cured within sixty (60)
        days of
        the earlier of either discovery by or notice to Seller of such breach, all
        the
        Mortgage Loans shall, at Purchaser's option, be repurchased by Seller at
        the
        Repurchase Price. Any repurchase of a Mortgage Loan or Loans pursuant to
        the
        foregoing provisions of this Section 6.03 shall be accomplished by deposit
        in
        the Custodial Account of the amount of the Repurchase Price (after deducting
        therefrom any amounts received in respect of such repurchased Mortgage Loan
        or
        Loans and being held in the Custodial Account for future
        distribution).

      

      However,
        Seller may, at Purchaser’s option and assuming that Seller has a Qualified
        Substitute Mortgage Loan, rather than repurchase any Mortgage Loan as provided
        above, remove such Mortgage Loan and substitute in its place a Qualified
        Substitute Mortgage Loan or Loans, provided, however, that any such substitution
        shall be effected not later than ninety (90) days after the Closing Date.
        If
        Seller has no Qualified Substitute Mortgage Loan, it shall repurchase the
        deficient Mortgage Loan. 

      

      As
        to any
        Deleted Mortgage Loan for which Seller substitutes a Qualified Substitute
        Mortgage Loan or Loans, Seller shall effect such substitution by delivering
        to
        Purchaser for such Qualified Substitute Mortgage Loan or Loans the Mortgage
        Note, the Mortgage, the Assignment of Mortgage and such other documents and
        agreements as are required by Section 5.03, with the Mortgage Note endorsed
        as
        required by Section 5.03. Seller 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. Accrued
        interest on the Qualified 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. Monthly Payments due with respect
        to
        Qualified Substitute Mortgage Loans in the month of substitution will be
        retained by Seller. For the month of substitution, distributions to Purchaser
        will include the Monthly Payment due on such Deleted Mortgage Loan in the
        month
        of substitution, and Seller shall thereafter be entitled to retain all amounts
        subsequently received by Seller in respect of such Deleted Mortgage Loan.
        Seller
        shall give written notice to Purchaser that such substitution has taken place
        and shall amend the Mortgage Loan Schedule to reflect the removal of such
        Deleted Mortgage Loan from the terms of this Agreement and the substitu-tion
        of
        the Qualified Substitute Mortgage Loan. Upon such substitution, such Qualified
        Substitute Mortgage Loan or Loans shall be subject to the terms of this
        Agreement in all respects, and Seller shall be deemed to have made with respect
        to such Qualified Substitute Mortgage Loan or Loans, as of the date of
        substitu-tion, the covenants, representations and warranties set forth in
        Sections 6.01 and 6.02.

      

      For
        any
        month in which Seller substitutes one or more Qualified Substitute Mortgage
        Loans for one or more Deleted Mortgage Loans, Seller will determine 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 scheduled principal payments due in the month of substitution).
        The amount of such shortfall (plus interest thereon equal to the related
        Mortgage Interest Rate) shall be distributed by Seller in the month of
        substitution pursuant to Section 11.01. Accordingly, on the date of such
        substitution, Seller will deposit from its own funds into the Custodial Account
        an amount equal to the amount of such shortfall.

      

      In
        addition to such cure, repurchase and substitution obligation, Seller shall
        indemnify 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 breach
        or
        alleged breach of Seller's representations and warranties contained in this
        Article VI. It is understood and agreed that the obligations of Seller set
        forth
        in this Section 6.03 to cure or repurchase a defective Mortgage Loan and
        to
        indemnify Purchaser as provided in this Section 6.03 constitute the sole
        remedies of Purchaser respecting a breach of the foregoing representations
        and
        warranties. The
        provisions of this Section 6.03 shall survive termination of this
        Agreement.

      

      Within
        five (5) Business Days of the repurchase of a Mortgage Loan or substitution
        of a
        Qualified Substitute Mortgage Loan for a Deleted Mortgage Loan by Seller,
        Purchaser agrees to return, such repurchased or Deleted Mortgaged Loan to
        Seller, together with the related Mortgage File and all the documents included
        therein.

      

       

      
 

      ARTICLE
        VII

      

      CLOSING

      

      Section
        7.01 Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        Closing Date. The closing shall, at Purchaser's option, 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 shall be subject to each of the following conditions:

      

      
        	 	
                (a)

              	
                All
                  of the representations and warranties of Seller under this Agreement
                  shall
                  be true and correct as of the Closing Date and no event shall have
                  occurred which, with notice or the passage of time, or both, would
                  constitute a default under this
                  Agreement;

              

      

      

      
        	 	
                (b)

              	
                Purchaser
                  and Seller shall have received, or Seller's attorneys shall have
                  received
                  in escrow, all Closing Documents as specified in Section 8.01 of
                  this
                  Agreement, in such forms as are agreed upon and acceptable to Purchaser
                  and Seller, duly executed by all signatories as required pursuant
                  to the
                  respective terms thereof;

              

      

      

      
        	 	
                (c)

              	
                Seller
                  shall have delivered and released to Purchaser or its designee
                  all
                  documents required to be so delivered hereunder;
                  and

              

      

      

      
        	 	
                (d)

              	
                All
                  other terms and conditions of this Agreement shall have been complied
                  with.

              

      

      

      Subject
        to the foregoing conditions, Purchaser shall pay to Seller on the Closing
        Date
        the Purchase Price, plus accrued interest pursuant to Section 4.01 of this
        Agreement, by wire transfer of immediately available funds to the account
        designated by Seller in Exhibit I attached hereto.

      

      

      ARTICLE
        VIII

      

      CLOSING
        DOCUMENTS

      

      Section
        8.01. Closing
        Documents.

      

      The
        Closing Documents shall consist of the following:

      

      
        	 	
                (a)

              	
                This
                  Agreement, in two (2) counterparts;
                  and

              

      

      

      
        	 	
                (b)

              	
                The
                  Mortgage Loan Schedule, one copy to be attached
                  hereto.

              

      

       

      
 

      

      ARTICLE
        IX

      

      COSTS

      

      Section
        9.01 Costs.

      

      Each
        party shall bear its own costs and expenses. Purchaser will pay any commissions
        due its salesmen, the legal fees and expenses of its attorneys and all expenses
        relating to any review of the Mortgage Loans performed by Purchaser. All
        other
        costs and expenses incurred in connection with the transfer and delivery
        of the
        Mortgage Loans, including recording fees and Seller's attorneys' fees, shall
        be
        paid by Seller.

       

      
 

      ARTICLE
        X

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        10.01 Seller
        to Act as Servicer.

      

      Seller
        shall service and administer the Mortgage Loans in accordance with this
        Agreement and Customary Servicing Procedures and shall have full power and
        authority, acting alone or through Subservicers as provided in Section 10.02,
        to
        do or cause to be done any and all things in connection with such servicing
        and
        administration which Seller may deem necessary or desirable and consistent
        with
        the terms of this Agreement and exercise the same care that it customarily
        employs for its own account. Seller may perform its servicing responsibilities
        through agents or independent contractors, but shall not thereby be released
        from any of its responsibilities hereunder, and Seller shall diligently pursue
        all of its rights against such agents or independent contractors.

      

      Consistent
        with the terms of this Agreement, Seller 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 Seller's
        reasonable and prudent determination such waiver, modification, postponement
        or
        indulgence is not materially adverse to the Purchaser, provided, however,
        that
        Seller shall not permit any modification with respect to any Mortgage Loan
        that
        would change the Mortgage Interest Rate or the Monthly Payment amount, defer
        or
        forgive the payment of any principal or interest, change the outstanding
        principal amount (except for actual payments of principal), make any future
        advances or extend the final maturity date on such Mortgage Loan. Without
        limiting the generality of the fore-going, Seller in its own name or in the
        name
        of a Subservicer is hereby authorized and empowered by Purchaser when Seller
        believes it appropriate and reasonable in its best judgment, to execute and
        deliver, on behalf of itself and Purchaser, all instruments of satisfaction
        or
        cancella-tion, or of partial or full release, discharge and all other comparable
        instruments, with respect to the Mortgage Loans and the Mort-gaged Properties
        and to institute foreclosure proceedings or obtain a deed-in-lieu of foreclosure
        so as to convert the ownership of such properties, and to hold or cause to
        be
        held title to such properties, on behalf of Purchaser pursuant to the provisions
        of Section 10.17. Seller shall make all required Servicing Advances and shall
        service and administer the Mortgage Loans in accor-dance with applicable
        state
        and feder-al law and shall provide to the Mortgagors any reports required
        to be
        provided to them thereby. Purchaser shall furnish to Seller and any Subservicer
        any powers of attorney and other docu-ments reasonably necessary or appropri-ate
        to enable Seller and any Subservicer to carry out their servicing and
        administra-tive duties under this Agreement.

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Seller (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 Seller, 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
        Seller 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 Seller shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Seller 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.

      

      Section
        10.02 Subservicing
        Agreements Between Seller and Subservicers.

      

      Seller
        may enter into Subservicing Agreements with Subservicers for the servicing
        and
        administration of the Mortgage Loans. Each Subservicing Agreement must impose
        on
        the Subservicer requirements conforming
        to the
        provi-sions set forth in Section 10.06. Subject to Section 16.01, Seller
        and the
        Subservicers may make amend-ments to the Subservicing Agreements or enter
        into
        different forms of Subservicing Agree-ments; pro-vided, however, that any
        such
        amendments or different forms shall be consistent with and not violate the
        provisions of this Agree-ment, and that no such amendment or different form
        shall be made or entered into which could be reasonably expected to be
        mate-rially adverse to the interests of Purchaser, without the consent of
        Purchaser. Any variation from the provisions set forth in Section 10.06 relating
        to insur-ance or priority requirements of Subservicing Accounts, or credits
        and
        charges to the Subservicing Accounts or the timing and amount of remittances
        by
        the Subservicers to Seller, are conclusively deemed to be inconsistent with
        this
        Agreement and therefore prohibited.

      

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

      

      Section
        10.03 Successor
        Subservicers.

      

      Seller
        shall be entitled to terminate any Subservicing Agreement and the rights
        and
        obligations of any Subservicer pursuant to any Subservicing Agreement in
        accor-dance with the terms and condi-tions of such Subservicing Agree-ment.
        In
        the event of termination of any Subservicer, all servicing obliga-tions of
        such
        Subservicer shall be assumed simultan-eously by Seller without any act or
        deed
        on the part of such Subservicer or Seller, and Seller either shall service
        directly the related Mort-gage Loans or shall enter into a Subservicing
        Agreement with a successor Subservicer which qualifies under Section 10.02.
        If
        Seller enters into a Subservicing Agreement with a successor Subservicer,
        Seller
        shall use reasonable efforts to have the successor Subservicer assume liability
        for the representations and warranties made by the terminated Subservicer
        in
        respect of the related Mortgage Loans, and in the event of any such assumption
        by the successor Subservicer, Seller may, in the exercise of its business
        judg-ment, release the terminated Subservicer from liability for such
        representations and warranties. 

      

      Section
        10.04 Liability
        of Seller.

      

      Notwithstanding
        any Subservicing Agreement, any of the provisions of this Agreement relating
        to
        agreements or arrange-ments between Seller and a Subservicer or reference
        to
        actions taken through a Subservicer or otherwise, Seller shall remain obligated
        and liable to Purchaser for the servicing and administer-ing of the Mortgage
        Loans in accordance with the provisions of Section 10.01 without diminu-tion
        of
        such obligation or liability by virtue of such Subservicing Agreements or
        arrangements or by virtue of indemnifica-tion from the Subservicer for any
        acts
        and omissions and to the same extent and under the same terms and condi-tions
        as
        if Seller alone were servicing and adminis-ter-ing the Mortgage Loans and
        any
        other transactions or services relating to the Mortgage Loans involving the
        Subservicer shall be deemed to be between the Subservicer and Seller alone
        and
        Purchaser shall have no obligations, duties or liabilities with respect to
        the
        Subservicer including no obligation, duty or liability of Purchaser to pay
        Subservicer's fees and expenses except pursuant to an assumption of Seller's
        obligations pursuant to Section 16.01. For purposes of this Agree-ment, Seller
        shall be deemed to have received payments on Mortgage Loans when the Subservicer
        has received such pay-ments. Seller shall be entitled to enter into any
        agreement with a Subservicer for indemnification of Seller by such Subservicer
        and nothing contained in this Agreement shall be deemed to limit or modify
        such
        indemni-fication. Seller shall pay all fees and expenses of the Subservicer
        from
        its own funds, the Servicing Fee or other amounts permitted to be retained
        by or
        reimbursed to Seller hereunder.

      

      The
        Seller 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.

      

      In
        the
        event that the Seller's responsibilities and duties under this Agreement
        are
        terminated and if requested to do so by the Purchaser, the Seller shall at
        its
        own cost and expense terminate the rights and responsibilities of the
        Subservicer effective as of the date of termination of the Seller. The Seller
        shall pay all fees, expenses or penalties necessary in order to terminate
        the
        rights and responsibilities of the Subservicer from the Seller's own funds
        without reimbursement from the Purchaser.

      

      Section
        10.05 No
        Contractual Relationship Between Subservicers and
        Purchaser.

      

      Any
        Subservicing Agreement that may be entered into and any transactions or services
        relating to the Mortgage Loans involving a Subservicer in its capacity as
        such
        and not as Seller shall be deemed to be between the Subservicer and Seller
        alone, and Purchaser shall not be deemed a party thereto and shall have no
        claims, rights, obliga-tions, duties or liabilities with respect to the
        Subservicer except as set forth in Section 16.01.

      

      Section
        10.06 Subservicing
        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 accounts (collectively, the "Subservicing Account").
        The
        Subservicing Account shall be an Eligible Account, and shall be segregated
        on
        the books of the Subservicer and relate only to the Mortgage Loans subject
        to
        this Agreement and other mortgage loans owned or serviced by Seller. All
        funds
        depos-ited in the Subservicing Account with respect to the Mortgage Loans
        shall
        be held for the benefit of Purchaser. The Subservicer shall deposit in the
        Subservicing Account on a daily basis all amounts of the type described in
        clauses (a) through (f) of Section 10.09, received by the Subservicer with
        respect to the Mortgage Loans. On the date set forth in the related Subservicing
        Agreement (the "Subservicer Remittance Date"), the Subservicer will be required
        to remit all such amounts to Seller, except, if applicable, any Monthly Payment
        received which consti-tutes a late recovery with respect to which a Subservicer
        Advance (as defined below) was previ-ously made; and, if the Subservicing
        Agreement so provides, the Subservicer will also be required to remit, with
        respect to each Mortgage Loan for which the Monthly Payment due on the
        immediately preced-ing Due Date was delinquent as of the Subservicer Remittance
        Date, an amount equal to such Monthly Pay-ment net of the related Subservicing
        Fee (a "Subservicer Advance"). The Subservicer may deduct from each remittance,
        as provided above, an amount equal to Subservicing Fees to which it is then
        entitled to the extent not previously paid to or retained by it. Seller is
        not
        obligated to require in a Subservicing Agreement that any Subservicer make
        Subservicing Advances as described above; provided, however, that Seller
        shall
        be responsible for making Servicing Advances with respect to such Mortgage
        Loans.

      

      Section
        10.07 Liquidation
        of Mortgage Loans.

      

      In
        the
        event that any payment due under any Mortgage Loan is not paid when the same
        becomes due and payable, or in the event the Mortgagor fails to perform any
        other covenant or obligation under the Mortgage Loan and such failure continues
        beyond any applicable grace period, Seller shall take such action as it shall
        deem to be in the best interest of Purchaser. In the event that any payment
        due
        under any Mortgage Loan remains delinquent for a period of ninety (90) days
        or
        more, Seller shall commence foreclosure proceedings in accordance with its
        customary and usual foreclosure procedures. In such connection, Seller shall
        from its own funds make all necessary and proper Servicing Advances through
        final disposition but only to the extent that Seller shall determine, in
        its
        good faith judgment, that the amount of a proposed Servicing Advance is
        recoverable. Seller shall be reimbursed for all Servicing Advances in accordance
        with this Agreement.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Seller 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 Seller shall on the date said termination takes effect or, upon
        notice
        to Seller for any trailing bills paid by Seller, be reimbursed for any
        unreimbursed monthly advances of the Seller's funds made pursuant to Section
        11.03 and any unreimbursed Servicing Advances and Servicing Fees in each
        case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan. In
        the
        event of any such termination, the provisions of Section 16.01 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 Seller, 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 Seller 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. Seller 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 Seller shall either itself or through an agent selected
        by
        Seller, 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 as
        required by law.

      

      Section
        10.08 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the principal and interest on all Mortgage Loans
        are
        paid in full, Seller will proceed diligently, in accordance with this Agreement,
        to collect all payments due under each of the Mortgage Loans when the same
        shall
        become due and payable. Further, Seller will take special care in ascertaining
        and estimating annual ground rents, taxes, assessments, water rates, fire
        and
        hazard insurance premiums, mortgage insurance premiums, and all other charges
        that, as provided in any Mortgage, will become due and payable to the end
        that
        the installments payable by the Mortgagors will be sufficient to pay such
        charges as and when they become due and payable. 

      

      Section
        10.09 Establishment
        of Custodial Account; Deposits in Custodial Account.

      

      Seller
        shall segregate and hold all funds collected and received pursuant to each
        Mortgage Loan separate and apart from any of its own funds and general assets
        and shall establish and maintain one or more Custodial Accounts (collectively,
        the "Custodial Account"). The Custodial Account shall be an Eligible Account.
        Funds shall be deposited in the Custodial Account within 24 hours of receipt.
        The creation of any Custodial Account shall be evidenced by (a) a certification
        in the form of Exhibit B hereto, in the case of an account estab-lished with
        Citibank, or (b) a letter agree-ment in the form of Exhibit C hereto, in
        the
        case of an account held by a depository other than Citibank. In either case,
        a
        copy of such certification or letter agreement shall be furnished to Purchaser
        within five (5) Business Days after the Closing Date and a copy to any
        subsequent purchaser upon request.

      

      Seller
        shall deposit in the Custodial Account on a daily basis, or as and when received
        from the Subservicer, and retain therein the following payments and collections
        received or made by it subsequent to the Cut-off Date (other than in respect
        of
        principal and interest on the Mortgage Loans due on or before the Cut-off
        Date):

      

      
        	 	
                (a)

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

              

      

      

      
        	 	
                (b)

              	
                all
                  payments on account of interest on the Mortgage Loans adjusted
                  to the
                  Mortgage Loan Remittance Rate;

              

      

      

      
        	 	
                (c)

              	
                all
                  Liquidation Proceeds;

              

      

      

      
        	 	
                (d)

              	
                all
                  proceeds received by Seller under any title, hazard, private mortgage
                  guaranty or other insurance policy other than proceeds to be held
                  in the
                  Escrow Account and applied to the restoration or repair of the
                  Mortgaged
                  Property or released to the Mortgagor in accordance with Customary
                  Servicing Procedures;

              

      

      

      
        	 	
                (e)

              	
                all
                  awards or settlements in respect of condemnation proceedings or
                  eminent
                  domain affecting any Mortgaged Property which are not released
                  to the
                  Mortgagor in accordance with Customary Servicing
                  Procedures;

              

      

      

      
        	 	
                (f)

              	
                any
                  amount required to be deposited in the Custodial Account pursuant
                  to
                  Sections 11.01, 11.03 and 12.02;

              

      

      

      
        	 	
                (g)

              	
                any
                  amounts payable in connection with the repurchase of any Mortgage
                  Loan
                  pursuant to Section 6.03, and all amounts required to be deposited
                  by
                  Seller in connection with shortfalls in principal amount of Qualified
                  Substitute Mortgage Loans pursuant to Section
                  6.03;

              

      

      

      
        	 	
                (h)
                  

              	
                all
                  Condemnation Proceeds affecting any Mortgaged Property which are
                  not
                  released to the Mortgagor in accordance with Customary Servicing
                  Procedures, the loan documents or applicable law;
                  and

              

      

      

      
        	 	
                (i)

              	
                with
                  respect to each full or partial Principal Prepayment any amounts
                  to the
                  extent that collections of interest are less than one (1) full
                  month’s
                  interest at the applicable Mortgage Loan Remittance Rate (“Prepayment
                  Interest Shortfalls”), such Prepayment Interest Shortfalls will be
                  deposited by Seller to the extent of its aggregate Servicing Fee
                  received
                  with respect to the related Due
                  Period.

              

      

      

      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
        need not be deposited by Seller in the Custodial Account. Any interest or
        earnings on funds deposited in the Custodial Account by the depository
        institution shall accrue to the benefit of Seller and Seller shall be entitled
        to retain and withdraw such interest from the Custodial Account.

      

      Section
        10.10 Withdrawals
        From the Custodial Account.

      

      Seller
        shall, from time to time, withdraw funds from the Custodial Account for the
        following purposes:

      

      
        	 	
                (a)

              	
                to
                  make payments to Purchaser in the amounts and in the manner provided
                  for
                  in Section 11.01;

              

      

      

      
        	 	
                (b)

              	
                to
                  temporarily reimburse itself for advances of Seller funds made
                  pursuant to
                  Section 11.03, Seller's right to permanently reimburse itself pursuant
                  to
                  this subclause (b) being limited to amounts received on the related
                  Mortgage Loan which represent payments of principal and/or interest
                  respecting which any such advance was
                  made;

              

      

      

      
        	 	
                (c)

              	
                to
                  reimburse itself first
                  for all unreimbursed Servicing Advances, second
                  for unreimbursed advances of Seller funds made pursuant to Section
                  11.03,
                  and third
                  for any unpaid Servicing Fees, Seller's right to reimburse itself
                  pursuant
                  to this subclause (c) with respect to any Mortgage Loan being limited
                  to
                  related Liquidation Proceeds, Condemnation Proceeds, amounts representing
                  proceeds of insurance policies covering the related Mortgaged Property
                  and
                  such other amounts as may be collected by Seller from the Mortgagor
                  or
                  otherwise relating to the Mortgage Loan, it being understood that,
                  in the
                  case of any such reim-bursement, Seller's right thereto shall be
                  prior to
                  the rights of Purchaser unless Seller is required to repurchase
                  a Mortgage
                  Loan pursuant to Section 6.03, in which case Seller's right to
                  such
                  reimbursement shall be subsequent to the payment to Purchaser of
                  the
                  repurchase price pursuant to Section 6.03 and all other amounts
                  required
                  to be paid to Purchaser with respect to such Mortgage
                  Loan;

              

      

      

      
        	 	
                (d)

              	
                to
                  reimburse itself for all unreimbursed Servicing Advances, advances
                  of
                  Seller funds made pursuant to Section 11.03 and unpaid Servicing
                  Fees to
                  the extent that such amounts are nonrecoverable by Seller pursuant
                  to
                  subclause (c) above, provided that the Mortgage Loan for which
                  such
                  advances were made is not required to be repurchased by Seller
                  pursuant to
                  Section 6.03, and to reimburse itself for such amounts to the extent
                  that
                  such amounts are not recovered from the disposition of REO Property
                  pursuant to Section 10.17 hereof;

              

      

      

      
        	 	
                (e)

              	
                to
                  reimburse itself for subsequent trailing bills related to a previously
                  disposed of REO Property in which distribution of the net cash
                  proceeds
                  has occurred;

              

      

      

      
        	 	
                (f)

              	
                to
                  reimburse itself for expenses incurred by and reimbursable to it
                  pursuant
                  to Section 13.01;

              

      

      

      
        	 	
                (g)

              	
                to
                  pay to itself any interest earned on funds deposited in the Custodial
                  Account, such withdrawal to be made monthly not later than the
                  Remittance
                  Date;

              

      

      

      
        	 	
                (h)

              	
                to
                  withdraw any amounts inadvertently deposited in the Custodial Account;
                  

              

      

      

      
        	(i)  	
                to
                  clear and terminate the Custodial Account upon the termination
                  of this
                  Agreement; and

              

      

      

      
        	(j)  	
                to
                  withdraw Service Fees to the extent deposited
                  therein.

              

      

      

      On
        each
        Remittance Date, Seller shall withdraw all funds from the Custodial Account
        except for those amounts which, pursuant to Section 11.01(c) and (d), Seller
        is
        not obligated to remit on such Remittance Date. Seller may use such with-drawn
        funds only for the purposes described in this Section 10.10.

      

      Section
        10.11 Establishment
        of Escrow Account; Deposits in Escrow Account.

      

      Seller
        shall segregate and hold or cause any Subservicer to segregate and hold all
        funds collected and received pursuant to each Mortgage Loan which constitute
        Escrow Payments separate and apart from any of its own funds and general
        assets
        and shall establish and maintain one or more Escrow Accounts (collectively,
        the
        "Escrow Account"). The Escrow Account shall be an Eligible Account. In any
        case,
        the Escrow Account shall be insured by the FDIC in a manner which shall provide
        maximum available insurance thereunder and which may be drawn on by Seller.
        The
        creation of any Escrow Account shall be evidenced by a letter agreement in
        the
        form shown in Exhibit J. The original of such letter agreement shall be
        furnished to the Purchaser within five (5) Business Days after the Closing
        Date,
        and upon request to any subsequent purchaser.

      

      Seller
        or
        the Subservicer shall deposit in the Escrow Account on a daily basis, and
        retain
        therein: (a) all Escrow Payments collec-ted on account of the Mortgage Loans,
        for the purpose of effect-ing timely payment of any such items as required
        under
        the terms of this Agreement, and (b) all amounts representing proceeds of
        any
        hazard insurance policy which are to be applied to the restoration or repair
        of
        any Mortgaged Property. Seller shall make withdrawals therefrom only in
        accordance with Section 10.12 hereof. As part of its servicing duties, Seller
        or
        the Subservicer shall pay to the Mortgagors interest on funds in the Escrow
        Account, to the extent required by law.

      

      Section
        10.12 Withdrawals
        From Escrow Account.

      

      Withdrawals
        from the Escrow Account shall be made by Seller or the Subservicer only (a)
        to
        effect timely payments of ground rents, taxes, assessments, water rates,
        mortgage insurance pre-miums, fire and hazard insurance premiums or other
        items
        consti-tuting Escrow Payments for the related Mortgage, (b) to reimburse
        Seller
        for any Servicing Advance made by Seller pursuant to Section 10.13 hereof
        with
        respect to a related Mortgage Loan, but only from amounts received on the
        related Mortgage Loan which represent late payments or collec-tions of Escrow
        Payments there-under, (c) to refund to any Mortgagor any funds found to be
        in
        excess of the amounts required under the terms of the related Mortgage Loan,
        (d)
        for transfer to the Custodial Account upon default of a Mortgagor or in
        accordance with the terms of the related Mortgage Loan and if permitted by
        applicable law, (e) for application to restore or repair of the Mortgaged
        Property, (f) to pay to the Mortgagor, to the extent required by law, any
        interest paid on the funds deposited in the Escrow Account, (g) to pay to
        itself
        any interest earned on funds deposited in the Escrow Account (and not required
        to be paid to the Mortgagor), such withdrawal to be made monthly not later
        than
        the Remittance Date or (h) to clear and terminate the Escrow Account upon
        the
        termina-tion of this Agreement.

      

      Section
        10.13 Payment
        of Taxes, Insurance and Other Charges.

      

      With
        respect to each Mortgage Loan, Seller or the Subservicer 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 private mortgage guaranty 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 Seller in amounts sufficient for such purposes, as allowed
        under the terms of the Mortgage or applicable law. To the extent that a Mortgage
        does not provide for Escrow Payments, Seller shall determine that any such
        payments are made by the Mortgagor at the time they first become due. Seller
        assumes full responsibility for the timely payment of all such bills and
        shall
        effect timely payments of all such bills irrespective of each Mortgagor's
        faithful performance in the payment of same or the making of the Escrow Payments
        and shall make advances from its own funds to effect such payments.

      

      The
        Seller will maintain in full force and effect primary mortgage insurance
        policies issued by a Qualified Insurer with respect to each Mortgage Loan
        for
        which such coverage is herein required. Such coverage will be terminated
        only
        with the approval of Purchaser, or as required by applicable law or regulation.
        The Seller will not cancel or refuse to renew any primary mortgage insurance
        policy in effect on the Closing Date that is required to be kept in force
        under
        this Agreement unless a replacement primary mortgage insurance policy for
        such
        canceled or nonrenewed policy is obtained from and maintained with a Qualified
        Insurer. The Seller shall not take any action which would result in non-coverage
        under any applicable primary mortgage insurance policy of any loss which,
        but
        for the actions of the Seller would have been covered thereunder. In connection
        with any assumption or substitution agreement entered into or to be entered
        into
        pursuant to Section 12.01, the Seller shall promptly notify the insurer under
        the related primary mortgage insurance policy, if any, of such assumption
        or
        substitution of liability in accordance with the terms of such policy and
        shall
        take all actions which may be required by such insurer as a condition to
        the
        continuation of coverage under the primary mortgage insurance policy. If
        such
        primary mortgage insurance policy is terminated as a result of such assumption
        or substitution of liability, the Seller shall obtain a replacement primary
        mortgage insurance policy as provided above.

      

      In
        connection with its activities as servicer, the Seller agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        private mortgage insurance policy in a timely fashion in accordance with
        the
        terms of such primary mortgage insurance policy and, in this regard, to take
        such action as shall be necessary to permit recovery under any primary mortgage
        insurance policy respecting a defaulted Mortgage Loan. Pursuant to Section
        10.09, any amounts collected by the Seller under any primary mortgage insurance
        policy shall be deposited in the Custodial Account, subject to withdrawal
        pursuant to Section 10.10.

      

      Section
        10.14 Transfer
        of Accounts.

      

      Seller
        may transfer the Custodial Account or the Escrow Account to a different
        depository institution; provided such new account at such depositary institution
        is an Eligible Account. Such transfer to a non-Citigroup affiliate shall
        be made
        only upon obtaining the prior written consent of the Purchaser, which consent
        will not be unreasonably withheld. 

      

      Section
        10.15 Maintenance
        of Hazard Insurance.

      

      Seller
        shall cause to be maintained for each Mortgage Loan fire and hazard insurance
        with extended coverage customary in the area where the Mortgaged Property
        is
        located, in an amount which is at least equal to the lesser of (a) the full
        insurable value of the Mortgaged Property or (b) the greater of (i) the
        outstanding principal balance owing on the Mortgage Loan and (ii) an amount
        such
        that the proceeds of such insurance shall be sufficient to avoid the application
        to the Mortgagor or loss payee of any coinsurance clause under the policy.
        If
        the Mortgaged Property is in an area identified in the Federal Register by
        the
        Federal Emergency Management Agency as having special flood hazards (and
        such
        flood insurance has been made available) Seller will cause to be maintained
        a
        flood insurance policy meeting the requirements of the current guide-lines
        of
        the Federal Insurance Administration with a gener-ally acceptable insurance
        carrier, in an amount representing coverage not less than the least of (a)
        the
        out-standing principal balance of the Mortgage Loan, (b) the full insurable
        value of the Mortgaged Property, or (c) the maximum amount of insurance
        available under the Flood Disaster Protection Act of 1973, each as amended.
        Seller shall also maintain on property acquired upon foreclos-ure, or by
        deed in
        lieu of fore-closure, of any Mortgage Loan, fire and hazard insurance with
        extended coverage in an amount which is at least equal to the maximum insurable
        value of the improvements which are a part of such property, liability
        insur-ance and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, each as amended, flood insurance in an amount required
        above. Any amounts collected by Seller under any such policies (other than
        amounts to be depos-ited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or property acquired in liquida-tion of
        the
        Mortgage Loan, or to be released to the Mortgagor in accordance with Customary
        Servicing Procedures) shall be depos-ited in the Custodial Account, subject
        to
        with-drawal pursuant to Section 10.10. It is understood and agreed that no
        earthquake or other additional insurance need be required by Seller of any
        Mortgagor or maintained on property acquired in respect of a Mortgage Loan,
        other than pursuant to such appli-cable laws and regulations as shall at
        any
        time be in force and as shall require such additional insurance. All policies
        required hereunder shall be endorsed with standard mortgagee clauses with
        loss
        payable to Seller and its successors and/or assigns, and shall provide for
        at
        least thirty (30) days prior written notice of any cancellation, reduction
        in
        amount or material change in coverage to Seller. Seller shall not interfere
        with
        the Mortgagor's freedom of choice in selecting either his insurance carrier
        or
        agent.

      

      Section
        10.16 Fidelity
        Bond; Errors and Omissions Insurance.

      

      Seller
        shall maintain, at its own expense, a blanket fidelity bond and an errors
        and
        omissions insurance policy, with broad coverage on all officers, employees
        or
        other persons acting in any capacity requiring such persons to handle funds,
        money, documents or papers relating to the Mortgage Loans ("Seller Employees").
        Any such fidelity bond and errors and omissions insurance shall protect and
        insure Seller against losses, including forgery, theft, embezzlement, fraud,
        errors and omissions, failure to maintain any insurance policies required
        pursuant to this Agreement, and negligent acts of such Seller Employees.
        Such
        fidelity bond shall also protect and insure Seller against losses in connection
        with the release or satis-faction of a Mortgage Loan without having obtained
        payment in full of the indebtedness secured thereby. No provision of this
        Section 10.16 requiring such fidelity bond and errors and omis-sions insurance
        shall diminish or relieve Seller 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 Seller 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 Seller
        shall notify the Purchaser within five (5) business days of receipt of notice
        that such Fidelity Bond or insurance policy will be, or has been, materially
        modified or terminated. Upon request by Purchaser, Seller shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        10.16, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        10.17 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 Purchaser, or in the event 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 Seller, at expense of Purchaser, from an attorney duly licensed
        to
        practice law in the state where the REO Property is located. The Person or
        Persons holding such title other than Purchaser shall acknowledge in writing
        that such title is being held as nominee for Purchaser.

      

      Seller
        shall manage, conserve, protect and operate each REO Property for Purchaser
        solely for the purpose of its prompt disposition and sale. Seller shall either
        itself or through an agent selected by Seller, 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. Seller shall attempt to sell the same (and may temporarily rent
        the
        same) on such terms and conditions as Seller deems to be in the best interest
        of
        Purchaser.

      

      With
        respect to all REO Property, Seller shall hold all funds collected and received
        in connection with the operation of the REO Property separate and apart from
        its
        own funds or general assets and shall establish and maintain with respect
        to all
        REO Property an REO Account or Accounts, in the form of a non-interest bearing
        demand account, titled "[Seller] in trust for Purchaser-Fixed Rate Mortgage
        Loans as tenants in common" unless an Opinion of Counsel is obtained by Seller
        to the effect that the classi-fication as a grantor trust for federal income
        tax
        purposes of the arrangement under which the Mortgage Loans and the REO Property
        are held will not be adversely affected by holding such funds in another
        manner.
        Such REO Account shall be established with Seller or, with the prior consent
        of
        Purchaser, with a commercial bank, a mutual savings bank or a savings and
        loan
        association. The creation of the REO Account shall be evidenced by (a) a
        certifi-cation in the form shown in Exhibit D hereto, in the case of an account
        established with Citibank, or (b) a letter agreement in the form shown in
        Exhibit E hereto, in the case of an account held by a depository other than
        Citibank. In either case, an original of such certification or letter agreement
        shall be furnished to Purchaser upon request.

      

      Seller
        shall cause to be deposited on a daily basis in the REO Account all revenues
        received with respect to the conservation and disposition of the related
        REO
        Property and shall withdraw therefrom funds necessary for the proper opera-tion,
        management and maintenance of the REO Property, including the cost of
        maintaining any hazard insurance pursuant to Section 10.15 hereof and the
        fees
        of any managing agent acting on behalf of Seller. Seller shall not be entitled
        to retain interest paid or other earnings, if any, on funds deposited in
        such
        REO Account. Seller shall make distributions as required on each Remittance
        Date
        to Purchaser of the net cash flow from the REO Property (which shall equal
        the
        revenues from such REO Property net of the expenses described above and of
        any
        reserves reasonably required from time to time to be maintained to satisfy
        anticipated liabilities for such expenses).

      

      Seller
        shall use its best efforts to dispose of the REO Property as soon as possible
        and shall sell such REO Property as soon as practicable but in any event
        within
        three (3) years after title has been taken to such REO Property. If a purchase
        money mortgage is taken in accordance with such sale, such purchase money
        mortgage shall not be held pursuant to this Agreement.

      

      The
        disposition of REO Property shall be carried out by Seller and shall be made
        at
        such price, and upon such terms and conditions, as Seller deems to be in
        the
        best interests of Purchaser. Upon the request of Purchaser, and at Purchaser's
        expense, Seller shall cause an appraisal of the REO Property to be performed
        for
        Purchaser. The proceeds of sale of the REO Property shall be promptly deposited
        in the REO Account and, as soon as practical there-after, the expenses of
        such
        sale shall be paid, Seller shall reimburse itself for any and all related
        unreimbursed Servicing Advances, unpaid Servicing Fees, any and all unreimbursed
        advances made and any appraisal performed and the net cash proceeds of such
        sale
        remaining in the REO Account shall be distributed to Purchaser.

      

      Upon
        request, with respect to any REO Property, Seller shall furnish to Purchaser
        a
        statement covering Seller's efforts in connection with the sale of that REO
        Prop-erty and any rental of the REO Property incidental to the sale thereof
        for
        the previous month (together with an operat-ing state-ment). That statement
        shall be accompanied by such other information as Purchaser shall reasonably
        request.

      

       

      
 

      ARTICLE
        XI

      

      PAYMENTS
        TO PURCHASER

      

      Section
        11.01 Distributions.

      

      On
        each
        Remittance Date, Seller shall remit by wire transfer of immediately available
        funds to the account designated in writing by Purchaser of record on the
        preceding Record Date (a) all amounts deposited in the Custodial Account
        as of
        the close of business on the preceding Determination Date (net of all amounts
        withdrawable therefrom pursuant to Section 10.10), plus (b) all amounts,
        if any,
        which Seller is obli-gated to distribute pursuant to Section 11.03, minus
        (c)
        any amounts attributable to Monthly Payments collected but due on a Due Date
        or
        Dates subse-quent to the related Due Period, minus (d) any amounts attributable
        to Principal Prepayments received after the last day of the calendar month
        preceding the month of the Remittance Date, 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
        Prepayments in accordance with Section 10.09(h), minus (e) any amounts
        attributable to reimbursement for unreimbursed Servicing Advances, advance
        of
        Seller funds, and unpaid Servicing Fees pursuant to Section 10.10(d), and
        minus
        (f) any amounts attributable to reimbursement for subsequent trailing bills
        related to a previously disposed of REO Property in which distribution of
        net
        cash proceeds has occurred pursuant to Section 10.10(e).

      

      With
        respect to any remittance received by Purchaser after the Business Day on
        which
        such payment was due, Seller shall pay to Purchaser interest on any such
        late
        payment at a rate equal to the overnight federal funds effective rate, but
        in no
        event greater than the maximum amount permitted by applicable law. Such interest
        shall be paid by Seller to Purchaser on the date such late payment is made
        and
        shall cover the period commencing with the Business Day on which such payment
        was due and ending with the Business Day on which such payment is made, both
        inclusive. The payment by Seller of any such interest shall not be deemed
        an
        extension of time for payment or a waiver of any Event of Default by
        Seller.

      

      To
        the
        extent that the amount of a remittance or distribution to Purchaser made
        hereunder is in greater than the amount thereof properly to be remitted pursuant
        to the terms of this Agreement, Seller will give prompt written notice thereof
        to Purchaser after Seller's discovery thereof, including the amount of such
        remittance or distribution that was paid in error. If, by the Remittance
        Date
        immediately following such notice, Purchaser has not reimbursed the Custodial
        Account or Seller, as applicable, for the amount of such erroneous remittance
        or
        distribution (without any liability on the part of Purchaser for interest
        thereon), Seller shall be entitled to withhold such amount from the remittance
        to be made on such Remittance Date.

      

      Section
        11.02 Statements
        to Purchaser.

      

      Not
        later
        than seven (7) Business Days after each month end, Seller shall furnish to
        the
        Purchaser an individual loan accounting report, as of the last Business Day
        of
        each month, in the Seller's assigned loan number order to document Mortgage
        Loan
        payment activity on an individual Mortgage Loan basis. The corresponding
        individual loan accounting report shall be on a disk or tape or other
        computer-readable format in such format as may be mutually agreed upon by
        both
        Purchaser and Seller, and shall contain the information set forth in Exhibit
        L
        hereto.

      In
        addition, within a reasonable period of time after the end of each calendar
        year, Seller will furnish a report to each Person that was a Purchaser at
        any
        time during such calendar year. Such report shall state the aggregate of
        amounts
        (a) remitted on each Remittance Date which is allocable to principal and
        allocable to interest and (b) of servicing compensation received by Seller
        as
        servicer on each Remittance Date for such calendar year or, in the event
        such
        Person was a Purchaser of record during only a portion of such calendar year,
        for the applicable portion of such year. Such obligation of Seller shall
        be
        deemed to have been satisfied to the extent that substantially comparable
        information shall be provided by Seller pursuant to any requirements of the
        Internal Revenue Code of 1986 as from time to time in force.

      

      Seller
        shall prepare and file any and all tax returns, information statements or
        other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the trans-actions contemplated hereby. In addition, Seller shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for such Purchaser to prepare its federal income tax return as Purchaser
        may
        reasonably request from time to time.

      

      Section
        11.03  Advances
        by Seller.

      

      On
        the
        Business Day immediately preceding each Remit-tance Date, Seller shall deposit
        in the Custodial Account 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 Determina-tion Date. This deposit may
        be
        offset by any funds held for a future distribution not due on the current
        Remittance Date. Seller's obligation to make such 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 last Remittance Date prior to the
        Remittance Date for the distribution of all other payments or recoveries
        (including proceeds under any title, hazard or other insurance policy, or
        condemnation awards) with respect to the Mortgage Loan, provided, however,
        that
        such obligation shall cease if (a) there has been a final disposition of
        the
        Mortgage Loan or (b) if Seller, in its good faith judgment, determines that
        such
        advances would not be recoverable pursuant to Section 10.10(d). The
        determination by Seller that an advance, if made, would be nonrecoverable,
        shall
        be evidenced by an Officer's Certificate of Seller, delivered to Purchaser,
        which details the reasons for such determination and contains an appraisal
        of
        the value of the Mortgaged Property.

      

      Section
        11.04 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 Seller shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Seller and Purchaser. The Seller shall also provide
        reports on the status of REO Property containing such information as Purchaser
        may reasonably require.

      

      

      ARTICLE
        XII

      

      GENERAL
        SERVICING PROCEDURE

      

      Section
        12.01 Assumption
        Agreements.

      

      Seller
        will use its best efforts to enforce any "due-on-sale" provision contained
        in
        any Mortgage or Mortgage Note to the extent permitted by law, provided that
        Seller shall permit such assumption if so required in accordance with the
        terms
        of the Mortgage or the Mortgage Note. When the Mortgaged Property has been
        conveyed by the Mortgagor, Seller will, to the extent it has knowledge of
        such
        conveyance, exercise its rights to accelerate the maturity of such Mortgage
        Loan
        under the "due-on-sale" clause applicable thereto, provided, however, Seller
        will not exercise such rights if prohibited by law from doing so or if the
        exercise of such rights would impair or threaten to impair any recovery under
        the related private mortgage guaranty policy, if any. If Seller reasonably
        believes it is unable under applicable law to enforce such "due-on-sale"
        clause,
        Seller may enter into an assumption and modifica-tion agree-ment with the
        person
        to whom such property has been con-veyed, pursuant to which such person becomes
        liable under the Mortgage Note and, to the extent permitted by applica-ble
        law,
        the Mort-gagor remains liable thereon. In connection with any such assump-tion,
        the outstanding principal amount, the Monthly Payment and the Mortgage Interest
        Rate of the re-lated Mortgage Note shall not be changed, and the term of
        the
        Mortgage Loan will not be increased or decreased. If an assumption is allowed
        pursuant to this Section 12.01, Seller with the prior consent of the private
        mortgage guaranty insurer, if any, is authorized to enter into a substitution
        of
        liability agreement with Purchaser of the Mortgaged Property pursuant to
        which
        the origi-nal Mortgagor is released from liability and Purchaser of the
        Mortgaged Property is substituted as Mortgagor and becomes liable under the
        Mortgage Note. Any fee collected by Seller for entering into any such assumption
        agreement will be retained by Seller as additional servicing
        compensation.

      

      In
        connection with any such assumption or substitution of liability, the Seller
        shall follow the underwriting practices and procedures of the Seller. 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 Seller 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 Seller 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 Seller for entering into an assumption
        or
        substitution of liability agreement shall belong to the Seller.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Seller 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 Seller may be restricted
        by
        law from preventing, for any reason whatsoever. For purposes of this Section
        12.01, 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
        12.02 Satisfaction
        of Mortgages and Release of Mortgage Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by Seller of a notification
        that payment in full will be escrowed in a manner customary for such purposes,
        Seller or the Subservicer will obtain, in accordance with Section 5.03 hereof,
        the portion of the Mortgage File that is in the possession of the Purchaser,
        prepare and process any required satisfaction or release of the Mortgage
        and
        notify Purchaser as provided in Section 11.02.

      

      In
        the
        event Seller grants a satisfaction or release of a Mort-gage without having
        obtained payment in full of the indebtedness secured by the Mortgage or should
        Seller otherwise prejudice any right Purchaser may have under the mortgage
        instru-ments, Seller, upon written demand of Purchaser, shall remit within
        two
        (2) Business Days to Purchaser the Stated Principal Balance of the related
        Mortgage Loan by deposit thereof in the Custodial Account. Seller shall maintain
        the Fidelity Bond and errors and omissions insurance as provided for in Section
        10.16 insuring Seller against any loss it may sustain with respect to any
        Mortgage Loan not satisfied in accordance with the proce-dures set forth
        herein.

      

      Section
        12.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, Seller shall be entitled to retain
        from
        interest payments on the Mort-gage Loans the Servicing Fee. Additional servicing
        compensation in the form of assumption fees and late payment charges shall
        be
        retained by Seller or any related Subservicer to the extent not required
        to be
        deposited in the Custodial Account. Seller shall be required to pay all expenses
        incurred by it in connection with its servicing activities hereunder and
        shall
        not be entitled to reimbursement therefor except as specifically provided
        for
        herein.

      

      Section
        12.04 Annual
        Statement as to Compliance.

      

      The
        Seller will deliver to the Purchaser not later than 90 days following the
        end of
        each fiscal year of the Seller beginning in March 2004, an Officers' Certificate
        stating, as to each signatory thereof, that (i) a review of the activities
        of
        the Seller during the preceding calendar year and of performance under this
        Agreement has been made under such officers' supervision, and (ii) to the
        best
        of such officers' knowledge, based on such review, the Seller has fulfilled
        all
        of its obligations under this Agreement throughout such year, or, if there
        has
        been a default in the fulfillment of any such obligation, specifying each
        such
        default known to such officers and the nature and status of cure provisions
        thereof. Copies of such statement shall be provided by the Seller to the
        Purchaser upon request.

      

      Section
        12.05 Annual
        Independent Public Accountants' Servicing Report.

      

      Within
        ninety (90) days of Seller's fiscal year end beginning in March 2004, the
        Seller
        at its expense shall cause a firm of independent public accountants which
        is a
        member of the American Institute of Certified Public Accountants to furnish
        a
        statement to the Purchaser to the effect that such firm has examined certain
        documents and records relating to the Seller's servicing of mortgage loans
        of
        the same type as the Mortgage Loans pursuant to servicing agreements
        substantially similar to this Agreement, which agreements may include this
        Agreement, and that, on the basis of such an examination, conducted
        substantially in the uniform single audit program for mortgage bankers, such
        firm is of the opinion that the Seller's servicing has been conducted in
        compliance with the agreements examined pursuant to this Section 12.05, except
        for (i) such exceptions as such firm shall believe to be immaterial, and
        (ii)
        such other exceptions as shall be set forth in such statement. Copies of
        such
        statement shall be provided by the Seller to the Purchaser. In addition,
        on an
        annual basis, Seller shall provided Purchaser with copies of its audited
        financial statements. 

      

      Section
        12.06 Purchaser's
        Right to Examine Seller Records.

      

      Purchaser
        shall have the right, at all reasonable times upon reasonable notice and
        as
        often as reasonably required, to examine and audit any and all of the books,
        records or other information of Seller whether held by Seller or by another
        on
        behalf of Seller, which are relevant to the performance or observance by
        Seller
        of the terms, covenants or condi-tions of this Agreement.

      

      Section
        12.07 Seller
        Shall Provide Access/Information as Reasonably Required.

      

      Seller
        shall provide to Purchaser access to any documentation regarding the Mortgage
        Loans which may be required by applicable regulations (the "Regulations").
        Such
        access shall be afforded without charge, but only upon reasonable request,
        during normal business hours and at the offices of Seller.

      

      In
        addition, Seller shall furnish upon request by Purchaser, during the term
        of
        this Agreement, such periodic, special or other reports or information, whether
        or not provided for herein, as shall be necessary, reasonable and appropriate
        with respect to the purposes of this Agreement and the Regulations. All such
        reports or information shall be provided by and in accordance with all
        reasonable instructions and direc-tions Purchaser may require. Seller agrees
        to
        execute and deliver all such instruments and take all such action as Purchaser,
        from time to time, may reasonably request in order to effectuate the purposes
        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 Seller for
        the
        most recently completed two (2) fiscal years for which such statements are
        available.

      

      

      ARTICLE
        XIII

      

      SELLER

      

      Section
        13.01 Indemnification;
        Third Party Claims.

      

      In
        addition to the indemnification provided in Section 6.03, Seller shall indemnify
        and hold harmless Purchaser against any and all claims, losses, penalties,
        fines, forfeitures, reasonable and necessary legal fees and related costs,
        judgments, and any other costs, fees and expenses that Purchaser may sustain
        in
        any way related to the failure of Seller to perform its duties, obligations,
        covenants and agreements and service the Mortgage Loans in strict compliance
        with the terms of this Agreement. Seller shall immediately notify Purchaser
        if a
        claim is made by a third party with respect to this Agreement or the Mortgage
        Loans, and Seller shall assume (with the consent of Purchaser) the defense
        of
        any such claim and pay all expenses in connection therewith, including counsel
        fees, and promptly pay, discharge and satisfy any judg-ment or decree which
        may
        be entered against Seller or Purchaser in respect of such claim. Seller shall
        provide Purchaser with a written report of all expenses and advances incurred
        by
        Seller pursuant to this Section 13.01 and Purchaser shall promptly reim-burse
        Seller for all amounts advanced by it pur-suant to the preceding sentence
        except
        when the claim in any way relates to Seller's failure to service and administer
        the Mortgage Loans in strict compliance with the terms of this Agreement
        or a
        breach of representation or warranty set forth in this Agreement. Notwithstanding
        anything to the contrary in this Agreement, in the event that Purchaser or
        its
        designee becomes record owner of any Mortgaged Property, Seller shall not
        be
        deemed to have failed to perform its obligations hereunder where it fails
        to act
        in response to any notice delivered to the record holder of the Mortgaged
        Property if (i) statutory notice was not delivered to Seller, (ii) Seller
        had no
        actual knowledge of the situation surrounding such notice and (iii) Seller's
        inaction was due entirely to Seller's lack of receipt of such notice.
The
        provisions of this Section 13.01 shall survive termination of this
        Agreement.

      

      Section
        13.02 Merger
        or Consolidation of Seller.

      

      Seller
        will keep in full effect its existence, rights and franchises as a corporation,
        and will obtain and preserve its qualification to do business as a foreign
        corpora-tion 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 Seller may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which Seller shall
        be
        a party, or any Person succeeding to substantially all of the business of
        Seller
        (whether or not related to loan servic-ing), shall be the successor of Seller
        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 con-trary
        notwithstanding; provided, however, that the successor or surviving Person
        shall
        be an institution (i) 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 (ii) who is a
        Fannie
        Mae or FHLMC approved seller/servicer in good standing.

      

      

      Section
        13.03 Limitation
        on Liability of Seller and Others.

      

      Seller
        and any director, officer, employee or agent of Seller may rely on any document
        of any kind which it in good faith reasonably believes to be genuine and
        to have
        been adopted or signed by the proper authorities respecting any matters arising
        hereunder; provided, however, that this provision shall not protect the Seller
        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. Subject to the
        terms of Section 13.01, Seller shall have no obligation to appear with respect
        to, prosecute or defend any legal action which is not incidental to Seller's
        duty to service the Mortgage Loans in accord-ance with this Agreement; provided,
        however, that the Seller 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 Seller shall be entitled to be reimbursed therefor from
        the
        Purchaser upon written demand.

      .

      Section
        13.04 Seller
        Not to Resign.

      

      Seller
        shall not assign this Agreement nor resign from the obligations and duties
        hereby imposed on it except by mutual consent of Seller and Purchaser or
        upon
        the determination that Seller's duties hereunder are no longer permissible
        under
        applicable law and such incapacity cannot be cured by Seller. Notwithstanding
        the foregoing, Seller shall have the right to assign its rights under this
        Agreement to Citigroup, Inc. or any subsidiary of Citigroup, Inc.

      

      Section
        13.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Seller to service the Mortgage Loans hereunder,
        the Seller acknowledges that the Purchaser has acted in reliance upon the
        Seller'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 Seller 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.
        Notwithstanding the foregoing, Purchaser acknowledges and agrees that Seller
        may
        assign any compensation arising from servicing under this Agreement to an
        affiliate of Seller.

      

      Without
        in any way limiting the generality of this Section 13.05, in the event that
        the
        Seller 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 Seller (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

      

       

      In
        the
        event there is a termination of servicing pursuant to this Agreement, Seller
        shall cause its affiliate to whom Seller transferred the servicing compensation
        hereunder to transfer all the right, title and interest in the servicing
        compensation to EMC Mortgage Corporation ("EMC") or its designee, and Seller
        shall indemnify EMC for any and all losses for its failure to assign such
        right,
        title and interest to the servicing compensation as required
        herein.

       

       

      
 

      ARTICLE
        XIV

      

      DEFAULT

      

      Section
        14.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by Seller shall occur and
        be
        continuing, that is to say:

      

      
        	 	
                (a)

              	
                any
                  failure by Seller to remit to 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, requir-ing the same to be remedied, shall have been given
                  to
                  Seller by Purchaser; or

              

      

      

      
        	 	
                (b)

              	
                failure
                  by Seller to duly observe or perform, in any material respect,
                  any other
                  covenants, obligations or agreements of Seller as set forth in
                  this
                  Agreement which failure continues unremedied for a period of sixty
                  (60)
                  days after the date on which written notice of such failure, requiring
                  the
                  same to be remedied, shall have been given to Seller by Purchaser;
                  or

              

      

      

      
        	 	
                (c)

              	
                a
                  decree or order of a court or agency or super-visory authority
                  having
                  jurisdiction for the appointment of a conservator or receiver or
                  liquidator in any insolvency, bankruptcy, read-justment 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
                  Seller and such decree or order shall have remained in force, undischarged
                  or unstayed for a period of sixty (60) days;
                  or

              

      

      

      
        	 	
                (d)

              	
                Seller
                  shall consent to the appointment of a conservator or receiver or
                  liquidator in any insolvency, bankruptcy, read-just-ment of debt,
                  marshalling of assets and liabilities or similar proceedings of
                  or
                  relating to Seller or relating to all or substantially all of Seller's
                  property; or

              

      

      

      
        	 	
                (e)

              	
                Seller
                  shall admit in writing its inability to pay its debts as they become
                  due,
                  file a petition to take advantage of any applicable insolvency
                  or
                  reorganization statute, make an assignment for the benefit of its
                  creditors, or voluntar-ily suspend payment of its obligations;
                  or

              

      

      

      
        	 	
                (f)

              	
                Seller
                  attempts to assign this Agreement except in compliance with the
                  terms of
                  this Agreement; or

              

      

      

      (h) the
        Seller 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 Seller's ability to
        perform its obligations hereunder; or

      

      (i) the
        Seller fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 13.02; or 

      

      
        	(j)  	
                the
                  Seller ceases to be approved by either Fannie Mae or FHLMC as a
                  mortgage
                  loan seller or servicer for more than thirty days;
                  or

              

      

      

      (k) the
        Seller 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.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, Purchaser, by notice in writing to Seller (except in the case of
        an
        Event of Default under clauses (c), (d) or (e) above, in which case,
        automatically and without notice), may, in addition to whatever rights Purchaser
        may have at law or equity to damages, including injunctive relief and specific
        performance, terminate all the rights and obligations of Seller under this
        Agreement and in and to the Mortgage Loans and the proceeds thereof. On and
        after the receipt by Seller of such written notice (or, in the case of an
        Event
        of Default under clauses (c), (d) or (e) above, in which case, automatically
        and
        without notice) all authority and power of Seller 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 16.01. Upon written request from
        Purchaser, Seller shall prepare, execute and deliver to a successor any and
        all
        documents and other instru-ments, place in such successor's possession all
        Mortgage Files and do or cause to be done all other acts or things neces-sary
        or
        appropriate to effect the purposes of such notice of termination, including,
        but
        not limited to, the trans-fer and endorsement or assignment of the Mortgage
        Loans and related documents to the successor at Seller's sole expense. Seller
        agrees to cooperate with Purchaser and such successor in effecting the
        termination of Seller's responsi-bil-ities and rights hereunder, including,
        without limita-tion, the transfer to such successor for administration by
        it of
        all amounts which shall at the time be credited by Seller to the Custodial
        Account or Escrow Account or thereafter received with respect to the Mortgage
        Loans or any REO Property.

      

      Section
        14.02 Waiver
        of Defaults.

      

      Purchaser
        may waive only by written notice any default by Seller 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 thereto except to the extent expressly so waived
        in
        writing.

       

      
 

      

      ARTICLE
        XV

      

      TERMINATION

      

      Section
        15.01 Termination.

      

      This
        Agreement shall terminate upon either: (a) the later of the distribution
        to
        Purchaser of final payment or liquidation with respect to the last Mortgage
        Loan
        (or advances of same by Seller), or the disposition of all property acquired
        upon foreclosure or deed in lieu of foreclosure with respect to the last
        Mortgage Loan and the remittance of all funds due hereunder; (b) mutual consent
        of Seller and Purchaser in writing; or (c) the repurchase by Seller of all
        Mortgage Loans (and all REO Property which has not been sold at a price equal
        to
        100% of the outstanding principal balance of each Mortgage Loan on the day
        of
        repurchase) plus accrued interest thereon at a rate equal to the Mortgage
        Loan
        Remittance Rate to the date of repurchase plus the appraised value of any
        such
        REO Property, such appraisal to be conducted by an appraiser mutually agreed
        upon by Seller and Purchaser.

       

      
 

      

      ARTICLE
        XVI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        16.01 Successor
        to Seller.

      

      Prior
        to
        termination of Seller's responsibilities and duties under this Agreement
        pursuant to Sections 13.04, 14.01 or 15.01(b), Purchaser shall (a) succeed
        to
        and assume all of Seller's responsibilities, rights, duties and obligations
        under this Agreement or (b) appoint a successor which shall succeed to all
        rights and assume all of the responsi-bilities, duties and liabilities of
        Seller
        under this Agreement prior to the termination of Seller's responsibilities,
        duties and liabilities under this Agreement. In connection with such appointment
        and assumption, 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 compen-sation shall be in excess of
        that
        permitted Seller under this Agreement without the consent of Purchaser. In
        the
        event that Seller's duties, responsibili-ties and liabilities under this
        Agreement shall be terminated pursuant to the afore-mentioned Sections, Seller
        shall discharge such duties and responsibilities during the period from the
        date
        it acquires knowledge of such termin-ation 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
        preju-dice the rights or financial condition of its successor. The resignation
        or removal of Seller 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 Seller of the representations and warranties made
        pursuant to Sections 6.01 and 6.02 and the remedies available to Purchaser
        under
        Section 6.03, it being understood and agreed that the provisions of such
        Sections 6.01, 6.02 and 6.03 shall be applicable to Seller notwithstanding
        any
        such resignation or termination of Seller, or the termination of this
        Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        Seller and to Purchaser an instrument accepting such appointment, whereupon
        such
        successor shall become fully vested with all the rights, powers, duties,
        responsibilities, obligations and liabilities of Seller, with like effect
        as if
        originally named as a party to this Agreement. Any termination or resignation
        of
        Seller or this Agreement pursuant to Section 13.04, 14.01 or 15.01 shall
        not
        affect any claims that Purchaser may have against Seller arising prior to
        any
        such termination or resignation.

      

      Seller
        shall promptly deliver to the successor the funds in the Custodial Account
        and
        Escrow Account and all Mortgage Files and related documents and statements
        held
        by it hereunder and Seller 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, respon-sibilities, obligations and liabilities of Seller.

      

      Upon
        a
        successor's acceptance of appointment as such, Seller shall notify by mail
        Purchaser of such appointment.

      

      Section
        16.02 Amendment.

      

      This
        Agreement may be amended from time to time by Seller and Purchaser by written
        agreement signed by Seller and Purchaser; provided that if any of the rights,
        duties or obligations of Seller as such would be affected by such amendatory
        agreement, such agreement must also be consented to by Seller.

      

      Section
        16.03 Recordation
        of Agreement.

      

      To
        the
        extent permitted by applicable law, this Agree-ment 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 Seller at Purchaser's expense
        upon direction of Purchaser, but only when such direction is accompanied
        by an
        Opinion of Counsel to the effect that such recordation mate-rially and
        beneficially affects the interests of Purchaser or is necessary for the
        administration or servicing of the Mortgage Loans. 

      

      Section
        16.04 Duration
        of Agreement.

      

      This
        Agreement shall continue in existence and effect until terminated as herein
        provided.

      

      Section
        16.05 Governing
        Law.

      

      This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, except to the extent preempted by Federal law, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      Section
        16.06 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, to (a) in the case of Seller, CitiMortgage,
        Inc. 12855 North Outer Forty Drive, MS 74, Saint Louis, Missouri 63141,
        Attention: Capital Markets, with a copy to CitiMortgage, Inc., 15851 Clayton
        Road, MS 313, Ballwin, Missouri 63011, Attention: Investor Reporting Department,
        or such other address as may hereafter be furnished to Purchaser in writing
        by
        Seller and (b) in the case of Purchaser, EMC Mortgage Corporation, Mac Arthur
        Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038, Attention:
        Ms.
        Ralene Ruyle; 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 Seller in writing by
        Purchaser.

      

      Section
        16.07 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.
        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
        inability.

      

      Section
        16.08 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 Seller shall
        be
        rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        16.09 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 Section 13.04, this Agreement shall inure
        to
        the benefit of and be binding upon Seller, Seller and Purchaser and their
        respective successors and assigns.

       

      Section
        16.10 Further
        Assurances.

      

      Seller
        understands that Purchaser may resell the Mortgage Loans as whole loans or
        as
        part of a securitization in which a third party may act as master servicer.
        In
        the event that as part of such sale or securitization, additional information
        regarding the Mortgage Loans or modification of the reporting requirements
        may
        be requested, Seller agrees to review such requests by Purchaser’s transferee or
        master servicer only if, in Seller’s judgment, fulfilling such requests would
        require no material modifications to Seller’s servicing processes or systems and
        any and all costs to provide such reports and information shall be borne
        by
        Purchaser.

      

      Section
        16.11 Cooperation
        of Seller with a Reconstitution.

      

      The
        Seller and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, upon fifteen (15)
        days
        notice (provided Purchaser shall use its best efforts to provide thirty (30)
        days notice) to Seller (which notice shall include a copy of the proposed
        Reconstitution Agreement), 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 (subject to the limitation on the number
        of
        Purchasers in Section 5.04 hereof):

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Seller agrees to execute in connection with any agreements among the Purchaser,
        the Seller, and any servicer in connection with a Whole Loan Transfer, a
        Reconstitution Agreement. It is understood that any such Reconstitution
        Agreement will not contain any greater or different obligations on the part
        of
        Seller than are contained in this Agreement.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Seller agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"). In that
        connection, the Seller shall provide to such Purchaser any and all information
        (including servicing portfolio information) and appropriate verification
        of
        information (including servicing portfolio information) which may be reasonably
        available to the Seller, whether through letters of its auditors or otherwise,
        as the Purchaser or any such other participant shall request upon reasonable
        demand. In connection with each Pass-Through Transfer, the Seller agrees
        to
        provide reasonable and customary indemnification to the Purchaser and its
        affiliates for disclosure information provided by Purchaser contained in
        any
        offering document relating to the Seller or its affiliates, the Mortgage
        Loans
        and the underwriting standards of the Mortgage Loans. The Purchaser shall
        be
        responsible for the costs relating to the delivery of such information.

       

      The
        Seller further agrees that in the event any Mortgage Loan is transferred
        to
        Fannie Mae, the Seller shall service such Mortgage Loans in accordance with
        the
        Fannie Mae Guide, and that there shall be no cap on compensating interest
        payments with respect to such Mortgage Loans. The Seller agrees that with
        respect to such Mortgage Loans, Seller shall also provide a monthly data
        file
        tape with such information as required by Fannie Mae, as
        applicable.

      

      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
        with respect thereto this Agreement shall remain in full force and
        effect.

      

      Section
        16.12 Reporting
        with Respect to a Reconstitution.

      

      The
        Seller agrees that with respect to any Mortgage Loan sold or transferred
        pursuant to a Reconstitution as described in Section 16.11 of this Agreement
        (a
“Reconstituted Mortgage Loan”), the Seller, at its expense, shall provide the
        Purchaser with the information set forth in Exhibit K attached hereto for
        each
        Reconstituted Mortgage Loan in such electronic format as may be mutually
        agreed
        upon by both Purchaser and Seller. 

      

      Section
        16.13 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      Notwithstanding
        other provisions of this Section 16.14 or any other express or implied
        agreement, arrangement, or understanding to the contrary, the Seller and
        Purchaser (the “Parties”) agree that the Parties (and their employees,
        representatives and other agents) may disclose to any and all persons, without
        limitation of any kind from the commencement of discussions, the purported
        or
        claimed U.S. federal income tax treatment of the purchase of the Mortgage
        Loans
        and related transactions covered by this letter agreement (“tax treatment”) and
        any fact that may be relevant to understanding the tax treatment (“tax
        structure”) and all materials of any kind (including opinions or other tax
        analyses) that are provided to the Parties relating to such tax treatment
        and
        tax structure, except where confidentiality is reasonably necessary to comply
        with securities laws.

      

      Section
        16.14 No
        Solicitation.

      

      Seller
        hereby agrees that it will not, and its affiliates will not, during the
        remaining term of any of the individual Mortgage Loans, take any action or
        cause
        any action to be taken by any of its agents or affiliates, or independent
        contractors working on its behalf, to target solicit the prepayment of said
        Mortgage Loans by the mortgagors, without the prior written consent and approval
        of the Purchaser; provided that, the foregoing shall not preclude the Seller
        from engaging in solicitations in monthly statements or other regular
        communications to borrowers in Seller’s servicing portfolio which are not
        directed toward the borrowers of the Mortgage Loans. Promotions undertaken
        by
        the Seller or any affiliate of the Seller which are directed solely to the
        general public at large, including, without limitation, mass mailing based
        on
        commercially acquired mailing lists, newspapers, radio and television
        advertisements shall not constitute solicitation. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, Seller and 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.

      

      

      

      CITIMORTGAGE,
        INC.

      

      By:
        _______________________________

      Name:
        Jerome A. Cipponeri

      Title:
        Senior Vice President

      

      

      

      

      

      EMC
        MORTGAGE CORPORATION

      

      By:
        _______________________________

      Name:
        _____________________________

      Title:
        ______________________________

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

      CONTENTS
        OF MORTGAGE FILES

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, all of which shall be available for inspection by
        Purchaser:

      

      1.           
        Mortgage
        Loan Documents.

      

      
        	
                2.

              	
                Copy
                  of survey of the Mortgaged Property (if the title insurance policy
                  contains a survey exception).

              

      

      

      
        	
                3.

              	
                Copy
                  of each instrument necessary to complete identifi-cation of any
                  exception
                  set forth in the exception schedule in the title policy, e.g.,
                  map or
                  plat, restrictions, easements, sewer agreements, home asso-ciation
                  declarations, etc.

              

      

      

      
        	
                4.

              	
                Mortgage
                  Loan closing statement (Form HUD-1) and any other truth-in-lending
                  or real
                  estate settlement procedure forms required by
                  law.

              

      

      

      
        	
                5.

              	
                Residential
                  loan application.

              

      

      

      
        	
                6.

              	
                Verification
                  of acceptable evidence of source and amount of downpayment, if
                  applicable.

              

      

      

      
        	
                7.

              	
                Verification
                  of employment and income except for Mortgage Loans originated under
                  a
                  limited documentation program, all in accordance with Seller's
                  underwriting guidelines.

              

      

      

      
        	
                8.

              	
                Credit
                  report on the Mortgagor.

              

      

      

      
        	
                9.

              	
                Residential
                  appraisal report.

              

      

      

      
        	
                10.

              	
                Photograph
                  of the property.

              

      

      

      
        	
                11.

              	
                Tax
                  receipts, insurance premium receipts, ledger sheets, payment records,
                  insurance claim files and correspondence, correspondence, current
                  and
                  historical computerized data files, underwriting standards used
                  for
                  origination and all other papers and records developed or originated
                  by
                  Seller or others, required to document the Mortgage Loan or to
                  service the
                  Mortgage Loan.

              

      

      

      
        	
                12.

              	
                Original
                  of the related primary mortgage guaranty insurance policy, if any,
                  or a
                  copy thereof.

              

      

      

      
        	
                13.

              	
                Uniform
                  underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
                  equivalent.

              

      

      

      14.         
        Business
        credit report, if applicable.

      

      15.         
        The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      16.         
        Sales
        contract, if applicable.

      

      
        	
                17.

              	
                If
                  available, termite report, structural engineer’s report, water portability
                  and septic certification.

              

      

      

      
        	
                18.

              	
                Any
                  original security agreement, chattel mortgage or equivalent executed
                  in
                  connection with the Mortgage.

              

      

      

      19.          Name
        affidavit, if applicable.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT CERTIFICATION

      

      

                              ________
        __,
        2003

      

      

      

      Citibank
        ____________ hereby certifies that it has established the account described
        below as a Custodial Account pursuant to Section 11.09 of Mortgage Loan Purchase
        and Servicing Agreement, dated as of ___________ 1, 2003, Fixed Rate Mortgage
        Loans.

      

      

      
        	
                Title
                  of Account:

              	
                "CitiMortgage,
                  Inc. in trust for Purchaser and various Mortgagors - Fixed Rate
                  Mortgages
                  Loans"

              

      

      

      

      
        	
                Account
                  Number:

              	
                __________________________

              

      

      

      

      Address
        of office or

      branch
        of
        Citibank

      ______________

      at
        which
        Account is

      
        	
                maintained:

              	
                __________________________

              

      

      

      __________________________

      

      

      

      Citibank
        ____________

      

      

      

      By_________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      

      __________
        __, 2003

      

      

      

      To: _____________________________________

      _____________________________________

      _____________________________________

      (the
        "Depository")

      

      As
        "Seller" under Mortgage Loan Purchase and Servicing Agreement, dated as of
        ___________ 1, 2003, Fixed Rate Mortgage Loans (the "Agreement"), we hereby
        authorize and request you to establish an account, as a Custodial Account
        pursuant to Section 10.09 of the Agreement, to be designated as "[Seller],
        in
        trust for Purchaser and various Mortgagors - Fixed Rate Mortgage Loans".
        All
        deposits in the account shall be subject to withdrawal therefrom by order
        signed
        by Seller. This letter is submitted to you in duplicate. Please execute and
        return one original to us.

      

      CitiMortgage,
        Inc.

      

      

      

      By__________________________

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number ___________________, at the office
        of
        the depository indi-cated above, and agrees to honor withdrawals on such
        account
        as provided above.

      

      ___________________________

      (Name
        of
        Depository)

      

      

      

      By_________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

      

      REO
        ACCOUNT CERTIFICATION

      

      

                              (date)

      

      

      

      Citibank
        ______________ hereby certifies that it has established the non-interest
        bearing
        account described below as an REO Account pursuant to Section 10.17 of Mortgage
        Loan Purchase and Servicing Agreement, dated as of ___________ 1, 2003, Fixed
        Rate Mortgage Loans.

      

      

      

      
        	
                Title
                  of Account:

              	
                "CitiMortgage,
                  Inc. in trust for Purchaser - Fixed Rate Mortgage Loans, as tenants
                  in
                  common"

              

      

      

      

      
        	
                Account
                  Number:

              	
                __________________________

              

      

      

      

      Address
        of office or

      branch
        of
        Citibank

      _______________

      at
        which
        Account is

      
        	
                maintained:

              	
                __________________________

              

      

      

      __________________________

      

      

      Citibank
        ________________

      

      

      

      By__________________________

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      REO
        ACCOUNT LETTER AGREEMENT

      

      

                                  (date)

      

      

      

      To:         
        _____________________________________

      _____________________________________

      _____________________________________

      (the
        "Depository")

      

      As
        "Seller" under Mortgage Loan Purchase and Servicing Agreement, dated as of
        ___________ 1, 2003, Fixed Rate Mortgage Loans (the "Agreement"), we hereby
        authorize and request you to establish a non-interest bearing account, as
        an REO
        Account pursuant to Section 10.17 of the Agreement, to be desig-nated as
        "[Seller], in trust for Purchaser - Fixed Rate Mortgage Loans, as tenants
        in
        common." All deposits in the account shall be subject to withdrawal therefrom
        by
        order signed by Seller. This letter is submitted to you in duplicate. Please
        execute and return one original to us.

      

      CitiMortgage,
        Inc.

      

      

      

      By__________________________

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number ___________________, at the office
        of
        the depository indi-cated above, and agrees to honor withdrawals on such
        account
        as provided above.

      

      _____________________________

      (name
        of
        Depository)

      

      

      

      By_________________________

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

      

      MORTGAGE
        LOAN SCHEDULE

      

      

      (1) the
        Seller'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 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 Cut-off
        Date;

      

      (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 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 Cut-off Date, after deduction of payments of principal due
        on or
        before the 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 Closing
        Date
        that any Monthly Payment has been received after the month of its scheduled
        due
        date;

      

      (19) the
        date
        on which the first payment is or was due; 

       

      
        (20) 
          [a
          code indicating whether or not the Mortgage Loan is the subject of a Primary
          Mortgage Insurance Policy and the name of the related insurance
          carrier;]

      

      

      (21)
         a
        code
        indicating whether or not the Mortgage Loan is currently convertible and
        the
        conversion spread; 

      

      (22)
         the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance of the Mortgage Loan.

      

      (23)
         product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

       

      
        (24) 
          credit
          score and/or mortgage score, if applicable;

      

      

      (25) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Lender Primary
        Mortgage Insurance Policy and the name of the related insurance carrier and
        the
        Lender Paid Mortgage Insurance Rate;

      

      (26)  a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        shall
        set forth the following information, as of the 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; and

      

      (4) the
        weighted average maturity of the Mortgage Loans.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      

      This
        is
        an Assignment, Assumption and Recognition Agreement (the “Agreement”) made this
        ______ day of __________, 2003, among  
        (the
        "Assignor"), ________________ (the "Assignee") and CitiMortgage, Inc.
        ("Citicorp").

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the mortgage loans (the “Mortgage Loans”) listed on Attachment 1 annexed
        hereto (the "Mortgage Loan Schedule") now serviced by Citicorp for Assignor
        and
        its successors and assigns pursuant to the Mortgage Loan Purchase and Servicing
        Agreement dated as of _____________, 2003, between Assignor and Citicorp
        (the
“Purchase and Servicing Agreement”) shall be subject to the terms of this
        Agreement. Capitalized terms used herein but not defined shall have the meanings
        ascribed to them in the Purchase and Servicing Agreement.

      

      Assignment
        and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Mortgage Loans and, to the extent of the Mortgage
        Loans, all of its right, title and interest in, to and under the Purchase
        and
        Servicing Agreement.

      

      Warranties

      

      2. Assignor
        warrants and represents to, and covenants with, the Assignee as of the date
        hereof that:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase and Servicing
        Agreement which agreement is in full force and effect as of the date hereof
        and
        the provisions of which have not been waived, amended or modified in any
        respect, nor has any notice of termination been given thereunder;

      

      (b) 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 Purchase and Servicing Agreement to the extent of the Mortgage Loans
        free
        and clear from any and all claims and encumbrances whatsoever and upon the
        transfer of the Mortgage Loans to Assignee as contemplated herein, Assignee
        shall have good title to each and every Mortgage Loan, as well as any and
        all of
        Assignee’s interests, rights and obligations under the Purchase and Servicing
        Agreement to the extent of the Mortgage Loans, free and clear of all liens,
        claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Citicorp with respect
        to the Mortgage Loans or the Purchase and Servicing Agreement;

      

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, the Mortgage Loans;

      

      (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 Mortgage Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this Agreement, and to consummate the transactions set
        forth
        herein. The consummation of the transactions contemplated by this 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 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 Agreement has been duly executed
        and
        delivered by Assignor and, upon the due authorization, execution and delivery
        by
        Assignee, 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;
        and

      

      (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 Agreement, or the consummation by it of the transactions contemplated
        hereby.

      

      3. Assignee
        warrants and represents to, and covenants with, Assignor and Citicorp that
        as of
        the date hereof:

      

      (a) The
        Assignee is a corporation duly organized, validly existing and in good standing
        under the laws of the jurisdiction of its incorporation, and has all requisite
        corporate power and authority to acquire, own and purchase the Mortgage
        Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this Agreement, and to consummate the transactions set
        forth
        herein. The consummation of the transactions contemplated by this 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 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 Agreement has been duly executed
        and
        delivered by Assignee and, upon the due authorization, execution and delivery
        by
        Assignor, 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 Agreement, or the consummation by it of the transactions contemplated
        hereby; and 

      

      (d) Assignee
        agrees to be bound, as “Purchaser” (as such term is defined under the Purchase
        and Servicing Agreement), by all of the terms, covenants and conditions of
        the
        Purchase and Servicing Agreement and the Mortgage Loans, and from and after
        the
        date hereof, the Assignee assumes for the benefit of each of Assignor and
        Citicorp all of Assignor's obligations as Purchaser thereunder.

      

      Recognition
        of Assignee

      

      4. From
        and
        after the date hereof, Citicorp shall recognize Assignee as owner of the
        Mortgage Loans and will service the Mortgage Loans in accordance with the
        Purchase and Servicing Agreement, as if Assignee and Citicorp had entered
        into a
        separate purchase and servicing agreement for the servicing of the Mortgage
        Loans in the form of the Purchase and Servicing Agreement, the terms of which
        are incorporated herein by reference. It is the intention of Assignor, Citicorp
        and Assignee that this Agreement will constitute a separate and distinct
        servicing agreement, and the entire agreement, between Citicorp and Assignee
        to
        the extent of the Mortgage Loans and shall be binding upon and for the benefit
        of the respective successors and assigns of the parties hereto.

      

      5. The
        Mortgage Loans shall be serviced by Citicorp for Assignee in accordance with
        all
        applicable state, federal and local laws as well as in conformity with the
        provisions of the applicable Mortgages and Mortgage Notes, and pursuant to
        the
        terms and conditions of this Agreement.

      

      Miscellaneous

      

      6. All
        demands, notices and communications related to the Mortgage Loans, the Purchase
        and Servicing Agreement and this 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 Seller,

      

      CitiMortgage,
        Inc.

      12855
        North Outer Forty Drive, MS 74,

      Saint
        Louis, Missouri 63141

      Attention:
        Capital Markets

      

      with
        a
        copy to

      

      CitiMortgage,
        Inc.

      15851
        Clayton Road, MS 313

      Ballwin,
        Missouri 63011

      Attention:
        Investor Reporting Department

      

      (b)          
        In
        the
        case of Assignee

      

      ____________________________

      ____________________________

      ____________________________

      Attention:
        ___________________

      

      (c)          
        In
        the
        case of Assignor,

      

      ____________________________

      ____________________________

      ____________________________

      Attention:
        ___________________

      

      7. This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, except to the extent preempted by Federal law, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      8. No
        term
        or provision of this Agreement may be waived or modified unless such waiver
        or
        modification is in writing and signed by the party against whom such waiver
        or
        modification is sought to be enforced.

      

      9. This
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which the Assignor, Assignee or Citicorp
        may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed the Assignor, Assignee or Citicorp, respectively,
        hereunder.

      

      10. This
        Agreement shall survive the conveyance of the Mortgage Loans, the assignment
        of
        the Purchase and Servicing Agreement to the extent of the Mortgage Loans
        by the
        Assignor to the Assignee and the termination of the Purchase and Servicing
        Agreement.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      11. 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.

      

      Modification
        of Purchase Agreement

       

      
        	12.  	
                The
                  Company and Assignor hereby amend the Purchase Agreement as
                  follows:

              

      

      

      (a)  Annual
        Statement as to Compliance.

      

      The
        Company will use its best efforts to deliver to the Master Servicer on or
        before
        March 15 of each year, beginning with March 15, 2004, an Officers' Certificate
        stating that (i) a review of the activities of the Company during the preceding
        calendar year and of performance under this Agreement has been made under
        such
        officers' supervision, (ii) the Company has fully complied with the provisions
        of this Agreement and (iii) to the best of such officers' knowledge, based
        on
        such review, the Company has fulfilled all of its obligations under this
        Agreement throughout such year, or, if there has been a default in the
        fulfillment of any such obligation, specifying each such default known to
        such
        officer and the nature and status thereof.

      

      (b) 
        Annual
        Certification. 

      

      The
        Company will use its best efforts to deliver to the Master Servicer, on or
        before March 15 of each year beginning March 15, 2004 a certification in
        the
        form attached hereto as Exhibit A with respect to the servicing reports
        delivered by the Company pursuant to this Agreement, the Company’s compliance
        with the servicing obligations set forth in this Agreement and any other
        information within the control of the Company. Such certification shall be
        signed by the senior officer in charge of servicing of the Company. In addition,
        the Company shall provide such other information with respect to the Mortgage
        Loans and the servicing and administration thereof within the control of
        the
        Company which shall be required to enable the Master Servicer, Trustee or
        Depositor, as applicable, to comply with the reporting requirements of the
        Securities and Exchange Act of 1934, as amended.

      

      (c) Event
        of
        Default.

      

      Failure
        by the Servicer to duly perform, within the required time period, its
        obligations under Subsections (a) and (b) of this Section 12 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 Servicing Agreement or by
        any
        master servicer responsible for master servicing the Mortgage Loans pursuant
        to
        a securitization of such Mortgage Loans.

      

      (d) Third
        Party Beneficiary.

      

      The
        Master Servicer shall be considered a third party beneficiary to this Agreement
        entitled to all the rights and benefits accruing to the Master Servicer herein
        as if it were a direct party to this Agreement.

      

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement the day
        and
        year first above written.

      

      

      ASSIGNOR

      

      By:
        ___________________________

      Name:
        _________________________

      Title:
        __________________________

      

      

      

       

      ASSIGNEE

      

      By:
        ___________________________

      Name:
        _________________________

      Title:
        __________________________

      

      

      

       

      CITIMORTGAGE,
        INC.

      

      By:
        ___________________________

      Name:
        _________________________

      Title:
        __________________________

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        1

      

      MORTGAGE
        LOAN SCHEDULE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        2

      

      MORTGAGE
        LOAN PURCHASE AND SERVICING AGREEMENT

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

      FORM
        OF
        COMPANY CERTIFICATION

      

      A.  For
        so
        long as the Mortgage Loans are being serviced by Seller as part of a
        securitization transaction and a certificate with respect to such servicing
        is
        required to be furnished by Purchaser or an agent of the Purchaser under
        the
        Sarbanes-Oxley Act of 2002, as amended, and any rules and regulations
        promulgated thereunder (“Sarbanes-Oxley Act”), an officer of Seller (herein,
        also, “Servicer”), on or before March 31, 2004 and, using its best efforts,
        March 15th of each year thereafter (or if not a Business Day, the immediately
        preceding Business Day), shall execute and deliver an officer’s certification in
        compliance with the Sarbanes-Oxley Act to the related master servicer certifying
        as to the following matters:

       

      

      
        	(i)  	
                I
                  have reviewed the annual statement of compliance (“Annual Statement of
                  Compliance”) prepared by Servicer, and the annual independent public
                  accountant’s servicing report made in accordance with the Uniform
                  Single Attestation Program for Mortgage Bankers
                  (“Annual Independent Public Accountant’s Servicing Report”), which have
                  been furnished to Master Servicer pursuant to this Agreement and
                  any
                  subsequent servicing agreement related thereto or the Mortgage
                  Loans
                  (collectively, “Servicing
                  Agreement”);

              

      

       

      
        	(ii)  	
                Based
                  on my knowledge, the information in the Annual Statement of Compliance,
                  the Annual Independent Public Accountant’s Servicing Report, and all final
                  servicing reports prepared by Servicer and delivered to Master
                  Servicer
                  pursuant to the Servicing Agreement relating to the servicing of
                  the
                  Mortgage Loans, taken as a whole, does not contain any untrue statement
                  of
                  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
                  statements or reports; 

              

      

       

      
        	(iii)  	
                Based
                  on my knowledge, the servicing information required to be provided
                  to the
                  Master Servicer by the Servicer under the Servicing Agreement has
                  been
                  provided to Master Servicer;

              

      

       

      
        	(iv)  	
                I
                  am responsible for reviewing the activities performed by the Servicer
                  under the Servicing Agreement and, to the best of my knowledge
                  and based
                  upon the review required by the Servicing Agreement, and except
                  as
                  disclosed in the Annual Statement of Compliance and the Annual
                  Independent
                  Public Accountant’s Servicing Report submitted to the Master Servicer, the
                  Servicer has, as of the last day of the period covered by the Annual
                  Statement of Compliance fulfilled its obligations under the Servicing
                  Agreement; and

              

      

       

      
        	(v)  	
                I
                  have disclosed to the Master Servicer 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 Servicing
                  Agreement.

              

      

       

      

      B. The
        Servicer shall indemnify and hold harmless the Master Servicer from and against
        any losses, damages, penalties, fines, forfeitures, reasonable legal fees
        and
        related costs, judgments and other costs and expenses arising out of or based
        upon a breach by the Servicer or any of its officers, directors, agents or
        affiliates of its obligations hereunder. 

       

      

      

      

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        AAR
        Agreement.

      

      Date:___________________

      

      _______________________

      [Signature]

      [Title]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      MORTGAGE
        LOAN DOCUMENTS

      

      
        	
                1.

              	
                The
                  original Mortgage Note endorsed, "Pay to the order of  ,
                  without recourse" and signed in the name of Seller by an authorized
                  officer. In the event that the Mortgage Loan was acquired by Seller
                  in a
                  merger, the endorsement must be by "[Seller], successor by merger
                  to [name
                  of predecessor]"; and in the event that the Mortgage Loan was acquired
                  or
                  originated by Seller while doing business under another name, the
                  endorsement must be by "[Seller], formerly known as [previous
                  name]".

              

      

      

      
        	
                2.

              	
                The
                  original Mortgage, or a copy of the Mortgage with evidence of recording
                  thereon certified by the appropriate recording office to be a true
                  copy of
                  the recorded Mortgage, or, if the original Mortgage has not yet
                  been
                  returned from the recording office, a copy of the original Mortgage
                  together with a certificate of either the closing attorney, an
                  officer of
                  the title insurer which issued the related title insurance policy
                  or an
                  officer of Seller, certifying that the copy is a true copy of the
                  original
                  of the Mortgage which has been delivered by such officer or attorney
                  for
                  recording in the appropriate recording office of the jurisdiction
                  in which
                  the Mortgaged Property is located.

              

      

      

      
        	
                3.

              	
                The
                  original Assignment of Mortgage from Seller, prepared in blank,
                  which
                  assignment shall be in form and substance acceptable for recording.
                  In the
                  event that the Mortgage Loan was acquired by Seller in a merger,
                  the
                  assignment must be by "[Seller], successor by merger to [name of
                  predecessor]"; and in the event that the Mortgage Loan was acquired
                  or
                  originated by Seller while doing business under another name, the
                  assignment must be by "[Seller], formerly known as [previous
                  name]”.

              

      

      

      
        	
                4.

              	
                The
                  original policy of title insurance, or, if the policy has not yet
                  been
                  issued, a written commitment or interim binder issued by the title
                  insurance company, dated and certified as of the date the Mortgage
                  Loan
                  was funded, with a statement by the title insurance company or
                  closing
                  attorney on such binder or commit-ment that the priority of the
                  lien of
                  the related Mortgage during the period between the date of the
                  funding of
                  the related Mortgage Loan and the date of the related title policy
                  (which
                  title policy shall be dated the date of recording of the related
                  Mortgage)
                  is insured.

              

      

      

      
        	
                5.

              	
                Originals,
                  or certified true copies from the appropriate recording office,
                  of any
                  intervening assignments of the Mort-gage with evidence of recording
                  thereon, or, if the original intervening assignment has not yet
                  been
                  returned from the recording office, a certified copy of such
                  assignment.

              

      

      

      
        	
                6.

              	
                Originals
                  or copies of all assumption and modification agree-ments, if
                  any.

              

      

      

      7. Original
        power of attorney, if applicable.

      

      
        	8.  	
                The
                  original or certified copy, of the Primary Mortgage Insurance Policy,
                  if
                  required.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      SELLER’S
        WIRING INSTRUCTIONS

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      

      

                                  ________
        __,
        2003

      

      

      

      Citibank
        ____________ hereby certifies that it has established the account described
        below as an Escrow Account pursuant to Section 11.09 of Mortgage Loan Purchase
        and Servicing Agreement, dated as of ___________ 1, 2003, Fixed Rate Mortgage
        Loans.

      

      

      
        	
                Title
                  of Account:

              	
                "CitiMortgage,
                  Inc. in trust for Purchaser and various Mortgagors - Fixed Rate
                  Mortgages
                  Loans"

              

      

      

      

      
        	
                Account
                  Number:

              	
                __________________________

              

      

      

      

      Address
        of office or

      branch
        of
        Citibank

      ______________

      at
        which
        Account is

      
        	
                maintained:

              	
                __________________________

              

      

      

      __________________________

      

      

      

      Citibank
        ____________

      

      

      

      By_________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

      

      RECONSTITUTED
        MORTGAGE LOAN REPORTING

      

       

      (a) Servicer
        Mortgage Loan Number  

      (b) FNMA
        Mortgage Loan Number (if applicable)

      (c) Lender/Seller
        Mortgage Loan Number (if
        available)

      (d) Scheduled
        Balance (scheduled end of month balance reporting to Master
        Servicer/Trustee)

      (e) Actual
        Balance (actual end of month balance received from Mortgagor)

      (f) Gross
        Rate (current gross rate)

      (g) Net
        Rate
        (current passthrough)

      (h) Last
        Payment Date (LPI_DATE in Fannie's Laser Reporting)

      (p) Fannie's
        Laser Reporting  

       

      (iii)
        Remit Prin (submitted principal amount)

      (iv)
        Remit Int (submitted interest amount)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    

      
        

        

      

      

      

      

      

      

      

      MORTGAGE
        LOAN PURCHASE AND SERVICING AGREEMENT

      

      

      

      EMC
        MORTGAGE CORPORATION

      (Initial
        Purchaser)

      

      

      

      

      CITIMORTGAGE,
        INC.

      (Seller
        and Servicer)

      

      

      

      Fixed
        Rate Mortgage Loans

      

      

      Dated
        and effective as of August 1, 2003

      

      

      

      

      

      

      

      

      
        

        

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        LOAN PURCHASE AND SERVICING AGREEMENT

      

      

      This
        is a
        Mortgage Loan Purchase and Servicing Agreement (the “Agreement”), dated and
        effective as of August 1, 2003, by and between EMC MORTGAGE CORPORATION,
        (the
        "Initial Purchaser," and the Initial Purchaser or the Person, if any, to
        which
        the Initial Purchaser has assigned its rights and obligations hereunder as
        Purchaser with respect to a Mortgage Loan, and each of their respective
        successors and assigns, the “Purchaser”), and CITIMORTGAGE, INC. (the
        "Seller").

      

      WITNESSETH:

      

      WHEREAS,
        Purchaser has agreed to purchase from Seller, and Seller has agreed to sell
        to
        Purchaser, certain mortgage loans (the “Mortgage Loans”) on a non-recourse,
        servicing retained basis, and which shall be delivered as whole loans on
        the
        date provided herein (the “Closing Date”);

      

      WHEREAS,
        Each Mortgage Loan is secured by a mortgage, deed of trust or other instrument
        creating a first lien on a residential dwelling located in the jurisdiction
        indicated on the Mortgage Loan Schedule; and

      

      WHEREAS,
        Purchaser and Seller wish to prescribe the manner of the purchase, conveyance,
        management, servicing and control of the Mortgage Loans.

      

      NOW
        THEREFORE, In consideration of the premises and the mutual agreements
        hereinafter set forth, and for other good and valuable consideration, the
        receipt and sufficiency of which are hereby acknowledged, the Purchaser and
        Seller agree as follows:

       

      
 

      ARTICLE
        I

      

      DEFINITIONS;
        GENERAL INTERPRETIVE PRINCIPLES

      

      Section
        1.01 Definitions.

      

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

      

      Agreement:
        This
        Mortgage Loan Purchase and Servicing Agreement, including all exhibits hereto,
        and all amendments hereof and supplements hereto.

      

      Appraised
        Value:
        As to
        any Mortgage Loan, the value of the related Mortgaged Property based upon
        the
        appraisal made for the originator of the Mortgage Loan at the origination
        of the
        Mortgage Loan or the sales price of the Mortgaged Property, whichever is
        less,
        pro-vided, however, that in the case of a no cash out Refinanced Mortgage
        Loan,
        such value may be based solely upon the original appraisal.

      

      Assignment
        of Mortgage:
        An
        assignment of the Mortgage, notice of transfer or equivalent instrument,
        in
        recordable form, that when properly completed and recorded, is sufficient
        under
        the laws of the jurisdiction wherein the related Mortgaged Property is located
        to reflect of record the sale of the Mortgage Loan to Purchaser.

      

      Business
        Day:
        Any day
        other than (i) a Saturday or Sunday, or (ii) a day on which banking or savings
        and loan institutions in the States of New York , Missouri and Texas are
        authorized or obligated by law or executive order to be closed.

      

      Citibank:
        Citibank (New York State) and any successors or assigns.

      

      Closing
        Date:
        August
        18, 2003, or such other date as may be mutually agreed to by Seller and
        Purchaser.

      

      Closing
        Documents:
        The
        documents required pursuant to Section 8.01.

      

      Code:
        The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      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.

      

      Custodial
        Account:
        The
        separate account or accounts created and maintained pursuant to Section 10.09
        which shall be entitled "CitiMortgage, Inc., in trust for the [Purchaser],
        Owner
        of Fixed 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 identified by the Purchaser, and
        its
        successors and assigns, as custodian for the Purchaser.

      

      Customary
        Servicing Procedures:
        Procedures (including collection procedures) (i) that Seller customarily
        employs
        and exercises in servicing and administering mortgage loans for its own account;
        (ii) which are in accordance with accepted mort-gage servicing practices
        of
        prudent lending institutions which service mortgage loans of the same type
        as
        such Mortgage Loan in the jurisdiction where the related Mortgaged Property
        is
        located; and (iii) which are in accordance with Fannie Mae and FHLMC servicing
        practices and procedures (including any waivers obtained by
        Seller).

      

      Cut-off
        Date:
        August
        1, 2003.

      

      Deleted
        Mortgage Loan:
        A
        Mortgage Loan replaced or to be replaced with a Qualified Substitute Mortgage
        Loan in accordance with this Agreement.

      

      Determination
        Date:
        The
        sixteenth (16th) day, or if such sixteenth (16th) day is not a Business Day,
        the
        Business Day immediately preceding such sixteenth (16th) day, of the month
        of
        the related Remittance Date.

      

      Due
        Date:
        The day
        of the month of the related Remittance Date on which each 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 each Remittance Date, the period beginning on the second day of
        the
        month preceding the month of the Remittance Date, and ending on the first
        day of
        the month in which the Remittance Date occurs.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Seller 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
        Seller (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 Seller (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 Seller
        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.

      

      Escrow
        Account:
        The
        separate account or accounts created and maintained pursuant to Section 10.11
        which shall be entitled "CitiMortgage, Inc., in trust for the [Purchaser],
        Owner
        of Fixed 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:
        The
        amounts constituting ground rents, taxes, assessments, water rates, mortgage
        insurance pre-miums, fire and hazard insurance premiums and 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 14.01.

      

      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 and any waivers obtained by Seller.

      

      FDIC:
        The
        Federal Deposit Insurance Corporation or any successor
        organization.

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond required to be obtained by Seller pursuant to Section
        10.16.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any successor
        thereto.

      

      Initial
        Purchaser:
        EMC
        Mortgage Corporation.

      

      Liquidating
        Loan:
        A
        Mortgage Loan as to which, prior to the close of business on the Business
        Day
        next preceding the Due Date, (a) has become an REO Property or (b) Seller
        and
        the Mortgagor have agreed in writing that Seller will accept a deed to the
        related Mortgaged Property in lieu of foreclosure in whole or partial
        satisfaction of the Mortgage Loan.

      

      Liquidation
        Proceeds:
        Cash
        (other than REO Disposi-tion Proceeds) received in connection with the
        liquidation of a defaulted Mortgage Loan, whether through the sale or assignment
        of the Mortgage Loan, trustee's sale, fore-closure sale or
        other-wise.

      

      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.

      

      Monthly
        Payment:
        With
        respect to any Mortgage Loan, the scheduled combined payment of principal
        and
        interest payable by a Mortgagor under the related Mortgage Note on each Due
        Date.

      

      Mortgage:
        The
        mortgage, deed of trust or other instru-ment creating a first lien on an
        estate
        in fee simple in real property securing a Mortgage Note, including any rider
        incorporated by reference therein.

      

      Mortgagee:
        The
        mortgagee or beneficiary named in the Mortgage and the successors and assigns
        of
        such mortgagee or beneficiary.

      

      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
        Interest Rate:
        With
        respect to each Mortgage Loan, the annual rate at which interest accrues
        on such
        Mortgage Loan from time to time in accordance with the provisions of the
        related
        Mortgage Note.

      

      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. The term Mortgage Loan includes, without limitation,
        the
        contents of the Mortgage File, the Monthly Payments, Principal Prepayments,
        Liquidation Proceeds, insurance proceeds, Condemnation 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 listed in Exhibit H hereto pertaining to any Mortgage
        Loan.

      

      Mortgage
        Loan Remittance Rate:
        As to
        each Mortgage Loan, the annual rate of interest payable to Purchaser, which
        shall be equal to the Mortgage Interest Rate minus the Servicing Fee
        Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans attached hereto as Exhibit F, such schedule setting
        forth the information listed on Schedule I attached hereto.

      

      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,
        consisting of a single parcel of property considered to be real estate under
        the
        law of the state in which it is located improved by a residential
        dwelling.

      

      Mortgagor:
        The
        obligor on a Mortgage Note.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board or the Vice Chairman of the
        Board or the President, a Senior Vice President or a Vice President and by
        the
        Treasurer or the Secre-tary or one of the Assistant Treasurers or Assistant
        Secretaries of Seller, or by other duly authorized officers or agents of
        Seller
        and delivered to Purchaser as required by this Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel.

      

      OTS:
        Office
        of Thrift Supervision, or any successor thereto.

      

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

      

      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 and is not accompanied by
        an
        amount of interest repre-sent-ing 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 Purchaser to Seller in exchange for the
        Mortgage Loans purchased on the Closing Date as calculated as provided in
        Section 4.01.

      

      Purchase
        Price Percentage:
        As
        defined in Section 4.01.

      

      Purchaser:
        The
        Initial Purchaser and any subsequent permitted holder or holders of the Mortgage
        Loans.

      

      Qualified
        Insurer:
        Any
        insurer acceptable to Seller and qualified to do business in the state in
        which
        any related Mortgaged Property is located, duly authorized and licensed in
        such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC.

      

      Qualified
        Substitute Mortgage Loan:
        A
        mortgage loan substituted by Seller for a Deleted Mortgage Loan which must,
        on
        the date of such substitution, (a) 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 (the amount of any shortfall plus interest
        thereon equal to the related Mortgage Interest Rate will be distributed by
        Seller to Purchaser in the month of substitution), (b) have a Mortgage Interest
        Rate equal to the Mortgage Interest Rate of the Deleted Mortgage Loan, (c)
        have
        a remaining term to maturity not greater than (and not more than one year
        less
        than) that of the Deleted Mortgage Loan, and (d) comply as of the date of
        substitution with each representa-tion and warranty set forth in Section
        6.01.

      

      Rating
        Agency:
        Standard & Poor's, Fitch, Inc., Moody’s Investor Services 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.

      

        Record
        Date:
        The
        close of business of the last Busi-ness Day of the month preceding the month
        of
        the related Remit-tance Date.

      

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan the proceeds of which were not used to purchase the related
        Mortgaged Property and the proceeds of which were used in whole or part to
        satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        eighteenth (18th) day of any month, begin-ning in September, 2003, or if
        such
        eighteenth (18th) day is not a Business Day, the first Business Day immediately
        following such eighteenth (18th) day or if the Mortgage Loans have been sold
        to
        third party investors, the Remittance Date, the first Business Day immediately
        preceding such eighteenth (18th)
        day.

      

      REO
        Account:
        The
        account or accounts maintained pursuant to Section 10.17.

      

      REO
        Disposition:
        The
        final sale by Seller of a Mortgaged Property acquired by Seller in foreclosure
        or by deed in lieu of foreclosure.

      

      REO
        Disposition Proceeds:
        All
        amounts received with respect to an REO Disposition pursuant to Section
        10.17.

      

      REO
        Property:
        A
        Mortgaged Property acquired by Seller through foreclosure or deed in lieu
        of
        foreclosure, as described in Section 10.17.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (a) the product of the Stated
        Principal Balance of the Mortgage Loan times (i) during the period of the
        first
        twelve (12) months following the Closing Date, the greater of (x) the Purchase
        Price Percentage and (y) 100%, or (ii) for any date thereafter, the lesser
        of
        (x) the Purchase Price Percentage and (y) 100%, plus (b) interest on such
        Stated
        Principal Balance at a rate equal to the Mortgage Loan Remittance Rate from
        the
        date to which interest has last been paid and distributed to Purchaser to
        the
        first day of the month following the month of repurchase.

      

      Seller:
        CitiMortgage, Inc., its successors and assigns.

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary out-of-pocket costs and expenses incurred
        in
        the performance by Seller of its servicing obligations, including, but not
        limited to, the cost of (a) the inspection, preservation, restoration and
        protection of the Mortgaged Property, (b) any enforcement or judicial
        proceedings, including foreclosures, (c) the management and liquidation of
        the
        Mortgaged Property if the Mortgaged Property is acquired in satisfaction
        of the
        Mortgage and (d) compliance with the obligations under Section
        10.13.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee Purchaser shall
        pay
        to Seller, which shall, for each 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 Purchaser to pay the Servicing
        Fee is limited to, and payable solely from, the interest portion (including
        recoveries with respect to interest from Liquidation Proceeds and other
        proceeds, to the extent permitted by Section 10.10) of related Monthly Payments
        collected by Seller, or as otherwise provided under Section 10.10.

      

      Servicing
        Fee Rate:
        With
        respect to each Mortgage Loan, the servicing fee rate of .25% per
        annum.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Seller 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 H,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 5.03.

      

      Servicing
        Officer:
        Any
        officer of the Seller 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 Seller to the Purchaser upon request, as such list
        may
        from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan, (a) the principal balance of the 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 (b) all amounts previously distributed
        to
        Purchaser with respect to the Mortgage Loan representing payments or recoveries
        of principal, or advances in lieu thereof.

      

      Subservicer:
        Any
        mortgage loan servicing institution other than Seller which is responsible
        for
        the servicing and administration of any Mortgage Loan or any successor appointed
        pursuant to any Subservicing Agreement; provided that the Subservicer is
        an
        entity that engages in the business of servicing loans, and in either case
        shall
        be authorized to transact business, and licensed to service mortgage loans,
        in
        the state or states where the related Mortgaged Properties it is to service
        are
        situated, if and to the extent required by applicable law to enable the
        Subservicer to perform its obligations hereunder and under the Subservicing
        Agreement, and in either case shall be a FHLMC or Fannie Mae approved mortgage
        servicer in good standing, and no event has occurred, including but not limited
        to a change in insurance coverage, which would make it unable to comply with
        the
        eligibility requirements for lenders imposed by Fannie Mae or for
        seller/servicers imposed by Fannie Mae or FHLMC, or which would require
        notification to Fannie Mae or FHLMC. In addition, each Subservicer will obtain
        and preserve its qualifications to do business as a foreign corporation and
        its
        licenses to service mortgage loans, in each jurisdiction in which such
        qualifications and/or licenses are or shall be necessary to protect the validity
        and enforceability of this Agreement, or any of the Mortgage Loans and to
        perform or cause to be performed its duties under the related Subservicing
        Agreement. 

      

      Subservicing
        Account:
        As
        defined in Section 10.06.

      

      Subservicing
        Agreement:
        Each
        agreement providing for the servicing of any of the Mortgage Loans by a
        Subservicer.

      

      Subservicing
        Fee:
        As to
        each Mortgage Loan, the monthly fee payable to the Subservicer, paid by Seller
        from its Servicing Fee.

      

      Section
        1.02 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      
        	 	
                (a)

              	
                the
                  terms defined in this Agreement have the meanings assigned to them
                  in this
                  Agreement and include the plural as well as the singular, and the
                  use of
                  any gender herein shall be deemed to include the other
                  gender;

              

      

      

      
        	 	
                (b)

              	
                accounting
                  terms not otherwise defined herein have the meanings assigned to
                  them in
                  accordance with generally accepted accounting
                  principles;

              

      

      

      
        	 	
                (c)

              	
                references
                  herein to "Articles", "Sections", "Subsections", "Paragraphs",
                  and other
                  subdivisions without reference to a document are to designated
                  Articles,
                  Sections, Subsections, Paragraphs and other subdivisions of this
                  Agreement;

              

      

      

      
        	 	
                (d)

              	
                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.

              

      

       

      
 

      

      ARTICLE
        II

      

      AGREEMENT
        TO PURCHASE

      

      Section
        2.01 Agreement
        to Purchase.

      

      Seller
        agrees to sell, and Purchaser agrees to purchase, Mortgage Loans having a
        Stated
        Principal Balance of $23,208,784.81 as of Cut-off Date, or in such other
        amount
        as agreed by Purchaser and Seller as evidenced by the actual aggregate principal
        balance of the Mortgage Loans accepted by Purchaser on the Closing
        Date.

      

       

      
 

      ARTICLE
        III

      

      MORTGAGE
        LOAN SCHEDULE

      

      Section
        3.01 Mortgage
        Loan Schedule.

      

      Seller
        shall deliver the Mortgage Loan Schedule to Purchaser at least five (5) Business
        Days prior to the Closing Date.

       

      
 

      ARTICLE
        IV

      

      PURCHASE
        PRICE

      

      Section
        4.01 Purchase
        Price.

      

      The
        Purchase Price for the Mortgage Loans shall be 100.917206% (the “Purchase Price
        Percentage”) of the aggregate Stated Principal Balance of the Mortgage Loans, as
        of the Cut-off Date. Purchaser will pay to Seller accrued interest on the
        Stated
        Principal Balance of each Mortgage Loan as of the Cut-off Date at its Mortgage
        Loan Remittance Rate from the Cut-off Date up to and including the day preceding
        the Closing Date, prorated on the basis of a 360 day year consisting of twelve
        (12) months of thirty (30) days each.

      

      Purchaser
        shall own and be entitled to receive with respect to each Mortgage Loan
        purchased, (a) all scheduled principal due after the Cut-off Date, (b) all
        other
        recoveries of principal collected on or after the Cut-off Date (provided,
        however, that all scheduled payments of principal due on or before the Cut-off
        Date and collected by Seller after the Cut-off Date shall belong to Seller),
        and
        (c) all payments of interest on the Mortgage Loans net of the Servicing Fee
        (minus that portion of any such interest payment that is allocable to the
        period
        prior to the Cut-off Date). The Stated Principal Balance of each Mortgage
        Loan
        as of the Cut-off Date is determined after application to the reduction of
        principal of payments of principal due on or before the Cut-off Date whether
        or
        not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date.
        Therefore, for the purposes of this Agreement, 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
        the
        applicable Servicing Fee) shall be the property of Purchaser. Seller shall
        deposit any such prepaid amounts into the Custodial Account, which account
        is
        established for the benefit of Purchaser, for remittance by Seller to Purchaser
        on the first Remittance Date such payment is to be applied. All payments
        of
        principal and interest, less the applicable Servicing Fee, due on a Due Date
        following the Cut-off Date shall belong to Purchaser.

      

       

      
 

      ARTICLE
        V

      

      CONVEYANCE
        OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; DELIVERY OF MORTGAGE

      LOAN
        DOCUMENTS; TRANSFER OF MORTGAGE LOANS

      

      Section
        5.01 Conveyance
        of Mortgage Loans; Possession of Mortgage Files.

      

      Seller,
        simultaneously with the execution and delivery of this Agreement, does hereby
        sell, transfer, assign, set over and convey to Purchaser, without recourse,
        but
        subject to the terms of this Agreement, all the right, title and interest
        of
        Seller in and to the Mortgage Loans. The contents of each Mortgage File not
        delivered to Purchaser are and shall be held in trust by Seller for the benefit
        of Purchaser as the owner thereof and Seller's possession of the portion
        of each
        Mortgage File so retained is for the sole purpose of servicing the related
        Mortgage Loan, and such retention and possession by Seller is in a custodial
        capacity only. Seller 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. Upon the purchase of the Mortgage
        Loans, the ownership of each Mortgage Note, Mortgage and each related Mortgage
        File is vested in Purchaser and the ownership of all records and documents
        with
        respect to each related Mortgage Loan prepared by or which come into the
        possession of Seller shall immediately vest in Purchaser and shall be retained
        and main-tained, in trust, by Seller in such custodial capacity only. The
        portion of each Mort-gage File so retained shall be appropriately marked
        to
        clearly reflect the sale of the related Mortgage Loan to Purchaser. Seller
        shall
        release from its custody the contents of any Mortgage File only in accordance
        with written instructions from Purchaser, unless such release is required
        as
        incidental to Seller's servicing of the Mortgage Loans or is in connection
        with
        a repurchase of any Mortgage Loan pursuant to Section 6.03.

      

      Section
        5.02 Books
        and Records.

      

      All
        rights arising out of the Mortgage Loans including, but not limited to, all
        funds received on or in connection with a Mortgage Loan shall be held by
        Seller
        in trust for the benefit of Purchaser as the owner of the Mortgage
        Loans.

      

      The
        sale
        of each Mortgage Loan shall be reflected on Seller's balance sheet and other
        financial statements as a sale of assets by Seller. Seller shall be responsible
        for maintaining, and shall maintain, a complete set of books and records
        for
        each Mortgage Loan which shall be clearly marked to reflect the ownership
        of
        each Mortgage Loan by Purchaser in Seller’s computer system.

      

      Seller
        shall maintain in its possession, available for inspection by the Purchaser
        upon
        reasonable notice, or its designee and shall deliver to the Purchaser upon
        demand, evidence of compliance with all federal, state and local laws, rules
        and
        regulations, and requirements of Fannie Mae or FHLMC, as applicable, including
        but not limited to documentation as to the method used in determining the
        applicability of the provisions of the Flood Disaster Protection Act of 1973,
        as
        amended, to the Mortgaged Property, documentation evidencing insurance coverage
        of any condominium project as required by Fannie Mae or FHLMC,. To the extent
        that original documents are not required for purposes of realization of
        Liquidation Proceeds or insurance proceeds, documents maintained by the Seller
        may be in the form of microfilm or microfiche or other imaged
        format.

      

      Seller
        shall maintain with respect to each Mortgage Loan and shall make available
        for
        inspection upon reasonable notice 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, Seller 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 Seller and without cost to Seller or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator.

      

      Section
        5.03 Delivery
        of Mortgage Loan Documents.

      

      Seller
        shall deliver to Purchaser or custodian, as directed by Purchaser, the Mortgage
        Loan Documents as required by Exhibit H hereto for each Mortgage Loan no
        later
        than five (5) Business Days prior to the Closing Date.

      

      Seller
        shall forward to Purchaser or its designee, original documents evidencing
        an
        assumption, modification, consolidation or extension of any Mortgage Loan
        entered into in accordance with this Agreement within two (2) weeks of their
        execution; provided, however, that Seller shall provide Purchaser or its
        designee, with a certified true copy of any such document submitted for
        recordation within two (2) weeks 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 270 days of its submission for recordation. In
        the
        event Seller cannot deliver the original of such documents submitted for
        recording due to a delay by the recording office in the applicable jurisdiction,
        Seller shall instead deliver a recording receipt of such recording office
        or, if
        such recording receipt is not available, an Officer's Certificate from Seller
        confirming that such documents have been accepted for recording. Any such
        document shall be delivered to Purchaser or its designee promptly upon receipt
        thereof from the related recording office.

      

      From
        time
        to time Purchaser shall deliver or cause to be delivered to Seller, as soon
        as
        practicable following receipt of a written request from Seller, by first
        class
        mail and at no expense to Seller, any Mortgage Loan Document needed by Seller
        in
        connection with the servicing of a Mortgage Loan. Seller’s request for the
        release of a Mortgage Loan Document shall specify in reasonable detail the
        reason for Seller’s request. During the time that any such Mortgage Loan
        Document is in the possession of Seller, such possession shall be deemed
        to be
        in trust for the benefit of Purchaser and Seller shall promptly return to
        Purchaser or its designee any Mortgage Loan Document so released when Seller’s
        need for such Mortgage Loan Document no longer exists. Purchaser shall indemnify
        and hold Seller 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 Seller may sustain
        in
        connection with any third party claim in any way related to Purchaser’s or its
        designee’s failure to release, in a timely manner, the Mortgage Loan Documents
        requested by Seller. Purchaser shall pay all costs, fees and expenses in
        connection with the possession of the Mortgage Loan Documents.

      

      Purchaser
        shall provide Seller with written notice at least fifteen (15) days prior
        to any
        transfer of the Mortgage Loan Documents.

      

      Section
        5.04 Transfer
        of Mortgage Loans.

      

      The
        Initial Purchaser shall have the right, without the consent of Seller, to
        assign
        its interest under this Agreement with respect to all or some of the Mortgage
        Loans, and designate any person to exercise any rights of Purchaser hereunder,
        and the assignee or designee shall accede to the rights and obligations
        hereunder of Purchaser with respect to such Mortgage Loans; provided, however,
        that Seller shall not be required to recognize any assignment to the extent
        that
        it would result in Mortgage Loans being serviced for more than three (3)
        Purchasers hereunder. All references to Purchaser shall be deemed to include
        its
        assignee or designee.

      

      Seller
        shall keep at its servicing office books and records in which, subject to
        such
        reasonable regulations as it may prescribe, Seller shall note transfers of
        the
        Mortgage Loans. No transfer of the Mortgage Loans may be made unless such
        transfer is in compliance with the terms hereof. For the purposes of this
        Agreement, Seller 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 Purchaser of the Mortgage Loans. Purchaser may, subject
        to
        the terms of this Agreement, sell and transfer, in whole or in part, the
        Mortgage Loans, provided that no such sale and transfer shall be binding
        upon
        Seller unless such transferee shall agree in writing in the form of (i) an
        Assignment, Assumption and Recognition Agreement attached hereto as Exhibit
        G,
        or (ii) a FNMA Tri-Party Agreement or (iii) a FHLMC Form 960; (collectively,
        the
“Reconstitution Agreements”), to be bound by the terms of this Agreement and an
        executed copy of such Reconstitution Agreement shall have been delivered
        to
        Seller. Upon receipt thereof, Seller shall mark its books and records to
        reflect
        the ownership of the Mortgage Loans by such assignee, and the previous Purchaser
        shall be released from its obligations hereunder to the extent such obligations
        relate to Mortgage Loans sold by Purchaser. This Agreement shall be binding
        upon
        and inure to the benefit of Purchaser and Seller and their respective permitted
        successors, assignees and designees.

      

      Section
        5.05 Quality
        Control Procedures.

      

      Seller
        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.

       

      
 

      

      ARTICLE
        VI

      

      REPRESENTATIONS
        AND WARRANTIES;

      REMEDIES
        FOR BREACH

      

      

      Section
        6.01 Representations
        and Warranties Regarding Individual Mortgage Loans.
        

      

      Seller
        hereby represents and warrants to Purchaser that, as to each Mortgage Loan,
        as
        of the Closing Date (or such other date as may be specified
        herein):

      

      
        	 	
                (a)

              	
                The
                  information set forth on the Mortgage Loan Schedule and the magnetic
                  tape
                  or diskette delivered to Purchaser by Seller is complete, true
                  and correct
                  as of the Cut-off Date;

              

      

      

      
        	 	
                (b)

              	
                The
                  Mortgage Note and the Mortgage have not been assigned or pledged,
                  and
                  Seller has good and marketable title thereto, and Seller is the
                  sole owner
                  and holder of the Mortgage Loan free and clear of any and all liens,
                  claims, encumbrances, participation interests, equities, pledges,
                  charges
                  or security interests of any nature and has full right and author-ity,
                  subject to no interest or participation of, or agreement with,
                  any other
                  party, to sell and assign the same pursuant to this
                  Agreement;

              

      

      

      
        	 	
                (c)

              	
                The
                  Mortgage is a valid and subsisting first lien on the property therein
                  described, and the Mortgaged Property is free and clear of any
                  and all
                  adverse claims, encumbrances and liens having priority over the
                  first lien
                  of the Mort-gage except for (i) liens for real estate taxes and
                  special
                  assessments not yet due and payable, (ii) covenants, conditions
                  and
                  restrictions, rights of way, easements and other matters of public
                  record
                  as of the date of recording being 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
                  which do not adversely affect the Appraised Value of the Mortgaged
                  Property, and (iii) other matters to which like properties are
                  commonly
                  subject which do not 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 the
                  Mortgage
                  and delivered to Purchaser establishes in Seller a valid and sub-sisting
                  first lien on the property described therein, and Seller has full
                  right to
                  sell and assign the same to
                  Purchaser;

              

      

      

      
        	 	
                (d)

              	
                The
                  terms of the Mortgage Note and the Mortgage have not been impaired,
                  waived, altered or modified in any respect, except by a written
                  instrument
                  which has been recorded, if required by law, or, if necessary,
                  to protect
                  the interest of Purchaser. The substance of any such alteration
                  or
                  modification is reflected on the Mortgage Loan Schedule and has
                  been
                  approved by the private mortgage guaranty insurer, if
                  any;

              

      

      

      
        	 	
                (e)

              	
                No
                  instrument of release, alteration, modification or waiver has been
                  executed in connection with the Mortgage Loan, and no Mortgagor
                  has been
                  released, in whole or in part, except in connection with an assumption
                  agreement which has been approved by the private mortgage guaranty
                  insurer, if any, and except such Mortgage Loan which contains in
                  the
                  related Mortgage File evidence of a release or waiver or an assumption
                  agreement discharging the original borrower from all of the debt
                  obligations in connection with the related Mortgage Loan and providing
                  for
                  the assumption of all such debt obligations by the party assuming
                  the
                  obligations under the Mortgage Loan and, in each case, terms of
                  which are
                  reflected in the Mortgage Loan
                  Schedule;

              

      

      

      
        	 	
                (f)

              	
                There
                  are no defaults 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 an escrow of funds has
                  been
                  established in an amount sufficient to pay for every such item
                  which
                  remains unpaid and which has been assessed but is not yet due and
                  payable.
                  Seller has not advanced funds, or induced, solicited or knowingly
                  received
                  any advance of funds by a party other than the Mortgagor, directly
                  or
                  indirectly, for the payment of any amount required by the Mortgage
                  Note or
                  Mortgage, except for interest accruing from the date of the Mortgage
                  Note
                  or date of disbursement of the Mortgage proceeds, whichever is
                  greater, to
                  the day which precedes by one month the Due Date of the first installment
                  of principal and interest;

              

      

      

      
        	 	
                (g)

              	
                There
                  is no proceeding pending or threatened for the total or partial
                  condemnation of the Mortgaged Property, nor is such a proceeding
                  currently
                  occurring, and such property is undamaged by waste, fire, earthquake
                  or
                  earth movement, windstorm, flood, tornado or other casualty, so
                  as to
                  affect materially and adversely the value of the Mortgaged Property
                  as
                  security for the Mortgage Loan or the use for which the premises
                  were
                  intended. 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 Seller
                  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;

              

      

      

      
        	 	
                (h)

              	
                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 lien) affecting the Mortgaged Property
                  which are,
                  or may be, liens prior or equal to, or coordinate with, the lien
                  of the
                  related Mortgage unless such lien is insured under the related
                  title
                  insurance policy;

              

      

      

      
        	 	
                (i)

              	
                All
                  improvements which were included for the purpose of determining
                  the
                  Appraised Value of the Mortgaged Property lie wholly within the
                  boundaries
                  and building restriction lines of the Mortgaged Property and, to
                  Seller's
                  knowledge, no improvements on adjoining properties encroach upon
                  the
                  Mortgaged Property (other than minor encroachments (i) which do
                  not affect
                  the value of the Mortgage Loan or the Purchaser’s interest therein and
                  (ii) to which properties similar to the Mortgaged Property within
                  the same
                  jurisdiction are commonly subject and which do not interfere with
                  the
                  benefits of the security intended to be provided by the related
                  Mortgage
                  or the use, enjoyment, value or marketability of the related Mortgaged
                  Property);

              

      

      

      
        	 	
                (j)

              	
                No
                  improvement located on or being part of the Mortgaged Property
                  is in
                  violation of any applicable zoning law or regulation 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 certif-icates, have been made
                  or
                  obtained from the appropriate authorities and the Mortgaged Property
                  is
                  lawfully occupied under applicable
                  law;

              

      

      

      
        	 	
                (k)

              	
                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) (i) in compliance
                  with any and all applicable licensing requirements of the laws
                  of the
                  state wherein the Mortgaged Property is located, and (ii) either
                  (1)
                  organized under the laws of such state, or (2) qualified to do
                  business in
                  such state, or (3) federal savings and loan associations, federal
                  savings
                  banks or national banks having authorized offices in such state,
                  or (4)
                  not doing business in such state;

              

      

      

      
        	 	
                (l)

              	
                All
                  Mortgage Loans will be current as of the Closing Date. No
                  payment required under any Mortgage Loan has been more than thirty
                  (30)
                  days delinquent prior to the Cut-off Date. All payments due prior
                  to the
                  Cut-off Date for such Mortgage Loan have been made as of the Closing Date;
                  the Mortgage Loan has not been dishonored; there are no material
                  defaults
                  under the terms of the Mortgage Loan. As of the 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
                  Seller’s servicing collection
                  system.

              

      

      

      
        	 	
                (m)

              	
                The
                  Mortgage File contains each of the documents and instruments specified
                  to
                  be included therein duly executed and in due and proper form, and
                  each
                  such document or instrument is in form acceptable to Fannie Mae
                  and FHLMC,
                  and each Mortgage Note, Mortgage, and appraisal are on forms acceptable
                  to
                  Fannie Mae and FHLMC;

              

      

      

      
        	 	
                (n)

              	
                The
                  Mortgage Note and the related Mortgage are genuine, and each is
                  the legal,
                  valid and binding obligation of the maker thereof, enforceable
                  in
                  accordance with its terms, except as enforceability may be limited
                  by
                  applicable bankruptcy, insolvency, reorganization or other similar
                  laws
                  relating to or affecting the enforcement of creditors' rights and
                  by
                  general principles of equity. All parties to the Mortgage Note
                  and the
                  Mort-gage had legal capacity to execute the Mortgage Note and the
                  Mortgage, and each Mortgage Note and Mortgage have been duly and
                  properly
                  executed by such parties;

              

      

      

      
        	 	
                (o)

              	
                Any
                  and all requirements of any federal, state or local law including,
                  without
                  limitation, usury, truth-in-lending, real estate settlement procedures,
                  consumer credit protection, equal credit opportunity or disclo-sure
                  laws
                  applicable to the Mortgage Loan have been complied with. None of
                  the
                  Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12
                  CFR Part
                  226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
                  TILA, which implements the Home Ownership and Equity Protection
                  Act of
                  1994, as amended or (b) classified and/or defined as a “high cost”,
                  "covered", or “predatory” loan under any other state, federal or local law
                  or regulation or ordinance, including, but not limited to, the
                  States of
                  Georgia and North Carolina. The Seller maintains, and shall maintain,
                  evidence of such compliance as required by applicable law or regulation
                  and shall make such evidence available for inspection at the Seller’s
                  office during normal business hours upon reasonable advance notice;
                  

              

      

      

      
        	 	
                (p)

              	
                The
                  proceeds of the Mortgage Loan have been fully disbursed, there
                  is no
                  requirement for future advances thereunder and any and all requirements
                  as
                  to comple-tion 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 Mortgage
                  Loans and
                  the recording of the Mortgage were
                  paid;

              

      

      

      
        	 	
                (q)

              	
                Any
                  future advances made prior to the Cut-off Date have been consolidated
                  with
                  the outstanding principal amount secured by the Mortgage, and the
                  secured
                  princi-pal amount, as consolidated, bears a single interest rate
                  and
                  single repayment term reflected on the Mort-gage 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. The consolidated principal amount does
                  not
                  exceed the original principal amount of the Mortgage
                  Loan;

              

      

      

      
        	 	
                (r)

              	
                All
                  improvements upon the Mortgaged Property are insured by a generally
                  acceptable insurer acceptable to Fannie Mae or FHLMC against loss
                  by fire,
                  hazards of extended coverage and such other hazards as are customary
                  in
                  the area where the Mortgaged Property is located, pursuant to insurance
                  policies conforming to the requirements of Section 10.15 hereof.
                  All
                  individual insurance policies (collectively, the "hazard insurance
                  policy") are the valid and binding obligation of the insurer and
                  contain a
                  standard mortgagee clause insuring Seller, its successors and assigns,
                  as
                  mortgagee. All premiums thereon have been paid. The Mortgage obligates
                  the
                  Mortgagor thereunder to maintain all such insurance at the Mortgagor's
                  cost and expense, and upon the Mortgagor's failure to do so, authorizes
                  the holder of the Mortgage to obtain and maintain such insurance
                  at the
                  Mortgagor's cost and expense and to seek reimbursement therefor
                  from the
                  Mortgagor. Neither the Seller (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;

              

      

      

      
        	 	
                (s)

              	
                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, viola-tion or event
                  of
                  acceleration; and Seller has not waived any default, breach, violation
                  or
                  event of acceleration;

              

      

      

      
        	 	
                (t)

              	
                The
                  Mortgage Loan is 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, counter-claim 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 Closing Date the Mortgagor was not a debtor in any state or
                  federal
                  bankruptcy or insolvency
                  proceeding;

              

      

      

      
        	 	
                (u)

              	
                All
                  provisions of each 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 Seller or the Mortgagor,
                  or for any
                  other reason under such coverage; The mortgage interest rate for
                  the
                  Mortgage Loan as set forth on the Mortgage Loan Schedule is net
                  of any
                  such insurance premium. None of the Mortgage Loans are subject
                  to
                  “lender-paid” mortgage insurance;

              

      

      

      
        	 	
                (v)

              	
                The
                  Mortgage Note is not 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 Section 6.01(c). 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;

              

      

      

      
        	 	
                (w)

              	
                The
                  Mortgage contains customary and enforceable provisions which 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,
                  subject only to rights of redemption, seizure and other laws that
                  would
                  not materially interfere with the ultimate realization of the benefits
                  of
                  the security;

              

      

      

      
        	 	
                (x)

              	
                No
                  fraud, error, omission, misrepresentation, negligence or similar
                  occurrence with respect to a Mortgage Loan has taken place on the
                  part of
                  Seller or the Mortgagor or, any other party involved in the origination
                  of
                  the Mortgage Loan;

              

      

      

      
        	 	
                (y)

              	
                The
                  Mortgaged Property consists of a single parcel of real property
                  with a one
                  family residence erected thereon, or a two-to-four family dwelling,
                  or an
                  individual condominium unit, planned unit development unit or townhouse;
                  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
                  Seller’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;

              

      

      

      
        	 	
                (z)

              	
                There
                  exist no deficiencies with respect to escrow deposits and payments,
                  if
                  such are required, for which customary arrangements for repayment
                  thereof
                  have not been made, and, to Seller's knowledge, no escrow deposits
                  or
                  payments of other charges or payments due Seller have been capital-ized
                  under the Mortgage or the related Mortgage
                  Note;

              

      

      

      
        	 	
                (aa)

              	
                The
                  collection and servicing practices used by Seller with respect
                  to the
                  Mortgage Note and Mortgage have been in all respects legal and
                  customary
                  in the mortgage servicing business;

              

      

      

      
        	 	
                (bb)

              	
                The
                  Mortgage Loan is covered by an ALTA or CLTA mortgage title insurance
                  policy, or such other generally acceptable form of policy or insurance
                  acceptable to Fannie Mae or FHLMC, issued by and the valid and
                  binding
                  obligation of a title insurer acceptable to Fannie Mae or FHLMC,
                  and
                  qualified to do business in the jurisdiction where the Mortgaged
                  Property
                  is located, insuring Seller, its successors and assigns, as to
                  the first
                  priority lien of the Mortgage in the original principal amount
                  of the
                  Mortgage Loan
                  and against any loss by reason of the invalidity or unenforceability
                  of
                  the lien resulting from the provisions of the Mortgage.
                  Such mortgage title insurance policy insures Seller, its successors
                  and
                  assigns as mortgagee and the assignment to Purchaser of Seller's
                  interest
                  in such mortgage title insurance policy does not require the consent
                  of or
                  notification to the insurer, such mortgage title insurance policy
                  is in
                  full force and effect and will be in full force and effect and
                  inure to
                  the benefit of Purchaser upon the consummation of the trans-actions
                  contemplated by this Agreement. No claims have been made under
                  such
                  mortgage title insurance policy and, to Seller's knowledge, no
                  prior
                  holder of the related Mortgage, including Seller, has done, by
                  act or
                  omission, anything which would impair the coverage of such mortgage
                  title
                  insurance policy;

              

      

      

      
        	 	
                (cc)

              	
                Principal
                  payments on the Mortgage Loan commenced no more than sixty (60)
                  days after
                  the proceeds of the Mortgage Loan were disbursed. The Mortgage
                  Loan bears
                  interest at the Mortgage Interest Rate. With respect to each Mortgage
                  Loan, the Mortgage Note is payable on the first day of each month
                  in
                  Monthly Payments which will fully amortize the Stated Principal
                  Balance of
                  the Mortgage Loan over its remaining term at the Mortgage Interest
                  Rate.
                  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 fifteen (15) years,
                  with
                  interest payable in arrears on the first day of each month. The
                  Mortgage
                  Note does not permit negative amortization. None of the Mortgage
                  Loans are
                  “interest-only” Mortgage Loans. None of the Mortgage Loans are considered
                  agricultural loans; 

              

      

      

      
        	(dd)  	
                The
                  Mortgage Loans were originated or purchased by the Seller and were
                  underwritten in accordance with Fannie Mae guidelines (inclusive
                  of any
                  negotiated items or waivers incorporated into Seller’s Fannie Mae Master
                  Agreement);

              

      

      

      
        	(ee)  	
                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 Seller 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 Seller waived
                  any
                  default resulting from any action or inaction by the
                  Mortgagor;

              

      

      

      
        	(ff)  	
                The
                  Seller 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 Seller 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. The Seller 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 Closing Date, the Seller will not have
                  any right
                  to modify or alter the terms of the sale of the Mortgage Loan and
                  the
                  Seller 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 Seller and the
                  Purchaser;

              

      

      

      
        	(gg)  	
                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 Seller
                  has
                  not received notification that any such proceedings are scheduled
                  to
                  commence at a future date;

              

      

      

      
        	(hh)  	
                The
                  Mortgage File contains an appraisal of the related Mortgaged Property
                  signed prior to the final approval of the mortgage loan application
                  by an
                  appraiser approved by the Seller, who had no interest, direct or
                  indirect,
                  in the Mortgaged Property or in any loan made on the security thereof,
                  and
                  whose compensation is not affected by the approval or disapproval
                  of the
                  Mortgage Loan, and the appraisal and appraiser both satisfy the
                  requirements of Fannie Mae or FHLMC and Title XI of the Federal
                  Institutions Reform, Recovery, and Enforcement Act of 1989 and
                  the
                  regulations promulgated thereunder, all as in effect on the date
                  the
                  Mortgage Loan was originated. The appraisal is in a form acceptable
                  to
                  Fannie Mae or FHLMC;

              

      

      

      
        	(ii)  	
                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; 

              

      

      

      
        	(jj)  	
                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; 

              

      

      

      
        	(kk)  	
                The
                  Mortgage Loan does not contain balloon or "graduated payment" features.
                  No
                  Mortgage Loan is subject to a buydown agreement or contains any
                  buydown
                  provision;

              

      

      

      
        	(ll)  	
                The
                  Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent
                  and the
                  Seller 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;

              

      

      

      
        	(mm)  	
                The
                  Assignment of Mortgage is in recordable form and is acceptable
                  for
                  recording under the laws of the jurisdiction in which the Mortgaged
                  Property is located;

              

      

      

      
        	(nn)  	
                As
                  of the Closing Date, the Mortgaged 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;

              

      

      

      
        	(oo)  	
                The
                  Mortgagor has not notified the Seller, and the Seller has no knowledge
                  of
                  any relief requested or allowed to the Mortgagor under the Soldiers'
                  and
                  Sailors' Civil Relief Act of 1940;

              

      

      

      
        	(pp)  	
                No
                  Mortgage Loan is a construction or rehabilitation Mortgage Loan
                  or was
                  made to facilitate the trade-in or exchange of a Mortgaged
                  Property;

              

      

      

      
        	(qq)  	
                The
                  Mortgagor for each Mortgage Loan is a natural
                  person;

              

      

      

      
        	(rr)  	
                None
                  of the Mortgage Loans are Co-op
                  Loans;

              

      

      

      
        	(ss)  	
                With
                  respect to each Mortgage Loan that has a prepayment penalty feature,
                  each
                  such prepayment penalty is enforceable and each prepayment penalty
                  is
                  permitted pursuant to federal, state and local law. No Mortgage
                  Loan will
                  impose a prepayment penalty for a term in excess of five years
                  from the
                  date such Mortgage Loan was originated. Except as otherwise set
                  forth on
                  the Mortgage Loan Schedule, with respect to each Mortgage Loan
                  that
                  contains a prepayment penalty, such prepayment penalty is at least
                  equal
                  to the lesser of (A) the maximum amount permitted under applicable
                  law and
                  (B) the amount allowable by FNMA;

              

      

      

      
        	(tt)  	
                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 Mortgaged Property and (b) substantially all
                  of the
                  proceeds of such Mortgage Loan were used to acquire or to improve
                  or
                  protect the Mortgaged 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;

              

      

      

      
        	(uu)  	
                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;
                  

              

      

      

      
        	(vv)  	
                None
                  of the Mortgage Loans are simple interest Mortgage Loans and none
                  of the
                  Mortgaged Properties are
                  timeshares;

              

      

      

      
        	(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 Closing Date, delivered to the Purchaser or its designee,
                  or
                  its assignee;

              

      

      

      
        	(xx)  	
                Each
                  Mortgage Loan shall acceptable for delivery to Fannie Mae as described
                  in
                  the Fannie Mae Guide.

              

      

      

      Section
        6.02 Representations
        and Warranties Regarding Seller.
        

      

      Seller
        hereby represents and warrants to Purchaser as of the Closing Date:

      

      
        	 	
                (a)

              	
                Seller
                  is duly organized, validly existing and in good standing under
                  the laws of
                  Delaware and is and will remain 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 and the servicing
                  of the
                  Mortgage Loan in accordance with the terms of this Agreement,
                  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 Seller by any such
                  state.

              

      

      

      
        	 	
                (b)

              	
                Seller
                  has power and authority and legal right to hold, transfer and convey
                  each
                  Mortgage Loan, to sell each Mortgage Loan and 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 Seller and the consummation
                  of the transactions contemplated hereby have been duly and validly
                  authorized; this Agreement evidences the valid, binding and enforceable
                  obligation of Seller, subject to applicable law; and all requisite
                  corporate action has been taken by Seller to make this Agreement
                  valid and
                  binding upon Seller in accordance with its
                  terms;

              

      

      

      
        	 	
                (c)

              	
                No
                  approval of the transactions contemplated by this Agreement from
                  any
                  federal or state regulatory authority having jurisdiction over
                  Seller is
                  required or, if required, such approval has been or will, prior
                  to the
                  Closing Date, be obtained;

              

      

      

      
        	 	
                (d)

              	
                The
                  consummation of the transactions contemplated by this Agreement
                  are in the
                  ordinary course of business of Seller and will not result in the
                  breach of
                  any term or provision of the charter or by-laws of Seller or result
                  in the
                  breach of any term or provi-sion of, or conflict with or constitute
                  a
                  default under or result in the acceleration of any obligation under,
                  any
                  agreement, indenture or loan or credit agreement or other instrument
                  to
                  which Seller or its property is subject, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Seller
                  or its
                  property is subject;

              

      

      

      
        	 	
                (e)

              	
                The
                  transfer, assignment and conveyance of the Mortgage Notes and the
                  Mortgage
                  Loans by Seller pursuant to this Agreement are not subject to the
                  bulk
                  transfer or any similar statutory provi-sions in effect in any
                  applic-able
                  jurisdiction;

              

      

      

      
        	 	
                (f)

              	
                There
                  is no action, suit, proceeding or investigation pending or, to
                  the best
                  knowledge of Seller, threatened against Seller which, either individually
                  or in the aggregate, would result in any material adverse change
                  in the
                  business, operations, financial condition, properties or assets
                  of Seller,
                  or in any material impairment of the right or ability of Seller
                  to carry
                  on its business substantially as now conducted or which would draw
                  into
                  question the validity of this Agreement or the Mortgage Loans or
                  of any
                  action taken or to be taken in connection with the obligations
                  of Seller
                  contemplated herein, or which would materially impair the ability
                  of
                  Seller to perform under the terms of this
                  Agreement;

              

      

      

      
        	 	
                (g)

              	
                Seller
                  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;

              

      

      

      
        	 	
                (h)
                  

              	
                The
                  origination and servicing practices used by the Seller 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 Customary
                  Servicing
                  Procedures. With respect to escrow deposits and payments that the
                  Seller,
                  on behalf of an investor, is entitled to collect, all such payments
                  are in
                  the possession of, or under the control of, the Seller, 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;

              

      

      

      
        	 	
                (i)
                  

              	
                The
                  Seller used no selection procedures that identified the Mortgage
                  Loans as
                  being less desirable or valuable than other comparable mortgage
                  loans in
                  the Seller's portfolio at the Cut-off Date;

              

      

      

      
        	 	
                (j)

              	
                The
                  Seller 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; 

              

      

      

      
        	 	
                (k)

              	
                Seller
                  is an approved seller/servicer of residential mortgage loans for Fannie
                  Mae, FHLMC and HUD, with such facilities, procedures and personnel
                  necessary for the sound servicing of such mortgage loans. The Seller
                  is
                  duly qualified, licensed, registered and otherwise authorized under
                  all
                  applicable federal, state and local laws, and regulations, if applicable,
                  meets the minimum capital requirements set forth by the OTS, and
                  is in
                  good standing to sell mortgage loans to and service mortgage loans
                  for
                  Fannie Mae and FHLMC and no event has occurred which would make
                  Seller
                  unable to comply with eligibility requirements or which would require
                  notification to either Fannie Mae or FHLMC;

              

      

      

      
        	 	
                (l)

              	
                The
                  sale of the Mortgage Loans is not undertaken with the intent to
                  hinder,
                  delay or defraud any of the Seller's
                  creditors;

              

      

      

      
        	 	
                (m)

              	
                No
                  statement, tape, diskette, form, report or other document prepared
                  by, or
                  on behalf of, Seller pursuant to this Agreement 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;

              

      

      

      
        	 	
                (n)
                  

              	
                The
                  Seller 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 Seller, for accounting and
                  tax
                  purposes, as compensation for the servicing and administration
                  of the
                  Mortgage Loans pursuant to this Agreement. In the opinion of Seller,
                  the
                  consideration received by Seller upon the sale of the Mortgage
                  Loans to
                  Purchaser under this Agreement constitutes fair consideration for
                  the
                  Mortgage Loans under current market conditions;
                  and

              

      

      

      
        	(o)  	
                The
                  Seller has not dealt with any broker, investment banker, agent
                  or other
                  person that may be entitled to any commission or compensation in
                  connection with the sale of the Mortgage
                  Loans.

              

      

      

      Section
        6.03 Remedies
        for Breach of Representations and Warranties.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 6.01 and 6.02 shall survive delivery of the Mortgage Loans to
        Purchaser, or its designee, and shall inure to the benefit of Purchaser,
        notwithstanding any restrictive or qualified endorsement on any Mortgage
        Note or
        Assignment of Mortgage or the examination, or lack of examination, of any
        Mortgage File.

      

      Upon
        discovery by either Seller or 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 Purchaser (or which materially and
        adversely affects the interest of Purchaser in the related Mortgage Loan
        in the
        case of a repre-sentation and warranty relating to a particular Mortgage
        Loan),
        the party discovering such breach shall give prompt written notice to the
        other.
        Purchaser agrees to give written notice of any such breach, outlining with
        specificity the section of this Agreement which Purchaser claims has been
        violated. Within sixty (60) days of the earlier of either discovery by it
        or
        notice to it of any such breach, Seller shall use its best efforts to promptly
        cure such breach in all material respects and, if such breach cannot be cured
        during such sixty (60) day period, Seller shall, at Purchaser's option and
        not
        later than ninety (90) days after its discovery or receipt of notice of such
        breach, repurchase such Mortgage Loan at the Repurchase Price.

      

      In
        the
        event that any such breach shall involve any representation or warranty set
        forth in Section 6.02, and such breach cannot be cured within sixty (60)
        days of
        the earlier of either discovery by or notice to Seller of such breach, all
        the
        Mortgage Loans shall, at Purchaser's option, be repurchased by Seller at
        the
        Repurchase Price. Any repurchase of a Mortgage Loan or Loans pursuant to
        the
        foregoing provisions of this Section 6.03 shall be accomplished by deposit
        in
        the Custodial Account of the amount of the Repurchase Price (after deducting
        therefrom any amounts received in respect of such repurchased Mortgage Loan
        or
        Loans and being held in the Custodial Account for future
        distribution).

      

      However,
        Seller may, at Purchaser’s option and assuming that Seller has a Qualified
        Substitute Mortgage Loan, rather than repurchase any Mortgage Loan as provided
        above, remove such Mortgage Loan and substitute in its place a Qualified
        Substitute Mortgage Loan or Loans, provided, however, that any such substitution
        shall be effected not later than ninety (90) days after the Closing Date.
        If
        Seller has no Qualified Substitute Mortgage Loan, it shall repurchase the
        deficient Mortgage Loan. 

      

      As
        to any
        Deleted Mortgage Loan for which Seller substitutes a Qualified Substitute
        Mortgage Loan or Loans, Seller shall effect such substitution by delivering
        to
        Purchaser for such Qualified Substitute Mortgage Loan or Loans the Mortgage
        Note, the Mortgage, the Assignment of Mortgage and such other documents and
        agreements as are required by Section 5.03, with the Mortgage Note endorsed
        as
        required by Section 5.03. Seller 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. Accrued
        interest on the Qualified 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. Monthly Payments due with respect
        to
        Qualified Substitute Mortgage Loans in the month of substitution will be
        retained by Seller. For the month of substitution, distributions to Purchaser
        will include the Monthly Payment due on such Deleted Mortgage Loan in the
        month
        of substitution, and Seller shall thereafter be entitled to retain all amounts
        subsequently received by Seller in respect of such Deleted Mortgage Loan.
        Seller
        shall give written notice to Purchaser that such substitution has taken place
        and shall amend the Mortgage Loan Schedule to reflect the removal of such
        Deleted Mortgage Loan from the terms of this Agreement and the substitu-tion
        of
        the Qualified Substitute Mortgage Loan. Upon such substitution, such Qualified
        Substitute Mortgage Loan or Loans shall be subject to the terms of this
        Agreement in all respects, and Seller shall be deemed to have made with respect
        to such Qualified Substitute Mortgage Loan or Loans, as of the date of
        substitu-tion, the covenants, representations and warranties set forth in
        Sections 6.01 and 6.02.

      

      For
        any
        month in which Seller substitutes one or more Qualified Substitute Mortgage
        Loans for one or more Deleted Mortgage Loans, Seller will determine 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 scheduled principal payments due in the month of substitution).
        The amount of such shortfall (plus interest thereon equal to the related
        Mortgage Interest Rate) shall be distributed by Seller in the month of
        substitution pursuant to Section 11.01. Accordingly, on the date of such
        substitution, Seller will deposit from its own funds into the Custodial Account
        an amount equal to the amount of such shortfall.

      

      In
        addition to such cure, repurchase and substitution obligation, Seller shall
        indemnify 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 breach
        or
        alleged breach of Seller's representations and warranties contained in this
        Article VI. It is understood and agreed that the obligations of Seller set
        forth
        in this Section 6.03 to cure or repurchase a defective Mortgage Loan and
        to
        indemnify Purchaser as provided in this Section 6.03 constitute the sole
        remedies of Purchaser respecting a breach of the foregoing representations
        and
        warranties. The
        provisions of this Section 6.03 shall survive termination of this
        Agreement.

      

      Within
        five (5) Business Days of the repurchase of a Mortgage Loan or substitution
        of a
        Qualified Substitute Mortgage Loan for a Deleted Mortgage Loan by Seller,
        Purchaser agrees to return, such repurchased or Deleted Mortgaged Loan to
        Seller, together with the related Mortgage File and all the documents included
        therein.

      

       

      
 

      ARTICLE
        VII

      

      CLOSING

      

      Section
        7.01 Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        Closing Date. The closing shall, at Purchaser's option, 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 shall be subject to each of the following conditions:

      

      
        	 	
                (a)

              	
                All
                  of the representations and warranties of Seller under this Agreement
                  shall
                  be true and correct as of the Closing Date and no event shall have
                  occurred which, with notice or the passage of time, or both, would
                  constitute a default under this
                  Agreement;

              

      

      

      
        	 	
                (b)

              	
                Purchaser
                  and Seller shall have received, or Seller's attorneys shall have
                  received
                  in escrow, all Closing Documents as specified in Section 8.01 of
                  this
                  Agreement, in such forms as are agreed upon and acceptable to Purchaser
                  and Seller, duly executed by all signatories as required pursuant
                  to the
                  respective terms thereof;

              

      

      

      
        	 	
                (c)

              	
                Seller
                  shall have delivered and released to Purchaser or its designee
                  all
                  documents required to be so delivered hereunder;
                  and

              

      

      

      
        	 	
                (d)

              	
                All
                  other terms and conditions of this Agreement shall have been complied
                  with.

              

      

      

      Subject
        to the foregoing conditions, Purchaser shall pay to Seller on the Closing
        Date
        the Purchase Price, plus accrued interest pursuant to Section 4.01 of this
        Agreement, by wire transfer of immediately available funds to the account
        designated by Seller in Exhibit I attached hereto.

      

      

      ARTICLE
        VIII

      

      CLOSING
        DOCUMENTS

      

      Section
        8.01. Closing
        Documents.

      

      The
        Closing Documents shall consist of the following:

      

      
        	 	
                (a)

              	
                This
                  Agreement, in two (2) counterparts;
                  and

              

      

      

      
        	 	
                (b)

              	
                The
                  Mortgage Loan Schedule, one copy to be attached
                  hereto.

              

      

       

      
 

      

      ARTICLE
        IX

      

      COSTS

      

      Section
        9.01 Costs.

      

      Each
        party shall bear its own costs and expenses. Purchaser will pay any commissions
        due its salesmen, the legal fees and expenses of its attorneys and all expenses
        relating to any review of the Mortgage Loans performed by Purchaser. All
        other
        costs and expenses incurred in connection with the transfer and delivery
        of the
        Mortgage Loans, including recording fees and Seller's attorneys' fees, shall
        be
        paid by Seller.

       

      
 

      ARTICLE
        X

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        10.01 Seller
        to Act as Servicer.

      

      Seller
        shall service and administer the Mortgage Loans in accordance with this
        Agreement and Customary Servicing Procedures and shall have full power and
        authority, acting alone or through Subservicers as provided in Section 10.02,
        to
        do or cause to be done any and all things in connection with such servicing
        and
        administration which Seller may deem necessary or desirable and consistent
        with
        the terms of this Agreement and exercise the same care that it customarily
        employs for its own account. Seller may perform its servicing responsibilities
        through agents or independent contractors, but shall not thereby be released
        from any of its responsibilities hereunder, and Seller shall diligently pursue
        all of its rights against such agents or independent contractors.

      

      Consistent
        with the terms of this Agreement, Seller 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 Seller's
        reasonable and prudent determination such waiver, modification, postponement
        or
        indulgence is not materially adverse to the Purchaser, provided, however,
        that
        Seller shall not permit any modification with respect to any Mortgage Loan
        that
        would change the Mortgage Interest Rate or the Monthly Payment amount, defer
        or
        forgive the payment of any principal or interest, change the outstanding
        principal amount (except for actual payments of principal), make any future
        advances or extend the final maturity date on such Mortgage Loan. Without
        limiting the generality of the fore-going, Seller in its own name or in the
        name
        of a Subservicer is hereby authorized and empowered by Purchaser when Seller
        believes it appropriate and reasonable in its best judgment, to execute and
        deliver, on behalf of itself and Purchaser, all instruments of satisfaction
        or
        cancella-tion, or of partial or full release, discharge and all other comparable
        instruments, with respect to the Mortgage Loans and the Mort-gaged Properties
        and to institute foreclosure proceedings or obtain a deed-in-lieu of foreclosure
        so as to convert the ownership of such properties, and to hold or cause to
        be
        held title to such properties, on behalf of Purchaser pursuant to the provisions
        of Section 10.17. Seller shall make all required Servicing Advances and shall
        service and administer the Mortgage Loans in accor-dance with applicable
        state
        and feder-al law and shall provide to the Mortgagors any reports required
        to be
        provided to them thereby. Purchaser shall furnish to Seller and any Subservicer
        any powers of attorney and other docu-ments reasonably necessary or appropri-ate
        to enable Seller and any Subservicer to carry out their servicing and
        administra-tive duties under this Agreement.

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Seller (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 Seller, 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
        Seller 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 Seller shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Seller 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.

      

      Section
        10.02 Subservicing
        Agreements Between Seller and Subservicers.

      

      Seller
        may enter into Subservicing Agreements with Subservicers for the servicing
        and
        administration of the Mortgage Loans. Each Subservicing Agreement must impose
        on
        the Subservicer requirements conforming
        to the
        provi-sions set forth in Section 10.06. Subject to Section 16.01, Seller
        and the
        Subservicers may make amend-ments to the Subservicing Agreements or enter
        into
        different forms of Subservicing Agree-ments; pro-vided, however, that any
        such
        amendments or different forms shall be consistent with and not violate the
        provisions of this Agree-ment, and that no such amendment or different form
        shall be made or entered into which could be reasonably expected to be
        mate-rially adverse to the interests of Purchaser, without the consent of
        Purchaser. Any variation from the provisions set forth in Section 10.06 relating
        to insur-ance or priority requirements of Subservicing Accounts, or credits
        and
        charges to the Subservicing Accounts or the timing and amount of remittances
        by
        the Subservicers to Seller, are conclusively deemed to be inconsistent with
        this
        Agreement and therefore prohibited.

      

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

      

      Section
        10.03 Successor
        Subservicers.

      

      Seller
        shall be entitled to terminate any Subservicing Agreement and the rights
        and
        obligations of any Subservicer pursuant to any Subservicing Agreement in
        accor-dance with the terms and condi-tions of such Subservicing Agree-ment.
        In
        the event of termination of any Subservicer, all servicing obliga-tions of
        such
        Subservicer shall be assumed simultan-eously by Seller without any act or
        deed
        on the part of such Subservicer or Seller, and Seller either shall service
        directly the related Mort-gage Loans or shall enter into a Subservicing
        Agreement with a successor Subservicer which qualifies under Section 10.02.
        If
        Seller enters into a Subservicing Agreement with a successor Subservicer,
        Seller
        shall use reasonable efforts to have the successor Subservicer assume liability
        for the representations and warranties made by the terminated Subservicer
        in
        respect of the related Mortgage Loans, and in the event of any such assumption
        by the successor Subservicer, Seller may, in the exercise of its business
        judg-ment, release the terminated Subservicer from liability for such
        representations and warranties. 

      

      Section
        10.04 Liability
        of Seller.

      

      Notwithstanding
        any Subservicing Agreement, any of the provisions of this Agreement relating
        to
        agreements or arrange-ments between Seller and a Subservicer or reference
        to
        actions taken through a Subservicer or otherwise, Seller shall remain obligated
        and liable to Purchaser for the servicing and administer-ing of the Mortgage
        Loans in accordance with the provisions of Section 10.01 without diminu-tion
        of
        such obligation or liability by virtue of such Subservicing Agreements or
        arrangements or by virtue of indemnifica-tion from the Subservicer for any
        acts
        and omissions and to the same extent and under the same terms and condi-tions
        as
        if Seller alone were servicing and adminis-ter-ing the Mortgage Loans and
        any
        other transactions or services relating to the Mortgage Loans involving the
        Subservicer shall be deemed to be between the Subservicer and Seller alone
        and
        Purchaser shall have no obligations, duties or liabilities with respect to
        the
        Subservicer including no obligation, duty or liability of Purchaser to pay
        Subservicer's fees and expenses except pursuant to an assumption of Seller's
        obligations pursuant to Section 16.01. For purposes of this Agree-ment, Seller
        shall be deemed to have received payments on Mortgage Loans when the Subservicer
        has received such pay-ments. Seller shall be entitled to enter into any
        agreement with a Subservicer for indemnification of Seller by such Subservicer
        and nothing contained in this Agreement shall be deemed to limit or modify
        such
        indemni-fication. Seller shall pay all fees and expenses of the Subservicer
        from
        its own funds, the Servicing Fee or other amounts permitted to be retained
        by or
        reimbursed to Seller hereunder.

      

      The
        Seller 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.

      

      In
        the
        event that the Seller's responsibilities and duties under this Agreement
        are
        terminated and if requested to do so by the Purchaser, the Seller shall at
        its
        own cost and expense terminate the rights and responsibilities of the
        Subservicer effective as of the date of termination of the Seller. The Seller
        shall pay all fees, expenses or penalties necessary in order to terminate
        the
        rights and responsibilities of the Subservicer from the Seller's own funds
        without reimbursement from the Purchaser.

      

      Section
        10.05 No
        Contractual Relationship Between Subservicers and
        Purchaser.

      

      Any
        Subservicing Agreement that may be entered into and any transactions or services
        relating to the Mortgage Loans involving a Subservicer in its capacity as
        such
        and not as Seller shall be deemed to be between the Subservicer and Seller
        alone, and Purchaser shall not be deemed a party thereto and shall have no
        claims, rights, obliga-tions, duties or liabilities with respect to the
        Subservicer except as set forth in Section 16.01.

      

      Section
        10.06 Subservicing
        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 accounts (collectively, the "Subservicing Account").
        The
        Subservicing Account shall be an Eligible Account, and shall be segregated
        on
        the books of the Subservicer and relate only to the Mortgage Loans subject
        to
        this Agreement and other mortgage loans owned or serviced by Seller. All
        funds
        depos-ited in the Subservicing Account with respect to the Mortgage Loans
        shall
        be held for the benefit of Purchaser. The Subservicer shall deposit in the
        Subservicing Account on a daily basis all amounts of the type described in
        clauses (a) through (f) of Section 10.09, received by the Subservicer with
        respect to the Mortgage Loans. On the date set forth in the related Subservicing
        Agreement (the "Subservicer Remittance Date"), the Subservicer will be required
        to remit all such amounts to Seller, except, if applicable, any Monthly Payment
        received which consti-tutes a late recovery with respect to which a Subservicer
        Advance (as defined below) was previ-ously made; and, if the Subservicing
        Agreement so provides, the Subservicer will also be required to remit, with
        respect to each Mortgage Loan for which the Monthly Payment due on the
        immediately preced-ing Due Date was delinquent as of the Subservicer Remittance
        Date, an amount equal to such Monthly Pay-ment net of the related Subservicing
        Fee (a "Subservicer Advance"). The Subservicer may deduct from each remittance,
        as provided above, an amount equal to Subservicing Fees to which it is then
        entitled to the extent not previously paid to or retained by it. Seller is
        not
        obligated to require in a Subservicing Agreement that any Subservicer make
        Subservicing Advances as described above; provided, however, that Seller
        shall
        be responsible for making Servicing Advances with respect to such Mortgage
        Loans.

      

      Section
        10.07 Liquidation
        of Mortgage Loans.

      

      In
        the
        event that any payment due under any Mortgage Loan is not paid when the same
        becomes due and payable, or in the event the Mortgagor fails to perform any
        other covenant or obligation under the Mortgage Loan and such failure continues
        beyond any applicable grace period, Seller shall take such action as it shall
        deem to be in the best interest of Purchaser. In the event that any payment
        due
        under any Mortgage Loan remains delinquent for a period of ninety (90) days
        or
        more, Seller shall commence foreclosure proceedings in accordance with its
        customary and usual foreclosure procedures. In such connection, Seller shall
        from its own funds make all necessary and proper Servicing Advances through
        final disposition but only to the extent that Seller shall determine, in
        its
        good faith judgment, that the amount of a proposed Servicing Advance is
        recoverable. Seller shall be reimbursed for all Servicing Advances in accordance
        with this Agreement.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Seller 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 Seller shall on the date said termination takes effect or, upon
        notice
        to Seller for any trailing bills paid by Seller, be reimbursed for any
        unreimbursed monthly advances of the Seller's funds made pursuant to Section
        11.03 and any unreimbursed Servicing Advances and Servicing Fees in each
        case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan. In
        the
        event of any such termination, the provisions of Section 16.01 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 Seller, 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 Seller 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. Seller 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 Seller shall either itself or through an agent selected
        by
        Seller, 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 as
        required by law.

      

      Section
        10.08 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the principal and interest on all Mortgage Loans
        are
        paid in full, Seller will proceed diligently, in accordance with this Agreement,
        to collect all payments due under each of the Mortgage Loans when the same
        shall
        become due and payable. Further, Seller will take special care in ascertaining
        and estimating annual ground rents, taxes, assessments, water rates, fire
        and
        hazard insurance premiums, mortgage insurance premiums, and all other charges
        that, as provided in any Mortgage, will become due and payable to the end
        that
        the installments payable by the Mortgagors will be sufficient to pay such
        charges as and when they become due and payable. 

      

      Section
        10.09 Establishment
        of Custodial Account; Deposits in Custodial Account.

      

      Seller
        shall segregate and hold all funds collected and received pursuant to each
        Mortgage Loan separate and apart from any of its own funds and general assets
        and shall establish and maintain one or more Custodial Accounts (collectively,
        the "Custodial Account"). The Custodial Account shall be an Eligible Account.
        Funds shall be deposited in the Custodial Account within 24 hours of receipt.
        The creation of any Custodial Account shall be evidenced by (a) a certification
        in the form of Exhibit B hereto, in the case of an account estab-lished with
        Citibank, or (b) a letter agree-ment in the form of Exhibit C hereto, in
        the
        case of an account held by a depository other than Citibank. In either case,
        a
        copy of such certification or letter agreement shall be furnished to Purchaser
        within five (5) Business Days after the Closing Date and a copy to any
        subsequent purchaser upon request.

      

      Seller
        shall deposit in the Custodial Account on a daily basis, or as and when received
        from the Subservicer, and retain therein the following payments and collections
        received or made by it subsequent to the Cut-off Date (other than in respect
        of
        principal and interest on the Mortgage Loans due on or before the Cut-off
        Date):

      

      
        	 	
                (a)

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

              

      

      

      
        	 	
                (b)

              	
                all
                  payments on account of interest on the Mortgage Loans adjusted
                  to the
                  Mortgage Loan Remittance Rate;

              

      

      

      
        	 	
                (c)

              	
                all
                  Liquidation Proceeds;

              

      

      

      
        	 	
                (d)

              	
                all
                  proceeds received by Seller under any title, hazard, private mortgage
                  guaranty or other insurance policy other than proceeds to be held
                  in the
                  Escrow Account and applied to the restoration or repair of the
                  Mortgaged
                  Property or released to the Mortgagor in accordance with Customary
                  Servicing Procedures;

              

      

      

      
        	 	
                (e)

              	
                all
                  awards or settlements in respect of condemnation proceedings or
                  eminent
                  domain affecting any Mortgaged Property which are not released
                  to the
                  Mortgagor in accordance with Customary Servicing
                  Procedures;

              

      

      

      
        	 	
                (f)

              	
                any
                  amount required to be deposited in the Custodial Account pursuant
                  to
                  Sections 11.01, 11.03 and 12.02;

              

      

      

      
        	 	
                (g)

              	
                any
                  amounts payable in connection with the repurchase of any Mortgage
                  Loan
                  pursuant to Section 6.03, and all amounts required to be deposited
                  by
                  Seller in connection with shortfalls in principal amount of Qualified
                  Substitute Mortgage Loans pursuant to Section
                  6.03;

              

      

      

      
        	 	
                (h)
                  

              	
                all
                  Condemnation Proceeds affecting any Mortgaged Property which are
                  not
                  released to the Mortgagor in accordance with Customary Servicing
                  Procedures, the loan documents or applicable law;
                  and

              

      

      

      
        	 	
                (i)

              	
                with
                  respect to each full or partial Principal Prepayment any amounts
                  to the
                  extent that collections of interest are less than one (1) full
                  month’s
                  interest at the applicable Mortgage Loan Remittance Rate (“Prepayment
                  Interest Shortfalls”), such Prepayment Interest Shortfalls will be
                  deposited by Seller to the extent of its aggregate Servicing Fee
                  received
                  with respect to the related Due
                  Period.

              

      

      

      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
        need not be deposited by Seller in the Custodial Account. Any interest or
        earnings on funds deposited in the Custodial Account by the depository
        institution shall accrue to the benefit of Seller and Seller shall be entitled
        to retain and withdraw such interest from the Custodial Account.

      

      Section
        10.10 Withdrawals
        From the Custodial Account.

      

      Seller
        shall, from time to time, withdraw funds from the Custodial Account for the
        following purposes:

      

      
        	 	
                (a)

              	
                to
                  make payments to Purchaser in the amounts and in the manner provided
                  for
                  in Section 11.01;

              

      

      

      
        	 	
                (b)

              	
                to
                  temporarily reimburse itself for advances of Seller funds made
                  pursuant to
                  Section 11.03, Seller's right to permanently reimburse itself pursuant
                  to
                  this subclause (b) being limited to amounts received on the related
                  Mortgage Loan which represent payments of principal and/or interest
                  respecting which any such advance was
                  made;

              

      

      

      
        	 	
                (c)

              	
                to
                  reimburse itself first
                  for all unreimbursed Servicing Advances, second
                  for unreimbursed advances of Seller funds made pursuant to Section
                  11.03,
                  and third
                  for any unpaid Servicing Fees, Seller's right to reimburse itself
                  pursuant
                  to this subclause (c) with respect to any Mortgage Loan being limited
                  to
                  related Liquidation Proceeds, Condemnation Proceeds, amounts representing
                  proceeds of insurance policies covering the related Mortgaged Property
                  and
                  such other amounts as may be collected by Seller from the Mortgagor
                  or
                  otherwise relating to the Mortgage Loan, it being understood that,
                  in the
                  case of any such reim-bursement, Seller's right thereto shall be
                  prior to
                  the rights of Purchaser unless Seller is required to repurchase
                  a Mortgage
                  Loan pursuant to Section 6.03, in which case Seller's right to
                  such
                  reimbursement shall be subsequent to the payment to Purchaser of
                  the
                  repurchase price pursuant to Section 6.03 and all other amounts
                  required
                  to be paid to Purchaser with respect to such Mortgage
                  Loan;

              

      

      

      
        	 	
                (d)

              	
                to
                  reimburse itself for all unreimbursed Servicing Advances, advances
                  of
                  Seller funds made pursuant to Section 11.03 and unpaid Servicing
                  Fees to
                  the extent that such amounts are nonrecoverable by Seller pursuant
                  to
                  subclause (c) above, provided that the Mortgage Loan for which
                  such
                  advances were made is not required to be repurchased by Seller
                  pursuant to
                  Section 6.03, and to reimburse itself for such amounts to the extent
                  that
                  such amounts are not recovered from the disposition of REO Property
                  pursuant to Section 10.17 hereof;

              

      

      

      
        	 	
                (e)

              	
                to
                  reimburse itself for subsequent trailing bills related to a previously
                  disposed of REO Property in which distribution of the net cash
                  proceeds
                  has occurred;

              

      

      

      
        	 	
                (f)

              	
                to
                  reimburse itself for expenses incurred by and reimbursable to it
                  pursuant
                  to Section 13.01;

              

      

      

      
        	 	
                (g)

              	
                to
                  pay to itself any interest earned on funds deposited in the Custodial
                  Account, such withdrawal to be made monthly not later than the
                  Remittance
                  Date;

              

      

      

      
        	 	
                (h)

              	
                to
                  withdraw any amounts inadvertently deposited in the Custodial Account;
                  

              

      

      

      
        	(i)  	
                to
                  clear and terminate the Custodial Account upon the termination
                  of this
                  Agreement; and

              

      

      

      
        	(j)  	
                to
                  withdraw Service Fees to the extent deposited
                  therein.

              

      

      

      On
        each
        Remittance Date, Seller shall withdraw all funds from the Custodial Account
        except for those amounts which, pursuant to Section 11.01(c) and (d), Seller
        is
        not obligated to remit on such Remittance Date. Seller may use such with-drawn
        funds only for the purposes described in this Section 10.10.

      

      Section
        10.11 Establishment
        of Escrow Account; Deposits in Escrow Account.

      

      Seller
        shall segregate and hold or cause any Subservicer to segregate and hold all
        funds collected and received pursuant to each Mortgage Loan which constitute
        Escrow Payments separate and apart from any of its own funds and general
        assets
        and shall establish and maintain one or more Escrow Accounts (collectively,
        the
        "Escrow Account"). The Escrow Account shall be an Eligible Account. In any
        case,
        the Escrow Account shall be insured by the FDIC in a manner which shall provide
        maximum available insurance thereunder and which may be drawn on by Seller.
        The
        creation of any Escrow Account shall be evidenced by a letter agreement in
        the
        form shown in Exhibit J. The original of such letter agreement shall be
        furnished to the Purchaser within five (5) Business Days after the Closing
        Date,
        and upon request to any subsequent purchaser.

      

      Seller
        or
        the Subservicer shall deposit in the Escrow Account on a daily basis, and
        retain
        therein: (a) all Escrow Payments collec-ted on account of the Mortgage Loans,
        for the purpose of effect-ing timely payment of any such items as required
        under
        the terms of this Agreement, and (b) all amounts representing proceeds of
        any
        hazard insurance policy which are to be applied to the restoration or repair
        of
        any Mortgaged Property. Seller shall make withdrawals therefrom only in
        accordance with Section 10.12 hereof. As part of its servicing duties, Seller
        or
        the Subservicer shall pay to the Mortgagors interest on funds in the Escrow
        Account, to the extent required by law.

      

      Section
        10.12 Withdrawals
        From Escrow Account.

      

      Withdrawals
        from the Escrow Account shall be made by Seller or the Subservicer only (a)
        to
        effect timely payments of ground rents, taxes, assessments, water rates,
        mortgage insurance pre-miums, fire and hazard insurance premiums or other
        items
        consti-tuting Escrow Payments for the related Mortgage, (b) to reimburse
        Seller
        for any Servicing Advance made by Seller pursuant to Section 10.13 hereof
        with
        respect to a related Mortgage Loan, but only from amounts received on the
        related Mortgage Loan which represent late payments or collec-tions of Escrow
        Payments there-under, (c) to refund to any Mortgagor any funds found to be
        in
        excess of the amounts required under the terms of the related Mortgage Loan,
        (d)
        for transfer to the Custodial Account upon default of a Mortgagor or in
        accordance with the terms of the related Mortgage Loan and if permitted by
        applicable law, (e) for application to restore or repair of the Mortgaged
        Property, (f) to pay to the Mortgagor, to the extent required by law, any
        interest paid on the funds deposited in the Escrow Account, (g) to pay to
        itself
        any interest earned on funds deposited in the Escrow Account (and not required
        to be paid to the Mortgagor), such withdrawal to be made monthly not later
        than
        the Remittance Date or (h) to clear and terminate the Escrow Account upon
        the
        termina-tion of this Agreement.

      

      Section
        10.13 Payment
        of Taxes, Insurance and Other Charges.

      

      With
        respect to each Mortgage Loan, Seller or the Subservicer 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 private mortgage guaranty 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 Seller in amounts sufficient for such purposes, as allowed
        under the terms of the Mortgage or applicable law. To the extent that a Mortgage
        does not provide for Escrow Payments, Seller shall determine that any such
        payments are made by the Mortgagor at the time they first become due. Seller
        assumes full responsibility for the timely payment of all such bills and
        shall
        effect timely payments of all such bills irrespective of each Mortgagor's
        faithful performance in the payment of same or the making of the Escrow Payments
        and shall make advances from its own funds to effect such payments.

      

      The
        Seller will maintain in full force and effect primary mortgage insurance
        policies issued by a Qualified Insurer with respect to each Mortgage Loan
        for
        which such coverage is herein required. Such coverage will be terminated
        only
        with the approval of Purchaser, or as required by applicable law or regulation.
        The Seller will not cancel or refuse to renew any primary mortgage insurance
        policy in effect on the Closing Date that is required to be kept in force
        under
        this Agreement unless a replacement primary mortgage insurance policy for
        such
        canceled or nonrenewed policy is obtained from and maintained with a Qualified
        Insurer. The Seller shall not take any action which would result in non-coverage
        under any applicable primary mortgage insurance policy of any loss which,
        but
        for the actions of the Seller would have been covered thereunder. In connection
        with any assumption or substitution agreement entered into or to be entered
        into
        pursuant to Section 12.01, the Seller shall promptly notify the insurer under
        the related primary mortgage insurance policy, if any, of such assumption
        or
        substitution of liability in accordance with the terms of such policy and
        shall
        take all actions which may be required by such insurer as a condition to
        the
        continuation of coverage under the primary mortgage insurance policy. If
        such
        primary mortgage insurance policy is terminated as a result of such assumption
        or substitution of liability, the Seller shall obtain a replacement primary
        mortgage insurance policy as provided above.

      

      In
        connection with its activities as servicer, the Seller agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        private mortgage insurance policy in a timely fashion in accordance with
        the
        terms of such primary mortgage insurance policy and, in this regard, to take
        such action as shall be necessary to permit recovery under any primary mortgage
        insurance policy respecting a defaulted Mortgage Loan. Pursuant to Section
        10.09, any amounts collected by the Seller under any primary mortgage insurance
        policy shall be deposited in the Custodial Account, subject to withdrawal
        pursuant to Section 10.10.

      

      Section
        10.14 Transfer
        of Accounts.

      

      Seller
        may transfer the Custodial Account or the Escrow Account to a different
        depository institution; provided such new account at such depositary institution
        is an Eligible Account. Such transfer to a non-Citigroup affiliate shall
        be made
        only upon obtaining the prior written consent of the Purchaser, which consent
        will not be unreasonably withheld. 

      

      Section
        10.15 Maintenance
        of Hazard Insurance.

      

      Seller
        shall cause to be maintained for each Mortgage Loan fire and hazard insurance
        with extended coverage customary in the area where the Mortgaged Property
        is
        located, in an amount which is at least equal to the lesser of (a) the full
        insurable value of the Mortgaged Property or (b) the greater of (i) the
        outstanding principal balance owing on the Mortgage Loan and (ii) an amount
        such
        that the proceeds of such insurance shall be sufficient to avoid the application
        to the Mortgagor or loss payee of any coinsurance clause under the policy.
        If
        the Mortgaged Property is in an area identified in the Federal Register by
        the
        Federal Emergency Management Agency as having special flood hazards (and
        such
        flood insurance has been made available) Seller will cause to be maintained
        a
        flood insurance policy meeting the requirements of the current guide-lines
        of
        the Federal Insurance Administration with a gener-ally acceptable insurance
        carrier, in an amount representing coverage not less than the least of (a)
        the
        out-standing principal balance of the Mortgage Loan, (b) the full insurable
        value of the Mortgaged Property, or (c) the maximum amount of insurance
        available under the Flood Disaster Protection Act of 1973, each as amended.
        Seller shall also maintain on property acquired upon foreclos-ure, or by
        deed in
        lieu of fore-closure, of any Mortgage Loan, fire and hazard insurance with
        extended coverage in an amount which is at least equal to the maximum insurable
        value of the improvements which are a part of such property, liability
        insur-ance and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, each as amended, flood insurance in an amount required
        above. Any amounts collected by Seller under any such policies (other than
        amounts to be depos-ited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or property acquired in liquida-tion of
        the
        Mortgage Loan, or to be released to the Mortgagor in accordance with Customary
        Servicing Procedures) shall be depos-ited in the Custodial Account, subject
        to
        with-drawal pursuant to Section 10.10. It is understood and agreed that no
        earthquake or other additional insurance need be required by Seller of any
        Mortgagor or maintained on property acquired in respect of a Mortgage Loan,
        other than pursuant to such appli-cable laws and regulations as shall at
        any
        time be in force and as shall require such additional insurance. All policies
        required hereunder shall be endorsed with standard mortgagee clauses with
        loss
        payable to Seller and its successors and/or assigns, and shall provide for
        at
        least thirty (30) days prior written notice of any cancellation, reduction
        in
        amount or material change in coverage to Seller. Seller shall not interfere
        with
        the Mortgagor's freedom of choice in selecting either his insurance carrier
        or
        agent.

      

      Section
        10.16 Fidelity
        Bond; Errors and Omissions Insurance.

      

      Seller
        shall maintain, at its own expense, a blanket fidelity bond and an errors
        and
        omissions insurance policy, with broad coverage on all officers, employees
        or
        other persons acting in any capacity requiring such persons to handle funds,
        money, documents or papers relating to the Mortgage Loans ("Seller Employees").
        Any such fidelity bond and errors and omissions insurance shall protect and
        insure Seller against losses, including forgery, theft, embezzlement, fraud,
        errors and omissions, failure to maintain any insurance policies required
        pursuant to this Agreement, and negligent acts of such Seller Employees.
        Such
        fidelity bond shall also protect and insure Seller against losses in connection
        with the release or satis-faction of a Mortgage Loan without having obtained
        payment in full of the indebtedness secured thereby. No provision of this
        Section 10.16 requiring such fidelity bond and errors and omis-sions insurance
        shall diminish or relieve Seller 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 Seller 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 Seller
        shall notify the Purchaser within five (5) business days of receipt of notice
        that such Fidelity Bond or insurance policy will be, or has been, materially
        modified or terminated. Upon request by Purchaser, Seller shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        10.16, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        10.17 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 Purchaser, or in the event 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 Seller, at expense of Purchaser, from an attorney duly licensed
        to
        practice law in the state where the REO Property is located. The Person or
        Persons holding such title other than Purchaser shall acknowledge in writing
        that such title is being held as nominee for Purchaser.

      

      Seller
        shall manage, conserve, protect and operate each REO Property for Purchaser
        solely for the purpose of its prompt disposition and sale. Seller shall either
        itself or through an agent selected by Seller, 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. Seller shall attempt to sell the same (and may temporarily rent
        the
        same) on such terms and conditions as Seller deems to be in the best interest
        of
        Purchaser.

      

      With
        respect to all REO Property, Seller shall hold all funds collected and received
        in connection with the operation of the REO Property separate and apart from
        its
        own funds or general assets and shall establish and maintain with respect
        to all
        REO Property an REO Account or Accounts, in the form of a non-interest bearing
        demand account, titled "[Seller] in trust for Purchaser-Fixed Rate Mortgage
        Loans as tenants in common" unless an Opinion of Counsel is obtained by Seller
        to the effect that the classi-fication as a grantor trust for federal income
        tax
        purposes of the arrangement under which the Mortgage Loans and the REO Property
        are held will not be adversely affected by holding such funds in another
        manner.
        Such REO Account shall be established with Seller or, with the prior consent
        of
        Purchaser, with a commercial bank, a mutual savings bank or a savings and
        loan
        association. The creation of the REO Account shall be evidenced by (a) a
        certifi-cation in the form shown in Exhibit D hereto, in the case of an account
        established with Citibank, or (b) a letter agreement in the form shown in
        Exhibit E hereto, in the case of an account held by a depository other than
        Citibank. In either case, an original of such certification or letter agreement
        shall be furnished to Purchaser upon request.

      

      Seller
        shall cause to be deposited on a daily basis in the REO Account all revenues
        received with respect to the conservation and disposition of the related
        REO
        Property and shall withdraw therefrom funds necessary for the proper opera-tion,
        management and maintenance of the REO Property, including the cost of
        maintaining any hazard insurance pursuant to Section 10.15 hereof and the
        fees
        of any managing agent acting on behalf of Seller. Seller shall not be entitled
        to retain interest paid or other earnings, if any, on funds deposited in
        such
        REO Account. Seller shall make distributions as required on each Remittance
        Date
        to Purchaser of the net cash flow from the REO Property (which shall equal
        the
        revenues from such REO Property net of the expenses described above and of
        any
        reserves reasonably required from time to time to be maintained to satisfy
        anticipated liabilities for such expenses).

      

      Seller
        shall use its best efforts to dispose of the REO Property as soon as possible
        and shall sell such REO Property as soon as practicable but in any event
        within
        three (3) years after title has been taken to such REO Property. If a purchase
        money mortgage is taken in accordance with such sale, such purchase money
        mortgage shall not be held pursuant to this Agreement.

      

      The
        disposition of REO Property shall be carried out by Seller and shall be made
        at
        such price, and upon such terms and conditions, as Seller deems to be in
        the
        best interests of Purchaser. Upon the request of Purchaser, and at Purchaser's
        expense, Seller shall cause an appraisal of the REO Property to be performed
        for
        Purchaser. The proceeds of sale of the REO Property shall be promptly deposited
        in the REO Account and, as soon as practical there-after, the expenses of
        such
        sale shall be paid, Seller shall reimburse itself for any and all related
        unreimbursed Servicing Advances, unpaid Servicing Fees, any and all unreimbursed
        advances made and any appraisal performed and the net cash proceeds of such
        sale
        remaining in the REO Account shall be distributed to Purchaser.

      

      Upon
        request, with respect to any REO Property, Seller shall furnish to Purchaser
        a
        statement covering Seller's efforts in connection with the sale of that REO
        Prop-erty and any rental of the REO Property incidental to the sale thereof
        for
        the previous month (together with an operat-ing state-ment). That statement
        shall be accompanied by such other information as Purchaser shall reasonably
        request.

      

       

      
 

      ARTICLE
        XI

      

      PAYMENTS
        TO PURCHASER

      

      Section
        11.01 Distributions.

      

      On
        each
        Remittance Date, Seller shall remit by wire transfer of immediately available
        funds to the account designated in writing by Purchaser of record on the
        preceding Record Date (a) all amounts deposited in the Custodial Account
        as of
        the close of business on the preceding Determination Date (net of all amounts
        withdrawable therefrom pursuant to Section 10.10), plus (b) all amounts,
        if any,
        which Seller is obli-gated to distribute pursuant to Section 11.03, minus
        (c)
        any amounts attributable to Monthly Payments collected but due on a Due Date
        or
        Dates subse-quent to the related Due Period, minus (d) any amounts attributable
        to Principal Prepayments received after the last day of the calendar month
        preceding the month of the Remittance Date, 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
        Prepayments in accordance with Section 10.09(h), minus (e) any amounts
        attributable to reimbursement for unreimbursed Servicing Advances, advance
        of
        Seller funds, and unpaid Servicing Fees pursuant to Section 10.10(d), and
        minus
        (f) any amounts attributable to reimbursement for subsequent trailing bills
        related to a previously disposed of REO Property in which distribution of
        net
        cash proceeds has occurred pursuant to Section 10.10(e).

      

      With
        respect to any remittance received by Purchaser after the Business Day on
        which
        such payment was due, Seller shall pay to Purchaser interest on any such
        late
        payment at a rate equal to the overnight federal funds effective rate, but
        in no
        event greater than the maximum amount permitted by applicable law. Such interest
        shall be paid by Seller to Purchaser on the date such late payment is made
        and
        shall cover the period commencing with the Business Day on which such payment
        was due and ending with the Business Day on which such payment is made, both
        inclusive. The payment by Seller of any such interest shall not be deemed
        an
        extension of time for payment or a waiver of any Event of Default by
        Seller.

      

      To
        the
        extent that the amount of a remittance or distribution to Purchaser made
        hereunder is in greater than the amount thereof properly to be remitted pursuant
        to the terms of this Agreement, Seller will give prompt written notice thereof
        to Purchaser after Seller's discovery thereof, including the amount of such
        remittance or distribution that was paid in error. If, by the Remittance
        Date
        immediately following such notice, Purchaser has not reimbursed the Custodial
        Account or Seller, as applicable, for the amount of such erroneous remittance
        or
        distribution (without any liability on the part of Purchaser for interest
        thereon), Seller shall be entitled to withhold such amount from the remittance
        to be made on such Remittance Date.

      

      Section
        11.02 Statements
        to Purchaser.

      

      Not
        later
        than seven (7) Business Days after each month end, Seller shall furnish to
        the
        Purchaser an individual loan accounting report, as of the last Business Day
        of
        each month, in the Seller's assigned loan number order to document Mortgage
        Loan
        payment activity on an individual Mortgage Loan basis. The corresponding
        individual loan accounting report shall be on a disk or tape or other
        computer-readable format in such format as may be mutually agreed upon by
        both
        Purchaser and Seller, and shall contain the information set forth in Exhibit
        L
        hereto.

      In
        addition, within a reasonable period of time after the end of each calendar
        year, Seller will furnish a report to each Person that was a Purchaser at
        any
        time during such calendar year. Such report shall state the aggregate of
        amounts
        (a) remitted on each Remittance Date which is allocable to principal and
        allocable to interest and (b) of servicing compensation received by Seller
        as
        servicer on each Remittance Date for such calendar year or, in the event
        such
        Person was a Purchaser of record during only a portion of such calendar year,
        for the applicable portion of such year. Such obligation of Seller shall
        be
        deemed to have been satisfied to the extent that substantially comparable
        information shall be provided by Seller pursuant to any requirements of the
        Internal Revenue Code of 1986 as from time to time in force.

      

      Seller
        shall prepare and file any and all tax returns, information statements or
        other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the trans-actions contemplated hereby. In addition, Seller shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for such Purchaser to prepare its federal income tax return as Purchaser
        may
        reasonably request from time to time.

      

      Section
        11.03  Advances
        by Seller.

      

      On
        the
        Business Day immediately preceding each Remit-tance Date, Seller shall deposit
        in the Custodial Account 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 Determina-tion Date. This deposit may
        be
        offset by any funds held for a future distribution not due on the current
        Remittance Date. Seller's obligation to make such 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 last Remittance Date prior to the
        Remittance Date for the distribution of all other payments or recoveries
        (including proceeds under any title, hazard or other insurance policy, or
        condemnation awards) with respect to the Mortgage Loan, provided, however,
        that
        such obligation shall cease if (a) there has been a final disposition of
        the
        Mortgage Loan or (b) if Seller, in its good faith judgment, determines that
        such
        advances would not be recoverable pursuant to Section 10.10(d). The
        determination by Seller that an advance, if made, would be nonrecoverable,
        shall
        be evidenced by an Officer's Certificate of Seller, delivered to Purchaser,
        which details the reasons for such determination and contains an appraisal
        of
        the value of the Mortgaged Property.

      

      Section
        11.04 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 Seller shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Seller and Purchaser. The Seller shall also provide
        reports on the status of REO Property containing such information as Purchaser
        may reasonably require.

      

      

      ARTICLE
        XII

      

      GENERAL
        SERVICING PROCEDURE

      

      Section
        12.01 Assumption
        Agreements.

      

      Seller
        will use its best efforts to enforce any "due-on-sale" provision contained
        in
        any Mortgage or Mortgage Note to the extent permitted by law, provided that
        Seller shall permit such assumption if so required in accordance with the
        terms
        of the Mortgage or the Mortgage Note. When the Mortgaged Property has been
        conveyed by the Mortgagor, Seller will, to the extent it has knowledge of
        such
        conveyance, exercise its rights to accelerate the maturity of such Mortgage
        Loan
        under the "due-on-sale" clause applicable thereto, provided, however, Seller
        will not exercise such rights if prohibited by law from doing so or if the
        exercise of such rights would impair or threaten to impair any recovery under
        the related private mortgage guaranty policy, if any. If Seller reasonably
        believes it is unable under applicable law to enforce such "due-on-sale"
        clause,
        Seller may enter into an assumption and modifica-tion agree-ment with the
        person
        to whom such property has been con-veyed, pursuant to which such person becomes
        liable under the Mortgage Note and, to the extent permitted by applica-ble
        law,
        the Mort-gagor remains liable thereon. In connection with any such assump-tion,
        the outstanding principal amount, the Monthly Payment and the Mortgage Interest
        Rate of the re-lated Mortgage Note shall not be changed, and the term of
        the
        Mortgage Loan will not be increased or decreased. If an assumption is allowed
        pursuant to this Section 12.01, Seller with the prior consent of the private
        mortgage guaranty insurer, if any, is authorized to enter into a substitution
        of
        liability agreement with Purchaser of the Mortgaged Property pursuant to
        which
        the origi-nal Mortgagor is released from liability and Purchaser of the
        Mortgaged Property is substituted as Mortgagor and becomes liable under the
        Mortgage Note. Any fee collected by Seller for entering into any such assumption
        agreement will be retained by Seller as additional servicing
        compensation.

      

      In
        connection with any such assumption or substitution of liability, the Seller
        shall follow the underwriting practices and procedures of the Seller. 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 Seller 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 Seller 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 Seller for entering into an assumption
        or
        substitution of liability agreement shall belong to the Seller.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Seller 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 Seller may be restricted
        by
        law from preventing, for any reason whatsoever. For purposes of this Section
        12.01, 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
        12.02 Satisfaction
        of Mortgages and Release of Mortgage Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by Seller of a notification
        that payment in full will be escrowed in a manner customary for such purposes,
        Seller or the Subservicer will obtain, in accordance with Section 5.03 hereof,
        the portion of the Mortgage File that is in the possession of the Purchaser,
        prepare and process any required satisfaction or release of the Mortgage
        and
        notify Purchaser as provided in Section 11.02.

      

      In
        the
        event Seller grants a satisfaction or release of a Mort-gage without having
        obtained payment in full of the indebtedness secured by the Mortgage or should
        Seller otherwise prejudice any right Purchaser may have under the mortgage
        instru-ments, Seller, upon written demand of Purchaser, shall remit within
        two
        (2) Business Days to Purchaser the Stated Principal Balance of the related
        Mortgage Loan by deposit thereof in the Custodial Account. Seller shall maintain
        the Fidelity Bond and errors and omissions insurance as provided for in Section
        10.16 insuring Seller against any loss it may sustain with respect to any
        Mortgage Loan not satisfied in accordance with the proce-dures set forth
        herein.

      

      Section
        12.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, Seller shall be entitled to retain
        from
        interest payments on the Mort-gage Loans the Servicing Fee. Additional servicing
        compensation in the form of assumption fees and late payment charges shall
        be
        retained by Seller or any related Subservicer to the extent not required
        to be
        deposited in the Custodial Account. Seller shall be required to pay all expenses
        incurred by it in connection with its servicing activities hereunder and
        shall
        not be entitled to reimbursement therefor except as specifically provided
        for
        herein.

      

      Section
        12.04 Annual
        Statement as to Compliance.

      

      The
        Seller will deliver to the Purchaser not later than 90 days following the
        end of
        each fiscal year of the Seller beginning in March 2004, an Officers' Certificate
        stating, as to each signatory thereof, that (i) a review of the activities
        of
        the Seller during the preceding calendar year and of performance under this
        Agreement has been made under such officers' supervision, and (ii) to the
        best
        of such officers' knowledge, based on such review, the Seller has fulfilled
        all
        of its obligations under this Agreement throughout such year, or, if there
        has
        been a default in the fulfillment of any such obligation, specifying each
        such
        default known to such officers and the nature and status of cure provisions
        thereof. Copies of such statement shall be provided by the Seller to the
        Purchaser upon request.

      

      Section
        12.05 Annual
        Independent Public Accountants' Servicing Report.

      

      Within
        ninety (90) days of Seller's fiscal year end beginning in March 2004, the
        Seller
        at its expense shall cause a firm of independent public accountants which
        is a
        member of the American Institute of Certified Public Accountants to furnish
        a
        statement to the Purchaser to the effect that such firm has examined certain
        documents and records relating to the Seller's servicing of mortgage loans
        of
        the same type as the Mortgage Loans pursuant to servicing agreements
        substantially similar to this Agreement, which agreements may include this
        Agreement, and that, on the basis of such an examination, conducted
        substantially in the uniform single audit program for mortgage bankers, such
        firm is of the opinion that the Seller's servicing has been conducted in
        compliance with the agreements examined pursuant to this Section 12.05, except
        for (i) such exceptions as such firm shall believe to be immaterial, and
        (ii)
        such other exceptions as shall be set forth in such statement. Copies of
        such
        statement shall be provided by the Seller to the Purchaser. In addition,
        on an
        annual basis, Seller shall provided Purchaser with copies of its audited
        financial statements. 

      

      Section
        12.06 Purchaser's
        Right to Examine Seller Records.

      

      Purchaser
        shall have the right, at all reasonable times upon reasonable notice and
        as
        often as reasonably required, to examine and audit any and all of the books,
        records or other information of Seller whether held by Seller or by another
        on
        behalf of Seller, which are relevant to the performance or observance by
        Seller
        of the terms, covenants or condi-tions of this Agreement.

      

      Section
        12.07 Seller
        Shall Provide Access/Information as Reasonably Required.

      

      Seller
        shall provide to Purchaser access to any documentation regarding the Mortgage
        Loans which may be required by applicable regulations (the "Regulations").
        Such
        access shall be afforded without charge, but only upon reasonable request,
        during normal business hours and at the offices of Seller.

      

      In
        addition, Seller shall furnish upon request by Purchaser, during the term
        of
        this Agreement, such periodic, special or other reports or information, whether
        or not provided for herein, as shall be necessary, reasonable and appropriate
        with respect to the purposes of this Agreement and the Regulations. All such
        reports or information shall be provided by and in accordance with all
        reasonable instructions and direc-tions Purchaser may require. Seller agrees
        to
        execute and deliver all such instruments and take all such action as Purchaser,
        from time to time, may reasonably request in order to effectuate the purposes
        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 Seller for
        the
        most recently completed two (2) fiscal years for which such statements are
        available.

      

      

      ARTICLE
        XIII

      

      SELLER

      

      Section
        13.01 Indemnification;
        Third Party Claims.

      

      In
        addition to the indemnification provided in Section 6.03, Seller shall indemnify
        and hold harmless Purchaser against any and all claims, losses, penalties,
        fines, forfeitures, reasonable and necessary legal fees and related costs,
        judgments, and any other costs, fees and expenses that Purchaser may sustain
        in
        any way related to the failure of Seller to perform its duties, obligations,
        covenants and agreements and service the Mortgage Loans in strict compliance
        with the terms of this Agreement. Seller shall immediately notify Purchaser
        if a
        claim is made by a third party with respect to this Agreement or the Mortgage
        Loans, and Seller shall assume (with the consent of Purchaser) the defense
        of
        any such claim and pay all expenses in connection therewith, including counsel
        fees, and promptly pay, discharge and satisfy any judg-ment or decree which
        may
        be entered against Seller or Purchaser in respect of such claim. Seller shall
        provide Purchaser with a written report of all expenses and advances incurred
        by
        Seller pursuant to this Section 13.01 and Purchaser shall promptly reim-burse
        Seller for all amounts advanced by it pur-suant to the preceding sentence
        except
        when the claim in any way relates to Seller's failure to service and administer
        the Mortgage Loans in strict compliance with the terms of this Agreement
        or a
        breach of representation or warranty set forth in this Agreement. Notwithstanding
        anything to the contrary in this Agreement, in the event that Purchaser or
        its
        designee becomes record owner of any Mortgaged Property, Seller shall not
        be
        deemed to have failed to perform its obligations hereunder where it fails
        to act
        in response to any notice delivered to the record holder of the Mortgaged
        Property if (i) statutory notice was not delivered to Seller, (ii) Seller
        had no
        actual knowledge of the situation surrounding such notice and (iii) Seller's
        inaction was due entirely to Seller's lack of receipt of such notice.
The
        provisions of this Section 13.01 shall survive termination of this
        Agreement.

      

      Section
        13.02 Merger
        or Consolidation of Seller.

      

      Seller
        will keep in full effect its existence, rights and franchises as a corporation,
        and will obtain and preserve its qualification to do business as a foreign
        corpora-tion 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 Seller may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which Seller shall
        be
        a party, or any Person succeeding to substantially all of the business of
        Seller
        (whether or not related to loan servic-ing), shall be the successor of Seller
        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 con-trary
        notwithstanding; provided, however, that the successor or surviving Person
        shall
        be an institution (i) 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 (ii) who is a
        Fannie
        Mae or FHLMC approved seller/servicer in good standing.

      

      

      Section
        13.03 Limitation
        on Liability of Seller and Others.

      

      Seller
        and any director, officer, employee or agent of Seller may rely on any document
        of any kind which it in good faith reasonably believes to be genuine and
        to have
        been adopted or signed by the proper authorities respecting any matters arising
        hereunder; provided, however, that this provision shall not protect the Seller
        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. Subject to the
        terms of Section 13.01, Seller shall have no obligation to appear with respect
        to, prosecute or defend any legal action which is not incidental to Seller's
        duty to service the Mortgage Loans in accord-ance with this Agreement; provided,
        however, that the Seller 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 Seller shall be entitled to be reimbursed therefor from
        the
        Purchaser upon written demand.

      .

      Section
        13.04 Seller
        Not to Resign.

      

      Seller
        shall not assign this Agreement nor resign from the obligations and duties
        hereby imposed on it except by mutual consent of Seller and Purchaser or
        upon
        the determination that Seller's duties hereunder are no longer permissible
        under
        applicable law and such incapacity cannot be cured by Seller. Notwithstanding
        the foregoing, Seller shall have the right to assign its rights under this
        Agreement to Citigroup, Inc. or any subsidiary of Citigroup, Inc.

      

      Section
        13.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Seller to service the Mortgage Loans hereunder,
        the Seller acknowledges that the Purchaser has acted in reliance upon the
        Seller'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 Seller 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.
        Notwithstanding the foregoing, Purchaser acknowledges and agrees that Seller
        may
        assign any compensation arising from servicing under this Agreement to an
        affiliate of Seller.

      

      Without
        in any way limiting the generality of this Section 13.05, in the event that
        the
        Seller 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 Seller (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

      

       

      In
        the
        event there is a termination of servicing pursuant to this Agreement, Seller
        shall cause its affiliate to whom Seller transferred the servicing compensation
        hereunder to transfer all the right, title and interest in the servicing
        compensation to EMC Mortgage Corporation ("EMC") or its designee, and Seller
        shall indemnify EMC for any and all losses for its failure to assign such
        right,
        title and interest to the servicing compensation as required
        herein.

       

       

      
 

      ARTICLE
        XIV

      

      DEFAULT

      

      Section
        14.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by Seller shall occur and
        be
        continuing, that is to say:

      

      
        	 	
                (a)

              	
                any
                  failure by Seller to remit to 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, requir-ing the same to be remedied, shall have been given
                  to
                  Seller by Purchaser; or

              

      

      

      
        	 	
                (b)

              	
                failure
                  by Seller to duly observe or perform, in any material respect,
                  any other
                  covenants, obligations or agreements of Seller as set forth in
                  this
                  Agreement which failure continues unremedied for a period of sixty
                  (60)
                  days after the date on which written notice of such failure, requiring
                  the
                  same to be remedied, shall have been given to Seller by Purchaser;
                  or

              

      

      

      
        	 	
                (c)

              	
                a
                  decree or order of a court or agency or super-visory authority
                  having
                  jurisdiction for the appointment of a conservator or receiver or
                  liquidator in any insolvency, bankruptcy, read-justment 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
                  Seller and such decree or order shall have remained in force, undischarged
                  or unstayed for a period of sixty (60) days;
                  or

              

      

      

      
        	 	
                (d)

              	
                Seller
                  shall consent to the appointment of a conservator or receiver or
                  liquidator in any insolvency, bankruptcy, read-just-ment of debt,
                  marshalling of assets and liabilities or similar proceedings of
                  or
                  relating to Seller or relating to all or substantially all of Seller's
                  property; or

              

      

      

      
        	 	
                (e)

              	
                Seller
                  shall admit in writing its inability to pay its debts as they become
                  due,
                  file a petition to take advantage of any applicable insolvency
                  or
                  reorganization statute, make an assignment for the benefit of its
                  creditors, or voluntar-ily suspend payment of its obligations;
                  or

              

      

      

      
        	 	
                (f)

              	
                Seller
                  attempts to assign this Agreement except in compliance with the
                  terms of
                  this Agreement; or

              

      

      

      (h) the
        Seller 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 Seller's ability to
        perform its obligations hereunder; or

      

      (i) the
        Seller fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 13.02; or 

      

      
        	(j)  	
                the
                  Seller ceases to be approved by either Fannie Mae or FHLMC as a
                  mortgage
                  loan seller or servicer for more than thirty days;
                  or

              

      

      

      (k) the
        Seller 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.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, Purchaser, by notice in writing to Seller (except in the case of
        an
        Event of Default under clauses (c), (d) or (e) above, in which case,
        automatically and without notice), may, in addition to whatever rights Purchaser
        may have at law or equity to damages, including injunctive relief and specific
        performance, terminate all the rights and obligations of Seller under this
        Agreement and in and to the Mortgage Loans and the proceeds thereof. On and
        after the receipt by Seller of such written notice (or, in the case of an
        Event
        of Default under clauses (c), (d) or (e) above, in which case, automatically
        and
        without notice) all authority and power of Seller 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 16.01. Upon written request from
        Purchaser, Seller shall prepare, execute and deliver to a successor any and
        all
        documents and other instru-ments, place in such successor's possession all
        Mortgage Files and do or cause to be done all other acts or things neces-sary
        or
        appropriate to effect the purposes of such notice of termination, including,
        but
        not limited to, the trans-fer and endorsement or assignment of the Mortgage
        Loans and related documents to the successor at Seller's sole expense. Seller
        agrees to cooperate with Purchaser and such successor in effecting the
        termination of Seller's responsi-bil-ities and rights hereunder, including,
        without limita-tion, the transfer to such successor for administration by
        it of
        all amounts which shall at the time be credited by Seller to the Custodial
        Account or Escrow Account or thereafter received with respect to the Mortgage
        Loans or any REO Property.

      

      Section
        14.02 Waiver
        of Defaults.

      

      Purchaser
        may waive only by written notice any default by Seller 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 thereto except to the extent expressly so waived
        in
        writing.

       

      
 

      

      ARTICLE
        XV

      

      TERMINATION

      

      Section
        15.01 Termination.

      

      This
        Agreement shall terminate upon either: (a) the later of the distribution
        to
        Purchaser of final payment or liquidation with respect to the last Mortgage
        Loan
        (or advances of same by Seller), or the disposition of all property acquired
        upon foreclosure or deed in lieu of foreclosure with respect to the last
        Mortgage Loan and the remittance of all funds due hereunder; (b) mutual consent
        of Seller and Purchaser in writing; or (c) the repurchase by Seller of all
        Mortgage Loans (and all REO Property which has not been sold at a price equal
        to
        100% of the outstanding principal balance of each Mortgage Loan on the day
        of
        repurchase) plus accrued interest thereon at a rate equal to the Mortgage
        Loan
        Remittance Rate to the date of repurchase plus the appraised value of any
        such
        REO Property, such appraisal to be conducted by an appraiser mutually agreed
        upon by Seller and Purchaser.

       

      
 

      

      ARTICLE
        XVI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        16.01 Successor
        to Seller.

      

      Prior
        to
        termination of Seller's responsibilities and duties under this Agreement
        pursuant to Sections 13.04, 14.01 or 15.01(b), Purchaser shall (a) succeed
        to
        and assume all of Seller's responsibilities, rights, duties and obligations
        under this Agreement or (b) appoint a successor which shall succeed to all
        rights and assume all of the responsi-bilities, duties and liabilities of
        Seller
        under this Agreement prior to the termination of Seller's responsibilities,
        duties and liabilities under this Agreement. In connection with such appointment
        and assumption, 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 compen-sation shall be in excess of
        that
        permitted Seller under this Agreement without the consent of Purchaser. In
        the
        event that Seller's duties, responsibili-ties and liabilities under this
        Agreement shall be terminated pursuant to the afore-mentioned Sections, Seller
        shall discharge such duties and responsibilities during the period from the
        date
        it acquires knowledge of such termin-ation 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
        preju-dice the rights or financial condition of its successor. The resignation
        or removal of Seller 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 Seller of the representations and warranties made
        pursuant to Sections 6.01 and 6.02 and the remedies available to Purchaser
        under
        Section 6.03, it being understood and agreed that the provisions of such
        Sections 6.01, 6.02 and 6.03 shall be applicable to Seller notwithstanding
        any
        such resignation or termination of Seller, or the termination of this
        Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        Seller and to Purchaser an instrument accepting such appointment, whereupon
        such
        successor shall become fully vested with all the rights, powers, duties,
        responsibilities, obligations and liabilities of Seller, with like effect
        as if
        originally named as a party to this Agreement. Any termination or resignation
        of
        Seller or this Agreement pursuant to Section 13.04, 14.01 or 15.01 shall
        not
        affect any claims that Purchaser may have against Seller arising prior to
        any
        such termination or resignation.

      

      Seller
        shall promptly deliver to the successor the funds in the Custodial Account
        and
        Escrow Account and all Mortgage Files and related documents and statements
        held
        by it hereunder and Seller 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, respon-sibilities, obligations and liabilities of Seller.

      

      Upon
        a
        successor's acceptance of appointment as such, Seller shall notify by mail
        Purchaser of such appointment.

      

      Section
        16.02 Amendment.

      

      This
        Agreement may be amended from time to time by Seller and Purchaser by written
        agreement signed by Seller and Purchaser; provided that if any of the rights,
        duties or obligations of Seller as such would be affected by such amendatory
        agreement, such agreement must also be consented to by Seller.

      

      Section
        16.03 Recordation
        of Agreement.

      

      To
        the
        extent permitted by applicable law, this Agree-ment 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 Seller at Purchaser's expense
        upon direction of Purchaser, but only when such direction is accompanied
        by an
        Opinion of Counsel to the effect that such recordation mate-rially and
        beneficially affects the interests of Purchaser or is necessary for the
        administration or servicing of the Mortgage Loans. 

      

      Section
        16.04 Duration
        of Agreement.

      

      This
        Agreement shall continue in existence and effect until terminated as herein
        provided.

      

      Section
        16.05 Governing
        Law.

      

      This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, except to the extent preempted by Federal law, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      Section
        16.06 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, to (a) in the case of Seller, CitiMortgage,
        Inc. 12855 North Outer Forty Drive, MS 74, Saint Louis, Missouri 63141,
        Attention: Capital Markets, with a copy to CitiMortgage, Inc., 15851 Clayton
        Road, MS 313, Ballwin, Missouri 63011, Attention: Investor Reporting Department,
        or such other address as may hereafter be furnished to Purchaser in writing
        by
        Seller and (b) in the case of Purchaser, EMC Mortgage Corporation, Mac Arthur
        Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038, Attention:
        Ms.
        Ralene Ruyle; 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 Seller in writing by
        Purchaser.

      

      Section
        16.07 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.
        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
        inability.

      

      Section
        16.08 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 Seller shall
        be
        rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        16.09 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 Section 13.04, this Agreement shall inure
        to
        the benefit of and be binding upon Seller, Seller and Purchaser and their
        respective successors and assigns.

       

      Section
        16.10 Further
        Assurances.

      

      Seller
        understands that Purchaser may resell the Mortgage Loans as whole loans or
        as
        part of a securitization in which a third party may act as master servicer.
        In
        the event that as part of such sale or securitization, additional information
        regarding the Mortgage Loans or modification of the reporting requirements
        may
        be requested, Seller agrees to review such requests by Purchaser’s transferee or
        master servicer only if, in Seller’s judgment, fulfilling such requests would
        require no material modifications to Seller’s servicing processes or systems and
        any and all costs to provide such reports and information shall be borne
        by
        Purchaser.

      

      Section
        16.11 Cooperation
        of Seller with a Reconstitution.

      

      The
        Seller and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, upon fifteen (15)
        days
        notice (provided Purchaser shall use its best efforts to provide thirty (30)
        days notice) to Seller (which notice shall include a copy of the proposed
        Reconstitution Agreement), 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 (subject to the limitation on the number
        of
        Purchasers in Section 5.04 hereof):

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Seller agrees to execute in connection with any agreements among the Purchaser,
        the Seller, and any servicer in connection with a Whole Loan Transfer, a
        Reconstitution Agreement. It is understood that any such Reconstitution
        Agreement will not contain any greater or different obligations on the part
        of
        Seller than are contained in this Agreement.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Seller agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"). In that
        connection, the Seller shall provide to such Purchaser any and all information
        (including servicing portfolio information) and appropriate verification
        of
        information (including servicing portfolio information) which may be reasonably
        available to the Seller, whether through letters of its auditors or otherwise,
        as the Purchaser or any such other participant shall request upon reasonable
        demand. In connection with each Pass-Through Transfer, the Seller agrees
        to
        provide reasonable and customary indemnification to the Purchaser and its
        affiliates for disclosure information provided by Purchaser contained in
        any
        offering document relating to the Seller or its affiliates, the Mortgage
        Loans
        and the underwriting standards of the Mortgage Loans. The Purchaser shall
        be
        responsible for the costs relating to the delivery of such information.

       

      The
        Seller further agrees that in the event any Mortgage Loan is transferred
        to
        Fannie Mae, the Seller shall service such Mortgage Loans in accordance with
        the
        Fannie Mae Guide, and that there shall be no cap on compensating interest
        payments with respect to such Mortgage Loans. The Seller agrees that with
        respect to such Mortgage Loans, Seller shall also provide a monthly data
        file
        tape with such information as required by Fannie Mae, as
        applicable.

      

      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
        with respect thereto this Agreement shall remain in full force and
        effect.

      

      Section
        16.12 Reporting
        with Respect to a Reconstitution.

      

      The
        Seller agrees that with respect to any Mortgage Loan sold or transferred
        pursuant to a Reconstitution as described in Section 16.11 of this Agreement
        (a
“Reconstituted Mortgage Loan”), the Seller, at its expense, shall provide the
        Purchaser with the information set forth in Exhibit K attached hereto for
        each
        Reconstituted Mortgage Loan in such electronic format as may be mutually
        agreed
        upon by both Purchaser and Seller. 

      

      Section
        16.13 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      Notwithstanding
        other provisions of this Section 16.14 or any other express or implied
        agreement, arrangement, or understanding to the contrary, the Seller and
        Purchaser (the “Parties”) agree that the Parties (and their employees,
        representatives and other agents) may disclose to any and all persons, without
        limitation of any kind from the commencement of discussions, the purported
        or
        claimed U.S. federal income tax treatment of the purchase of the Mortgage
        Loans
        and related transactions covered by this letter agreement (“tax treatment”) and
        any fact that may be relevant to understanding the tax treatment (“tax
        structure”) and all materials of any kind (including opinions or other tax
        analyses) that are provided to the Parties relating to such tax treatment
        and
        tax structure, except where confidentiality is reasonably necessary to comply
        with securities laws.

      

      Section
        16.14 No
        Solicitation.

      

      Seller
        hereby agrees that it will not, and its affiliates will not, during the
        remaining term of any of the individual Mortgage Loans, take any action or
        cause
        any action to be taken by any of its agents or affiliates, or independent
        contractors working on its behalf, to target solicit the prepayment of said
        Mortgage Loans by the mortgagors, without the prior written consent and approval
        of the Purchaser; provided that, the foregoing shall not preclude the Seller
        from engaging in solicitations in monthly statements or other regular
        communications to borrowers in Seller’s servicing portfolio which are not
        directed toward the borrowers of the Mortgage Loans. Promotions undertaken
        by
        the Seller or any affiliate of the Seller which are directed solely to the
        general public at large, including, without limitation, mass mailing based
        on
        commercially acquired mailing lists, newspapers, radio and television
        advertisements shall not constitute solicitation. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, Seller and 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.

      

      

      

      CITIMORTGAGE,
        INC.

      

      By:
        _______________________________

      Name:
        Jerome A. Cipponeri

      Title:
        Senior Vice President

      

      

      

      

      

      EMC
        MORTGAGE CORPORATION

      

      By:
        _______________________________

      Name:
        _____________________________

      Title:
        ______________________________

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

      CONTENTS
        OF MORTGAGE FILES

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, all of which shall be available for inspection by
        Purchaser:

      

      1.           
        Mortgage
        Loan Documents.

      

      
        	
                2.

              	
                Copy
                  of survey of the Mortgaged Property (if the title insurance policy
                  contains a survey exception).

              

      

      

      
        	
                3.

              	
                Copy
                  of each instrument necessary to complete identifi-cation of any
                  exception
                  set forth in the exception schedule in the title policy, e.g.,
                  map or
                  plat, restrictions, easements, sewer agreements, home asso-ciation
                  declarations, etc.

              

      

      

      
        	
                4.

              	
                Mortgage
                  Loan closing statement (Form HUD-1) and any other truth-in-lending
                  or real
                  estate settlement procedure forms required by
                  law.

              

      

      

      
        	
                5.

              	
                Residential
                  loan application.

              

      

      

      
        	
                6.

              	
                Verification
                  of acceptable evidence of source and amount of downpayment, if
                  applicable.

              

      

      

      
        	
                7.

              	
                Verification
                  of employment and income except for Mortgage Loans originated under
                  a
                  limited documentation program, all in accordance with Seller's
                  underwriting guidelines.

              

      

      

      
        	
                8.

              	
                Credit
                  report on the Mortgagor.

              

      

      

      
        	
                9.

              	
                Residential
                  appraisal report.

              

      

      

      
        	
                10.

              	
                Photograph
                  of the property.

              

      

      

      
        	
                11.

              	
                Tax
                  receipts, insurance premium receipts, ledger sheets, payment records,
                  insurance claim files and correspondence, correspondence, current
                  and
                  historical computerized data files, underwriting standards used
                  for
                  origination and all other papers and records developed or originated
                  by
                  Seller or others, required to document the Mortgage Loan or to
                  service the
                  Mortgage Loan.

              

      

      

      
        	
                12.

              	
                Original
                  of the related primary mortgage guaranty insurance policy, if any,
                  or a
                  copy thereof.

              

      

      

      
        	
                13.

              	
                Uniform
                  underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
                  equivalent.

              

      

      

      14.         
        Business
        credit report, if applicable.

      

      15.         
        The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      16.         
        Sales
        contract, if applicable.

      

      
        	
                17.

              	
                If
                  available, termite report, structural engineer’s report, water portability
                  and septic certification.

              

      

      

      
        	
                18.

              	
                Any
                  original security agreement, chattel mortgage or equivalent executed
                  in
                  connection with the Mortgage.

              

      

      

      19.          Name
        affidavit, if applicable.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT CERTIFICATION

      

      

                              ________
        __,
        2003

      

      

      

      Citibank
        ____________ hereby certifies that it has established the account described
        below as a Custodial Account pursuant to Section 11.09 of Mortgage Loan Purchase
        and Servicing Agreement, dated as of ___________ 1, 2003, Fixed Rate Mortgage
        Loans.

      

      

      
        	
                Title
                  of Account:

              	
                "CitiMortgage,
                  Inc. in trust for Purchaser and various Mortgagors - Fixed Rate
                  Mortgages
                  Loans"

              

      

      

      

      
        	
                Account
                  Number:

              	
                __________________________

              

      

      

      

      Address
        of office or

      branch
        of
        Citibank

      ______________

      at
        which
        Account is

      
        	
                maintained:

              	
                __________________________

              

      

      

      __________________________

      

      

      

      Citibank
        ____________

      

      

      

      By_________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      

      __________
        __, 2003

      

      

      

      To: _____________________________________

      _____________________________________

      _____________________________________

      (the
        "Depository")

      

      As
        "Seller" under Mortgage Loan Purchase and Servicing Agreement, dated as of
        ___________ 1, 2003, Fixed Rate Mortgage Loans (the "Agreement"), we hereby
        authorize and request you to establish an account, as a Custodial Account
        pursuant to Section 10.09 of the Agreement, to be designated as "[Seller],
        in
        trust for Purchaser and various Mortgagors - Fixed Rate Mortgage Loans".
        All
        deposits in the account shall be subject to withdrawal therefrom by order
        signed
        by Seller. This letter is submitted to you in duplicate. Please execute and
        return one original to us.

      

      CitiMortgage,
        Inc.

      

      

      

      By__________________________

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number ___________________, at the office
        of
        the depository indi-cated above, and agrees to honor withdrawals on such
        account
        as provided above.

      

      ___________________________

      (Name
        of
        Depository)

      

      

      

      By_________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

      

      REO
        ACCOUNT CERTIFICATION

      

      

                              (date)

      

      

      

      Citibank
        ______________ hereby certifies that it has established the non-interest
        bearing
        account described below as an REO Account pursuant to Section 10.17 of Mortgage
        Loan Purchase and Servicing Agreement, dated as of ___________ 1, 2003, Fixed
        Rate Mortgage Loans.

      

      

      

      
        	
                Title
                  of Account:

              	
                "CitiMortgage,
                  Inc. in trust for Purchaser - Fixed Rate Mortgage Loans, as tenants
                  in
                  common"

              

      

      

      

      
        	
                Account
                  Number:

              	
                __________________________

              

      

      

      

      Address
        of office or

      branch
        of
        Citibank

      _______________

      at
        which
        Account is

      
        	
                maintained:

              	
                __________________________

              

      

      

      __________________________

      

      

      Citibank
        ________________

      

      

      

      By__________________________

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      REO
        ACCOUNT LETTER AGREEMENT

      

      

                                  (date)

      

      

      

      To:         
        _____________________________________

      _____________________________________

      _____________________________________

      (the
        "Depository")

      

      As
        "Seller" under Mortgage Loan Purchase and Servicing Agreement, dated as of
        ___________ 1, 2003, Fixed Rate Mortgage Loans (the "Agreement"), we hereby
        authorize and request you to establish a non-interest bearing account, as
        an REO
        Account pursuant to Section 10.17 of the Agreement, to be desig-nated as
        "[Seller], in trust for Purchaser - Fixed Rate Mortgage Loans, as tenants
        in
        common." All deposits in the account shall be subject to withdrawal therefrom
        by
        order signed by Seller. This letter is submitted to you in duplicate. Please
        execute and return one original to us.

      

      CitiMortgage,
        Inc.

      

      

      

      By__________________________

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number ___________________, at the office
        of
        the depository indi-cated above, and agrees to honor withdrawals on such
        account
        as provided above.

      

      _____________________________

      (name
        of
        Depository)

      

      

      

      By_________________________

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

      

      MORTGAGE
        LOAN SCHEDULE

      

      

      (1) the
        Seller'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 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 Cut-off
        Date;

      

      (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 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 Cut-off Date, after deduction of payments of principal due
        on or
        before the 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 Closing
        Date
        that any Monthly Payment has been received after the month of its scheduled
        due
        date;

      

      (19) the
        date
        on which the first payment is or was due; 

       

      
        (20) 
          [a
          code indicating whether or not the Mortgage Loan is the subject of a Primary
          Mortgage Insurance Policy and the name of the related insurance
          carrier;]

      

      

      (21)
         a
        code
        indicating whether or not the Mortgage Loan is currently convertible and
        the
        conversion spread; 

      

      (22)
         the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance of the Mortgage Loan.

      

      (23)
         product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

       

      
        (24) 
          credit
          score and/or mortgage score, if applicable;

      

      

      (25) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Lender Primary
        Mortgage Insurance Policy and the name of the related insurance carrier and
        the
        Lender Paid Mortgage Insurance Rate;

      

      (26)  a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        shall
        set forth the following information, as of the 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; and

      

      (4) the
        weighted average maturity of the Mortgage Loans.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      

      This
        is
        an Assignment, Assumption and Recognition Agreement (the “Agreement”) made this
        ______ day of __________, 2003, among  
        (the
        "Assignor"), ________________ (the "Assignee") and CitiMortgage, Inc.
        ("Citicorp").

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the mortgage loans (the “Mortgage Loans”) listed on Attachment 1 annexed
        hereto (the "Mortgage Loan Schedule") now serviced by Citicorp for Assignor
        and
        its successors and assigns pursuant to the Mortgage Loan Purchase and Servicing
        Agreement dated as of _____________, 2003, between Assignor and Citicorp
        (the
“Purchase and Servicing Agreement”) shall be subject to the terms of this
        Agreement. Capitalized terms used herein but not defined shall have the meanings
        ascribed to them in the Purchase and Servicing Agreement.

      

      Assignment
        and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Mortgage Loans and, to the extent of the Mortgage
        Loans, all of its right, title and interest in, to and under the Purchase
        and
        Servicing Agreement.

      

      Warranties

      

      2. Assignor
        warrants and represents to, and covenants with, the Assignee as of the date
        hereof that:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase and Servicing
        Agreement which agreement is in full force and effect as of the date hereof
        and
        the provisions of which have not been waived, amended or modified in any
        respect, nor has any notice of termination been given thereunder;

      

      (b) 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 Purchase and Servicing Agreement to the extent of the Mortgage Loans
        free
        and clear from any and all claims and encumbrances whatsoever and upon the
        transfer of the Mortgage Loans to Assignee as contemplated herein, Assignee
        shall have good title to each and every Mortgage Loan, as well as any and
        all of
        Assignee’s interests, rights and obligations under the Purchase and Servicing
        Agreement to the extent of the Mortgage Loans, free and clear of all liens,
        claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Citicorp with respect
        to the Mortgage Loans or the Purchase and Servicing Agreement;

      

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, the Mortgage Loans;

      

      (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 Mortgage Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this Agreement, and to consummate the transactions set
        forth
        herein. The consummation of the transactions contemplated by this 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 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 Agreement has been duly executed
        and
        delivered by Assignor and, upon the due authorization, execution and delivery
        by
        Assignee, 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;
        and

      

      (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 Agreement, or the consummation by it of the transactions contemplated
        hereby.

      

      3. Assignee
        warrants and represents to, and covenants with, Assignor and Citicorp that
        as of
        the date hereof:

      

      (a) The
        Assignee is a corporation duly organized, validly existing and in good standing
        under the laws of the jurisdiction of its incorporation, and has all requisite
        corporate power and authority to acquire, own and purchase the Mortgage
        Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this Agreement, and to consummate the transactions set
        forth
        herein. The consummation of the transactions contemplated by this 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 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 Agreement has been duly executed
        and
        delivered by Assignee and, upon the due authorization, execution and delivery
        by
        Assignor, 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 Agreement, or the consummation by it of the transactions contemplated
        hereby; and 

      

      (d) Assignee
        agrees to be bound, as “Purchaser” (as such term is defined under the Purchase
        and Servicing Agreement), by all of the terms, covenants and conditions of
        the
        Purchase and Servicing Agreement and the Mortgage Loans, and from and after
        the
        date hereof, the Assignee assumes for the benefit of each of Assignor and
        Citicorp all of Assignor's obligations as Purchaser thereunder.

      

      Recognition
        of Assignee

      

      4. From
        and
        after the date hereof, Citicorp shall recognize Assignee as owner of the
        Mortgage Loans and will service the Mortgage Loans in accordance with the
        Purchase and Servicing Agreement, as if Assignee and Citicorp had entered
        into a
        separate purchase and servicing agreement for the servicing of the Mortgage
        Loans in the form of the Purchase and Servicing Agreement, the terms of which
        are incorporated herein by reference. It is the intention of Assignor, Citicorp
        and Assignee that this Agreement will constitute a separate and distinct
        servicing agreement, and the entire agreement, between Citicorp and Assignee
        to
        the extent of the Mortgage Loans and shall be binding upon and for the benefit
        of the respective successors and assigns of the parties hereto.

      

      5. The
        Mortgage Loans shall be serviced by Citicorp for Assignee in accordance with
        all
        applicable state, federal and local laws as well as in conformity with the
        provisions of the applicable Mortgages and Mortgage Notes, and pursuant to
        the
        terms and conditions of this Agreement.

      

      Miscellaneous

      

      6. All
        demands, notices and communications related to the Mortgage Loans, the Purchase
        and Servicing Agreement and this 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 Seller,

      

      CitiMortgage,
        Inc.

      12855
        North Outer Forty Drive, MS 74,

      Saint
        Louis, Missouri 63141

      Attention:
        Capital Markets

      

      with
        a
        copy to

      

      CitiMortgage,
        Inc.

      15851
        Clayton Road, MS 313

      Ballwin,
        Missouri 63011

      Attention:
        Investor Reporting Department

      

      (b)          
        In
        the
        case of Assignee

      

      ____________________________

      ____________________________

      ____________________________

      Attention:
        ___________________

      

      (c)          
        In
        the
        case of Assignor,

      

      ____________________________

      ____________________________

      ____________________________

      Attention:
        ___________________

      

      7. This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, except to the extent preempted by Federal law, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      8. No
        term
        or provision of this Agreement may be waived or modified unless such waiver
        or
        modification is in writing and signed by the party against whom such waiver
        or
        modification is sought to be enforced.

      

      9. This
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which the Assignor, Assignee or Citicorp
        may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed the Assignor, Assignee or Citicorp, respectively,
        hereunder.

      

      10. This
        Agreement shall survive the conveyance of the Mortgage Loans, the assignment
        of
        the Purchase and Servicing Agreement to the extent of the Mortgage Loans
        by the
        Assignor to the Assignee and the termination of the Purchase and Servicing
        Agreement.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      11. 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.

      

      Modification
        of Purchase Agreement

       

      
        	12.  	
                The
                  Company and Assignor hereby amend the Purchase Agreement as
                  follows:

              

      

      

      (a)  Annual
        Statement as to Compliance.

      

      The
        Company will use its best efforts to deliver to the Master Servicer on or
        before
        March 15 of each year, beginning with March 15, 2004, an Officers' Certificate
        stating that (i) a review of the activities of the Company during the preceding
        calendar year and of performance under this Agreement has been made under
        such
        officers' supervision, (ii) the Company has fully complied with the provisions
        of this Agreement and (iii) to the best of such officers' knowledge, based
        on
        such review, the Company has fulfilled all of its obligations under this
        Agreement throughout such year, or, if there has been a default in the
        fulfillment of any such obligation, specifying each such default known to
        such
        officer and the nature and status thereof.

      

      (b) 
        Annual
        Certification. 

      

      The
        Company will use its best efforts to deliver to the Master Servicer, on or
        before March 15 of each year beginning March 15, 2004 a certification in
        the
        form attached hereto as Exhibit A with respect to the servicing reports
        delivered by the Company pursuant to this Agreement, the Company’s compliance
        with the servicing obligations set forth in this Agreement and any other
        information within the control of the Company. Such certification shall be
        signed by the senior officer in charge of servicing of the Company. In addition,
        the Company shall provide such other information with respect to the Mortgage
        Loans and the servicing and administration thereof within the control of
        the
        Company which shall be required to enable the Master Servicer, Trustee or
        Depositor, as applicable, to comply with the reporting requirements of the
        Securities and Exchange Act of 1934, as amended.

      

      (c) Event
        of
        Default.

      

      Failure
        by the Servicer to duly perform, within the required time period, its
        obligations under Subsections (a) and (b) of this Section 12 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 Servicing Agreement or by
        any
        master servicer responsible for master servicing the Mortgage Loans pursuant
        to
        a securitization of such Mortgage Loans.

      

      (d) Third
        Party Beneficiary.

      

      The
        Master Servicer shall be considered a third party beneficiary to this Agreement
        entitled to all the rights and benefits accruing to the Master Servicer herein
        as if it were a direct party to this Agreement.

      

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement the day
        and
        year first above written.

      

      

      ASSIGNOR

      

      By:
        ___________________________

      Name:
        _________________________

      Title:
        __________________________

      

      

      

       

      ASSIGNEE

      

      By:
        ___________________________

      Name:
        _________________________

      Title:
        __________________________

      

      

      

       

      CITIMORTGAGE,
        INC.

      

      By:
        ___________________________

      Name:
        _________________________

      Title:
        __________________________

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        1

      

      MORTGAGE
        LOAN SCHEDULE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        2

      

      MORTGAGE
        LOAN PURCHASE AND SERVICING AGREEMENT

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

      FORM
        OF
        COMPANY CERTIFICATION

      

      A.  For
        so
        long as the Mortgage Loans are being serviced by Seller as part of a
        securitization transaction and a certificate with respect to such servicing
        is
        required to be furnished by Purchaser or an agent of the Purchaser under
        the
        Sarbanes-Oxley Act of 2002, as amended, and any rules and regulations
        promulgated thereunder (“Sarbanes-Oxley Act”), an officer of Seller (herein,
        also, “Servicer”), on or before March 31, 2004 and, using its best efforts,
        March 15th of each year thereafter (or if not a Business Day, the immediately
        preceding Business Day), shall execute and deliver an officer’s certification in
        compliance with the Sarbanes-Oxley Act to the related master servicer certifying
        as to the following matters:

       

      

      
        	(i)  	
                I
                  have reviewed the annual statement of compliance (“Annual Statement of
                  Compliance”) prepared by Servicer, and the annual independent public
                  accountant’s servicing report made in accordance with the Uniform
                  Single Attestation Program for Mortgage Bankers
                  (“Annual Independent Public Accountant’s Servicing Report”), which have
                  been furnished to Master Servicer pursuant to this Agreement and
                  any
                  subsequent servicing agreement related thereto or the Mortgage
                  Loans
                  (collectively, “Servicing
                  Agreement”);

              

      

       

      
        	(ii)  	
                Based
                  on my knowledge, the information in the Annual Statement of Compliance,
                  the Annual Independent Public Accountant’s Servicing Report, and all final
                  servicing reports prepared by Servicer and delivered to Master
                  Servicer
                  pursuant to the Servicing Agreement relating to the servicing of
                  the
                  Mortgage Loans, taken as a whole, does not contain any untrue statement
                  of
                  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
                  statements or reports; 

              

      

       

      
        	(iii)  	
                Based
                  on my knowledge, the servicing information required to be provided
                  to the
                  Master Servicer by the Servicer under the Servicing Agreement has
                  been
                  provided to Master Servicer;

              

      

       

      
        	(iv)  	
                I
                  am responsible for reviewing the activities performed by the Servicer
                  under the Servicing Agreement and, to the best of my knowledge
                  and based
                  upon the review required by the Servicing Agreement, and except
                  as
                  disclosed in the Annual Statement of Compliance and the Annual
                  Independent
                  Public Accountant’s Servicing Report submitted to the Master Servicer, the
                  Servicer has, as of the last day of the period covered by the Annual
                  Statement of Compliance fulfilled its obligations under the Servicing
                  Agreement; and

              

      

       

      
        	(v)  	
                I
                  have disclosed to the Master Servicer 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 Servicing
                  Agreement.

              

      

       

      

      B. The
        Servicer shall indemnify and hold harmless the Master Servicer from and against
        any losses, damages, penalties, fines, forfeitures, reasonable legal fees
        and
        related costs, judgments and other costs and expenses arising out of or based
        upon a breach by the Servicer or any of its officers, directors, agents or
        affiliates of its obligations hereunder. 

       

      

      

      

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        AAR
        Agreement.

      

      Date:___________________

      

      _______________________

      [Signature]

      [Title]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      MORTGAGE
        LOAN DOCUMENTS

      

      
        	
                1.

              	
                The
                  original Mortgage Note endorsed, "Pay to the order of  ,
                  without recourse" and signed in the name of Seller by an authorized
                  officer. In the event that the Mortgage Loan was acquired by Seller
                  in a
                  merger, the endorsement must be by "[Seller], successor by merger
                  to [name
                  of predecessor]"; and in the event that the Mortgage Loan was acquired
                  or
                  originated by Seller while doing business under another name, the
                  endorsement must be by "[Seller], formerly known as [previous
                  name]".

              

      

      

      
        	
                2.

              	
                The
                  original Mortgage, or a copy of the Mortgage with evidence of recording
                  thereon certified by the appropriate recording office to be a true
                  copy of
                  the recorded Mortgage, or, if the original Mortgage has not yet
                  been
                  returned from the recording office, a copy of the original Mortgage
                  together with a certificate of either the closing attorney, an
                  officer of
                  the title insurer which issued the related title insurance policy
                  or an
                  officer of Seller, certifying that the copy is a true copy of the
                  original
                  of the Mortgage which has been delivered by such officer or attorney
                  for
                  recording in the appropriate recording office of the jurisdiction
                  in which
                  the Mortgaged Property is located.

              

      

      

      
        	
                3.

              	
                The
                  original Assignment of Mortgage from Seller, prepared in blank,
                  which
                  assignment shall be in form and substance acceptable for recording.
                  In the
                  event that the Mortgage Loan was acquired by Seller in a merger,
                  the
                  assignment must be by "[Seller], successor by merger to [name of
                  predecessor]"; and in the event that the Mortgage Loan was acquired
                  or
                  originated by Seller while doing business under another name, the
                  assignment must be by "[Seller], formerly known as [previous
                  name]”.

              

      

      

      
        	
                4.

              	
                The
                  original policy of title insurance, or, if the policy has not yet
                  been
                  issued, a written commitment or interim binder issued by the title
                  insurance company, dated and certified as of the date the Mortgage
                  Loan
                  was funded, with a statement by the title insurance company or
                  closing
                  attorney on such binder or commit-ment that the priority of the
                  lien of
                  the related Mortgage during the period between the date of the
                  funding of
                  the related Mortgage Loan and the date of the related title policy
                  (which
                  title policy shall be dated the date of recording of the related
                  Mortgage)
                  is insured.

              

      

      

      
        	
                5.

              	
                Originals,
                  or certified true copies from the appropriate recording office,
                  of any
                  intervening assignments of the Mort-gage with evidence of recording
                  thereon, or, if the original intervening assignment has not yet
                  been
                  returned from the recording office, a certified copy of such
                  assignment.

              

      

      

      
        	
                6.

              	
                Originals
                  or copies of all assumption and modification agree-ments, if
                  any.

              

      

      

      7. Original
        power of attorney, if applicable.

      

      
        	8.  	
                The
                  original or certified copy, of the Primary Mortgage Insurance Policy,
                  if
                  required.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      SELLER’S
        WIRING INSTRUCTIONS

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      

      

                                  ________
        __,
        2003

      

      

      

      Citibank
        ____________ hereby certifies that it has established the account described
        below as an Escrow Account pursuant to Section 11.09 of Mortgage Loan Purchase
        and Servicing Agreement, dated as of ___________ 1, 2003, Fixed Rate Mortgage
        Loans.

      

      

      
        	
                Title
                  of Account:

              	
                "CitiMortgage,
                  Inc. in trust for Purchaser and various Mortgagors - Fixed Rate
                  Mortgages
                  Loans"

              

      

      

      

      
        	
                Account
                  Number:

              	
                __________________________

              

      

      

      

      Address
        of office or

      branch
        of
        Citibank

      ______________

      at
        which
        Account is

      
        	
                maintained:

              	
                __________________________

              

      

      

      __________________________

      

      

      

      Citibank
        ____________

      

      

      

      By_________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

      

      RECONSTITUTED
        MORTGAGE LOAN REPORTING

      

       

      (a) Servicer
        Mortgage Loan Number  

      (b) FNMA
        Mortgage Loan Number (if applicable)

      (c) Lender/Seller
        Mortgage Loan Number (if
        available)

      (d) Scheduled
        Balance (scheduled end of month balance reporting to Master
        Servicer/Trustee)

      (e) Actual
        Balance (actual end of month balance received from Mortgagor)

      (f) Gross
        Rate (current gross rate)

      (g) Net
        Rate
        (current passthrough)

      (h) Last
        Payment Date (LPI_DATE in Fannie's Laser Reporting)

      (p) Fannie's
        Laser Reporting  

       

      (iii)
        Remit Prin (submitted principal amount)

      (iv)
        Remit Int (submitted interest amount)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      R-4

    

    RESERVED

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R-5

    

    HARBOURSIDE
      SERVICING AGREEMENT

     

     

    
 

    

      EMC
        MORTGAGE CORPORATION

      Purchaser,

       

       

       

      SAVANNAH
        BANK, NA dba HARBOURSIDE MORTGAGE CORPORATION

      Company,

       

       

       

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

       

      Dated
        as
        of April 1, 2005

       

       

       

       

      (Fixed
        and Adjustable Rate Mortgage Loans)

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of April 1, 2005 and
        is
        executed between EMC MORTGAGE CORPORATION, as Purchaser, with offices located
        at
        Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038
        (the
“Purchaser”), and Savannah Bank, NA dba Harbourside Mortgage Corporation, with
        offices located at 23-B Shelter Cove Lane, Hilton Head, South Carolina 29928
        (the “Company”). 

       

      W
        I T
        N ES S E T H:

       

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis; 

       

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and 

       

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans; 

       

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as follows:

       

       

      ARTICLE
        I

       

      DEFINITIONS 

       

      
        	Section
                1.01  	
                Defined
                  Terms.

              

      

       

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

       

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

       

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage Note.

       

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto. 

       

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the time of
        origination of the Mortgage Loan by an appraiser who met the requirements
        of the
        Company and Fannie Mae. 

       

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan. 

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto. 

       

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or State of South Carolina, or (iii) a day on which banks in the
        State
        of New York or State of South Carolina are authorized or obligated by law
        or
        executive order to be closed. 

       

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

       

      Code:
        The
        Internal Revenue Code of 1986, or any successor statute thereto. 

       

      Company:
        Savannah Bank NA dba Harbourside 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 “F 1, in trust for the [Purchaser], Owner of
        Adjustable Rate Mortgage Loans” and shall be established in an Eligible Account,
        in the name of the Person that is the “Purchaser” with respect to the related
        Mortgage Loans. 

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser. 

       

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

       

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date. 

       

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace, which is the first day of the month. 

       

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date. 

       

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as a trust account with the corporate trust department
        of
        a depository institution or trust company organized under the laws of the
        United
        States of America or any one of the states thereof or the District of Columbia
        which is not affiliated with the Company (or any sub-servicer) or (iii) with
        an
        entity which is an institution whose deposits are insured by the FDIC, the
        unsecured and uncollateralized long-term debt obligations of which shall
        be
        rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
        or one of the two highest short-term ratings by any applicable Rating Agency,
        and which is either (a) a federal savings association duly organized, validly
        existing and in good standing under the federal banking laws, (b) an institution
        duly organized, validly existing and in good standing under the applicable
        banking laws of any state, (c) a national banking association under the federal
        banking laws, or (d) a principal subsidiary of a bank holding company, or
        (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements. 

       

      Eligible
        Institution:
        [_______________], or an institution having (i) the highest short-term debt
        rating, and one of the two highest long-term debt ratings of each Rating
        Agency;
        or (ii) with respect to any Custodial Account, an unsecured long-term debt
        rating of at least one of the two highest unsecured long-term debt ratings
        of
        each Rating Agency. 

       

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceedsof 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 Mortgagor&’ and shall be
        established in an Eligible Account, in the name of the Person that is the
        “Purchase” with respect to the related Mortgage Loans. 

       

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document. 

       

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01. Fannie Mae:
        The
        Federal National Mortgage Association, or any successor thereto. 

       

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

       

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

       

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto. 

       

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto. 

       

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section 4.12.

       

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

       

      First
        Remittance Date:
        With
        respect to any Mortgage Loan, the Remittance Date occurring in the month
        following the month in which the related Closing Date occurs. 

       

      GAAP:
        Generally accepted accounting principles, consistently applied. 

       

      HUD:
        The
        United States Department of Housing and Urban Development or any successor
        thereto. 

       

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon. 

       

      Initial
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment Date.

       

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property. 

       

      Lender
        Paid Mortgage Insurance Rate:
        The
        Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to the
        percentage shown on the Mortgage Loan Schedule. 

       

      Lender
        Primary Mortgage Insurance Policy:
        Any
        Primary Mortgage Insurance Policy for which premiums are paid by the Company.
        

       

      Lifetime
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate over
        the
        term of such Mortgage Loan. 

       

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
        foreclosure sale or otherwise. 

       

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property as of the Origination Date with respect to a Refinanced Mortgage
        Loan,
        and (ii) the lesser of the Appraised Value of the Mortgaged Property as of
        the
        Origination Date or the purchase price of the Mortgaged Property with respect
        to
        all other Mortgage Loans. 

       

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule. 

       

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03. 

       

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note. 

       

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note. 

       

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement. 

       

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as described in Section
        4.11. 

       

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note. 

       

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans. 

       

      Mortgage
        Loan Documents:
        The
        documents listed in Exhibit
        A.
        

       

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate minus the Lender Paid Mortgage Insurance Rate. 

       

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package: 

       

      (1) the
        Company’s Mortgage Loan identifying number;

       

      (2) the
        Mortgagor’s first and last name; 

       

      (3) the
        street address of the Mortgaged Property including the city, state and zip
        code;

       

      (4) a
        code
        indicating whether the Mortgaged Property is owner-occupied, a second home
        or an
        investor property; 

       

      (5) the
        type
        of residential property constituting the Mortgaged Property; 

       

      (6) the
        original months to maturity of the Mortgage Loan; 

       

      (7) the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule; 

       

      (8) the
        Sales
        Price, if applicable, Appraised Value and Loan-to-Value Ratio, at origination;
        

       

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap; 

       

      (10) the
        Origination Date of the Mortgage Loan; 

       

      (11) the
        stated maturity date; 

       

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

       

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date; 

       

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

       

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

       

      (16) a
        code
        indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
        refinance, equity take-out refinance); 

       

      (17) a
        code
        indicating the documentation style (i.e. full, alternative, etc.); 

       

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date; 

       

      (19) the
        date
        on which the first payment is or was due; 

       

      (20) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Primary Mortgage
        Insurance Policy and the name of the related insurance carrier; 

       

      (21) a
        code
        indicating whether or not the Mortgage Loan is currently convertible and
        the
        conversion spread; 

       

      (22) the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance of the Mortgage Loan. 

       

      (23) product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

       

      (24) credit
        score and/or mortgage score, if applicable; 

       

      (25) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Lender Primary
        Mortgage Insurance Policy and the name of the related insurance carrier and
        the
        Lender Paid Mortgage Insurance Rate; 

       

      (26) a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof; 

       

      (27) the
        Current Appraised Value of the Mortgage Loan and Current LTV, if applicable;
        

       

      (28) whether
        such Mortgage Loan is a “Home Loan”, “Covered Home Loan”, “Manufactured Housing”
or “Home Improvement Loan” as defmed in the New Jersey Home Ownership Security
        Act of 2002; and 

       

      (29) whether
        the Mortgage Loan has a mandatory arbitration clause. 

       

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date: 

       

      (1) the
        number of Mortgage Loans; 

       

      (2) the
        current aggregate outstanding principal balance of the Mortgage Loans;

       

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

       

      (4) the
        weighted average maturity of the Mortgage Loans; and 

       

      (5) the
        weighted average months to next Adjustment Date; 

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage.
        

       

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

       

      Mortgagor:
        The
        obligor on a Mortgage Note. 

       

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

       

      OCC:
        Office
        of the Comptroller of the Currency, or any successor thereto. 

       

      Officers’
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this Agreement.
        

       

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the Purchaser.
        

       

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refmanced Mortgage Loan, be the date of the funding of the debt being refmanced,
        but rather the closing of the debt currently outstanding under the terms
        of the
        Mortgage Loan Documents. 

       

      OTS:
        Office
        of Thrift Supervision, or any successor thereto. 

       

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule. 

       

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities: 

       

      (i)
        direct obligations of, and obligations fully guaranteed by the United States
        of
        America or any agency or instrumentality of the United States of America
        the
        obligations of which are backed by the full faith and credit of the United
        States of America;

       

      (ii)
        (a)
        demand or time deposits, federal funds or bankers’ acceptances issued by any
        depository 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 banicing authorities, provided that the
        commercial paper and/or the short-term deposit rating and/or the long-term
        unsecured debt obligations or deposits of such depository institution or
        trust
        company at the time of such investment or contractual commitment providing
        for
        such investment are rated in one of the two highest rating categories by
        each
        Rating Agency and (b) any other demand or time deposit or certificate of
        deposit
        that is fully insured by the FDIC; 

       

      (iii)
        repurchase obligations with a term not to exceed thirty (30) days and with
        respect to (a) any security described in clause (i) above and entered into
        with
        a depository institution or trust company (acting as principal) described
        in
        clause (ii)(a) above; 

       

      (iv)
        securities bearing interest or sold at a discount issued by any corporation
        incorporated under the laws of the United States of America or any state
        thereof
        that are rated in one of the two highest rating categories by each Rating
        Agency
        at the time of such investment or contractual commitment providing for such
        investment; provided,
        however,
        that
        securities issued by any particular corporation will not be Permitted
        Investments to the extent that investments therein will cause the then
        outstanding principal amount of securities issued by such corporation and
        held
        as Permitted Investments to exceed 10% of the aggregate outstanding principal
        balances of all of the Mortgage Loans and Permitted Investments; 

       

      (v)
        commercial paper (including both non-interest-bearing discount obligations
        and
        interest-bearing obligations payable on demand or on a specified date not
        more
        than one year after the date of issuance thereof) which are rated in one
        of the
        two highest rating categories by each Rating Agency at the time of such
        investment; 

       

      (vi)
        any
        other demand, money market or time deposit, obligation, security or investment
        as may be acceptable to each Rating Agency as evidenced in writing by each
        Rating Agency; and 

       

      (vii)
        any
        money market funds the collateral of which consists of obligations fully
        guaranteed by the United States of America or any agency or instrumentality
        of
        the United States of America the obligations of which are backed by the full
        faith and credit of the United States of America (which may include repurchase
        obligations secured by collateral described in clause (i)) and other securities
        and which money market funds are rated in one of the two highest rating
        categories by each Rating Agency. 

       

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        obligations underlying such instrument or if such security provides for payment
        of both principal and interest with a yield to maturity in excess of 120%
        of the
        yield to maturity at par or if such investment or security is purchased at
        a
        price greater than par. 

       

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

       

      Prepayment
        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(bh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08. 

       

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition). 

       

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02. 

       

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns. 

       

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the related Mortgaged Property or in any loan made on the security
        thereof, and whose compensation is not affected by the approval or disapproval
        of the Mortgage Loan, and such appraiser and the appraisal made by such
        appraiser both satisfy the requirements of Title XI of FIRREA and the
        regulations promulgated thereunder and the requirements of Fannie Mae, all
        as in
        effect on the date the Mortgage Loan was originated. 

       

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the related Mortgaged Property is located, duly authorized and licensed in
        such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

       

      Rating
        Agency:
        Standard & Poor’s, Fitch, Inc. or, in the event that some or all of the
        ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
        the
        nationally recognized rating agencies issuing ratings with respect to such
        securities, if any. 

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage. 

       

      REMIC:
        A “real
        estate mortgage investment conduit,” as such term is defmed in Section 860D of
        the Code. 

       

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time. 

       

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day. 

       

      REO
        Disposition:
        The
        final sale by the Company of any REO Property. 

       

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO Disposition.

       

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13. 

       

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the product of the greater
        of
        100% or the percentage of par as stated in the Confirmation multiplied by
        the
        Stated Principal Balance of such Mortgage Loan on the repurchase date, plus
        (ii)
        interest on such outstanding principal balance at the Mortgage Loan Remittance
        Rate from the last date. through which interest has been paid and distributed
        to
        the Purchaser to the end of the month of repurchase, plus, (iii) third party
        expenses incurred in connection with the transfer of the Mortgage Loan being
        repurchased; less amounts received or advanced in respect of such repurchased
        Mortgage Loan which are being held in the Custodial Account for distribution
        in
        the month of repurchase. 

       

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto. 

       

      Sales
        Price:
        With
        respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
        to
        acquire the related Mortgaged Property, the amount paid by the related Mortgagor
        for such Mortgaged Property. 

       

      Servicing
        Advances:
        All
        customary, reasonable and necessary “out of pocket” costs and expenses
        (including reasonable attorneys’ fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
        provides documentation supporting such expense (which documentation would
        be
        acceptable to Fannie Mae), and provided further that any such enforcement,
        administrative or judicial proceeding does not arise out of a breach of any
        representation, warranty or covenant of the Company hereunder), (c) the
        management and liquidation of the Mortgaged Property if the Mortgaged Property
        is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08. 

       

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one- twelfth of the product of (a) the Servicing Fee Rate and (b) the
        outstanding principal balance of such Mortgage Loan. Such fee shall be payable
        monthly, computed on the basis of the same principal amount and period
        respecting which any related interest payment on a Mortgage Loan is computed.
        The obligation of the Purchaser to pay the Servicing Fee is limited to, and
        the
        Servicing Fee is payable solely from, the interest portion of such Monthly
        Payment collected by the Company, or as otherwise provided under Section
        4.05
        and in accordance with the Fannie Mae Guide(s). Any fee payable to the Company
        for administrative services related to any REO Property as described in Section
        4.13 shall be payable from Liquidation Proceeds of the related REO Property.
        

       

      Servicing
        Fee Rate:
        As set
        forth in the Term Sheet. 

       

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04. 

       

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended. 

       

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof. 

       

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01. 

       

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans; 

       

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans. 

       

       

       

      ARTICLE
        II

       

      PURCHASE
        OF MORTGAGE LOANS: SERVICING OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND
        RECORDS; CUSTODIAL AGREEMENT;

      DEL
        WERY
        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 äwnership of each Mortgage Loan, including
        the Mortgage Note, the Mortgage, the contents of the related Mortgage File
        and
        all rights, benefits, proceeds and obligations arising therefrom or in
        connection therewith, has been vested in the Purchaser. All rights arising
        out
        of the Mortgage Loans including, but not limited to, all funds received on
        or in
        connection with the Mortgage Loans and all records or documents with respect
        to
        the Mortgage Loans prepared by or which come into the possession of the Company
        shall be received and held by the Company in trust for the benefit of the
        Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage
        Files
        retained by the Company shall be appropriately identified in the Company’s
        computer system to clearly reflect the ownership of the Mortgage Loans by
        the
        Purchaser. The Company shall release its custody of the contents of the Mortgage
        Files only in accordance with written instructions of the Purchaser, except
        when
        such release is required as incidental to the Company’s servicing of the
        Mortgage Loans or is in connection with a repurchase of any Mortgage Loan
        or
        Loans with respect thereto pursuant to this Agreement and the related Term
        Sheet, such written instructions shall not be required. 

       

      
        	Section
                2.05  	
                Books
                  and Records.

              

      

       

      The
        sale
        of each Mortgage Loan shall be reflected on the Company’s balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company’s computer system to clearly reflect the ownership of the Mortgage Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche. 

       

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations. 

       

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the OTS,
        the
        FDIC and other similar entities, access, during normal business hours, upon
        reasonable advance notice to Company and without cost to Company or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator. 

       

      
        	Section
                2.06  	
                Transfer
                  of Mortgage Loans.

              

      

       

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit D hereto executed by the transferee
        shall
        have been delivered to the Company. The Purchaser also shall advise the Company
        of the transfer. Upon receipt of notice of the transfer, the Company shall
        mark
        its books and records to reflect the ownership of the Mortgage Loans of such
        assignee, and the previous Purchaser shall be released from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred. 

       

      
        	Section
                2.07  	
                Delivery
                  of Mortgage Loan Documents.

              

      

       

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to
        the
        Purchaser or its designee no later than three (3) Business Days prior to
        the
        related Closing Date pursuant to a bailee letter agreement. All other documents
        in Exhibit A hereto, together with all other documents executed in connection
        with the Mortgage Loan that Company may have in its possession, shall be
        retained by the Company in trust for the Purchaser. If the Company cannot
        deliver the original recorded Mortgage Loan Documents or the original policy
        of
        title insurance, including riders and endorsements thereto, on the related
        Closing Date, the Company shall, promptly upon receipt thereof and in any
        case
        not later than 120 days from the related Closing Date, deliver such original
        documents, including original recorded documents, to the Purchaser or its
        designee (unless the Company is delayed in making such delivery by reason
        of the
        fact that such documents shall not have been returned by the appropriate
        recording office). If delivery is not completed within 120 days solely due
        to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, Company shall
        deliver such document to Purchaser, or its designee, within such time period
        as
        specified in a Company’s Officer’s Certificate. In the event that documents have
        not been received by the date specified in the Company’s Officer’s Certificate,
        a subsequent Company’s Officer’s Certificate shall be delivered by such date
        specified in the prior Company’s Officer’s Certificate, stating a revised date
        for receipt of documentation. The procedure shall be repeated until the
        documents have been received and delivered. If delivery is not completed
        within
        180 days solely due to delays in making such delivery by reason of the fact
        that
        such documents shall not have been returned by the appropriate recording
        office,
        the Company shall continue to use its best efforts to effect delivery as
        soon as
        possible thereafter, provided that if such documents are not delivered by
        the
        270th day from the date of the related Closing Date, the Company shall
        repurchase the related Mortgage Loans at the Repurchase Price in accordance
        with
        Section 3.03 hereof. 

       

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. Company shall prepare, in recordable
        form, all assignments of mortgage necessary to assign the Mortgage Loans
        to
        Purchaser, or its designee. Company shall be responsible for recording the
        assignments of mortgage. 

       

      Company
        shall provide an original or duplicate original of the title insurance policy
        to
        Purchaser or its designee within ninety (90) days of the receipt of the recorded
        documents (required for issuance of such policy) from the applicable recording
        office. 

       

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company’s obligations hereunder. 

       

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        or the
        certification delivered pursuant to this Section 2.07, or otherwise in writing
        and the Company shall cure or repurchase such Mortgage Loan in accordance
        with
        Section 3.03. 

       

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        one
        week of their execution; provided, however, that the Company shall provide
        the
        Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within one week of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within sixty (60) days of its submission for
        recordation. 

       

      From
        time
        to time the Company may have a need for Mortgage Loan Documents to be released
        from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
        upon the written request of the Company, within ten (10) Business Days, deliver
        to the Company, any requested documentation previously delivered to Purchaser
        as
        part of the Mortgage File, provided that such documentation is promptly returned
        to Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of Purchaser.
        Company shall indemnify Purchaser, and its designee, from and against any
        and
        all losses, claims, damages, penalties, fmes, forfeitures, costs and expenses
        (including court costs and reasonable attorney’s fees) resulting from or related
        to the loss, damage, or misplacement of any documentation delivered to Company
        pursuant to this paragraph. 

       

      
        	Section
                2.08  	
                Quality
                  Control Procedures.

              

      

       

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons. 

       

      
        	Section
                2.09  	
                Near-term
                  Principal Prepayments; Near Term Payment
                  Defaults

              

      

       

      In
        the
        event any Principal Prepayment is made by a Mortgagor on or prior to three
        months after the related Closing Date], the Company shall remit to the Purchaser
        an amount equal to the excess, if any, of the Purchase Price Percentage over
        par
        multiplicd by the amount of such Principal Prepayment. Such remittance shall
        be
        made by the Company to Purchaser no later than the third Business Day following
        receipt of such Principal Prepayment by the Company. 

       

      In
        the
        event either of the first three (3) scheduled Monthly Payments which are
        due
        under any Mortgage Loan after the related Cut-off Date are not made during
        the
        month in which such Monthly Payments are due, then not later than five (5)
        Business Days after notice to the Company by Purchaser (and at Purchaser’s sole
        option), the Company, shall repurchase such Mortgage Loan from the Purchaser
        pursuant to the repurchase provisions contained in this Subsection 3.03.
        

       

      
        	Section
                2.10  	
                Modification
                  of Obligations.

              

      

       

      Purchaser
        may, without any notice to Company, extend, compromise, renew, release, change,
        modify, adjust or alter, by operation of law or otherwise, any of the
        obligations of the Mortgagors or other persons obligated under a Mortgage
        Loan
        without releasing or otherwise affecting the obligations of Company under
        this
        Agreement, or with respect to such Mortgage Loan, except to the extent
        Purchaser’s extension, compromise, release, change, modification, adjustment, or
        alteration affects Company’s ability to collect the Mortgage Loan or realize on
        the security of the Mortgage, but then only to the extent such action has
        such
        effect. 

       

       

       

      ARTICLE
        III

       

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

       

      
        	Section
                3.01  	
                Representations
                  and Warranties of the Company.

              

      

       

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided herein:

       

      (a)  The
        Company is a national association, duly organized, validly existing and in
        good
        standing under the laws of the federal laws of the United States of America
        and
        has all licenses necessary to carry out its business as now being conducted,
        and
        is licensed and qualified to transact business in and is in good standing
        under
        the laws of each state in which any Mortgaged Property is located or is
        otherwise exempt under applicable law from such licensing or qualification
        or is
        otherwise not required under applicable law to effect such licensing or
        qualification and no demand for such licensing or qualification has been
        made
        upon such Company by any such state, and in any event such Company is in
        compliance with the laws of any such state to the extent necessary to ensure
        the
        enforceability of each Mortgage Loan and the servicing of the Mortgage Loans
        in
        accordance with the terms of this Agreement; 

       

      (b)  The
        Company has the full power and authority and legal right to hold, transfer
        and
        convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
        and perform, and to enter into and consummate all transactions contemplated
        by
        this Agreement and the related Term Sheet and to conduct its business as
        presently conducted, has duly authorized the execution, delivery and performance
        of this Agreement and the related Term Sheet and any agreements contemplated
        hereby, has duly executed and delivered this Agreement and the related Term
        Sheet, and any agreements contemplated hereby, and this Agreement and the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, and all requisite
        corporate action has been taken by the Company to make this Agreement and
        the
        related Term Sheet and all agreements contemplated hereby valid and binding
        upon
        the Company in accordance with their terms; 

       

      (c)  Neither
        the execution and delivery of this Agreement and the related Term Sheet,
        nor the
        origination or purchase of the Mortgage Loans by the Company, the sale of
        the
        Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Company’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Company is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Company or its properties are subject, or impair the ability
        of the
        Purchaser to realize on the Mortgage Loans. 

       

      (d)  There
        is
        no litigation, suit, proceeding or investigation pending or, to the best
        of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company. 

       

      (e)  No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the sale of the Mortgage Loans and delivery of the Mortgage Files to the
        Purchaser or the consummation of the transactions contemplated by this Agreement
        or the related Term Sheet, except for consents, approvals, authorizations
        and
        orders which have been obtained;

       

      (f)  The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company and Company,
        and
        the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by the Company pursuant to this Agreement or the related Term Sheet are not
        subject to bulk transfer or any similar statutory provisions in effect in
        any
        applicable jurisdiction; 

       

      (g)  The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each Mortgage Loan has been serviced
        in all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Company, on behalf of an investor, is entitled
        to
        collect, all such payments are in the possession of, or under the control
        of,
        the Company, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage Note;
        

       

      (h)  The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company’s
        portfolio at the related Cut-off Date; 

       

      (i)  The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

       

      (j)  Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and FITJD, 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 0CC, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make Company unable to comply with eligibility requirements
        or which would require notification to either Fannie Mae or FHLMC; 

       

      (k)  The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company’s creditors; 

       

      (l)  No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect; 

       

      (m)  The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

       

      (n)  Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement; and 

       

      (o)  The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans. 

       

      
        	Section
                3.02  	
                Representations
                  and Warranties as to Individual Mortgage
                  Loans.

              

      

       

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        The Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows: 

       

      (a)  The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date; 

       

      (b)  The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors; 

       

      (c)  All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made as of the related Closing Date; the Mortgage Loan has not been dishonored;
        there are no material defaults under the terms of the Mortgage Loan; the
        Company
        has not advanced its own funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the Mortgaged Property
        subject to the Mortgage, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. As of the related Closing Date, all of the
        Mortgage Loans will have an actual interest paid to date of their related
        Cut-off Date(or later) and will be due for the scheduled monthly payment
        next
        succeeding the Cut-off Date (or later), as evidenced by a posting to Company’s
        servicing collection system. No payment under any Mortgage Loan is delinquent
        as
        of the related Closing Date nor has any scheduled payment been delinquent
        at any
        time during the twelve (12) months prior to the month of the related Closing
        Date. For purposes of this paragraph, a Mortgage Loan will be deemed delinquent
        if any payment due thereunder was not paid by the Mortgagor in the month
        such
        payment was due; 

       

      (d)  There
        are
        no defaults by Company in complying with the terms of the Mortgage, and all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable; 

       

      (e)  The
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments which have been recorded
        to the extent any such recordation is required by law, or, necessary to protect
        the interest of the Purchaser. No instrument of waiver, alteration or
        modification has been executed except in connection with a modification
        agreement and which modification agreement is part of the Mortgage File and
        the
        terms of which are reflected in the related Mortgage Loan Schedule, and no
        Mortgagor has been released, in whole or in part, from the terms thereof
        except
        in connection with an assumption agreement and which assumption agreement
        is
        part of the Mortgage File and the terms of which are reflected in the related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy, Lender Primary Mortgage Insurance Policy and title insurance
        policy, to the extent required by the related policies; 

       

      (f)  The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency proceeding;
        

       

      (g)  All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by a Qualified Insurer, against loss by fire, hazards of extended
        coverage and such other hazards as are provided for in the Fannie Mae or
        FHLMC
        Guide, as well as all additional requirements set forth in Section 4.10 of
        this
        Agreement. All such standard hazard policies are in full force and effect
        and
        contain a standard mortgagee clause naming the Company and its successors
        in
        interest and assigns as loss payee and such clause is still in effect and
        all
        premiums due thereon have been paid. If required by the Flood Disaster
        Protection Act of 1973, as amended, the Mortgage Loan is covered by a flood
        insurance policy meeting the requirements of the current guidelines of the
        Federal Insurance Administration which policy conforms to Fannie Mae or FHLMC
        requirements, as well as all additional requirements set forth in Section
        4.10
        of this Agreement. Such policy was issued by a Qualified Insurer. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor’s cost and expense and to seek reimbursement therefor from the
        Mortgagor. Neither the Company (nor any prior originator or servicer of any
        of
        the Mortgage Loans) nor any Mortgagor has engaged in any act or omission
        which
        has impaired or would impair the coverage of any such policy, the benefits
        of
        the endorsement provided for herein, or the validity and binding effect of
        either; 

       

      (h)  Each
        Mortgage Loan complies with, and the Company has complied with, applicable
        local, state and federal laws, regulations and other requirements including,
        without limitation, usury, equal credit opportunity, real, estate settlement
        procedures, the Federal Truth-In-Lending Act, disclosure laws and all applicable
        predatory and abusive lending laws and consummation of the transactions
        contemplated hereby, including without limitation, the receipt of interest
        by
        the owner of such Mortgage Loan, will not involve the violation of any such
        laws, rules or regulations. None of the Mortgage Loans are (a) Mortgage Loans
        subject to 12 CFR Part 226.31, 12 CFR Part 226.32 or 226.34 of Regulation
        Z,
        the’ regulation implementing TILA, which implements the Home Ownership and
        Equity Protection Act of 1994, as amended, or (b) except as may be provided
        in
        subparagraph (c) below, classified and/or defined, as a “high cost”,
“threshold”, “predatory” “high risk home loan” or “covered” loan (or a similarly
        classified loan using different terminology under a law imposing additional
        legal liability for mortgage loans having high interest rates, points and
        or/fees) under any other applicable state, federal or local law including,
        but
        not limited to, the States of Georgia, New York, North Carolina, Arkansas,
        Kentucky or New Mexico, (c) Mortgage Loans subject to the New Jersey Home
        Ownership Security Act of 2002 (the “Act”), unless such Mortgage Loan is a (1)
“Home Loan” as defined in the Act that is a first lien Mortgage Loan, which is
        not a “High Cost Home Loan” as defined in the Act or (2) “Covered Home Loan” as
        defined in the Act that is a first lien purchase money Mortgage Loan, which
        is
        not a High Cost Home Loan under the Act, or (d) secured by Mortgaged Property
        in
        the Commonwealth of Massachusetts with a loan application date on or after
        November 7, 2004 that refinances a mortgage loan that is less than sixty
        (60)
        months old, unless such Mortgage Loan (1) is on an investment property, (ii)
        meets the requirements set forth in the Code of Massachusetts Regulation
        (“CMR”), 209 CMR 53.04(1)(b), or (iii) meets the requirements set forth in the
        209 CMR 53.04(1)(c). In addition to and notwithstanding anything to the contrary
        herein, no Mortgage Loan for which the Mortgaged Property is located in New
        Jersey is a Home Loan as defined in the Act that was made, arranged, or assigned
        by a person selling either a manufactured home or home improvements to the
        Mortgaged Property or was made by an originator to whom the Mortgagor was
        referred by any such seller. Each Mortgage Loan is being (and has been) serviced
        in accordance with Accepted Servicing Practices and applicable state and
        federal
        laws, including, without limitation, the Federal Truth-In-Lending Act and
        other
        consumer protection laws, real estate settlement procedures, usury, equal
        credit
        opportunity and disclosure laws. Company shall maintain in its possession,
        available for the Purchaser’s inspection, as appropriate, and shall deliver to
        the Purchaser or its designee upon demand, evidence of compliance with all
        such
        requirements; 

       

      (i)  The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor; 

       

      (j)  The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note’s original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which,
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser; 

       

      (k)  The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company or the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage; 

       

      (l)  The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
        Purchaser, the Company will retain the Mortgage File or any part thereof
        with
        respect thereto not delivered to the Purchaser or the Purchaser’s designee in
        trust only for the purpose of servicing and supervising the servicing of
        the
        Mortgage Loan. Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for the purposes of servicing
        the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser; 

       

      (m)  Each
        Mortgage Loan is covered by an ALTA lender’s title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender’s
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company’s
        interest therein does not require the consent of or notification to the insurer
        and such lender’s title insurance policy is in full force and effect and will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender’s title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender’s title insurance policy; 

       

      (n)  There
        is
        no default, breach, violation or event of acceleration existing under the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration; 

       

      (o)  There
        are
        no mechanics’ or similar liens or claims which have been filed for work, labor
        or material (and no rights are outstanding that under law could give rise
        to
        such liens) affecting the related Mortgaged Property which are or may be
        liens
        prior to or equal to the lien of the related Mortgage; 

       

      (p)  All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances; 

       

      (q)  Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder; 

       

      (r)  The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date; 

       

      (s)  The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee’s sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee’s sale or the right to
        foreclose the Mortgage; 

       

      (t)  If
        the
        Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified
        if required under applicable law to act as such, has been properly designated
        and currently so serves and is named in the Mortgage, and no fees or expenses,
        except as may be required by local law, are or will become payable by the
        Purchaser to the trustee under the deed of trust, except in connection with
        a
        trustee’s sale or attempted sale after default by the Mortgagor; 

       

      (u)  The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FIILMC and Title XI of the Federal Institutions Reform, Recovery,
        and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated. The appraisal is in
        a form
        acceptable to Fannie Mae or FHLMC; 

       

      (v)  All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

       

      (w)  The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation; 

       

      (x)  The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans; 

       

      (y)  The
        Mortgage Loan does not contain balloon or “graduated payment” features; No
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision; 

       

      (z)  The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan; 

       

      (aa)  Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than thirty (30) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan’s Lifetime Rate Cap. None of the Mortgage Loans are
“interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
        respect to each adjustable rate Mortgage Loan, each Mortgage Note requires
        a
        monthly payment which is sufficient (a) during the period prior to the first
        adjustment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjustment Date, to fully amortize the outstanding principal balance as of
        the
        first day of such period over the then remaining tern of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With respect to each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        No
        Mortgage Loan contains terms or provisions which would result in negative
        amortization. None of the Mortgage Loans contain a conversion feature which
        would cause the Mortgage Loan interest rate to convert to a fixed interest
        rate.
        None of the Mortgage Loans are considered agricultural loans; 

       

      (bb)  (INTENTIONALLY
        LEFT BLANK)

       

      (cc)  (INTENTIONALLY
        LEFT BLANK)

       

      (dd)  (INTENTIONALLY
        LEFT BLANK)

       

      (ee)  (INTENTIONALLY
        LEFT BLANK)

       

      (ff)  (INTENTIONALLY
        LEFT BLANK)

       

      (gg)  
        (INTENTIONALLY LEFT BLANK) 

       

      (hh)  In
        the
        event the Mortgage Loan had an LTV at origination greater than 80.00%, the
        excess of the principal balance of the Mortgage Loan over 75.0% of the Appraised
        Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
        or
        the lesser of the Appraised Value or the purchase price of the Mortgaged
        Property with respect to a purchase money Mortgage Loan was insured as to
        payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
        Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such Primary
        Mortgage Insurance Policy have been and are being complied with, such policy
        is
        in full force and effect, and all premiums due thereunder have been paid.
        No
        Mortgage Loan requires payment of such premiums, in whole or in part, by
        the
        Purchaser. No action, inaction, or event has occurred and no state of facts
        exists that has, or will result in the exclusion from, denial of, or defense
        to
        coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy
        obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
        Policy, subject to state and federal law, and to pay all premiums and charges
        in
        connection therewith. No action has been taken or failed to be taken, on
        or
        prior to the Closing Date which has resulted or will result in an exclusion
        from, denial of, or defense to coverage under any Primary Mortgage Insurance
        Policy (including, without limitation, any exclusions, denials or defenses
        which
        would limit or reduce the availability of the timely payment of the full
        amount
        of the loss otherwise due thereunder to the insured) whether arising out
        of
        actions, representations, errors, omissions, negligence, or fraud of the
        Company
        or the Mortgagor, or for any other reason under such coverage; The mortgage
        interest rate for the Mortgage Loan as set forth on the related Mortgage
        Loan
        Schedule is net of any such insurance premium. Any Mortgage Loan subject
        to a
        Lender Primary Mortgage Insurance Policy obligates the Company to maintain
        the
        Lender Primary Mortgage Insurance Policy and to pay all premiums and charges
        in
        connection therewith; 

       

      (ii)  The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located; 

       

      (jj)  None
        of
        the Mortgage Loans are secured by an interest in a leasehold estate. The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and consists of a single parcel of real property with a detached
        single family residence erected thereon, or a townhouse, or a two-to four-family
        dwelling, or an individual condominium unit in a condominium project, or
        an
        individual unit in a planned unit development or a de minimis planned unit
        development, provided, however, that no residence or dwelling is a single
        parcel
        of real property with a manufactured home not affixed to a permanent foundation,
        or a mobile home. Any condominium unit or planned unit development conforms
        with
        the Company’s underwriting guidelines. As of the date of origination, no portion
        of any Mortgaged Property was used for commercial purposes, and since the
        Origination Date, no portion of any Mortgaged Property has been, or currently
        is, used for commercial purposes; 

       

      (kk)  Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal and interest,
        which installments are subject to change due to the adjustments to the Mortgage
        Interest Rate on each Adjustment Date, with interest calculated and payable
        in
        arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
        date, over an original term of not more than thirty years from commencement
        of
        amortization; 

       

      (ll)  As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities; 

       

      (mm)  There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and the Company has not received any notice of
        any
        environmental hazard on the Mortgaged Property and nothing further remains
        to be
        done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property; 

       

      (nn)  The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers’ and Sailors’
Civil Relief Act of 1940; 

       

      (oo)  No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property; 

       

      (pp)  The
        Mortgagor for each Mortgage Loan is a natural person; 

       

      (qq)  None
        of
        the Mortgage Loans are Co-op Loans; 

       

      (rr)  With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage Loan;

       

      (ss)  With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification; 

       

      (tt)  The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

       

      (uu)  None
        of
        the Mortgage Loans are simple interest Mortgage Loans and none of the Mortgaged
        Properties are timeshares; 

       

      (vv)  All
        of
        the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage; 

       

      (ww)  Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee; 

       

      (xx)  There
        is
        no Mortgage Loan that was originated on or after October 1, 2002 and before
        March 7, 2003, which is secured by property located in the State of Georgia;
        

       

      (yy)  No
        proceeds from any Mortgage Loan were used to finance single premium credit
        insurance policies; 

       

      (zz)  No
        borrower was encouraged or required to select a Mortgage Loan product offered
        by
        the Mortgage Loan’s originator which is a higher cost product designed for less
        creditworthy borrowers, unless at the time of the Mortgage Loan’s origination,
        such borrower did not qualify taking into account credit history and
        debt-to-income ratios for a lower-cost credit product then offered by the
        Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
        If, at the time of loan application, the borrower may have qualified for
        a
        lower-cost credit product then offered by any mortgage lending affiliate
        of the
        Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
        borrower’s application to such affiliate for underwriting consideration;

       

      (aaa)  The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the borrower’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the borrower’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the borrower had a reasonable ability to make timely
        payments on the Mortgage Loan; 

       

      (bbb)  With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a premium upon a prepayment prior to maturity: (i) prior to the loan’s
        origination, the borrower agreed to such premium in exchange for a monetary
        benefit, including but not limited to a rate or fee reduction, (ii) prior
        to the
        loan’s origination, the borrower was offered the option of obtaining a mortgage
        loan that did not require payment of such a premium, (iii) the prepayment
        premium is disclosed to the borrower in the loan documents pursuant to
        applicable state and federal law, and (iv) notwithstanding any state or federal
        law to the contrary, the Servicer shall not impose such prepayment premium
        in
        any instance when the mortgage debt is accelerated as the result of the
        borrower’s default in making the loan payments; 

       

      (ccc)  No
        borrower was required to purchase any credit life, disability, accident or
        health insurance product as a condition of obtaining the extension of credit.
        No
        borrower obtained a prepaid single-premium credit life, disability, accident
        or
        health insurance policy in connection with the origination of the Mortgage
        Loan;
        No proceeds from any Mortgage Loan were used to purchase single premium credit
        insurance policies as part of the origination of, or as a condition to closing,
        such Mortgage Loan; 

       

      (ddd)  The
        Company will transmit full-file credit reporting data for each Mortgage Loan
        pursuant to the Fannie Mae Selling Guide and that for each Mortgage Loan,
        the
        Company agrees it shall report one of the following statuses each month as
        follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
        foreclosed, or charged-off, 

       

      (eee)  Any
        Mortgage Loan with a Mortgaged Property in the State of Illinois complies
        with
        the Illinois Interest Act; and 

       

      (fff)  With
        respect to any Mortgage Loan originated on or after August 1, 2004 and
        underlying the security, neither the related Mortgage nor the related Mortgage
        Note requires the borrower to submit to arbitration to resolve any dispute
        arising out of or relating in any way to the mortgage loan transaction.

       

      
        	Section
                3.03  	
                Repurchase:
                  Substitution.

              

      

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser’s option and not later than ninety (90) days of its discovery or its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser’s prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

       

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser’s prior consent and at Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
        acceptability. Any substituted Loans will comply with the representations
        and
        warranties set forth in this Agreement as of the substitution date 

       

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

       

      For
        any
        month in which the Company is permitted to substitute one or more substitute
        Mortgage Loans, the Company will determine the amount (if any) by which the
        aggregate Stated Principal Balance (after application of the principal portion
        of all scheduled payments due in the month of substitution) of all the
        substitute Mortgage Loans in the month of substitution is less then the
        aggregate Stated Principal Balance (after application of the principal portion
        of the scheduled payment due in the month of substitution) of the such replaced
        Mortgage Loan. An amount equal to the aggregate of such deficiencies described
        in the preceding sentence for any Remittance Date shall be deposited into
        the
        Custodial Account by the Company on the related Determination Date in the
        month
        following the calendar month during which the substitution occurred.

       

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser’s reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01. 

       

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement. 

       

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC’s “start up day” (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on “prohibited transactions” of such REMIC (as defmed in
        Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause
        the REMIC to fail to qualify as a REIVIIC at any time.

       

      
        	Section
                3.04  	
                Representations
                  and Warranties of the Purchaser.

              

      

       

      The
        Purchaser represents, warrants and convenants to the Company that, as of
        the
        related Closing Date or as of such date specifically provided
        herein:

       

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license; 

       

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet; 

       

      (c)  None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Purchaser is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Purchaser or its property is subject; 

       

      (d)  There
        is
        no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which i 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 Seller as
        provided herein constitute the sole remedies of the Seller respecting a breach
        of the foregoing representations and warranties. 

       

       

      ARTICLE
        IV

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS 

       

      
        	Section
                4.01  	
                Company
                  to Act as Servicer.

              

      

       

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies and Lender Primary Mortgage Insurance
        Policies, insurance claims, the title, management and disposition of REO
        Property, permitted withdrawals with respect to REO Property, liquidation
        reports, and reports of foreclosures and abandonments of Mortgaged Property,
        the
        transfer of Mortgaged Property, the release of Mortgage Files, annual
        statements, and examination of records and facilities. In the event of any
        conflict, inconsistency or discrepancy between any of the servicing provisions
        of this Agreement and the related Term Sheet and any of the servicing provisions
        of the Fannie Mae Guides, the provisions of this Agreement and the related
        Term
        Sheet shall control and be binding upon the Purchaser and the Company.

       

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company’s reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety days or forgive any payment of principal or interest,
        reduce or increase the outstanding principal balance (except for actual payments
        of principal) or change the final maturity date on such Mortgage Loan. In
        the
        event of any such modification which has been agreed to in writing by the
        Purchaser and which permits the deferral of interest or principal payments
        on
        any Mortgage Loan, the Company shall, on the Business Day immediately preceding
        the Remittance Date in any month in which any such principal or interest
        payment
        has been deferred, deposit in the Custodial Account from its own funds, in
        accordance with Section 4.04, the difference between (a) such month’s principal
        and one month’s interest at the Mortgage Loan Remittance Rate on the unpaid
        principal balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor. The Company shall be entitled to reimbursement for such advances
        to
        the same extent as for all other advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties. Notwithstanding anything
        herein to the contrary, the Company may not enter into a forbearance agreement
        or similar arrangement with respect to any Mortgage Loan which runs more
        than
        180 days after the first delinquent Due Date. Any such agreement shall be
        approved by Purchaser and, if required, by the Primary Mortgage Insurance
        Policy
        insurer and Lender Primary Mortgage Insurance Policy insurer, if
        required.

       

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC to
        fail to
        qualify as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contributions” after the startup date under the REIVIIC
        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 defmed 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 REIVIIC 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 defmed in Section 860G(a)(3) of the Code or “permitted
        investments” as defmed 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 Purchasers
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, Purchaser shall be deemed to have given
        consent in connection with a particular matter if Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        Purchaser receives a second written request for consent for such matter from
        Company as servicer. 

       

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer’s fee shall not exceed the Servicing Fee. Company
        shall notify Purchaser promptly in writing upon the appointment of any
        Subservicer. 

       

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company’s option, from electing to service the related Mortgage Loans itself. In
        the event that the Company’s responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
        to
        do so by the Purchaser, the Company shall at its own cost and expense terminate
        the rights and responsibilities of the Subservicer effective as of the date
        of
        termination of the Company. The Company shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of the
        Subservicer from the Company’s own funds without reimbursement from the
        Purchaser. 

       

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold Purchaser harmless from
        any
        loss, liability or expense arising out of its use of a Subservicer to perform
        any of its servicing duties, responsibilities and obligations hereunder.
        

       

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservice?s fees and expenses.
        For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment. 

       

      
        	Section
                4.02  	
                Collection
                  of Mortgage Loan Payments.

              

      

       

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy and Lender Primary Mortgage Insurance Policy, follow
        such collection procedures as it follows with respect to mortgage loans
        comparable to the Mortgage Loans and held for its own account. Further, the
        Company will take special care in ascertaining and estimating annual escrow
        payments, and all other charges that, as provided in the Mortgage, will become
        due and payable, so that the installments payable by the Mortgagors will
        be
        sufficient to pay such charges as and when they become due and payable.

       

      In
        no
        event will the Company waive its right to any prepayment penalty or premium
        without the prior written consent of Purchaser and Company will use diligent
        efforts to collect same when due except as otherwise provided in the prepayment
        penalty provisions provided in the Mortgage Loan Documents. 

       

      
        	Section
                4.03  	
                Realization
                  Upon Defaulted Mortgage.

              

      

       

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        Lender
        Primary Mortgage Insurance Policies and the best interest of 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 notif’ 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 REIVIIC 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 defmed in Section 860F of
        the Code, or cause the transaction to fail to qualify as a REIvIIC 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 Sand 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;

       

      (viii)  to
        clear
        and terminate the Custodial Account upon the termination of this Agreement;
        and

       

      (ix)  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 Primar5’ Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy and, in this regard, to take such action as shall be necessary
        to permit recovery under any Primary Mortgage Insurance Policy or Lender
        Primary
        Mortgage Insurance Policy respecting a defaulted Mortgage Loan. Pursuant
        to
        Section 4.04, any amounts collected by the Company under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy shall be deposited
        in the Custodial Account, subject to withdrawal pursuant to Section 4.05.
        

       

      
        	Section
                4.09  	
                Transfer
                  of Accounts.

              

      

       

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld. 

       

      
        	Section
                4.10  	
                Maintenance
                  of Hazard Insurance.

              

      

       

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        Fannie
        Mae Guides that a Mortgaged Property is located in a special flood hazard
        area
        and is not covered by flood insurance or is covered in an amount less than
        the
        amount required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Company shall notify the related Mortgagor that the Mortgagor must obtain
        such
        flood insurance coverage, and if said Mortgagor fails to obtain the required
        flood insurance coverage within forty-five (45) days after such notification,
        the Company. shall immediately force place the required flood insurance on
        the
        Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
        and hazard insurance with extended coverage in an amount which is at least
        equal
        to the maximum insurable value of the improvements which are a part of such
        property, and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, as amended, flood insurance in an amount as provided
        above. Any amounts collected by the Company under any such policies other
        than
        amounts to be deposited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or REO Property, or released to the Mortgagor
        in accordance with Accepted Servicing Practices, shall be deposited in the
        Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
        understood and agreed that no other additional insurance need be required
        by the
        Company of the Mortgagor or maintained on property acquired in respect of
        the
        Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
        or
        such applicable state or federal laws and regulations as shall at any time
        be in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor’s
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers. 

       

      
        	Section
                4.11  	
                Maintenance
                  of Mortgage Impairment Insurance
                  Policy.

              

      

       

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by a
        Qualified Insurer insuring against hazard losses on all of the Mortgage Loans,
        then, to the extent such policy provides coverage in an amount equal to the
        amount required pursuant to Section 4.10 and otherwise complies with all
        other
        requirements of Section 4.10, it shall conclusively be deemed to have satisfied
        its obligations as set forth in Section 4.10, it being understood and agreed
        that such policy may contain a deductible clause, in which case the Company
        shall, in the event that there shall not have been maintained on the related
        Mortgaged Property or REO Property a policy complying with Section 4.10,
        and
        there shall have been a loss which would have been covered by such policy,
        deposit in the Custodial Account the amount not otherwise payable under the
        blanket policy because of such deductible clause. In connection with its
        activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and
        present, on behalf of the Purchaser, claims under any such blanket policy
        in a
        timely fashion in accordance with the terms of such policy. Upon request
        of the
        Purchaser, the Company shall cause to be delivered to the Purchaser a certified
        true copy of such policy and shall use its best efforts to obtain a statement
        from the insurer thereunder that such policy shall in no event be terminated
        or
        materially modified without thirty (30) days’ prior written notice to the
        Purchaser. 

       

      
        	Section
                4.12  	
                Fidelity
                  Bond, Errors and Omissions
                  Insurance.

              

      

       

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage, with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan tä 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
        ternis 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 i made to the Purchaser,
        both
        inclusive. The payment by the Company of any such interest shall not be deemed
        an extension of time for payment or a waiver of any Event of Default by the
        Company. On each Remittance Date, the Company shall provide a remittance
        report
        detailing all amounts being remitted pursuant to this Section 5.01.

       

      
        	Section
                5.02  	
                Statements
                  to the Purchaser.

              

      

       

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company’s assigned loan number order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following: 

       

      (i)  With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04); 

       

      (ii)  with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest; 

       

      (iii)  the
        amount of servicing compensation received by the Company during the prior
        distribution period; 

       

      (iv)  the
        aggregate Stated Principal Balance of the Mortgage Loans; 

       

      (v)  the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

       

      (vi)  The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and 

       

      The
        Company shall also provide a trial balance, sorted in Purchaser’s assigned loan
        number order, in the form of Exhibit B hereto, with each such Report.

       

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for Purchaser to prepare its federal income tax return as Purchaser may
        reasonably request from time to time. 

       

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Company shall furnish to each Person who was a Purchaser at any time during
        such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year. 

       

      
        	Section
                5.03  	
                Monthly
                  Advances by the Company.

              

      

       

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date. 

       

      The
        Company’s obligation to make such Monthly Advances as to any Mortgage Loan will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be a Nonrecoverable Advance. In
        such
        event, the Company shall deliver to the Purchaser an Officer’s Certificate of
        the Company to the effect that an officer of the Company has reviewed the
        related Mortgage File and has made the reasonable determination that any
        additional advances are nonrecoverable. 

       

      
        	Section
                5.04  	
                Liquidation
                  Reports.

              

      

       

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require. V 

       

      
        	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 notif’ 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 notif’ 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. I 

       

      
        	Section
                6.03  	
                Servicing
                  Compensation.

              

      

       

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company’s Servicing Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. No Servicing Fee shall
        be
        payable in connection with partial Monthly Payments. The Company shall be
        required to pay all expenses incurred by it in connection with its servicing
        activities hereunder and shall not be entitled to reimbursement therefor
        except
        as specifically provided for. 

       

      
        	Section
                6.04  	
                Annual
                  Statement as to Compliance.

              

      

       

      The
        Company will deliver to the Purchaser not later than February 28ih of each
        year,
        beginning February 28, 2005, an executed Officers’ Certificate acceptable to the
        Purchaser stating, as to each signatory thereof, that (i) a review of the
        activities of the Company during the preceding calendar year and of performance
        under this Agreement has been made under such officers’ supervision, and (ii) to
        the best of such officers’ knowledge, based on such review, the Company has
        fulfilled all of its obligations under this Agreement throughout such year,
        or,
        if there has been a default in the fulfillment of any such obligation,
        specifying each such default known to such officers and the nature and status
        of
        cure provisions thereof. Such Officers’ Certificate shall contain no
        restrictions or limitations on its use. Copies of such statement shall be
        provided by the Company to the Purchaser upon request. 

       

      If
        the
        Company cannot deliver the related Officers’ Certificate by February 28th of
        such year, the Purchaser, at its sole option, may permit a cure period for
        the
        Company to deliver such Officers’ Certificate, but in no event later than March
        15th of such year. 

       

      Failure
        of the Company to timely comply with this Section 6.05 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, and
        Purchaser may, in addition to whatever rights the Purchaser may have under
        Sections 3.03 and 8.01 and at law or equity or to damages, including injunctive
        relief and specific performance, terminate all the rights and obligations
        of the
        Company under this Agreement and in and to the Mortgage Loans and the proceeds
        thereof without compensating the Company for the same, as provided in Section
        9.01. Such termination shall be considered with cause pursuant to Section
        10.01
        of this Agreement. This paragraph shall supercede any other provision in
        this
        Agreement or any other agreement to the contrary. 

       

      
        	Section
                6.05  	
                Annual
                  Independent Certified Public Accountants’ Servicing
                  Report.

              

      

       

      The
        Company, at its expense and not later than February 28th of each year, beginning
        February 28, 2005, shall cause a firm of independent public accountants which
        is
        a member of the American Institute of Certified Public Accountants to furnish
        a
        statement to the Purchaser acceptable to the Purchaser to the effect that
        such
        firm has examined certain documents and records relating to the Company’s
        servicing of mortgage loans of the same type as the Mortgage Loans pursuant
        to
        servicing agreements substantially similar to this Agreement, which agreements
        may include this Agreement, and that, on the basis of such an examination,
        conducted substantially in the uniform single audit program for mortgage
        bankers, such firm is of the opinion that the Company’s servicing has been
        conducted in compliance with the agreements examined pursuant to this Section
        6.05, except for (i) such exceptions as such firm shall believe to be
        immaterial, and (ii) such other exceptions as shall be set forth in such
        statement. Such statement shall contain no restrictions or limitations on
        its
        use. Copies of such statement shall be provided by the Company to the Purchaser.
        In addition, on an annual basis, Company shall provide Purchaser with copies
        of
        its audited financial statements. 

       

      If
        the
        Company cannot deliver the related statement by February 28Ui of such year,
        the
        Purchaser, at its sole option, may permit a cure period for the Company to
        deliver such statement, but in no event later than March 15th of such year.
        

       

      Failure
        of the Company to timely comply with this Section 6.05 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, and
        Purchaser may, in addition to whatever rights the Purchaser may have under
        Sections 3.03 and 8.01 and at law or equity or to damages, including injunctive
        relief and specific performance, terminate all the rights and obligations
        of the
        Company under this Agreement and in and to the Mortgage Loans and the proceeds
        thereof without compensating the Company for the same, as provided in Section
        9.01. Such termination shall be considered with cause pursuant to Section
        10.01
        of this Agreement. This paragraph shall supercede any other provision in
        this
        Agreement or any other agreement to the contrary. 

       

      
        	Section
                6.06  	
                Purchaser’s
                  Right to Examine Company Records.

              

      

       

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement. 

       

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to OTS, FDIC and other similar entities,
        access to any documentation regarding the Mortgage Loans in the possession
        of
        the Company which may be required by any applicable regulations. Such access
        shall be afforded without charge, upon reasonable request, during normal
        business hours and at the offices of the Company, and in accordance with
        the
        FDIC, OTS, or any other similar federal or state regulations, as applicable.
        

       

       

       

      ARTICLE
        VII

       

      REPORTS
        TO BE PREPARED BY SERVICER

       

      
        	Section
                7.01  	
                Company
                  Shall Provide Information as Reasonably
                  Required.

              

      

       

      The
        Company shall furnish to the Purchaser during the term of this Agreement,
        such
        periodic, special or other reports, information or documentation, whether
        or not
        provided for herein, as shall be necessary, reasonable or appropriate in
        respect
        to the Purchaser, or otherwise in respect to the Mortgage Loans and the
        performance of the Company under this Agreement, including any reports,
        information or documentation reasonably required to comply with any regulations
        regarding any supervisory agents or examiners of the Purchaser all such reports
        or information to be as provided by and in accordance with such applicable
        instructions and directions as the Purchaser may reasonably request in relation
        to this Agreement or the performance of the Company under this Agreement.
        The
        Company agrees to execute and deliver all such instruments and take all such
        action as the Purchaser, from time to time, may reasonably request in order
        to
        effectuate the purpose and to carry out the terms of this Agreement.

       

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified above.
        

       

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement. 

       

       

       

      ARTICLE
        VIII

       

      THE
        SERVICER

       

      
        	Section
                8.01  	
                Indemnification;
                  Third Party Claims.

              

      

       

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way from any claim, demand, defense
        or
        assertion based on or grounded upon, or resulting from any assertion based
        on,
        grounded upon or resulting from a breach or alleged breach of any of the
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
        The Company shall immediately notify the Purchaser if a claim is made by
        a third
        party against Company with respect to this Agreement or the Mortgage Loans,
        assume (with the consent of the Purchaser) the defense of any such claim
        and pay
        all expenses in connection therewith, including counsel fees, whether or
        not
        such claim is settled prior to judgment, and promptly pay, discharge and
        satisfy
        any judgment or decree which may be entered against it or the Purchaser in
        respect of such claim. The Company shall follow any written instructions
        received from the Purchaser in connection with such claim. The Purchaser
        shall
        promptly reimburse the Company for all amounts advanced by it pursuant to
        the
        two preceding sentences except when the claim relates to the failure of the
        Company to service and administer the Mortgages in strict compliance with
        the
        terms of this Agreement, the breach of representation or warranty set forth
        in
        Sections 3.01 or 3.02, or the negligence, bad faith or willful misconduct
        of
        Company. The provisions of this Section 8.01 shall survive termination of
        this
        Agreement. 

       

      
        	Section
                8.02  	
                Merger
                  or Consolidation of the Company.

              

      

       

      The
        Company will keep in full effect its existence, rights and franchises as
        a
        corporation under the laws of the state of its incorporation except as permitted
        herein, and will obtain and preserve its qualification to do business as
        a
        foreign corporation in each jurisdiction in which such qualification is or
        shall
        be necessary to protect the validity and enforceability of this Agreement,
        or
        any of the Mortgage Loans and to perform its duties under this Agreement.
        

       

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided, however, that the successor or surviving Person
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC, SA]F and/or BIF, and which
        is a
        HUB-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FFILMC 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 r 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 fmancial
        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)
        satisf’ing the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement, without any payment of any penalty or damages and without any
        liability whatsoever to the Company (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

       

       

       

      ARTICLE
        IX

       

      DEFAULT 

       

      
        	Section
                9.01  	
                Events
                  of Default.

              

      

       

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say: 

       

      (i)  any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of one
        (1) Business Day; or 

       

      (ii)  failure
        on the part of the Company duly to observe or perform in any material respect
        any other of the covenants or agreements on the part of the Company set forth
        in
        this Agreement which continues unremedied for a period of thirty (30) days
        after
        the date on which written notice of such failure, requiring the same to be
        remedied, shall have been given to the Company by the Purchaser; or

       

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

       

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

       

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

       

      (vi)  Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days; or 

       

      (vii)  the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof or 

       

      (viii)  the
        Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company’s ability to
        perform its obligations hereunder; or 

       

      (ix)  the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02. 

       

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) Company may, in addition to whatever rights
        the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
        or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice (or,
        in the
        case of an Event of Default under clauses (iii), (iv) or (v) above, in which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor’s possession all Mortgage Files, and do or accomplish all other acts
        or things necessary or appropriate to effect the purposes of such notice
        of
        termination, whether to complete the transfer and endorsement or assignment
        of
        the Mortgage Loans and related documents, or otherwise, at the Company’s sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company’s responsibilities and rights
        hereunder, including, without limitation, the transfer to. such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property. 

       

      
        	Section
                9.02  	
                Waiver
                  of Defaults.

              

      

       

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing. 

       

       

       

      ARTICLE
        X

       

      TERIV11NATION 

       

      
        	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 tenns of this Agreement. 

       

      
        	Section
                10.02  	
                Termination
                  Without Cause.

              

      

       

      The
        Purchaser may, at its sole option, terminate any rights the Company may have
        hereunder, without cause, upon no less than 90 days written notice. Any such
        notice of termination shall be in writing and delivered to the Company as
        provided in Section 11.05 of this Agreement. 

       

       

       

      ARTICLE
        XI

       

      MISCELLANEOUS
        PROVISIONS 

       

      
        	Section
                11.01  	
                Successor
                  to the Company.

              

      

       

      Prior
        to
        termination of Company’s responsibilities and duties under this Agreement
        pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall
        (i) succeed to and assume all of the Company’s responsibilities, rights, duties
        and obligations under this Agreement, or (ii) appoint a successor having
        the
        characteristics set forth in Section 8.02 hereof and which shall succeed
        to all
        rights and assume all of the responsibilities, duties and liabilities of
        the
        Company under this Agreement prior to the termination of Company’s
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company’s
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of Company pursuant to the aforementioned Sections shall not become effective
        until a successor shall be appointed pursuant to this Section and shall in
        no
        event relieve the Company of the representations and warranties made pursuant
        to
        Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
        thereunder and under Section 8.01, it being understood and agreed that the
        provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
        to the
        Company notwithstanding any such resignation or termination of the Company,
        or
        the termination of this Agreement. 

       

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Company arising prior to any such termination or resignation. 

       

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer. 

       

      Upon
        a
        successor’s acceptance of appointment as such, the Company shall notify by mail
        the Purchaser of such appointment. 

       

      
        	Section
                11.02  	
                Amendment.

              

      

       

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser. 

       

      
        	Section
                11.03  	
                Recordation
                  of Agreement.

              

      

       

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any of the properties subject to
        the
        Mortgages are situated, and in any other appropriate public recording office
        or
        elsewhere, such recordation to be effected by the Company at the Companyts
        expense on direction of the Purchaser accompanied by an opinion of counsel
        to
        the effect that such recordation materially and beneficially affects the
        interest of the Purchaser or is necessary for the administration or servicing
        of
        the Mortgage Loans. 

       

      
        	Section
                11.04  	
                Governing
                  Law.

              

      

       

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws. 

       

      
        	Section
                11.05  	
                Notices.

              

      

       

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as follows:
        

       

      (i)           
        if
        to the
        Company:

       

      Savannah
        Bank NA dba Harbourside Mortgage Corporation

      23-B
        Shelter Cove Land

      Hilton
        Head, South Carolina 29928

      Attn.:
        Richard Gillette

      Email:
        Richard.Gillette@harboursideus.com

       

      (ii)          
        if
        to the
        Purchaser:

       

      EMC
        Mortgage Corporation

      Mac
        Arthur Ridge II,

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ms. Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

       

      With
        a
        copy to:

       

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Mary Haggerty 

       

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt). 

       

      
        	Section
                11.06  	
                Severability
                  of Provisions.

              

      

       

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity. 

       

      
        	Section
                11.07  	
                Exhibits.

              

      

       

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement. 

       

      
        	Section
                11.08  	
                General
                  Interpretive Principles.

              

      

       

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires: 

       

      (i)  the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender; 

       

      (ii)  accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles; 

       

      (iii)  references
        herein to “Articles”, “Sections” Subsections”, “Paragraphs”, and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this Agreement;
        

       

      (iv)  a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other subdivisions;
        

       

      (v)  the
        words
“herein”, “hereof “, “hereunder” and other words of similar import refer to this
        Agreement as a whole and not to any particular provision; 

       

      (vi)  the
        term
“include” or “including” shall mean without limitation by reason of enumeration;
        and 

       

      (vii)  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) fmancial 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
        nonpublic information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public information.
        

       

      Notwithstanding
        other provisions of this Section 11.10 or any other express or implied
        agreement, arrangement, or understanding to the contrary, the Company and
        Purchaser (the “Parties”) agree that the Parties (and their employees,
        representatives and other agents) may disclose to any and all persons, without
        limitation of any kind from the commencement of discussions, the purported
        or
        claimed U.S. federal income tax treatment of the purchase of the Mortgage
        Loans
        and related transactions covered by this letter agreement (“tax treatment”) and
        any fact that may be relevant to understanding the tax treatment (“tax
        structure”) and all materials of any kind (including opinions or other tax
        analyses) that are provided to the Parties relating to such tax treatment
        and
        tax structure, except where confidentiality is reasonably necessary to comply
        with securities laws. 

       

      The
        Company agrees that the Company (i) shall comply with any applicable laws
        and
        regulations regarding the privacy and security of Consumer Information
        including, but not limited to the Gramm-Leach-Bliley Act, Title V, Subtitle
        A,
        15 U.S.C. § 6801 et seq., (ii) shall not use Consumer Information in any manner
        inconsistent with any applicable laws and regulations regarding the privacy
        and
        security of Consumer Information, (iii) shall not disclose Consumer Information
        to third parties except at the specific written direction of the Purchaser,
        (iv)
        shall maintain adequate physical, technical and administrative safeguards
        to
        protect Consumer Information from unauthorized access as provided by the
        applicable laws and regulations, and (v) shall immediately notify the Purchaser
        of any actual or suspected breach of the confidentiality of Consumer Information
        that would’ have a material and adverse effect on the Purchaser. 

       

      The
        Company agrees that the Company shall indemnify, defend and hold the Purchaser
        harmless from and against any loss, claim or liability the Purchaser may
        suffer
        by reason of the Company’s failure to perform the obligations set forth in this
        Section 11.10. 

       

      
        	Section
                11.11  	
                Recordation
                  of Assignments of Mortgage.

              

      

       

      To
        the
        extent permitted by applicable law, each of the Assignments is subject to
        recordation in all appropriate public offices for real property records in
        all
        the counties or other comparable jurisdictions in which any or all of the
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option. 

       

      
        	Section
                11.12  	
                Assignment.

              

      

       

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. In no event shall Purchaser sell a partial interest
        in any
        Mortgage Loan without the written consent of Company, which consent shall
        not be
        unreasonably denied. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. The Company shall have the right,
        only with the consent of the Purchaser or otherwise in accordance with this
        Agreement, to assign, in whole or in part, its interest under this Agreement
        with respect to some or all of the Mortgage Loans. 

       

      
        	Section
                11.13  	
                No
                  Partnership.

              

      

       

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for Purchaser.
        

       

      
        	Section
                11.14  	
                Signature
                  Pages/Counterpartsz Successors and Assigns. 

              

      

       

      This
        Agreement and/or any Term Sheet shall be executed by each party (i) in one
        or
        more fully executed copies, each of which shall constitute a fully executed
        original Agreement, and/or (ii) in counterparts having one or more original
        signatures, and all such counterparts containing the original signatures
        of all
        of the parties hereto taken together shall constitute a fully executed original
        Agreement or Term Sheet, as applicable, and/or (iii) by delivery of one or
        more
        original signed signature pages to the other parties hereto (x) by mail or
        courier, and/or (y) by electronic transmission, including without limitation
        by
        telecopier, facsimile or email of a scanned image (“Electronic Transmission”),
        each of which as received shall constitute for all purposes an executed original
        signature page of such party. The Purchaser may deliver a copy of this Agreement
        and/or any Term Sheet, fully executed as provided herein, to each other party
        hereto by mail and/or courier and/or Electronic Transmission, and such copy
        as
        so delivered shall constitute a fully executed original Agreement or Term
        Sheet,
        as applicable, superseding any prior form of the Agreement or Term Sheet,
        as
        applicable, that differs therefrom in any respect. This Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successor and assigns. 

       

      
        	Section
                11.15  	
                Entire
                  Agreement.

              

      

       

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control. 

       

      
        	Section
                11.16  	
                No
                  Solicitation.

              

      

       

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the borrower or obligor under any
        Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
        the
        prior written consent of the Purchaser. Notwithstanding the foregoing, it
        is
        understood and agreed that (i) promotions undertaken by the Company or any
        affiliate of the Company which are directed to the general public at large,
        or
        segments thereof, provided that no segment shall consist primarily of the
        Mortgage Loans, including, without limitation, mass mailing based on
        commercially acquired mailing lists, newspaper, radio and television
        advertisements and (ii) responses to unsolicited requests or inquiries made
        by a
        Mortgagor or an agent of a Mortgagor, shall not constitute solicitation under
        this Section 11.16. This Section 11.16 shall not be deemed to preclude the
        Company or any of its affiliates from soliciting any Mortgagor for any other
        financial products or services. The Company shall use its best efforts to
        prevent the sale of the name of any Mortgagor to any Person who is not affiliate
        of the Company. 

       

      
        	Section
                11.17  	
                Closing.

              

      

       

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree. 

       

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions: 

       

      (a)  at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet; 

       

      (b)  all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement; 

       

      (c)  the
        Purchaser shall have received, or the Purchaser’s attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer’s certificate, all in such forms as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms hereof;
        

       

      (d)  the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and 

       

      (e)  all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with. 

       

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company. 

       

      
        	Section
                11.18  	
                Cooperation
                  of Company with a Reconstitution.

              

      

       

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        “Reconstitution Date”) at the Purchaser’s sole option, the Purchaser may effect
        a sale (each, a “Reconstitution”) of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to: 

       

      (a)  one
        or
        more third party purchasers in one or more in whole loan transfers (each,
        a
“Whole Loan Transfer”); or 

       

      (b)  one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a “Pass-Through Transfer”). 

       

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit .D hereto, or, at Purchaser’s request, a seller’s warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Pass-Through Transfer, a pooling and servicing agreement
        in
        form and substance reasonably acceptable to the parties, (collectively the
        agreements referred to herein are designated, the “Reconstitution Agreements”).
        It is understood that any such Reconstitution Agreements will not contain
        any
        greater obligations on the part of Company than are contained in this Agreement.
        

       

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a Reconstitution Dat&’). In that
        connection, the Company shall provide to such servicer or issuer, as the
        case
        may be, and any other participants in such Reconstitution: (i) any and all
        information (including servicing portfolio information) and appropriate
        verification of information (including servicing portfolio information) which
        may be reasonably available to the Company, whether through letters of its
        auditors and counsel or otherwise, as the Purchaser or any such other
        participant shall request upon reasonable demand; and (ii) such additional
        representations, warranties, covenants, opinions of counsel, letters from
        auditors, and certificates of public officials or officers of the Company
        as are
        reasonably agreed upon by the Company and the Purchaser or any such other
        participant. In connection with each Pass-Through Transfer, the Company agrees
        to provide reasonable and customary indemnification to the Purchaser and
        its
        affilates for disclosure contained in any offering document relating to the
        Company or its affilates, the Mortgage Loans and the underwriting standards
        of
        the Mortgage Loans. The Purchaser shall be responsible for the costs relating
        to
        the delivery of such information. 

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect. 

       

      
        	Section
                11.19  	
                Monthly
                  Reporting with Respect to a
                  Reconstitution.

              

      

       

      As
        long
        as the Company continues to service Mortgage Loans, the Company agrees that
        with
        respect to any Mortgage Loan sold or transferred pursuant to a Reconstitution
        as
        described in Section 11.18 of this Agreement (a “Reconstituted Mortgage Loan”),
        the Company, at its expense, shall provide the Purchaser with the information
        set forth in Exhibit J attached hereto for each Reconstituted Mortgage Loan
        in
        Excel or such electronic delimited file format as may be mutually agreed
        upon by
        both Purchaser and Company. Such information shall be provided monthly for
        all
        Reconstituted Mortgage Loans on the fifth (5th) Business Day of each month
        for
        the immediately preceding monthly period, and shall be transmitted to
        fast.data@bear.com. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written. 

       

      EMC
        MORTGAGE CORPORATION

      Purchaser
        

       

      By:
        _______________________________

      Name:
        

      Title:
        

       

      SAVANNAH
        BANK, NA dba HARBOURSIDE MORTGAGE CORPORATION

      Company
        

       

      By:
        _______________________________

      Name:
        

      Title:
        

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A 

       

      CONTENTS
        OF MORTGAGE FILE 

       

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement. 

       

      1. The
        original Mortgage Note endorsed ‘Pay to the order of
        ______________________________________________________, without recourse,” and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by “[Company],
        successor by merger to the [name of predecessor]”. If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by “[Company] formerly known as [previous name]”.
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

       

      2. The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company. 

       

      3. The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy, if required. 

       

      4. The
        original Assignment, from the Company to
        _________________________________________, or in accordance with Purchaser’s
        instructions, which assignment shall, but for any blanks requested by Purchaser,
        be in form and substance acceptable for recording. If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the Assignment must be by “[Company] formerly known as [previous name]”. If the
        Mortgage Loan was acquired by the Company in a merger, the endorsement must
        be
        by “[Company], successor by merger to the [name of predecessor]”. None of the
        Assignments are blanket assignments of mortgage. 

       

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow company.
        

       

      6. Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company. 

       

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

       

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company. 

       

      9. reserved.

       

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law. 

       

      11. Residential
        loan application. 

       

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent. 

       

      13. Credit
        report on the mortgagor. 

       

      14. Business
        credit report, if applicable. 

       

      15. Residential
        appraisal report and attachments thereto. 

       

      16. The
        original of any guarantee executed in connection with the Mortgage Note.
        

       

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company’s underwriting guidelines.

       

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company’s underwriting guidelines. 

       

      19. Photograph
        of the Mortgaged Property (may be part of appraisal). 

       

      20. Survey
        of
        the Mortgaged Property, if any. 

       

      21. Sales
        contract, if applicable. 

       

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification. 

       

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage. 

       

      24. Name
        affidavit, if applicable. 

       

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for recording.
        

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      

       

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT 

       

                                  ___________,2004
        

       

      
        	
                To:

              	
                [____________________]

              

      

                      
        (the Depository”) 

       

      As
        “Company” under the Purchase, Warranties and Servicing Agreement, dated as of
        [___________________]1, 200[_] (the “Agreement’), we hereby authorize and
        request you to establish an account, as a Custodial Account pursuant to Section
        4.04 of the Agreement, to be designated as “[_____________________________], in
        trust for the [Purchaser], Owner of Adjustable Rate Mortgage Loans”. All
        deposits in the account shall be subject to withdrawal therefrom by order
        signed
        by the Company. This letter is submitted to you in duplicate. Please execute
        and
        return one original to us. 

       

      [______________________________]

       

      By:
        ___________________________

      Name:
        _________________________

      Title:
        __________________________

       

      The
        undersigned, as “Depository”, hereby certifies that the above described account
        has been established under Account Number F 1, 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 LEITER AGREEMENT 

       

                                      ___________,2004

       

      
        	
                To:

              	
                [__________________]

              

      

                       
        (the “Depository) 

       

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        [__________________]1, 200[_] (the “Agreement”), we hereby authorize and request
        you to establish an account, as an Escrow Account pursuant to Section 4.06
        of
        the Agreement, to be designated as “[_______________________], in trust for the
        [Purchaser], Owner of Adjustable Rate Mortgage Loans, and various Mortgagors.”
All deposits in the account shall be subject to withdrawal therefrom by order
        signed by the Company. This letter is submitted to you in duplicate. Please
        execute and return one original to us. 

       

      [______________________________]

       

      By:
        ___________________________

      Name:
        _________________________

      Title:
        __________________________

       

      The
        undersigned, as “Depository”, hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the Agreement.

       

      [______________________________]

       

      By:
        ___________________________

      Name:
        _________________________

      Title:
        __________________________

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

       

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT 

       

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200_, among EMC Mortgage Corporation (the
“Assignor”), _____________________ (the “Assignee”), and
        __________________________ (the “Company”). 

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the “Assigned Loan Schedule”) now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of __________, 200_, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement. 

       

      Purchase,
        Assignment and Assumption

       

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement. 

       

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of __________
        _____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor’s or its custodian’s
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the Company, in blank,
        and an assignment of mortgage in recordable form from the Company, in blank.
        Assignee shall pay the Funding Amount by wire transfer of immediately available
        funds to the account specified by Assignor. Assignee shall be entitled to
        all
        scheduled payments due on the Assigned Loans after ____________ 200_ and
        all
        unscheduled payments or other proceeds or other recoveries on the Assigned
        Loans
        received on and after _____________, 200_. 

       

      Representations,
        Warranties and Covenants

       

      3. Assignor
        warrants and represents to Assignee and Company as of the date hereof:

       

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

       

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances; 

       

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement; 

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan; 

       

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans; 

       

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the fransactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

       

      (h) Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto. 

       

      4.
        Assignee warrants and represents to, and covenants with, Assignor and Company
        as
        of the date hereof: 

       

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans; 

       

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

       

      (d) Assignee.
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor’s obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans. 

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof: 

       

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

       

      (b) Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement; 

       

      (c) Company
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Company’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Company’s charter or by-laws or any legal restriction, or any material agreement
        or instrument to which Company is now a party or by which it is bound, or
        result
        in the violation of any law, rule, regulation, order, judgment or decree
        to
        which Company or its property is subject. The execution, delivery and
        performance by Company of this PAAR Agreement and the consummation by it
        of the
        transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Company. This PAAR Agreement has been duly executed
        and delivered by Company, and, upon the due authorization, execution and
        delivery by Assignor and Assignee, will constitute the valid and legally
        binding
        obligation of Company, enforceable against Company in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at
        law;

       

      (d) No
        consent, approval, order or authorization of, or declaration, filing or
        registration • with, any governmental entity is required to be obtained or made
        by Assignee in connection with the execution, delivery or performance by
        Company
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and V 87 

       

      (e) No
        event
        has occurred from the Closing Date to the date hereof which would render
        the
        representations and warranties as to the related Assigned Loans made by the
        Company in Sections 3.01 and 3.02 of the Purchase Agreement to be untrue
        in any
        material respect. 

       

      (f) Neither
        this AAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by the Company pursuant
        to
        this AAR Agreement contains or will contain any materially untrue statement
        of
        fact or omits or will omit to state a fact necessary to make the statements
        contained therein not misleading. 

       

      Recognition
        of Assignee

       

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee. 

       

      Miscellaneous

       

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows: 

       

      (a)          
        In
        the
        case of Company, 

       

      ______________________________

      ______________________________

      ______________________________

      ______________________________

      ______________________________

       

      With
        a
        copy to __________________________

       

      
        	(b)	
                          
                  In the case of Assignor, 

              

      

       

      ______________________________

      ______________________________

      ______________________________

      ______________________________

      ______________________________

       

      (c)          
        In
        the
        case of Assignee, 

       

      EMC
        Mortgage Corporation

      Mac
        Arthur Ridge II

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Raylene Ruyle

      Telecopier
        No.: (972) 444-2810 

       

      With
        a
        copy to:

       

      ___________________

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        ___________

      Telecopier
        No.: (212) 272-___

       

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

       

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws. 

       

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced. 

       

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder. 

       

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement. 

       

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument. 

       

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control. 

       

      [Modification
        of Purchase Agreement

       

      15. The
        Company and Assignor hereby amend the Purchase Agreement as follows:

       

      (a) The
        following definitions are added to Section 1.01 of the Purchase Agreement:
        

       

      Securities
        Administrator:
        __________________________ 

       

      Supplemental
        PMI Insurer:
        ________________________ 

       

      Supplemental
        PMI Policy:
        The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee. 

       

      Trustee: _________________________

       

      (b) The
        following defmition is amended and restated: 

       

      Insurance
        Proceeds:
        Proceeds of any Primary Mortgage Insurance Policy, the Supplemental PIvil
        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 PIV11 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 P1VII Insurer for each Mortgage Loan covered by the Supplemental
        PIV11 Policy. In addition, the Company agrees to forward to the Purchaser
        and
        the [Securities Administrator] any statements or other reports given by the
        Supplemental PIV11 Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.” 

       

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows: 

       

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PIV11 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 __________ and the Company (as modified by the AAR Agreement (as
        defmed
        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 defmed herein have the meanings ascribed to them in the
        AAR
        Agreement. 

       

      Date:____________________

       

      ____________________________

      [Signature]

      [Title]
        

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        1

       

      ASSIGNED
        LOAN SCHEDULE

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        2

       

      PURCHASE,
        WARRANTIES AN]) SERVICING AGREEMENT

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      FORM
        OF
        TRIAL BALANCE 

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIIT 

       

      RE:
        Mortgage Loan # __________________________________________

      BORROWER:
        ________________________________________________

      PROPERTY:
        _________________________________________________

       

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the “Agreement’t) 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 defmed shall have the meanings assigned
        to
        them in the Agreement. 

       

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan. 

       

      Dated:
        _____________________

       

      By:
        ______________________________

      Signature

      Title

       

      Send
        documents to: _____________________________________________

      _____________________________________________________________

      _____________________________________________________________

       

      Acknowledgement:
        

       

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the Purchaser.
        

       

      Dated:
        ________________________

       

      By:
        ________________________________

      Signature

       

      ___________________________________

      Title
        

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      COMPANY’S
        UNDERWRITING GUIDELINES 

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      TERM
        SHEET

       

      This
        TERM
        SHEET (the “Term Sheet”) dated _____________, between Savannah Bank, NA dba
        Harbourside Mortgage Corporation, a national bank, located at at 23-B Shelter
        Cove Lane, Hilton Head, South Carolina 29928 (the “Company”) and EMC Mortgage
        Corporation, a Delaware corporation, located at Mac Arthur Ridge II, 909
        Hidden
        Ridge Drive, Suite 200, frying, Texas 75038 (the “Purchaser”) is made pursuant
        to the terms and conditions of that certain Purchase, Warranties and Servicing
        Agreement (the “Agreement”) dated as of April 1, 2005, 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 

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBITJ
        

       

      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 FNIVIA 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 Tnt (submitted interest amount)

      (v)    
        Pool/Invest indicator (indicating Schedule/Schedule or Actual/Actual pool)
        

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    

      AMENDMENT
        NUMBER ONE

      

      to
        the

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      Dated
        as
        of January 1, 2006

      

      between

      

      EMC
        MORTGAGE CORPORATION, 

      as
        Purchaser

      

      and

      

      SAVANNAH
        BANK, NA

      dba
        HARBOURSIDE MORTGAGE CORPORATION,

      as
        Company

      

      This
        AMENDMENT NUMBER ONE (this “Amendment”) is made and entered into this
        1st
        day of
        January, 2006, by and between EMC Mortgage Corporation, a Delaware corporation,
        as purchaser (the “Purchaser”) and Savannah Bank, NA dba Harbourside Mortgage
        Corporation, as company (the “Company”) in connection with the Purchase,
        Warranties and Servicing Agreement, dated as of April 1, 2005, between the
        above
        mentioned parties (the “Agreement”). This Amendment is made pursuant to Section
        11.02 of the Agreement.

      

      RECITALS

       

      WHEREAS,
         the
        parties hereto have entered into the Agreement; 

      

      WHEREAS,
        the Agreement provides that the parties thereto may enter into an amendment
        to
        the Agreement;

      

      WHEREAS,
        the parties hereto desire to amend the Agreement as set forth in this Amendment;
        and

      

      NOW,
        THEREFORE, in consideration of the premises and for other good and valuable
        consideration, the receipt and sufficiency of which is hereby acknowledged,
        the
        parties hereto agree as follows:

      

      1. Capitalized
        terms used herein and not defined herein shall have the meanings assigned
        to
        such terms in the Agreement. 

      

      2. Article
        I
        of the Agreement is hereby amended effective as of the date hereof by adding
        the
        following definitions to Section 1.01: 

      

      Commission
        or SEC:
        The
        Securities and Exchange Commission.

      

      Depositor:
        The
        depositor, as such term is defined in Regulation AB, with respect to any
        Securitization Transaction.

      

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

      

      Master
        Servicer: With
        respect to any Securitization Transaction, the “master servicer,” if any,
        identified in the related transaction documents.

      

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

      

      Prepayment
        Charge:
        Any
        prepayment premium, penalty or charge payable by a Mortgagor in connection
        with
        any Principal Prepayment on a Mortgage Loan pursuant to the terms of the
        related
        Mortgage Note.

      

      Qualified
        Correspondent:
        Any
        Person from which the Company purchased Mortgage Loans, provided that the
        following conditions are satisfied: (i) such Mortgage Loans were originated
        pursuant to an agreement between the Company and such Person that contemplated
        that such Person would underwrite mortgage loans from time to time, for sale
        to
        the Company, in accordance with underwriting guidelines designated by the
        Company (“Designated Guidelines”) or guidelines that do not vary materially from
        such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
        as described in clause (i) above and were acquired by the Company within
        180
        days after origination; (iii) either (x) the Designated Guidelines were,
        at the
        time such Mortgage Loans were originated, used by the Company in origination
        of
        mortgage loans of the same type as the Mortgage Loans for the Company’s own
        account or (y) the Designated Guidelines were, at the time such Mortgage
        Loans
        were underwritten, designated by the Company on a consistent basis for use
        by
        lenders in originating mortgage loans to be purchased by the Company; and
        (iv)
        the Company employed, at the time such Mortgage Loans were acquired by the
        Company, pre-purchase or post-purchase quality assurance procedures (which
        may
        involve, among other things, review of a sample of mortgage loans purchased
        during a particular time period or through particular channels) designed
        to
        ensure that Persons from which it purchased mortgage loans properly applied
        the
        underwriting criteria designated by the Company.

      

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

      

      Securities
        Act:
        The
        Securities Act of 1933, as amended.

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

      

      Servicing
        Criteria:
        As of
        any date of determination, the “servicing criteria” set forth in Item 1122(d) of
        Regulation AB, or any amendments thereto, a summary of the requirements of
        which
        as of the date hereof is attached hereto as Exhibit
        M
        for
        convenience of reference only. In the event of a conflict or inconsistency
        between the terms of Exhibit
        M
        and the
        text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
        AB
        shall control (or those Servicing Criteria otherwise mutually agreed to by
        the
        Purchaser, the Company and any Person that will be responsible for signing
        any
        Sarbanes Certification with respect to a Securitization Transaction in response
        to evolving interpretations of Regulation AB and incorporated into a revised
        Exhibit
        M).

      

      Static
        Pool Information:
        Static
        pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
        AB.

      

      Subcontractor:
        Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of Mortgage Loans but performs one or
        more
        discrete functions identified in Item 1122(d) of Regulation AB with respect
        to
        Mortgage Loans under the direction or authority of the Company or a Subservicer.
        

      

      Third-Party
        Originator:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by the Company.

      

      3. Article
        I
        of the Agreement is hereby amended effective as of the date hereof by deleting
        in its entirety the definition of Subservicer in Section 1.01 and replacing
        it
        with the following:

      

      Subservicer:
        Any
        Person that services Mortgage Loans on behalf of the Company or any Subservicer
        and is responsible for the performance (whether directly or through Subservicers
        or Subcontractors) of a substantial portion of the material servicing functions
        required to be performed by the Company under this Agreement or any
        Reconstitution Agreement that are identified in Item 1122(d) of Regulation
        AB.

      

      4. Article
        I
        of the Agreement is hereby amended effective as of the date hereof by deleting
        in its entirety the definition of Principal Prepayment in Section 1.01 and
        replacing it with the following:

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any Prepayment
        Charge and which is not accompanied by an amount of interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment.

      

      5. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        revising Section 3.01(n) as follows (new text underlined):

      

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

      

      6. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(p):

      

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

      

      7. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(q):

      

      (q) If
        so
        requested by the Purchaser or any Depositor on any date, the Company shall,
        within five Business Days following such request, confirm in writing the
        accuracy of the representations and warranties set forth in Section 3.01(p)
        of
        this Section or, if any such representation and warranty is not accurate
        as of
        the date of such request, provide reasonably adequate disclosure of the
        pertinent facts, in writing, to the requesting party.

      

      8. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(r):

      

      (r) Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        each Subservicer and Third-Party Originator to) (i) immediately notify the
        Purchaser, any Master Servicer and any Depositor in writing of (A) any material
        litigation or governmental proceedings pending against the Company, any
        Subservicer or any Third-Party Originator, (B) any affiliations or relationships
        that develop following the closing date of a Pass-Through Transfer between
        the
        Company, any Subservicer or any Third-Party Originator and any of the parties
        specified in clause (7) of paragraph (p) of this Section (and any other parties
        identified in writing by the requesting party) with respect to such Pass-Through
        Transfer, (C)
        any
        Event of Default under the terms of this Agreement or any Reconstitution
        Agreement, (D) any merger, consolidation or sale of substantially all of
        the
        assets of the Company, and (E) the Company’s entry into an agreement with a
        Subservicer to perform or assist in the performance of any of the Company’s
        obligations under this Agreement or any Reconstitution Agreement and (ii)
        provide to the Purchaser and any Depositor a description of such proceedings,
        affiliations or relationships.

      

      All
        notification pursuant to this Section 3.01(r), other than those pursuant
        to
        Section 3.01(r)(i)(A), should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Conduit Seller Approval Dept.

      Facsimile:
        (214) 626-3751

      Email:
        sellerapproval@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      Notifications
        pursuant to Section 3.01(r)(i)(A) should be sent to: 

      

      EMC
        Mortgage Corporation

      Two
        Mac
        Arthur Ridge

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        TX 75038

      Attention:
        Associate General Counsel for Loan Administration

      Facsimile:
        (972) 831-2555

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Conduit Seller Approval Dept.

      Facsimile:
        (214) 626-3751

      Email:
        sellerapproval@bear.com

      

      9. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(s):

      

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

      

      10. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.02(ggg):

      

      With
        respect to each Mortgage Loan, information regarding the borrower credit
        files
        related to such Mortgage Loan has been furnished to credit reporting agencies
        in
        compliance with the provisions of the Fair Credit Reporting Act and the
        applicable implementing regulations.

      

      11.
         Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following after the first sentence of Section 4.01:

      

      In
        addition, the Company shall furnish information regarding the borrower credit
        files related to such Mortgage Loan to credit reporting agencies in compliance
        with the provisions of the Fair Credit Reporting Act and the applicable
        implementing regulations.

      

      12.
         Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        deleting in its entirety the last paragraph of Section 4.02 and replacing
        it
        with the following:

      

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

      

      13. Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        revising the first paragraph of Section 4.03 by adding the following after
        the
        first sentence:

      

      In
        determining the delinquency status of any Mortgage Loan, the Company will
        use
        delinquency recognition policies as described to and approved by the Purchaser,
        and shall revise these policies as requested by the Purchaser from time to
        time.

      

      14. Article
        V
        of the Agreement is hereby amended effective as of the date hereof by deleting
        Section 5.02 in its entirety and replacing it with the following:

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i) with
        respect to each Mortgage Loan and each Monthly Payment, the amount of such
        remittance allocable to principal (including a separate breakdown of any
        Principal Prepayment, including the date of such prepayment, and any prepayment
        penalties or premiums, along with a detailed report of interest on principal
        prepayment amounts remitted in accordance with Section 4.04);

      

      (ii) with
        respect to each Mortgage Loan and each Monthly Payment, the amount of such
        remittance allocable to interest;

      

      (iii) with
        respect to each Mortgage Loan, the amount of servicing compensation received
        by
        the Company during the prior distribution period;

      

      (iv) the
        Stated Principal Balance of each Mortgage Loan and the aggregate Stated
        Principal Balance of all Mortgage Loans as of the first day of the distribution
        period and the last day of the distribution period;

      

      (v) with
        respect to each Mortgage Loan, the current Mortgage Interest Rate;

      

      (vi) with
        respect to each Mortgage Loan, the aggregate amount of any Insurance Proceeds,
        Condemnation Proceeds, Liquidation Proceeds and REO Disposition Proceeds
        received during the prior distribution period;

      

      (vii) with
        respect to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls
        paid by the Company in accordance with Section 4.04(viii) during the prior
        distribution period; 

      

      (viii) the
        beginning and ending balances of the Custodial Account and Escrow
        Account;

      

      (ix) the
        number of Mortgage Loans as of the first day of the distribution period and
        the
        last day of the distribution period; 

      

      (x) with
        respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
        Loan (a) delinquent as grouped in the following intervals through final
        liquidation of such Mortgage Loan: 30 to 59 days, 60 to 89 days, 90 days
        or
        more; (b) as to which foreclosure has commenced; and (c) as to which REO
        Property has been acquired;

      

      (xi) with
        respect to each Mortgage Loan, the amount and severity of any realized loss
        following liquidation of such Mortgage Loan; 

      

      (xii) with
        respect to each Mortgage Loan, and in the aggregate for all Mortgage Loans,
        the
        amount of any Monthly Advances made by the Company during the prior distribution
        period; 

      

      (xiii) with
        respect to each Mortgage Loan, a description of any Servicing Advances made
        by
        the Company with respect to such Mortgage Loan including the amount, terms
        and
        general purpose of such Servicing Advances, and the aggregate amount of
        Servicing Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xiv) with
        respect to each Mortgage Loan, a description of any Nonrecoverable Advances
        made
        by the Company with respect to such Mortgage Loan including the amount, terms
        and general purpose of such Nonrecoverable Advances, and the aggregate amount
        of
        Nonrecoverable Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xv) with
        respect to each Mortgage Loan, a description of any Monthly Advances, Servicing
        Advances and Nonrecoverable Advances reimbursed to the Company with respect
        to
        such Mortgage Loan during the prior distribution period pursuant to Section
        4.05, and the source of funds for such reimbursement, and the aggregate amount
        of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
        reimbursed to the Company for all Mortgage Loans during the prior distribution
        period pursuant to Section 4.05; 

      

      (xvi) with
        respect to any Mortgage Loan, a description of any material modifications,
        extensions or waivers to the terms, fees, penalties or payments of such Mortgage
        Loan during the prior distribution period or that have cumulatively become
        material over time;

      

      (xvii) a
        description of any material breach of a representation or warranty set forth
        in
        Section 3.01 or Section 3.02 herein or of any other breach of a covenant
        or
        condition contained herein and the status of any resolution of such
        breach;

      

      (xviii) with
        respect to each Mortgage Loan, the Stated Principal Balance of any substitute
        Mortgage Loan provided by the Company and the Stated Principal Balance of
        any
        Mortgage Loan that has been replaced by a substitute Mortgage Loan in accordance
        with Section 3.03 herein;

      

      (xix) with
        respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
        Loan
        that has been repurchased by the Company in accordance with Section 3.03
        herein.

      

      In
        addition, the Company shall provide to the Purchaser such other information
        known or available to the Company that is necessary in order to provide the
        distribution and pool performance information as required under Item 1121
        of
        Regulation AB, as amended from time to time, as determined by the Purchaser
        in
        its sole discretion. The Company shall also provide a monthly report, in
        the
        form of Exhibit
        E
        hereto,
        or such other form as is mutually acceptable to the Company, the Purchaser
        and
        any Master Servicer, Exhibit
        F
        with
        respect to defaulted mortgage loans and Exhibit
        P,
        with
        respect to realized losses and gains, with each such report. 

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for Purchaser to prepare its federal income tax return as Purchaser may
        reasonably request from time to time.

      

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Company shall furnish to each Person who was a Purchaser at any time during
        such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

      

      15. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        deleting Section 6.04 in its entirety and replacing it with the
        following:

      

      Section
        6.04 Annual
        Statement as to Compliance; Annual Certification.

      

      (a) The
        Company will deliver to the Purchaser and any Master Servicer, not later
        than
        March 1 of each calendar year beginning in 2007, an Officers’ Certificate
        acceptable to the Purchaser (an “Annual Statement of Compliance”) stating, as to
        each signatory thereof, that (i) a review of the activities of the Company
        during the preceding calendar year and of performance under this Agreement
        or
        other applicable servicing agreement has been made under such officers’
supervision and (ii) to the best of such officers’ knowledge, based on such
        review, the Company has fulfilled all of its obligations under this Agreement
        or
        other applicable servicing agreement in all material respects throughout
        such
        year, or, if there has been a failure to fulfill any such obligation in any
        material respect, specifying each such failure known to such officer and
        the
        nature and status of cure provisions thereof. Such Annual Statement of
        Compliance shall contain no restrictions or limitations on its use. Copies
        of
        such statement shall be provided by the Company to the Purchaser upon request
        and by the Purchaser to any Person identified as a prospective purchaser
        of the
        Mortgage Loans. In the event that the Company has delegated any servicing
        responsibilities with respect to the Mortgage Loans to a Subservicer, the
        Company shall deliver an officer’s certificate (an “Annual Certification”) of
        the Subservicer as described above as to each Subservicer as and when required
        with respect to the Company.

      

      (b) With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        by March 1 of each calendar year beginning in 2007, an officer of the Company
        shall execute and deliver an Annual Certification to the Purchaser, any Master
        Servicer and any related Depositor for the benefit of each such entity and
        such
        entity’s affiliates and the officers, directors and agents of any such entity
        and such entity’s affiliates, in the form attached hereto as Exhibit
        L.
        In the
        event that the Company has delegated any servicing responsibilities with
        respect
        to the Mortgage Loans to a Subservicer, the Company shall deliver an Annual
        Certification of the Subservicer as described above as to each Subservicer
        as
        and when required with respect to the Company.

      

      (c) If
        the
        Company cannot deliver the related Annual Statement of Compliance or Annual
        Certification by March 1st
        of such
        year, the Purchaser, at its sole option, may permit a cure period for the
        Company to deliver such Annual Statement of Compliance or Annual Certification,
        but in no event later than March 10th of such year.

      

      Failure
        of the Company to timely comply with this Section 6.04 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, unless
        otherwise agreed to by the Purchaser as set forth in 6.04(c), and Purchaser
        may,
        in addition to whatever rights the Purchaser may have under Sections 3.03
        and
        8.01 and at law or equity or to damages, including injunctive relief and
        specific performance, terminate all the rights and obligations of the Company
        under this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without compensating the Company for the same, as provided in Section 9.01.
        Such
        termination shall be considered with cause pursuant to Section 10.01 of this
        Agreement. This paragraph shall supercede any other provision in this Agreement
        or any other agreement to the contrary.

      

      

      16. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        deleting Section 6.05 in its entirety and replacing it with the
        following:

      

      Section
        6.05 [Reserved]

      

      

      17. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 6.07:

      

      Section
        6.07 Assessment
        of Compliance with Servicing Criteria.

      

      On
        and
        after January 1, 2006, the Company shall service and administer, and shall
        cause
        each subservicer to servicer or administer, the Mortgage Loans in accordance
        with all applicable requirements of the Servicing Criteria.

      

      With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        the Company shall deliver to the Purchaser or its designee, any Master Servicer
        and any Depositor on or before March 1 of each calendar year beginning in
        2007,
        a report (an “Assessment of Compliance”) reasonably satisfactory to the
        Purchaser, any Master Servicer and any Depositor regarding the Company’s
        assessment of compliance with the Servicing Criteria during the preceding
        calendar year as required by Rules 13a-18 and 15d-18 of the Exchange Act
        and
        Item 1122 of Regulation AB or as otherwise required by the Master Servicer,
        which as of the date hereof, require a report by an authorized officer of
        the
        Company that contains the following:

      

      (a) A
        statement by such officer of its responsibility for assessing compliance
        with
        the Servicing Criteria applicable to the Company;

      

      (b) A
        statement by such officer that such officer used the Servicing Criteria to
        assess compliance with the Servicing Criteria applicable to the
        Company;

      

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

      

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

      

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

      

      Such
        report at a minimum shall address each of the Servicing Criteria specified
        on a
        certification substantially in the form of Exhibit
        O
        hereto
        delivered to the Purchaser concurrently with the execution of this
        Agreement.

      

      With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        on or before March 1 of each calendar year beginning in 2007, the Company
        shall
        furnish to the Purchaser or its designee, any Master Servicer and any Depositor
        a report (an “Attestation Report”) by a registered public accounting firm that
        attests to, and reports on, the Assessment of Compliance made by the Company,
        as
        required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
        of
        Regulation AB or as otherwise required by the Master Servicer, which Attestation
        Report must be made in accordance with standards for attestation reports
        issued
        or adopted by the Public Company Accounting Oversight Board. 

      

      The
        Company shall cause each Subservicer, and each Subcontractor determined by
        the
        Company pursuant to Section 11.20 to be “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB, to deliver to the
        Purchaser, any Master Servicer and any Depositor an assessment of compliance
        and
        accountants’ attestation as and when provided in Sections 6.07.

      

      If
        the
        Company cannot deliver the related Assessment
        of Compliance or
        Attestation Report by March 1st
        of such
        year, the Purchaser, at its sole option, may permit a cure period for the
        Company to deliver such Assessment of Compliance or Attestation Report, but
        in
        no event later than March 10th of such year.

      

      Failure
        of the Company to timely comply with this Section 6.07 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, unless
        otherwise agreed to by the Purchaser as described herein, and Purchaser may,
        in
        addition to whatever rights the Purchaser may have under Sections 3.03 and
        8.01
        and at law or equity or to damages, including injunctive relief and specific
        performance, terminate all the rights and obligations of the Company under
        this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Company for the same, as provided in Section 9.01. Such
        termination shall be considered with cause pursuant to Section 10.01 of this
        Agreement. This paragraph shall supercede any other provision in this Agreement
        or any other agreement to the contrary.

      

      18. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 6.08:

      

      Section
        6.08 Intent
        of the Parties; Reasonableness.

      

      The
        Purchaser and the Company acknowledge and agree that a purpose of Sections
        3.01(p), 5.02, 6.04, 6.07 and 11.18 of this Agreement is to facilitate
        compliance by the Purchaser and any Depositor with the provisions of Regulation
        AB and related rules and regulations of the Commission. None of the Purchaser,
        any Master Servicer or Depositor shall exercise its right to request delivery
        of
        information or other performance under these provisions other than in good
        faith, or for purposes other than compliance with the Securities Act, the
        Exchange Act and the rules and regulations of the Commission thereunder.
        The
        Company acknowledges that interpretations of the requirements of Regulation
        AB
        may change over time, whether due to interpretive guidance provided by the
        Commission or its staff, consensus among participants in the asset-backed
        securities markets, advice of counsel, or otherwise, and agrees to comply
        with
        requests made by the Purchaser or any Depositor in good faith for delivery
        of
        information under these provisions on the basis of evolving interpretations
        of
        Regulation AB. In connection with any Pass-Through Transfer, the Company
        shall
        cooperate fully with the Purchaser to deliver to the Purchaser (including
        any of
        its assignees or designees) and any Depositor, any and all statements, reports,
        certifications, records and any other information necessary in the good faith
        determination of the Purchaser or any Depositor to permit the Purchaser or
        such
        Depositor to comply with the provisions of Regulation AB, together with such
        disclosures relating to the Company, any Subservicer, any Third-Party Originator
        and the Mortgage Loans, or the servicing of the Mortgage Loans, reasonably
        believed by the Purchaser or any Depositor to be necessary in order to effect
        such compliance.

      

      19. Article
        IX of the Agreement is hereby amended effective as of the date hereof by
        deleting the first sentence of the last paragraph of Section 9.01 and replacing
        it with the following (new text underlined):

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, or
        as
        otherwise stated herein,
        in which
        case, automatically and without notice) may, in addition to whatever rights
        the
        Purchaser may have under Sections 3.03 and 8.01 and at law or equity or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company (and
        if
        the Company is servicing any of the Mortgage Loans in a Securitization
        Transaction, appoint a successor servicer reasonably acceptable to any Master
        Servicer for such Securitization Transaction)
        under
        this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without
        compensating the Company for the same.

      

      20. Article
        IX of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following at the end of the last paragraph of Section 9.01:

      

      The
        Company shall promptly reimburse the Purchaser (or any designee of the
        Purchaser, such as a master servicer) and any Depositor, as applicable, for
        all
        reasonable expenses incurred by the Purchaser (or such designee) or such
        Depositor, as such are incurred, in connection with the termination of the
        Company as servicer and the transfer of servicing of the Mortgage Loans to
        a
        successor servicer. The provisions of this paragraph shall not limit whatever
        rights the Purchaser or any Depositor may have under other provisions of
        this
        Agreement and/or any applicable Reconstitution Agreement or otherwise, whether
        in equity or at law, such as an action for damages, specific performance
        or
        injunctive relief.

      

      21. Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        restating Section 11.18 in its entirety as follows:

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a) one
        or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more Pass-Through
        Transfers.

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
Exhibit
        D
        hereto,
        or, at Purchaser’s request, a seller's warranties and servicing agreement or a
        participation and servicing agreement or similar agreement in form and substance
        reasonably acceptable to the parties, and in connection with a Pass-Through
        Transfer, a pooling and servicing agreement in form and substance reasonably
        acceptable to the parties, (collectively the agreements referred to herein
        are
        designated, the “Reconstitution Agreements”). It is understood that any such
        Reconstitution Agreements will not contain any greater obligations on the
        part
        of Company than are contained in this Agreement. Notwithstanding anything
        to the
        contrary in this Section 11.18, the Company agrees that it is required to
        perform the obligations described in Exhibit
        K
        hereto.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date").

      

      In
        addition, the Company shall provide to such servicer or issuer, as the case
        may
        be, and any other participants in such Reconstitution: 

      

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

      

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

      

      (iii) within
        5
        Business Days after request by the Purchaser, the information with respect
        to
        the Company (as originator) and each Third-Party Originator of the Mortgage
        Loans as required under Item 1110(a) and (b) of Regulation AB, a summary
        of the
        requirements of which has of the date hereof is attached hereto as Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion. If requested by the Purchaser, this will include information
        about
        the applicable credit-granting or underwriting criteria;

      

      (iv) within
        5
        Business Days after request by the Purchaser, the Company shall provide (or,
        as
        applicable, cause each Third-Party Originator to provide) Static Pool
        Information with respect to the mortgage loans (of a similar type as the
        Mortgage Loans, as reasonably identified by the Purchaser as provided below)
        originated by (i) the Company, if the Company is an originator of Mortgage
        Loans
        (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
        and/or (ii) each Third-Party Originator. Such Static Pool Information shall
        be
        prepared by the Company (or Third-Party Originator) on the basis of its
        reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
        and (c) of Regulation AB. To the extent that there is reasonably available
        to
        the Company (or Third-Party Originator) Static Pool Information with respect
        to
        more than one mortgage loan type, the Purchaser or any Depositor shall be
        entitled to specify whether some or all of such information shall be provided
        pursuant to this paragraph. The content of such Static Pool Information may
        be
        in the form customarily provided by the Company, and need not be customized
        for
        the Purchaser or any Depositor. Such Static Pool Information for each vintage
        origination year or prior securitized pool, as applicable, shall be presented
        in
        increments no less frequently than quarterly over the life of the mortgage
        loans
        included in the vintage origination year or prior securitized pool. The most
        recent periodic increment must be as of a date no later than 135 days prior
        to
        the date of the prospectus or other offering document in which the Static
        Pool
        Information is to be included or incorporated by reference. The Static Pool
        Information shall be provided in an electronic format that provides a permanent
        record of the information provided, such as a portable document format (pdf)
        file, or other such electronic format reasonably required by the Purchaser
        or
        the Depositor, as applicable;

      

      (v) within
        5
        Business Days after request by the Purchaser, information with respect to
        the
        Company (as servicer) as required by Item 1108(b) and (c) of Regulation AB,
        a
        summary of the requirements of which as of the date hereof is attached hereto
        as
Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion. In the event that the Company has delegated any servicing
        responsibilities with respect to the Mortgage Loans to a Subservicer, the
        Company shall provide the information required pursuant to this clause with
        respect to the Subservicer;

      

      (vi) within
        5
        Business Days after request by the Purchaser, 

      (a)
        information regarding any legal proceedings pending (or known to be
        contemplated) against the Company (as originator and as servicer) and each
        other
        originator of the Mortgage Loans and each Subservicer as required by Item
        1117
        of Regulation AB, a summary of the requirements of which as of the date hereof
        is attached hereto as Exhibit N for convenience of reference only, as determined
        by Purchaser in its sole discretion,

      (b)
        information regarding affiliations with respect to the Company (as originator
        and as servicer) and each other originator of the Mortgage Loans and each
        Subservicer as required by Item 1119(a) of Regulation AB, a summary of the
        requirements of which as of the date hereof is attached hereto as Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion, and

      (c)
        information regarding relationships and transactions with respect to the
        Company
        (as originator and as servicer) and each other originator of the Mortgage
        Loans
        and each Subservicer as required by Item 1119(b) and (c) of Regulation AB,
        a
        summary of the requirements of which as of the date hereof is attached hereto
        as
        Exhibit N for convenience of reference only, as determined by Purchaser in
        its
        sole discretion; 

      

      (vii) if
        so
        requested by the Purchaser, the Company shall provide (or, as applicable,
        cause
        each Third-Party Originator to provide), at the expense of the requesting
        party
        (to the extent of any additional incremental expense associated with delivery
        pursuant to this Agreement), such statements and agreed-upon procedures letters
        of certified public accountants reasonably acceptable to the Purchaser or
        Depositor, as applicable, pertaining to Static Pool Information relating
        to
        prior securitized pools for securitizations closed on or after January 1,
        2006
        or, in the case of Static Pool Information with respect to the Company’s or
        Third-Party Originator’s originations or purchases, to calendar months
        commencing January 1, 2006, or to any financial information included in any
        other disclosure provided under this Section 11.18, as the Purchaser or such
        Depositor shall reasonably request. Such statements and letters shall be
        addressed to and be for the benefit of such parties as the Purchaser or such
        Depositor shall designate, which may include, by way of example, any Sponsor,
        any Depositor and any broker dealer acting as underwriter, placement agent
        or
        initial purchaser with respect to a Pass-Through Transfer. Any such statement
        or
        letter may take the form of a standard, generally applicable document
        accompanied by a reliance letter authorizing reliance by the addressees
        designated by the Purchaser or such Depositor;

      

      (viii)
        For the purpose of satisfying the reporting obligation under the Exchange
        Act
        with respect to any class of asset-backed securities, the Company shall (or
        shall cause each Subservicer and Third-Party Originator to) (i) provide prompt
        notice to the Purchaser, any Master Servicer and any Depositor in writing
        of (A)
        any material litigation or governmental proceedings involving the Company,
        any
        Subservicer or any Third-Party Originator, (B) any affiliations or relationships
        that develop following the closing date of a Securitization Transaction between
        the Company, any Subservicer or any Third-Party Originator and any of the
        parties specified in clause (D) of paragraph (a) of this Section (and any
        other
        parties identified in writing by the requesting party) with respect to such
        Securitization Transaction, (C) any Event of Default under the terms of this
        Agreement or any Reconstitution Agreement, (D) any merger, consolidation
        or sale
        of substantially all of the assets of the Company, and (E) the Company’s entry
        into an agreement with a Subservicer to perform or assist in the performance
        of
        any of the Company’s obligations under this Agreement or any Reconstitution
        Agreement and (ii) provide to the Purchaser and any Depositor a description
        of
        such proceedings, affiliations or relationships; 

      

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

      

      (x)
        In
        addition to such information as the Company, as servicer, is obligated to
        provide pursuant to other provisions of this Agreement, not later than ten
        days
        prior to the deadline for the filing of any distribution report on Form 10-D
        in
        respect of any Securitization Transaction that includes any of the Mortgage
        Loans serviced by the Company or any Subservicer, the Company or such
        Subservicer, as applicable, shall, to the extent the Company or such Subservicer
        has knowledge, provide to the party responsible for filing such report
        (including, if applicable, the Master Servicer) notice of the occurrence
        of any
        of the following events along with all information, data, and materials related
        thereto as may be required to be included in the related distribution report
        on
        Form 10-D (as specified in the provisions of Regulation AB referenced
        below):

      

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

      

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

      

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

      

      (xi)
        The
        Company shall provide to the Purchaser, any Master Servicer and any Depositor,
        evidence of the authorization of the person signing any certification or
        statement, copies or other evidence of Fidelity Bond Insurance and Errors
        and
        Omission Insurance policy, financial information and reports, and such other
        information related to the Company or any Subservicer or the Company or such
        Subservicer’s performance hereunder.

      

      In
        the
        event of a conflict or inconsistency between the terms of Exhibit N and the
        text
        of the applicable Item of Regulation AB as cited above, the text of Regulation
        AB, its adopting release and other public statements of the SEC shall
        control.

      

      The
        Company shall indemnify the Purchaser, each affiliate of the Purchaser, and
        each
        of the following parties participating in a Pass-Through Transfer: each sponsor
        and issuing entity; each Person (including, but not limited to, any Master
        Servicer, if applicable) responsible for the preparation, execution or filing
        of
        any report required to be filed with the Commission with respect to such
        Pass-Through Transfer, or for execution of a certification pursuant to Rule
        13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
        Pass-Through Transfer; each broker dealer acting as underwriter, placement
        agent
        or initial purchaser, each Person who controls any of such parties or the
        Depositor (within the meaning of Section 15 of the Securities Act and Section
        20
        of the Exchange Act); and the respective present and former directors, officers,
        employees, agents and affiliates of each of the foregoing and of the Depositor
        (each, an “Indemnified Party”), and shall hold each of them harmless from and
        against any claims, losses, damages, penalties, fines, forfeitures, legal
        fees
        and expenses and related costs, judgments, and any other costs, fees and
        expenses that any of them may sustain arising out of or based upon:

      

      (i)(A)
        any untrue statement of a material fact contained or alleged to be contained
        in
        any information, report, certification, data, accountants’ letter or other
        material provided under this Section 11.18 by or on behalf of the Company,
        or
        provided under this Section 11.18 by or on behalf of any Subservicer,
        Subcontractor or Third-Party Originator (collectively, the “Company
        Information”), or (B) the omission or alleged omission to state in the Company
        Information a material fact required to be stated in the Company Information
        or
        necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; provided, by way
        of
        clarification, that clause (B) of this paragraph shall be construed solely
        by
        reference to the Company Information and not to any other information
        communicated in connection with a sale or purchase of securities, without
        regard
        to whether the Company Information or any portion thereof is presented together
        with or separately from such other information;

      

      (ii)
        any
        breach by the Company of its obligations under this Section 11.18, including
        particularly any failure by the Company, any Subservicer, any Subcontractor
        or
        any Third-Party Originator to deliver any information, report, certification,
        accountants’ letter or other material when and as required under this Section
        11.18, including any failure by the Company to identify pursuant to Section
        11.20 any Subcontractor “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB; 

      

      (iii)
        any
        breach by the Company of a representation or warranty set forth in Section
        3.01
        or in a writing furnished pursuant to Section 3.01(q) and made as of a date
        prior to the closing date of the related Pass-Through Transfer, to the extent
        that such breach is not cured by such closing date, or any breach by the
        Company
        of a representation or warranty in a writing furnished pursuant to Section
        3.01(q) to the extent made as of a date subsequent to such closing date;
        or

      (iv)the
        negligence bad faith or willful misconduct of the Company in connection with
        its
        performance under this Section 11.18.

      

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other. 

      

      In
        the
        case of any failure of performance described above, the Company shall promptly
        reimburse the Purchaser, any Depositor, as applicable, and each Person
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission with respect to such Securitization Transaction,
        or
        for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
        under the Exchange Act with respect to such Securitization Transaction, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

      

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

      

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      

      22. Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 11.20:

      

      Section
        11.20. Use
        of
        Subservicers and Subcontractors.

      

      (a) The
        Company shall not hire or otherwise utilize the services of any Subservicer
        to
        fulfill any of the obligations of the Company as servicer under this Agreement
        or any Reconstitution Agreement unless the Company complies with the provisions
        of paragraph (b) of this Section. The Company shall not hire or otherwise
        utilize the services of any Subcontractor, and shall not permit any Subservicer
        to hire or otherwise utilize the services of any Subcontractor, to fulfill
        any
        of the obligations of the Company as servicer under this Agreement or any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (d) of this Section. 

      

      (b) The
        Company shall cause any Subservicer used by the Company (or by any Subservicer)
        for the benefit of the Purchaser and any Depositor to comply with the provisions
        of this Section and with Sections 3.01(p), 3.01(s), 6.04, 6.07 and 11.18
        of this
        Agreement to the same extent as if such Subservicer were the Company, and
        to
        provide the information required with respect to such Subservicer under Section
        3.01(r) of this Agreement. The Company shall be responsible for obtaining
        from
        each Subservicer and delivering to the Purchaser, any Master Servicer and
        any
        Depositor any Annual Statement of Compliance required to be delivered by
        such
        Subservicer under Section 6.04(a), any Assessment of Compliance and Attestation
        Report required to be delivered by such Subservicer under Section 6.07 and
        any
        Annual Certification required under Section 6.04(b) as and when required
        to be
        delivered.

      

      (c) The
        Company shall promptly upon request provide to the Purchaser, any Master
        Servicer and any Depositor (or any designee of the Depositor, such as an
        administrator) a written description (in form and substance satisfactory
        to the
        Purchaser, any Master Servicer and such Depositor) of the role and function
        of
        each Subcontractor utilized by the Company or any Subservicer, specifying
        (i)
        the identity of each such Subcontractor, (ii) which (if any) of such
        Subcontractors are “participating in the servicing function” within the meaning
        of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
        Criteria will be addressed in assessments of compliance provided by each
        Subcontractor identified pursuant to clause (ii) of this paragraph.

      

      (d) As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Company shall cause any such Subcontractor used by the
        Company (or by any Subservicer) for the benefit of the Purchaser and any
        Depositor to comply with the provisions of Sections 6.07 and 11.18 of this
        Agreement to the same extent as if such Subcontractor were the Company. The
        Company shall be responsible for obtaining from each Subcontractor and
        delivering to the Purchaser and any Depositor any Assessment of Compliance
        and
        Attestation Report and the other certificates required to be delivered by
        such
        Subservicer and such Subcontractor under Section 6.07, in each case as and
        when
        required to be delivered.

      

      23. Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 11.21:

      

      Section
        11.21. Third
        Party Beneficiary.

      

      For
        purposes of this Agreement, each Master Servicer shall be considered a
        third party beneficiary to this Agreement, entitled to all the rights and
        benefits hereof as if it were a direct party to this
        Agreement.

      

      24. The
        Agreement is hereby amended as of the date hereof by deleting Exhibit E in
        its
        entirety and replacing it with the following:

      

      EXHIBIT
        E

      

      REPORTING
        DATA FOR MONTHLY REPORT

      

      
        	
                Standard
                  File Layout - Master Servicing

              
	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	 	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	 	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                      commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	 	 	 	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	 	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

      

      25. The
        Agreement is hereby amended as of the date hereof by adding the following
        new
        Exhibit F:

      

      

      EXHIBIT
        F

      

      REPORTING
        DATA FOR DEFAULTED LOANS

      

      Standard
        File Layout - Delinquency Reporting

      

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

       

       

       

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting

       

      

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

       

      
        	·  	
                ASUM-Approved
                  Assumption

              

      

       

      
        	·  	
                BAP-Borrower
                  Assistance Program

              

      

       

      
        	·  	
                CO-
                  Charge Off

              

      

       

      
        	·  	
                DIL-
                  Deed-in-Lieu

              

      

       

      
        	·  	
                FFA-
                  Formal Forbearance Agreement

              

      

       

      
        	·  	
                MOD-
                  Loan Modification

              

      

       

      
        	·  	
                PRE-
                  Pre-Sale

              

      

       

      
        	·  	
                SS-
                  Short Sale

              

      

       

      
        	·  	
                MISC-Anything
                  else approved by the PMI or Pool
                  Insurer

              

      

       

      

       

      NOTE:
        Wells
        Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      

       

      The
        Occupant
        Code
        field
        should show the current status of the property code as follows:

       

      
        	·  	
                Mortgagor

              

      

       

      
        	·  	
                Tenant

              

      

       

      
        	·  	
                Unknown
                  

              

      

       

      
        	·  	
                Vacant

              

      

       

      

       

      The
        Property
        Condition
        field
        should show the last reported condition of the property as follows:

       

      
        	·  	
                Damaged

              

      

       

      
        	·  	
                Excellent

              

      

       

      
        	·  	
                Fair

              

      

       

      
        	·  	
                Gone

              

      

       

      
        	·  	
                Good

              

      

       

      
        	·  	
                Poor

              

      

       

      
        	·  	
                Special
                  Hazard

              

      

       

      
        	·  	
                Unknown

              

      

       

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      

       

      The
        FNMA
        Delinquent Reason Code
        field
        should show the Reason for Delinquency as follows: 

       

      

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of property

              
	
                009

              	
                FNMA-Distant
                  employee transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell property

              
	
                013

              	
                FNMA-Inability
                  to rent property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

      

       

      The
        FNMA
        Delinquent Status Code
        field
        should show the Status of Default as follows: 

       

      

      
        	
                Status
                  Code

              	
                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7 Bankruptcy

              
	
                66

              	
                Chapter
                  11 Bankruptcy

              
	
                67

              	
                Chapter
                  13 Bankruptcy

              

      

       

      

      26. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit K:

      

      EXHIBIT
        K

      

      COMPANY’S
        OBLIGATIONS IN CONNECTION 

      WITH
        A
        RECONSTITUTION

      

      • The
        Company shall (i) possess the ability to service to a securitization documents;
        (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through the
        liquidation of an REO Property), (iii) make compensating interest payments
        on
        payoffs and curtailments and (iv) remit and report to a Master Servicer in
        format acceptable to such Master Servicer by the 10th calendar day of each
        month.

      

      • The
        Company shall provide an acceptable annual certification (officer’s certificate)
        to the Master Servicer (as required by the Sarbanes-Oxley Act of 2002) as
        well
        as any other annual certifications required under the securitization documents
        (i.e. the annual statement as to compliance/annual independent certified
        public
        accountants’ servicing report due by March 1 of each year).

      

      • The
        Company shall allow for the Purchaser, the Master Servicer or their designee
        to
        perform a review of audited financials and net worth of the
        Company.

      

      • The
        Company shall provide a Uniform Single Attestation Program certificate and
        Management Assertion as requested by the Master Servicer or the
        Purchaser.

      

      • The
        Company shall provide information on each Custodial Account as requested
        by the
        Master Servicer or the Purchaser, and each Custodial Accounts shall comply
        with
        the requirements for such accounts as set forth in the securitization
        documents.

      

      • The
        Company shall maintain its servicing system in accordance with the requirements
        of the Master Servicer.

      

      

      

      27. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit L:

      

      EXHIBIT
        L

      

      FORM
        OF
        COMPANY CERTIFICATION

      

      Re: The
        [_______] agreement dated as of [________ l, 200[ ] (the “Agreement”), among
        [IDENTIFY PARTIES]

      

      I,
        ____________________________, the _______________________ of [NAME OF COMPANY]
        (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
        Servicer] [Securities Administrator] [Trustee], and their officers, with
        the
        knowledge and intent that they will rely upon this certification,
        that:

      

      I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
        reports, officer’s certificates and other information relating to the servicing
        of the Mortgage Loans by the Company during 200[ ] that were delivered by
        the
        Company to the [Depositor] [Master Servicer] [Securities Administrator]
        [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
        Information”);

      

      Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

      

      Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Securities Administrator] [Trustee];

      

      I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

      

      The
        Compliance Statement required to be delivered by the Company pursuant to
        this
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master Servicer]. Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        [Depositor] [Master Servicer]. Any material instance of noncompliance with
        the
        Servicing Criteria has been disclosed in such reports.

      

      28. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit M:

      

      EXHIBIT
        M

      

      SUMMARY
        OF REGULATION AB

      SERVICING
        CRITERIA

      

      NOTE:
        This Exhibit M is provided for convenience of reference only. In the event
        of a
        conflict or inconsistency between the terms of this Exhibit M and the text
        of
        Regulation AB, the text of Regulation AB, its adopting release and other
        public
        statements of the SEC shall control. 

      

      Item
        1122(d)

       

      
        	(a)  	
                General
                  servicing considerations.

              

      

       

      (1)  Policies
        and procedures are instituted to monitor any performance or other triggers
        and
        events of default in accordance with the transaction agreements.

       

      (2)  If
        any
        material servicing activities are outsourced to third parties, policies and
        procedures are instituted to monitor the third party’s performance and
        compliance with such servicing activities.

       

      (3)  Any
        requirements in the transaction agreements to maintain a back-up servicer
        for
        the mortgage loans are maintained.

       

      (4)  A
        fidelity bond and errors and omissions policy is in effect on the party
        participating in the servicing function throughout the reporting period in
        the
        amount of coverage required by and otherwise in accordance with the terms
        of the
        transaction agreements.

       

      
        	(b)  	
                Cash
                  collection and administration.

              

      

       

      (1)  Payments
        on mortgage loans are deposited into the appropriate custodial bank accounts
        and
        related bank clearing accounts no more than two business days following receipt,
        or such other number of days specified in the transaction
        agreements.

       

      (2)  Disbursements
        made via wire transfer on behalf of an obligor or
        to an
        investor are made only by authorized personnel.

       

      (3)  Advances
        of funds or guarantees regarding collections, cash flows or distributions,
        and
        any interest or other fees charged for such advances, are made, reviewed
        and
        approved as specified in the transaction agreements.

       

      (4)  The
        related accounts for the transaction, such as cash reserve accounts or accounts
        established as a form of overcollateralization, are separately maintained
        (e.g.,
        with respect to commingling of cash) as set forth in the transaction
        agreements.

       

      (5)  Each
        custodial account is maintained at a federally insured depository institution
        as
        set forth in the transaction agreements. For purposes of this criterion,
        “federally insured depository institution” with respect to a foreign financial
        institution means a foreign financial institution that meets the requirements
        of
        Rule 13k-1(b)(1) of the Securities Exchange Act.

       

      (6)  Unissued
        checks are safeguarded so as to prevent unauthorized access.

       

      (7)  Reconciliations
        are prepared on a monthly basis for all asset-backed securities related bank
        accounts, including custodial accounts and related bank clearing accounts.
        These
        reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar
        days after the bank statement cutoff date, or such other number of days
        specified in the transaction agreements; (C) reviewed and approved by someone
        other than the person who prepared the reconciliation; and (D) contain
        explanations for reconciling items. These reconciling items are resolved
        within
        90 calendar days of their original identification, or such other number of
        days
        specified in the transaction agreements.

       

      
        	(c)  	
                Investor
                  remittances and reporting.

              

      

       

      (1)  Reports
        to investors, including those to be filed with the Commission, are maintained
        in
        accordance with the transaction agreements and applicable Commission
        requirements. Specifically, such reports (A) are prepared in accordance with
        timeframes and other terms set forth in the transaction agreements; (B) provide
        information calculated in accordance with the terms specified in the transaction
        agreements; (C) are filed with the Commission as required by its rules and
        regulations; and (D) agree with investors’ or the trustee’s records as to the
        total unpaid principal balance and number of mortgage loans serviced by the
        Servicer.

       

      (2)  Amounts
        due to investors are allocated and remitted in accordance with timeframes,
        distribution priority and other terms set forth in the transaction
        agreements.

       

      (3)  Disbursements
        made to an investor are posted within two business days to the Servicer’s
        investor records, or such other number of days specified in the transaction
        agreements.

       

      (4)  Amounts
        remitted to investors per the investor reports agree with cancelled checks,
        or
        other form of payment, or custodial bank statements.

       

      
        	(d)  	
                Mortgage
                  Loan administration.

              

      

       

      (1)  Collateral
        or security on mortgage loans is maintained as required by the transaction
        agreements or related mortgage loan documents.

       

      (2)  Mortgage
        loan and related documents are safeguarded as required by the transaction
        agreements.

       

      (3)  Any
        additions, removals or substitutions to the asset pool are made, reviewed
        and
        approved in accordance with any conditions or requirements in the transaction
        agreements.

       

      (4)  Payments
        on mortgage loans, including any payoffs, made in accordance with the related
        mortgage loan documents are posted to the Servicer’s obligor records maintained
        no more than two business days after receipt, or such other number of days
        specified in the transaction agreements, and allocated to principal, interest
        or
        other items (e.g., escrow) in accordance with the related mortgage loan
        documents.

       

      (5)  The
        Servicer’s records regarding the mortgage loans agree with the Servicer’s
        records with respect to an obligor’s unpaid principal balance.

       

      (6)  Changes
        with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
        modifications or re-agings) are made, reviewed and approved by authorized
        personnel in accordance with the transaction agreements and related mortgage
        loan documents.

       

      (7)  Loss
        mitigation or recovery actions (e.g., forbearance plans, modifications and
        deeds
        in lieu of foreclosure, foreclosures and repossessions, as applicable) are
        initiated, conducted and concluded in accordance with the timeframes or other
        requirements established by the transaction agreements.

       

      (8)  Records
        documenting collection efforts are maintained during the period a mortgage
        loan
        is delinquent in accordance with the transaction agreements. Such records
        are
        maintained on at least a monthly basis, or such other period specified in
        the
        transaction agreements, and describe the entity’s activities in monitoring
        delinquent mortgage loans including, for example, phone calls, letters and
        payment rescheduling plans in cases where delinquency is deemed temporary
        (e.g.,
        illness or unemployment).

       

      (9)  Adjustments
        to interest rates or rates of return for mortgage loans with variable rates
        are
        computed based on the related mortgage loan documents.

       

      (10)  Regarding
        any funds held in trust for an obligor (such as escrow accounts): (A) such
        funds
        are analyzed, in accordance with the obligor’s mortgage loan documents, on at
        least an annual basis, or such other period specified in the transaction
        agreements; (B) interest on such funds is paid, or credited, to obligors
        in
        accordance with applicable mortgage loan documents and state laws; and (C)
        such
        funds are returned to the obligor within 30 calendar days of full repayment
        of
        the related mortgage loans, or such other number of days specified in the
        transaction agreements.

       

      (11)  Payments
        made on behalf of an obligor (such as tax or insurance payments) are made
        on or
        before the related penalty or expiration dates, as indicated on the appropriate
        bills or notices for such payments, provided that such support has been received
        by the Servicer at least 30 calendar days prior to these dates, or such other
        number of days specified in the transaction agreements.

       

      (12)  Any
        late
        payment penalties in connection with any payment to be made on behalf of
        an
        obligor are paid from the Servicer’s funds and not charged to the obligor,
        unless the late payment was due to the obligor’s error or omission.

       

      (13)  Disbursements
        made on behalf of an obligor are posted within two business days to the
        obligor’s records maintained by the Servicer, or such other number of days
        specified in the transaction agreements.

       

      (14)  Delinquencies,
        charge-offs and uncollectable accounts are recognized and recorded in accordance
        with the transaction agreements.

       

      (15)  Any
        external enhancement or other support, identified in Item 1114(a)(1) through
        (3)
        or Item 1115 of Regulation AB, is maintained as set forth in the
        transaction agreements.

      

      29. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit N:

       

      EXHIBIT
        N

      

      SUMMARY
        OF APPLICABLE REGULATION AB REQUIREMENTS

      

      NOTE:
        This Exhibit N is provided for convenience of reference only. In the event
        of a
        conflict or inconsistency between the terms of this Exhibit N and the text
        of
        Regulation AB, the text of Regulation AB, its adopting release and other
        public
        statements of the SEC shall control. 

       

      Item
        1105(a)(1)-(3) and (c)

      

      -Provide
        static pool information with respect to mortgage loans that were originated
        or
        purchased by the Company and which are of the same type as the Mortgage
        Loans.

       

      -Provide
        static pool information regarding delinquencies, cumulative losses and
        prepayments for prior securitized pools of the Company.

       

      -If
        the
        Company has less than 3 years experience securitizing assets of the same
        type as
        the Mortgage Loans, provide the static pool information by vintage origination
        years regarding loans originated or purchased by the Company, instead of
        by
        prior securitized pool. A vintage origination year represents mortgage loans
        originated during the same year.

       

      -Such
        static pool information shall be for the prior five years, or for so long
        as the
        Company has been originating or purchasing (in the case of data by vintage
        origination year) or securitizing (in the case of data by prior securitized
        pools) such mortgage loans if for less than five years.

       

      -The
        static pool information for each vintage origination year or prior securitized
        pool, as applicable, shall be presented in monthly increments over the life
        of
        the mortgage loans included in the vintage origination year or prior securitized
        pool.

       

      -Provide
        summary information for the original characteristics of the prior securitized
        pools or vintage origination years, as applicable and material, including:
        number of pool assets, original pool balance, weighted average initial loan
        balance, weighted average mortgage rate, weighted average and minimum and
        maximum FICO, product type, loan purpose, weighted average and minimum and
        maximum LTV, distribution of loans by mortgage rate, and geographic
        concentrations of 5% or more.

       

      

      Item
        1108(b) and (c)

      

      Provide
        the following information with respect to each servicer that will service,
        including interim service, 20% or more of the mortgage loans in any loan
        group
        in the securitization issued in the Pass-Through Transfer: 

       

      -a
        description of the Company’s form of organization;

       

      -a
        description of how long the Company has been servicing residential mortgage
        loans; a general discussion of the Company’s experience in servicing assets of
        any type as well as a more detailed discussion of the Company’s experience in,
        and procedures for the servicing function it will perform under this Agreement
        and any Reconstitution Agreements; information regarding the size, composition
        and growth of the Company’s portfolio of mortgage loans of the type similar to
        the Mortgage Loans and information on factors related to the Company that
        may be
        material to any analysis of the servicing of the Mortgage Loans or the related
        asset-backed securities, as applicable, including whether any default or
        servicing related performance trigger has occurred as to any other
        securitization due to any act or failure to act of the Company, whether any
        material noncompliance with applicable servicing criteria as to any other
        securitization has been disclosed or reported by the Company, and the extent
        of
        outsourcing the Company uses;

       

      -a
        description of any material changes to the Company’s policies or procedures in
        the servicing function it will perform under this Agreement and any
        Reconstitution Agreements for mortgage loans of the type similar to the Mortgage
        Loans during the past three years;

       

      -information
        regarding the Company’s financial condition to the extent that there is a
        material risk that the effect on one or more aspects of servicing resulting
        from
        such financial condition could have a material impact on the performance
        of the
        securities issued in the Pass-Through Transfer, or on servicing of mortgage
        loans of the same asset type as the Mortgage Loans;

       

      -any
        special or unique factors involved in servicing loans of the same type as
        the
        Mortgage Loans, and the Company’s processes and procedures designed to address
        such factors;

       

      -statistical
        information regarding principal and interest advances made by the Company
        on the
        Mortgage Loans and the Company’s overall servicing portfolio for the past three
        years; and

       

      -the
        Company’s process for handling delinquencies, losses, bankruptcies and
        recoveries, such as through liquidation of REO Properties, foreclosure, sale
        of
        the Mortgage Loans or workouts.

       

      Item
        1110(a)

      

      -Identify
        any originator or group of affiliated originators that originated, or is
        expected to originate, 10% or more of the mortgage loans in any loan group
        in
        the securitization issued in the Pass-Through Transfer.

       

      

      Item
        1110(b)

      

      Provide
        the following information with respect to any originator or group of affiliated
        originators that originated, or is expected to originate, 20% or more of
        the
        mortgage loans in any loan group in the securitization issued in the
        Pass-Through Transfer:

       

      -the
        Company’s form of organization; and

       

      -a
        description of the Company’s origination program and how long the Company has
        been engaged in originating residential mortgage loans, which description
        must
        include a discussion of the Company’s experience in originating mortgage loans
        of the same type as the Mortgage Loans and information regarding the size
        and
        composition of the Company’s origination portfolio as well as information that
        may be material to an analysis of the performance of the Mortgage Loans,
        such as
        the Company’s credit-granting or underwriting criteria for mortgage loans of the
        same type as the Mortgage Loans.

       

      

      Item
        1117

      

      -describe
        any legal proceedings pending against the Company or against any of its
        property, including any proceedings known to be contemplated by governmental
        authorities, that may be material to the holders of the securities issued
        in the
        Pass-Through Transfer.

       

      

      Item
        1119(a)

      

      -describe
        any affiliations of the Company, each other originator of the Mortgage Loans
        and
        each Subservicer with the sponsor, depositor, issuing entity, trustee, any
        originator, any other servicer, any significant obligor, enhancement or support
        provider or any other material parties related to the Pass-Through
        Transfer.

       

      

      Item
        1119(b)

      

      -describe
        any business relationship, agreement, arrangement, transaction or understanding
        entered into outside of the ordinary course of business or on terms other
        than
        those obtained in an arm’s length transaction with an unrelated third party,
        apart from the Pass-Through Transfer, between the Company, each other originator
        of the Mortgage Loans and each Subservicer, or their respective affiliates,
        and
        the sponsor, depositor or issuing entity or their respective affiliates,
        that
        exists currently or has existed during the past two years, that may be material
        to the understanding of an investor in the securities issued in the Pass-Through
        Transfer.

       

      Item
        1119(c)

      

      -describe
        any business relationship, agreement, arrangement, transaction or understanding
        involving or relating to the Mortgage Loans or the Pass-Through Transfer,
        including the material terms and approximate dollar amount involved, between
        the
        Company, each other originator of the Mortgage Loans and each Subservicer,
        or
        their respective affiliates and the sponsor, depositor or issuing entity
        or
        their respective affiliates, that exists currently or has existed during
        the
        past two years.

       

      30. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit O:

      

      EXHIBIT
        O

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Company] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                General
                  Servicing Considerations

              	
                 

              
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	 
	
                 

              	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	 
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	 
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 
	
                 

              	
                 

              	
                 

              

      

      

       

      [NAME
        OF
        COMPANY] [NAME OF SUBSERVICER]

       

      Date: _________________________

      

       

      By: _________________________

      Name:
        

      Title:
        

       

      

      31. The
        Agreement is hereby amended as of the date hereof by adding the following
        new
        Exhibit P:

      

      EXHIBIT
        P

      

      REPORTING
        DATA FOR REALIZED LOSSES AND GAINS

      

      Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

      1.  

       

      2.  The
        numbers on the 332 form correspond with the numbers listed below.

       

      Liquidation
        and Acquisition Expenses:

       

      1.           
        The
        Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

       

      

       

      2.            
        The
        Total
        Interest Due less the aggregate amount of servicing fee that would have been
        earned if all delinquent payments had been made as agreed. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      3.            
        Accrued
        Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
        Loan
        as calculated on a monthly basis. For documentation, an Amortization Schedule
        from date of default through liquidation breaking out the net interest and
        servicing fees advanced is required.

       

      4-12.      
        Complete
        as applicable. Required documentation:

       

      *
        For
        taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period

       

      of
        coverage, base tax, interest, penalty. Advances prior to default require
        evidence of servicer efforts to recover advances.

       

      *
        For
        escrow advances - complete payment history 

       

      (to
        calculate advances from last positive escrow balance forward)

       

      *
        Other
        expenses -  copies of corporate advance history showing all payments

       

      *
        REO
        repairs > $1500 require explanation

       

      *
        REO
        repairs >$3000 require evidence of at least 2 bids.

       

      *
        Short
        Sale or Charge Off require P&L supporting the decision and WFB’s approved
        Officer Certificate 

       

      *
        Unusual
        or extraordinary items may require further documentation. 

       

      13.  The
        total
        of lines 1 through 12.

       

      3.  Credits:
        

       

      14-21.     
        Complete
        as applicable. Required documentation:

       

      *
        Copy of
        the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow Agent / Attorney

       

      Letter
        of
        Proceeds Breakdown.

       

      *
        Copy of
        EOB for any MI or gov't guarantee 

       

      *
        All
        other credits need to be clearly defined on the 332
        form      
     

       

       

      
        	 	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

       

      
        	 	 	 

      

       

       

      Please
        Note: For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

       

      

       

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      23. The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show
        the
        amount in parenthesis ( ). 

      

      Calculation
        of Realized Loss/Gain Form 332

      

       

      Prepared
        by: __________________   Date:
        _______________

      Phone:
        ______________________ Email Address:_____________________

       

      
        	
                Servicer
                  Loan No.

              	 	
                Servicer
                  Name

              	 	
                Servicer
                  Address 

                 

              

      

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: _________________________________________________________

      Property
        Address: _________________________________________________________

       

      Liquidation
        Type: REO Sale  
        3rd
        Party Sale  
Short
        Sale 
Charge
        Off 

       

      Was
        this loan granted a Bankruptcy deficiency or cramdown  Yes                            
        No

      If
“Yes”,
        provide deficiency or cramdown amount
        ________________________________________

       

      Liquidation
        and Acquisition Expenses:

      

        
          	
                  (1)

                	
                  Actual
                    Unpaid Principal Balance of Mortgage Loan

                	
                  $
                    ______________

                	
                  (1)

                
	
                  (2)

                	
                  Interest
                    accrued at Net Rate

                	
                  ________________

                	
                  (2)

                
	
                  (3)

                	
                  Accrued
                    Servicing Fees

                	
                  ________________

                	
                  (3)

                
	
                  (4)

                	
                  Attorney's
                    Fees

                	
                  ________________

                	
                  (4)

                
	
                  (5)

                	
                  Taxes
                    (see page 2)

                	
                  ________________

                	
                  (5)

                
	
                  (6)

                	
                  Property
                    Maintenance

                	
                  ________________

                	
                  (6)

                
	
                  (7)

                	
                  MI/Hazard
                    Insurance Premiums (see page 2)

                	
                  ________________

                	
                  (7)

                
	
                  (8)

                	
                  Utility
                    Expenses

                	
                  ________________

                	
                  (8)

                
	
                  (9)

                	
                  Appraisal/BPO

                	
                  ________________

                	
                  (9)

                
	
                  (10)

                	
                  Property
                    Inspections

                	
                  ________________

                	
                  (10)

                
	
                  (11)

                	
                  FC
                    Costs/Other Legal Expenses

                	
                  ________________

                	
                  (11)

                
	
                  (12)

                	
                  Other
                    (itemize)

                	
                  $________________

                	
                  (12)

                
	
                  Cash
                    for Keys__________________________

                	 	
                  ________________

                	 
	
                  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

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

      

      

      32. Except
        as
        amended above, the Agreement shall continue to be in full force and effect
        in
        accordance with its terms.

      

      33. This
        Amendment may be executed by one or more of the parties hereto on any number
        of
        separate counterparts and of said counterparts taken together shall be deemed
        to
        constitute one and the same instrument.

      

      [SIGNATURE
        PAGES FOLLOW]

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      IN
        WITNESS WHEREOF, the following parties have caused their names to be signed
        hereto by their respective officers thereunto duly authorized as of the day
        and
        year first above written.

       

      EMC
        MORTGAGE CORPORATION,

      as
        Purchaser

       

      By: _______________________________

      Name:
        

      Title:
        

       

      SAVANNAH
        BANK, NA

      dba
        HARBOURSIDE MORTGAGE CORPORATION,

      as
        Company

       

      By: _______________________________

      Name:
        

      Title:  

       

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      R-6

    

    NATIONAL
      CITY SERVICING
      AGREEMENT

    

     

    

       

      

      

      EMC
        MORTGAGE CORPORATION

      Purchaser,
        

       

      
 

      NATIONAL
        CITY MORTGAGE COMPANY

      Company,

       

      
 

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

       

      Dated
        as
        of October 1, 2001

      

      

      

      (Fixed
        and Adjustable Rate Mortgage Loans)

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of October 1, 2001
        and is
        executed between EMC MORTGAGE CORPORATION, as Purchaser (the "Purchaser"),
        and
        NATIONAL CITY MORTGAGE COMPANY (the "Company").

      

      
        W I T N ES S E T H
          :

      

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis, pursuant to the terms of this
        Agreement and the related Term Sheet.

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

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

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the time of
        origination of the Mortgage Loan by an appraiser who met the requirements
        of the
        Company and Fannie Mae. 

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or Ohio, or (iii) a day on which banks in the State of New York
        or Ohio
        are authorized or obligated by law or executive order to be closed.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet,
        which
        are expected to be the dates set forth in the related Confirmation.

      

      Code:  The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company: National
        City Mortgage Company, their successors in interest and assigns, as permitted
        by
        this Agreement.

      

      Company's
        Officer's Certificate:
        A
        certificate signed by the Chairman of the Board, President, any Vice President
        or Treasurer of Company stating the date by which Company expects to receive
        any
        missing documents sent for recording from the applicable recording
        office.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        Trade
        Confirmation Letter between the Purchaser and the Company which relates to
        the
        Mortgage Loans.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by an appraiser who met the requirements
        of the
        Company and Fannie Mae) at the request of a Mortgagor for the purpose of
        canceling a Primary Mortgage Insurance Policy in accordance with federal,
        state
        and local laws and regulations or otherwise made at the request of the Company
        or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "National City Mortgage Company, in trust for
        the
        [Purchaser], Owner of Mortgage Loans" and shall be established in an Eligible
        Account, in the name of the Person that is the "Purchaser" with respect to
        the
        related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace, which is the first day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as
        a trust
        account with the corporate trust department of a depository institution or
        trust
        company organized under the laws of the United States of America or any one
        of
        the states thereof or the District of Columbia which is not affiliated with
        the
        Company (or any sub-servicer) or (iii) with an entity which is an institution
        whose
        deposits are insured by the FDIC, the unsecured and uncollateralized long-term
        debt obligations of which shall be rated “A2” or higher by Moody’s and “A” or
        higher by either Standard & Poor’s or Fitch, Inc. or
        one of
        the two highest short-term ratings by any applicable Rating Agency, and which
        is
        either (a) a federal savings association duly organized, validly existing
        and in
        good standing under the federal banking laws, (b) an institution duly organized,
        validly existing and in good standing under the applicable banking laws of
        any
        state, (c) a national banking association under the federal banking laws,
        or (d)
        a principal subsidiary of a bank holding company,
        or (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        National City Bank Ohio, or an institution having (i) the highest short-term
        debt rating, and one of the two highest long-term debt ratings of each Rating
        Agency; or (ii) with respect to any Custodial Account, an unsecured long-term
        debt rating of at least one of the two highest unsecured long-term debt ratings
        of each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the Fannie
        Mae
        Guide(s). 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled " National City Mortgage Company, in trust for
        the
        [Purchaser], Owner of Mortgage Loans, and various Mortgagors" and shall be
        established in an Eligible Account, in the name of the Person that is the
        "Purchaser" with respect to the related Mortgage Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

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

      

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

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989.

      

      GAAP:
        Generally accepted accounting principles, consistently applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any
        successor.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: As
        to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Lender
        Primary Mortgage Insurance Policy: Any
        Primary Mortgage Insurance Policy for which premiums are paid by the
        Company.

      

      Lender
        Paid Mortgage Insurance Rate:
        The
        Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to the
        percentage shown on the Mortgage Loan Schedule.

      

      Lifetime
        Rate Cap:
        As to
        each Mortgage Loan, the maximum Mortgage Interest Rate over the term of such
        Mortgage Loan. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property as of the Origination Date with respect to a Refinanced Mortgage
        Loan,
        and (ii) the lesser of the Appraised Value of the Mortgaged Property as of
        the
        Origination Date or the purchase price of the Mortgaged Property with respect
        to
        all other Mortgage Loans.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as required by Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate minus the Lender Paid Mortgage Insurance Rate, if
        any.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package:

      

      (1) the
        Company's Mortgage Loan identifying number;

      

      (2) the
        Mortgagor's first and last name;

      

      (3)
         the
        street address of the Mortgaged Property including the city, state and zip
        code;

      

      (4) a
        code
        indicating whether the Mortgaged Property is owner-occupied, a second home
        or an
        investor property;

      

      (5) the
        type
        of residential property constituting the Mortgaged Property;

      

      
        	(6)  	
                the
                  original months to maturity of the Mortgage
                  Loan;

              

      

      

      (7)  the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule;

      

      (8) the
        Sales
        Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
        origination;

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

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

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

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

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
         a
        code
        indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
        refinance, equity take-out refinance); 

      

      (17)
         a
        code
        indicating the documentation style (i.e. full, alternative, etc.); 

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date;

      

      (19) the
        date
        on which the first payment is or was due; 

      

      
        	(20)  	
                a
                  code indicating whether or not the Mortgage Loan is the subject
                  of a
                  Primary Mortgage Insurance Policy and
                  the name of the related insurance carrier;
                  

              

      

      

      
        	(21)  	
                a
                  code indicating whether or not the Mortgage Loan is the subject
                  of a
                  Lender Primary Mortgage Insurance Policy and
                  the name of the related insurance carrier;

              

      

      

      
        	(22)  	
                a
                  code indicating whether or not the Mortgage Loan is currently convertible
                  and the conversion spread;

              

      

      

      
        	(23)  	
                the
                  last Due Date on which a Monthly Payment was actually applied to
                  the
                  unpaid principal balance of the Mortgage
                  Loan.

              

      

      

      
        	(24)  	
                product
                  type (i.e. fixed, 3/1, 5/1, etc.);

              

      

      

      
        	(25)  	
                credit
                  score and/or mortgage score, if
                  applicable;

              

      

      

      
        	(26)  	
                the
                  Lender Paid Mortgage Insurance
                  Rate;

              

      

      

      
        	(27)  	
                a
                  code indicating whether or not the Mortgage Loan has a prepayment
                  penalty
                  and if so, the amount and term thereof;
                  and

              

      

      

      (28) 
        the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

      OCC:
        Office
        of the Comptroller of the Currency, its successors and assigns.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency. 

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

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

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

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

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the Mortgaged Property or in any loan made on the security thereof,
        and whose compensation is not affected by the approval or disapproval of
        the
        Mortgage Loan, and such appraiser and the appraisal made by such appraiser
        both
        satisfy the requirements of Title XI of FIRREA and the regulations promulgated
        thereunder and the requirements of Fannie Mae, all as in effect on the date
        the
        Mortgage Loan was originated.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the Mortgaged Properties are located, duly authorized and licensed in such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Moody’s
        Investors Service, Standard & Poor's, Fitch, Inc. or, in the event that some
        or all of the ownership of the Mortgage Loans is evidenced by mortgage-backed
        securities, the nationally recognized rating agencies issuing ratings with
        respect to such securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the
        product of the greater of 100% or the percentage of par as stated in the
        Confirmation multiplied by the Stated Principal Balance
        of such Mortgage Loan on the repurchase date,
        plus
        (ii) interest on such outstanding principal balance at the Mortgage Loan
        Remittance Rate from the last date through which interest has been paid and
        distributed to the Purchaser to the end of the month of repurchase, plus,
        (iii)
        third party expenses incurred in connection with the transfer of the Mortgage
        Loan being repurchased; less amounts received or advanced in respect of such
        repurchased Mortgage Loan which are being held in the Custodial Account for
        distribution in the month of repurchase. 

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
        provides documentation supporting such expense (which documentation would
        be
        acceptable to Fannie Mae), and provided further that any such enforcement,
        administrative or judicial proceeding does not arise out of a breach of any
        representation, warranty or covenant of the Company hereunder), (c) the
        management and liquidation of the Mortgaged Property if the Mortgaged Property
        is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05 and in accordance
        with
        the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the related Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans.

      

      

      ARTICLE
        II

      

      SERVICING
        OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Company. The Company shall deliver the related Mortgage Loan Schedule attached
        to the related Term Sheet for the Mortgage Loans to be purchased on the related
        Closing Date to the Purchaser at least two (2) Business Days prior to the
        related Closing Date. The Mortgage Loans shall be sold pursuant to this
        Agreement, and the related Term Sheet shall be executed and delivered on
        the
        related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        Purchase Price for each Mortgage Loan shall be the percentage of par as stated
        in the Confirmation (subject to adjustment as provided therein), multiplied
        by
        the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
        Loan listed on the related Mortgage Loan Schedule attached to the related
        Term
        Sheet, after application of scheduled payments of principal due on or before
        the
        related Cut-off Date whether or not collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      Purchaser
        shall be entitled to (1) all scheduled principal due after the related Cut-off
        Date, (2) all other recoveries of principal collected on or after the related
        Cut-off Date (provided, however, that all scheduled payments of principal
        due on
        or before the related Cut-off Date and collected by the Company or any successor
        servicer after the related Cut-off Date shall belong to the Company), and
        (3)
        all payments of interest on the Mortgage Loans net of applicable Servicing
        Fees
        (minus that portion of any such payment which is allocable to the period
        prior
        to the related Cut-off Date). The outstanding principal balance of each Mortgage
        Loan as of the related Cut-off Date is determined after application of payments
        of principal due on or before the related Cut-off Date whether or not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date; provided, however, that payments of scheduled principal
        and interest prepaid for a Due Date beyond the related Cut-off Date shall
        not be
        applied to the principal balance as of the related Cut-off Date. Such prepaid
        amounts shall be the property of the Purchaser. The Company shall deposit
        any
        such prepaid amounts into the Custodial Account, which account is established
        for the benefit of the Purchaser for subsequent remittance by the Company
        to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Company does hereby
        agree to directly service the Mortgage Loans listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet subject to the terms of this
        Agreement and the related Term Sheet. The rights of the Purchaser to receive
        payments with respect to the related Mortgage Loans shall be as set forth
        in
        this Agreement.

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files; Maintenance of Servicing
        Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, and the Company hereby acknowledges
        that the Purchaser has, but subject to the terms of this Agreement and the
        related Term Sheet, all the right, title and interest of the Company in and
        to
        the Mortgage Loans. Company will deliver the Mortgage Files to the Custodian
        designated by Purchaser, on or before the related Closing Date, at the expense
        of the Company. The Company shall maintain a Servicing File consisting of
        a copy
        of the contents of each Mortgage File and the originals of the documents
        in each
        Mortgage File not delivered to the Purchaser. The Servicing File shall contain
        all documents necessary to service the Mortgage Loans. The possession of
        each
        Servicing File by the Company is at the will of the Purchaser, for the sole
        purpose of servicing the related Mortgage Loan, and such retention and
        possession by the Company is in a custodial capacity only. From the related
        Closing Date, the ownership of each Mortgage Loan, including the Mortgage
        Note,
        the Mortgage, the contents of the related Mortgage File and all rights,
        benefits, proceeds and obligations arising therefrom or in connection therewith,
        has been vested in the Purchaser. All rights arising out of the Mortgage
        Loans
        including, but not limited to, all funds received on or in connection with
        the
        Mortgage Loans and all records or documents with respect to the Mortgage
        Loans
        prepared by or which come into the possession of the Company shall be received
        and held by the Company in trust for the benefit of the Purchaser as the
        owner
        of the Mortgage Loans. Any portion of the Mortgage Files retained by the
        Company
        shall be appropriately identified in the Company's computer system to clearly
        reflect the ownership of the Mortgage Loans by the Purchaser. The Company
        shall
        release its custody of the contents of the Mortgage Files only in accordance
        with written instructions of the Purchaser, except when such release is required
        as incidental to the Company's servicing of the Mortgage Loans or is in
        connection with a repurchase of any Mortgage Loan or Loans with respect thereto
        pursuant to this Agreement and the related Term Sheet, such written instructions
        shall not be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan has been reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the FDIC
        and
        other similar entities, access, during normal business hours, upon reasonable
        advance notice to Company and without charge to Company or such supervisory
        agents or examiners, to any documentation regarding the Mortgage Loans that
        may
        be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit D hereto executed by the transferee
        shall
        have been delivered to the Company. The Purchaser also shall advise the Company
        of the transfer. Upon receipt of notice of the transfer, the Company shall
        mark
        its books and records to reflect the ownership of the Mortgage Loans of such
        assignee, and the previous Purchaser shall be released from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to
        the
        Purchaser or its designee no later than three (3) Business Days prior to
        the
        related Closing Date pursuant to a bailee letter agreement. All other documents
        in Exhibit A hereto, together with all other documents executed in connection
        with the Mortgage Loan that Company may have in its possession, shall be
        retained by the Company in trust for the Purchaser. If the Company cannot
        deliver the original recorded Mortgage Loan Documents or the original policy
        of
        title insurance, including riders and endorsements thereto, on the related
        Closing Date, the Company shall, promptly upon receipt thereof and in any
        case
        not later than 120 days from the related Closing Date, deliver such original
        documents, including original recorded documents, to the Purchaser or its
        designee (unless the Company is delayed in making such delivery by reason
        of the
        fact that such documents shall not have been returned by the appropriate
        recording office). If delivery is not completed within 120 days solely due
        to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, Company shall
        deliver such document to Purchaser, or its designee, within such time period
        as
        specified in a Company's Officer's Certificate. In the event that documents
        have
        not been received by the date specified in the Company's Officer's Certificate,
        a subsequent Company's Officer's Certificate shall be delivered by such date
        specified in the prior Company's Officer's Certificate, stating a revised
        date
        for receipt of documentation. The procedure shall be repeated until the
        documents have been received and delivered. If
        delivery is not completed within 180 days solely due to delays in making
        such
        delivery by reason of the fact that such documents shall not have been returned
        by the appropriate recording office, the Company shall continue to use its
        best
        efforts to effect delivery as soon as possible thereafter, provided that
        if such
        documents are not delivered by the 270th day from the date of the related
        Closing Date, the Company shall repurchase the related Mortgage Loans at
        the
        Repurchase Price in accordance with Section 3.03 hereof.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. Company shall prepare, in recordable
        form, all assignments of mortgage necessary to assign the Mortgage Loans
        to
        Purchaser, or its designee. Company shall be responsible for recording the
        assignments of mortgage.

      

      Company
        shall provide an original or duplicate original of the title insurance policy
        to
        Purchaser or its designee within ninety (90) days of the receipt of the recorded
        documents (required for issuance of such policy) from the applicable recording
        office.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        or the
        certification delivered pursuant to this Section 2.07, or otherwise in writing
        and the Company shall cure or repurchase such Mortgage Loan in accordance
        with
        Section 3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        one
        week of their execution; provided, however, that the Company shall provide
        the
        Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within one week of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within sixty (60) days of its submission for
        recordation.

      

      From
        time
        to time the Company may have a need for Mortgage Loan Documents to be released
        from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
        upon the written request of the Company, within ten (10) Business Days, deliver
        to the Company, any requested documentation previously delivered to Purchaser
        as
        part of the Mortgage File, provided that such documentation is promptly returned
        to Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of Purchaser.
        Company shall indemnify Purchaser, and its designee, from and against any
        and
        all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
        (including court costs and reasonable attorney's fees) resulting from or
        related
        to the loss, damage, or misplacement of any documentation delivered to Company
        pursuant to this paragraph.

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09 Near-term Principal Prepayments; Near Term Payment
        Defaults

      

      In
        the
        event any Principal Prepayment is made by a Mortgagor on or prior to sixty
        (60)
        days after the related Closing Date, the Company shall remit to the Purchaser
        an
        amount equal to the excess, if any, of the Purchase Price Percentage over
        par
        multiplied by the amount of such Principal Prepayment. Such remittance shall
        be
        made by the Company to Purchaser no later than the third Business Day following
        receipt of such Principal Prepayment by the Company.

      

      In
        the
        event any of the first two (2) scheduled Monthly Payments which are due under
        any Mortgage Loan after the related Cut-off Date are not made during the
        month
        in which such Monthly Payments are due, then not later than five (5) Business
        Days after notice to the Company by Purchaser (and at Purchaser’s sole option),
        the Company, shall repurchase such Mortgage Loan from the Purchaser pursuant
        to
        the repurchase provisions contained in this Subsection 3.03.

      

      

      

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company. 

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a) The
        Company is a corporation, duly organized, validly existing and in good standing
        under the laws of the State of Ohio and has all licenses necessary to carry
        out
        its business as now being conducted, and is licensed and qualified to transact
        business in and is in good standing under the laws of each state in which
        any
        Mortgaged Property is located or is otherwise exempt under applicable law
        from
        such licensing or qualification or is otherwise not required under applicable
        law to effect such licensing or qualification and no demand for such licensing
        or qualification has been made upon such Company by any such state, and in
        any
        event such Company is in compliance with the laws of any such state to the
        extent necessary to ensure the enforceability of each Mortgage Loan and the
        servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has the full power and authority and legal right to hold, transfer
        and
        convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
        and perform, and to enter into and consummate all transactions contemplated
        by
        this Agreement and the related Term Sheet and to conduct its business as
        presently conducted, has duly authorized the execution, delivery and performance
        of this Agreement and the related Term Sheet and any agreements contemplated
        hereby, has duly executed and delivered this Agreement and the related Term
        Sheet, and any agreements contemplated hereby, and this Agreement and the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, and all requisite
        corporate action has been taken by the Company to make this Agreement and
        the
        related Term Sheet and all agreements contemplated hereby valid and binding
        upon
        the Company in accordance with their terms; 

      

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Company's charter or by-laws
        or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Company is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Company or its properties are subject, or impair the ability
        of the
        Purchaser to realize on the Mortgage Loans.

      

      (d)
        There
        is no litigation, suit, proceeding or investigation pending or, to the best
        of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the sale of the Mortgage Loans and delivery of the Mortgage Files to the
        Purchaser or the consummation of the transactions contemplated by this Agreement
        or the related Term Sheet, except for consents, approvals, authorizations
        and
        orders which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company and Company,
        and
        the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by the Company pursuant to this Agreement or the related Term Sheet are not
        subject to bulk transfer or any similar statutory provisions in effect in
        any
        applicable jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each Mortgage Loan has been serviced
        in all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Company, on behalf of an investor, is entitled
        to
        collect, all such payments are in the possession of, or under the control
        of,
        the Company, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage
        Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans. The Company is duly qualified, licensed,
        registered and otherwise authorized under all applicable federal, state and
        local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OCC, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make Company unable to comply with eligibility requirements
        or which would require notification to either Fannie Mae or FHLMC; 

      

      (k) The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l) No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect;

      

      (m)
         The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

      

      (n)
         Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement;

      

      (o)
         The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans; 

      

      Section
        3.02 Representations
        and Warranties as to Individual
        Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        The Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

      (a)
        The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b) The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made as of the related Closing Date; the Mortgage Loan has not been dishonored;
        there are no material defaults under the terms of the Mortgage Loan; the
        Company
        has not advanced its own funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the Mortgaged Property
        subject to the Mortgage, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. As
        of the
        related Closing Date, all of the Mortgage Loans will have an actual Interest
        Paid to Date of their related Cut-off Date(or later) and will be due for
        the
        scheduled monthly payment next succeeding the Cut-off Date (or later), as
        evidenced by a posting to Company's servicing collection system. No payment
        under any Mortgage Loan is delinquent as of the related Closing Date nor
        has any
        scheduled payment been delinquent at any time during the twelve (12) months
        prior to the month of the related Closing Date. For purposes of this paragraph,
        a Mortgage Loan will be deemed delinquent if any payment due thereunder was
        not
        paid by the Mortgagor in the month such payment was due;

      

      (d)
        There
        are no defaults by Company in complying with the terms of the Mortgage, and
        all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy, Lender Primary Mortgage Insurance Policy and title insurance
        policy, to the extent required by the related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by an insurer acceptable under the Fannie Mae or FHLMC Guides,
        against loss by fire, hazards of extended coverage and such other hazards
        as are
        provided for in the Fannie Mae or FHLMC Guide, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. All such standard
        hazard policies are in full force and effect and contain a standard mortgagee
        clause naming the Company and its successors in interest and assigns as loss
        payee and such clause is still in effect and all premiums due thereon have
        been
        paid. If required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Mortgage Loan is covered by a flood insurance policy meeting the requirements
        of
        the current guidelines of the Federal Insurance Administration which policy
        conforms to Fannie Mae or FHLMC requirements, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. Such policy was
        issued
        by an insurer acceptable under Fannie Mae or FHLMC guidelines. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor's cost and expense and to seek reimbursement therefor from the
        Mortgagor.
        Neither
        the Company (nor any prior originator or servicer of any of the Mortgage
        Loans)
        nor any Mortgagor has engaged in any act or omission which has impaired or
        would
        impair the coverage of any such policy, the benefits of the endorsement provided
        for herein, or the validity and binding effect of either;

      

      (h)
        Any
        and all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity or disclosure laws applicable
        to the
        Mortgage Loan have been complied with in all material respects; the Company
        maintains, and shall maintain, evidence of such compliance as required by
        applicable law or regulation and shall make such evidence available for
        inspection at the Company's office during normal business hours upon reasonable
        advance notice;

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company or the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
        Purchaser, the Company will retain the Mortgage File or any part thereof
        with
        respect thereto not delivered to the Purchaser or the Purchaser’s designee in
        trust only for the purpose of servicing and supervising the servicing of
        the
        Mortgage Loan. Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for the purposes of servicing
        the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender's
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company's
        interest therein does not require the consent of or notification to the insurer
        and such lender's title insurance policy is in full force and effect and
        will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender's title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender's title insurance policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated. The appraisal is in
        a form
        acceptable to Fannie Mae or FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain balloon or "graduated payment" features; No
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than thirty (30) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
“interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
        the respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
        a monthly payment which is suffi-cient (a) during the period prior to the
        first
        adjust-ment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjust-ment Date, to fully amortize the outstanding principal balance as
        of the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With the respect to
        each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        No
        Mortgage Loan contains terms or provi-sions which would result in negative
        amortization. None of the Mortgage Loans contain a conversion feature which
        would cause the Mortgage Loan interest rate to convert to a fixed interest
        rate.
        None of the Mortgage Loans are considered agricultural loans; 

      

      (bb) (INTENTIONALLY
        LEFT BLANK)

      

      (cc) (INTENTIONALLY
        LEFT BLANK)

      

      (dd) (INTENTIONALLY
        LEFT BLANK)

       

      (ee) (INTENTIONALLY
        LEFT BLANK) 

      

      (ff) (INTENTIONALLY
        LEFT BLANK)

      

      (gg) 
        (INTENTIONALLY LEFT BLANK)

      

      (hh) Unless
        set forth in the related Term Sheet, in the event the Mortgage Loan had an
        LTV
        at origination greater than 80.00%, either (i) the excess of the principal
        balance of the Mortgage Loan over 75.0% of the Appraised Value of the Mortgaged
        Property with respect to a Refinanced Mortgage Loan, or the lesser of the
        Appraised Value or the purchase price of the Mortgaged Property with respect
        to
        a purchase money Mortgage Loan was insured as to payment defaults by a Primary
        Mortgage Insurance Policy issued by a Qualified Insurer or (ii) the Mortgage
        Loan was insured as to payment defaults by a Lender Primary Mortgage Insurance
        Policy issued by a Qualified Insurer. No Mortgage Loan has an LTV over 95%.
        All
        provisions of such Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy, as applicable, have been and are being complied with, such
        policy is in full force and effect, and all premiums due thereunder have
        been
        paid. No Mortgage Loan requires payment of such premiums, in whole or in
        part,
        by the Purchaser. No action, inaction, or event has occurred and no state
        of
        facts exists that has, or will result in the exclusion from, denial of, or
        defense to coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance
        Policy obligates the Mortgagor thereunder to maintain the Primary Mortgage
        Insurance Policy, subject to state and federal law, and to pay all premiums and
        charges in connection therewith. Any Mortgage Loan subject to a Lender Primary
        Mortgage Insurance Policy obligates the Company to maintain the Lender Primary
        Mortgage Insurance Policy and to pay all premiums and charges in connection
        therewith. No action has been taken or failed to be taken, on or prior to
        the
        Closing Date which has resulted or will result in an exclusion from, denial
        of,
        or defense to coverage under any Primary Mortgage Insurance Policy or Lender
        Primary Mortgage Insurance Policy (including, without limitation, any
        exclusions, denials or defenses which would limit or reduce the availability
        of
        the timely payment of the full amount of the loss otherwise due thereunder
        to
        the insured) whether arising out of actions, representations, errors, omissions,
        negligence, or fraud of the Company or the Mortgagor, or for any other reason
        under such coverage; With respect to any Primary Mortgage Insurance Policy,
        the
        mortgage interest rate for the Mortgage Loan as set forth on the related
        Mortgage Loan Schedule is net of any such insurance premium;

      

      (ii) The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj) Unless
        otherwise specified in the related Term Sheet, none of the Mortgage Loans
        are
        secured by an interest in a leasehold estate. The Mortgaged Property is located
        in the state identified in the related Mortgage Loan Schedule and consists
        of a
        single parcel of real property with a detached single family residence erected
        thereon, or a townhouse, or a two-to four-family dwelling, or an individual
        condominium unit in a condominium project, or an individual unit in a planned
        unit development or a de minimis planned unit development, provided, however,
        that no residence or dwelling is a single parcel of real property with a
        manufactured home not affixed to a permanent foundation, or a mobile home.
        Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        date of origination, no portion of any Mortgaged Property is used for commercial
        purposes, and since the Origination Date, no portion of any Mortgaged Property
        has been, or currently is, used for commercial purposes;

      

      (kk) Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal and interest,
        which installments are subject to change due to the adjustments to the Mortgage
        Interest Rate on each Adjustment Date, with interest calculated and payable
        in
        arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
        date, over an original term of not more than thirty years from commencement
        of
        amortization;

      

      (ll) As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities;

      

      (mm) There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and the Company has not received any notice of
        any
        environmental hazard on the Mortgaged Property and nothing further remains
        to be
        done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property;

      

      (nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo) No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) None
        of
        the Mortgage Loans are Co-op Loans; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt) The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

      

      (uu) None
        of
        the Mortgage Loans are simple interest Mortgage Loans and none of the Mortgaged
        Properties are timeshares; 

      

      (vv) All
        of
        the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage; and

      

      (ww) Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee.

      

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
        acceptability. Any substituted Loans will comply with the representations
        and
        warranties set forth in this Agreement as of the substitution date

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined
        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and convenants to the Company that, as of
        the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Seller as
        provided herein constitute the sole remedies of the Seller respecting a breach
        of the foregoing representations and warranties.

      

      

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies and Lender Primary Mortgage Insurance
        Policies, insurance claims, the title, management and disposition of REO
        Property, permitted withdrawals with respect to REO Property, liquidation
        reports, and reports of foreclosures and abandonments of Mortgaged Property,
        the
        transfer of Mortgaged Property, the release of Mortgage Files, annual
        statements, and examination of records and facilities. In the event of any
        conflict, inconsistency or discrepancy between any of the servicing provisions
        of this Agreement and the related Term Sheet and any of the servicing provisions
        of the Fannie Mae Guides, the provisions of this Agreement and the related
        Term
        Sheet shall control and be binding upon the Purchaser and the Company.

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety days or forgive any payment of principal or interest,
        reduce or increase the outstanding principal balance (except for actual payments
        of principal) or change the final maturity date on such Mortgage Loan. In
        the
        event of any such modification which has been agreed to in writing by the
        Purchaser and which permits the deferral of interest or principal payments
        on
        any Mortgage Loan, the Company shall, on the Business Day immediately preceding
        the Remittance Date in any month in which any such principal or interest
        payment
        has been deferred, deposit in the Custodial Account from its own funds, in
        accordance with Section 4.04, the difference between (a) such month's principal
        and one month's interest at the Mortgage Loan Remittance Rate on the unpaid
        principal balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor. The Company shall be entitled to reimbursement for such advances
        to
        the same extent as for all other advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties. Notwithstanding anything
        herein to the contrary, the Company may not enter into a forbearance agreement
        or similar arrangement with respect to any Mortgage Loan which runs more
        than
        180 days after the first delinquent Due Date. Any such agreement shall be
        approved by Purchaser and, if required, by the Primary Mortgage Insurance
        Policy
        insurer and Lender Primary Mortgage Insurance Policy insurer, if required.
        

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC to
        fail to
        qualify as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contriburions” after the startup date under the REMIC
        Provisions.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (including but not limited to the tax
        on
        prohibited transactions as defined in Section 860F(a)(2) of the Code and
        the tax
        on contributions to a REMIC set forth in Section 860G(d) of the Code)(either
        such event, an “Adverse REMIC Event”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a REMIC to receive any income from assets other than
        “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
        investments” as defined in Section 860G(a)(5) of the Code.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, Purchaser shall be deemed to have given
        consent in connection with a particular matter if Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        Purchaser receives a second written request for consent for such matter from
        Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        Company
        shall notify Purchaser promptly in writing upon the appointment of any
        Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
        to
        do so by the Purchaser, the Company shall at its own cost and expense terminate
        the rights and responsibilities of the Subservicer effective as of the date
        of
        termination of the Company. The Company shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of the
        Subservicer from the Company's own funds without reimbursement from the
        Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold Purchaser harmless from
        any
        loss, liability or expense arising out of its use of a Subservicer to perform
        any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservicer's fees and expenses.
        For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      Section
        4.02 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy and Lender Primary Mortgage Insurance Policy, follow
        such collection procedures as it follows with respect to mortgage loans
        comparable to the Mortgage Loans and held for its own account. Further, the
        Company will take special care in ascertaining and estimating annual escrow
        payments, and all other charges that, as provided in the Mortgage, will become
        due and payable, so that the installments payable by the Mortgagors will
        be
        sufficient to pay such charges as and when they become due and
        payable.

      

      In
        no
        event will the Company waive its right to any prepayment penalty or premium
        without the prior written consent of Purchaser and Company will use diligent
        efforts to collect same when due except as otherwise provided in the prepayment
        penalty rider to the Mortgage. 

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        Lender
        Primary Mortgage Insurance Policies and the best interest of Purchaser, to
        foreclose upon or otherwise comparably convert the ownership of properties
        securing such of the Mortgage Loans as come into and continue in default
        and as
        to which no satisfactory arrangements can be made for collection of delinquent
        payments pursuant to Section 4.01. Foreclosure or comparable proceedings
        shall
        be initiated or a notice of default sent within ninety (90) days of default
        for
        Mortgaged Properties for which no satisfactory arrangements can be made for
        collection of delinquent payments, subject to state and federal law and
        regulation. The Company shall use its best efforts to realize upon defaulted
        Mortgage Loans in such manner as will maximize the receipt of principal and
        interest by the Purchaser, taking into account, among other things, the timing
        of foreclosure proceedings. The foregoing is subject to the provisions that,
        in
        any case in which a Mortgaged Property shall have suffered damage, the Company
        shall not be required to expend its own funds toward the restoration of such
        property unless it shall determine in its discretion (i) that such restoration
        will increase the proceeds of liquidation of the related Mortgage Loan to
        the
        Purchaser after reimbursement to itself for such expenses, and (ii) that
        such
        expenses will be recoverable by the Company through Insurance Proceeds or
        Liquidation Proceeds from the related Mortgaged Property, as contemplated
        in
        Section 4.05. Company shall obtain prior approval of Purchaser as to repair
        or
        restoration expenses in excess of ten thousand dollars ($10,000). The Company
        shall notify the Purchaser in writing of the commencement of foreclosure
        proceedings. The Company shall be responsible for all costs and expenses
        incurred by it in any such proceedings or functions; provided, however, that
        it
        shall be entitled to reimbursement thereof from the related property, as
        contemplated in Section 4.05. Notwithstanding anything to the contrary contained
        herein, in connection with a foreclosure or acceptance of a deed in lieu
        of
        foreclosure, in the event the Company has reasonable cause to believe that
        a
        Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
        or if the Purchaser otherwise requests an environmental inspection or review
        of
        such Mortgaged Property, such an inspection or review is to be conducted
        by a
        qualified inspector at the Purchaser's expense. Upon completion of the
        inspection, the Company shall promptly provide the Purchaser with a written
        report of the environmental inspection. After reviewing the environmental
        inspection report, the Purchaser shall determine how the Company shall proceed
        with respect to the Mortgaged Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed advances of the Company's funds made pursuant to Section
        5.03 and any unreimbursed Servicing Advances and Servicing Fees in each case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of Purchaser
        as required pursuant to this Agreement, before the close of the third taxable
        year following the taxable year in which the Mortgage Loan became an REO
        Property, unless the Company provides to the trustee under such REMIC an
        opinion
        of counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. Company shall manage, conserve, protect and operate each such
        REO
        Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        Company, protect and conserve such property in the same manner and to such
        an
        extent as is customary in the locality where such property is located.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds
        deposited in the Custodial Account, which shall be deposited within 24 hours
        of
        receipt, shall at all times be insured by the FDIC up to the FDIC insurance
        limits, or must be invested in Permitted Investments for the benefit of the
        Purchaser. Funds
        deposited in the Custodial Account may be drawn on by the Company in accordance
        with Section 4.05. The creation of any Custodial Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit B hereto. The original of such
        letter agreement shall be furnished to the Purchaser on the Closing Date,
        and
        upon the request of any subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before the Cut-off Date:

      

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

      

      (ii)
        all
        payments on account of interest on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii)
        all
        Liquidation Proceeds;

      

      (iv)
        any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v)
        all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi)
        all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii)
        any
        Monthly Advances;

      

      (viii)
        with
        respect to each full or partial Principal Prepayment, any Prepayment Interest
        Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
        respect to the related Prepayment Period;

      

      (ix)
        any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x)
        any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05 (iv). The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Custodial Account.

      

      

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii)
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
        to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees(or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related repurchase price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii) to
        remove
        funds inadvertently placed in the Custodial Account by the Company;
        and

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this
        Agreement.

      

      

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit C. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii) all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that
        the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

      

      

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii) to
        refund
        to the Mortgagor any funds as may be determined to be overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
         to
        clear
        and terminate the Escrow Account on the termination of this Agreement. As
        part
        of its servicing duties, the Company shall pay to the Mortgagors interest
        on
        funds in Escrow Account, to the extent required by law, and to the extent
        that
        interest earned on funds in the Escrow Account is insufficient, shall pay
        such
        interest from its own funds, without any reimbursement therefor;
        and

      

      (viii)
        to
        pay to the Mortgagors or other parties Insurance Proceeds deposited in
        accordance with Section 4.06.

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges; Maintenance of Primary Mortgage Insurance
        Policies; Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely payments of all such bills irrespective of the Mortgagor's
        faithful performance in the payment of same or the making of the Escrow Payments
        and shall make advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies and Lender Primary Mortgage Insurance Policies issued by a Qualified
        Insurer with respect to each Mortgage Loan for which such coverage is herein
        required. Such coverage will be terminated only with the approval of Purchaser,
        or as required by applicable law or regulation. The Company will not cancel
        or
        refuse to renew any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy in effect on the Closing Date that is required to be kept
        in
        force under this Agreement unless a replacement Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy for such canceled or
        nonrenewed policy is obtained from and maintained with a Qualified Insurer.
        The
        Company shall not take any action which would result in non-coverage under
        any
        applicable Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy of any loss which, but for the actions of the Company would
        have been covered thereunder. In connection with any assumption or substitution
        agreement entered into or to be entered into pursuant to Section 6.01, the
        Company shall promptly notify the insurer under the related Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if any, of
        such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy. If such Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy is terminated
        as a
        result of such assumption or substitution of liability, the Company shall
        obtain
        a replacement Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Primary Mortgage Insurance Policy or Lender Primary Mortgage Insurance Policy
        in
        a timely fashion in accordance with the terms of such Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy and, in this regard, to take
        such action as shall be necessary to permit recovery under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy respecting a
        defaulted Mortgage Loan. Pursuant to Section 4.04, any amounts collected
        by the
        Company under any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy shall be deposited in the Custodial Account, subject to
        withdrawal pursuant to Section 4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        Fannie
        Mae Guides that a Mortgaged Property is located in a special flood hazard
        area
        and is not covered by flood insurance or is covered in an amount less than
        the
        amount required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Company shall notify the related Mortgagor that the Mortgagor must obtain
        such
        flood insurance coverage, and if said Mortgagor fails to obtain the required
        flood insurance coverage within forty-five (45) days after such notification,
        the Company shall immediately force place the required flood insurance on
        the
        Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
        and hazard insurance with extended coverage in an amount which is at least
        equal
        to the maximum insurable value of the improvements which are a part of such
        property, and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, as amended, flood insurance in an amount as provided
        above. Any amounts collected by the Company under any such policies other
        than
        amounts to be deposited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or REO Property, or released to the Mortgagor
        in accordance with Accepted Servicing Practices, shall be deposited in the
        Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
        understood and agreed that no other additional insurance need be required
        by the
        Company of the Mortgagor or maintained on property acquired in respect of
        the
        Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
        or
        such applicable state or federal laws and regulations as shall at any time
        be in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by an
        insurer acceptable to Fannie Mae or FHLMC insuring against hazard losses
        on all
        of the Mortgage Loans, then, to the extent such policy provides coverage
        in an
        amount equal to the amount required pursuant to Section 4.10 and otherwise
        complies with all other requirements of Section 4.10, it shall conclusively
        be
        deemed to have satisfied its obligations as set forth in Section 4.10, it
        being
        understood and agreed that such policy may contain a deductible clause, in
        which
        case the Company shall, in the event that there shall not have been maintained
        on the related Mortgaged Property or REO Property a policy complying with
        Section 4.10, and there shall have been a loss which would have been covered
        by
        such policy, deposit in the Custodial Account the amount not otherwise payable
        under the blanket policy because of such deductible clause. In connection
        with
        its activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and present, on behalf of the Purchaser, claims under any such blanket policy
        in
        a timely fashion in accordance with the terms of such policy. Upon request
        of
        the Purchaser, the Company shall cause to be delivered to the Purchaser a
        certified true copy of such policy and shall use its best efforts to obtain
        a
        statement from the insurer thereunder that such policy shall in no event
        be
        terminated or materially modified without thirty (30) days' prior written
        notice
        to the Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Mortgage Banker's Blanket Bond and shall protect and insure the Company against
        losses, including forgery, theft, embezzlement and fraud of such persons.
        The
        errors and omissions insurance shall protect and insure the Company against
        losses arising out of errors and omissions and negligent acts of such persons.
        Such errors and omissions insurance shall also protect and insure the Company
        against losses in connection with the failure to maintain any insurance policies
        required pursuant to this Agreement and the release or satisfaction of a
        Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. The Purchaser
        (or any party having the status of Purchaser hereunder) and any subsidiary
        thereof and their successors or assigns as their interests may appear must
        be
        named as loss payees on the Fidelity Bond and as additional insured on the
        errors and omissions policy. Upon request by Purchaser, Company shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        4.12, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an opinion of counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. The fee for such administrative services
        shall be $2,000 to be paid upon liquidation of the REO Property. No Servicing
        Fee shall be assessed or otherwise accrue on any REO Property from and after
        the
        date on which it becomes an REO Property. 

      

      The
        Company shall, either itself or through an agent selected by the Company,
        and in
        accordance with the Fannie Mae Guides manage, conserve, protect and operate
        each
        REO Property in the same manner that it manages, conserves, protects and
        operates other foreclosed property for its own account, and in the same manner
        that similar property in the same locality as the REO Property is managed.
        The
        Company shall cause each REO Property to be inspected promptly upon the
        acquisition of title thereto and shall cause each REO Property to be inspected
        at least monthly thereafter or more frequently as required by the circumstances.
        The Company shall make or cause to be made a written report of each such
        inspection. Such reports shall be retained in the Mortgage File and copies
        thereof shall be forwarded by the Company to the Purchaser.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives an appropriate notice to the Purchaser to such effect, that a longer
        period is necessary for the orderly liquidation of such REO Property. If
        a
        longer period than one (1) year is permitted under the foregoing sentence
        and is
        necessary to sell any REO Property, the Company shall report monthly to the
        Purchaser as to the progress being made in selling such REO Property. No
        REO
        Property shall be marketed for less than the Appraised Value, without the
        prior
        consent of Purchaser. No REO Property shall be sold for less than ninety
        five
        percent (95%) of its Appraised Value, without the prior consent of Purchaser.
        All requests for reimbursement of Servicing Advances shall be in accordance
        with
        the Fannie Mae Guides. The disposition of REO Property shall be carried out
        by
        the Company at such price, and upon such terms and conditions, as the Company
        deems to be in the best interests of the Purchaser (subject to the above
        conditions) only with the prior written consent of the Purchaser. Company
        shall
        provide monthly reports to Purchaser in reference to the status of the marketing
        of the REO Properties.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto, provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five Business Days of any such termination,
        the Company shall, if necessary convey such property to the Purchaser and
        shall
        further provide the Purchaser with the following information regarding the
        subject REO Property: the related drive by appraisal or brokers price opinion,
        and copies of any related Mortgage Impairment Insurance Policy claims. In
        addition, within five Business Days, the Company shall provide the Purchaser
        with the following information regarding the subject REO Property: the related
        trustee’s deed upon sale and copies of any related hazard insurance claims, or
        repair bids.

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

       

      
 

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, plus (iv)
        unless
        otherwise stated in the related Confirmation or related Term Sheet, any amount
        received by the Company that represents a prepayment penalty with respect
        to a
        Mortgage Loan, minus (v) any amounts attributable to Monthly Payments collected
        but due on a Due Date or Dates subsequent to the preceding Determination
        Date,
        which amounts shall be remitted on the Remittance Date next succeeding the
        Due
        Period for such amounts. It is understood that, by operation of Section 4.04,
        the remittance on the first Remittance Date with respect to Mortgage Loans
        purchased pursuant to the related Term Sheet is to include principal collected
        after the Cut-off Date through the preceding Determination Date plus interest,
        adjusted to the Mortgage Loan Remittance Rate collected through such
        Determination Date exclusive of any portion thereof allocable to the period
        prior to the Cut-off Date, with the adjustments specified in clauses (ii),
        (iii)
        and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and

      

      The
        Company shall also provide a trial balance, sorted in Purchaser's assigned
        loan
        number order, in the form of Exhibit E hereto, with each such
        Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby.

      

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be nonrecoverable. In such event,
        the
        Company shall deliver to the Purchaser an Officer's Certificate of the Company
        to the effect that an officer of the Company has reviewed the related Mortgage
        File and has made the reasonable determination that any additional advances
        are
        nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require.

       

      
 

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (whether by absolute
        conveyance or by contract of sale, and whether or not the Mortgagor remains
        or
        is to remain liable under the Mortgage Note and/or the Mortgage), exercise
        its
        rights to accelerate the maturity of such Mortgage Loan under any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy or
        Lender Primary Mortgage Insurance Policy, if any. If the Company reasonably
        believes it is unable under applicable law to enforce such "due-on-sale"
        clause,
        the Company, with the approval of the Purchaser, will enter into an assumption
        agreement with the person to whom the Mortgaged Property has been conveyed
        or is
        proposed to be conveyed, pursuant to which such person becomes liable under
        the
        Mortgage Note and, to the extent permitted by applicable state law, the
        Mortgagor remains liable thereon. Where an assumption is allowed pursuant
        to
        this Section 6.01, the Company, with the prior consent of the Purchaser and
        the
        primary mortgage insurer, if any, is authorized to enter into a substitution
        of
        liability agreement with the person to whom the Mortgaged Property has been
        conveyed or is proposed to be conveyed pursuant to which the original mortgagor
        is released from liability and such Person is substituted as mortgagor and
        becomes liable under the related Mortgage Note. Any such substitution of
        liability agreement shall be in lieu of an assumption agreement. 

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        or assumption agreement, which document shall be added to the related Mortgage
        File and shall, for all purposes, be considered a part of such Mortgage File
        to
        the same extent as all other documents and instruments constituting a part
        thereof. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company shall not be deemed to be in default, breach or any
        other
        violation of its obligations hereunder by reason of any assumption of a Mortgage
        Loan by operation of law or any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, the term "assumption" is deemed to also include a sale of the Mortgaged
        Property subject to the Mortgage that is not accompanied by an assumption
        or
        substitution of liability agreement.

      

      Section
        6.02 Satisfaction
        of Mortgages and Release of Mortgage Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, which certification shall include a statement to the effect
        that
        all amounts received or to be received in connection with such payment which
        are
        required to be deposited in the Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request delivery
        to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
        shall no later than five Business Days after receipt of such certification
        and
        request, release or cause to be released to the Company, the related Mortgage
        Loan Documents and, upon its receipt of such documents, the Company shall
        promptly prepare and deliver to the Purchaser the requisite satisfaction
        or
        release. No later than five (5) Business Days following its receipt of such
        satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
        to the Company the release or satisfaction properly executed by the owner
        of
        record of the applicable mortgage or its duly appointed attorney in fact.
        No
        expense incurred in connection with any instrument of satisfaction or deed
        of
        reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, the Purchaser
        shall, upon request of the Company and delivery to the Purchaser of a servicing
        receipt signed by a Servicing Officer, release the portion of the Mortgage
        File
        held by the Purchaser to the Company. Such servicing receipt shall obligate
        the
        Company to return the related Mortgage documents to the Purchaser when the
        need
        therefor by the Company no longer exists, unless the Mortgage Loan has been
        liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
        been
        deposited in the Custodial Account or the Mortgage File or such document
        has
        been delivered to an attorney, or to a public trustee or other public official
        as required by law, for purposes of initiating or pursuing legal action or
        other
        proceedings for the foreclosure of the Mortgaged Property either judicially
        or
        non-judicially, and the Company has delivered to the Purchaser a certificate
        of
        a Servicing Officer certifying as to the name and address of the Person to
        which
        such Mortgage File or such document was delivered and the purpose or purposes
        of
        such delivery. Upon receipt of a certificate of a Servicing Officer stating
        that
        such Mortgage Loan was liquidated, the servicing receipt shall be released
        by
        the Purchaser to the Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. No Servicing Fee shall
        be
        payable in connection with partial Monthly Payments. The Company shall be
        required to pay all expenses incurred by it in connection with its servicing
        activities hereunder and shall not be entitled to reimbursement therefor
        except
        as specifically provided for.

      

      Section
        6.04 Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Purchaser not later than 90 days following the
        end
        of each fiscal year of the Company beginning in March 2002,
        an
        Officers' Certificate stating, as to each signatory thereof, that (i) a review
        of the activities of the Company during the preceding calendar year and of
        performance under this Agreement has been made under such officers' supervision,
        and (ii) to the best of such officers' knowledge, based on such review, the
        Company has fulfilled all of its obligations under this Agreement throughout
        such year, or, if there has been a default in the fulfillment of any such
        obligation, specifying each such default known to such officers and the nature
        and status of cure provisions thereof. Copies of such statement shall be
        provided by the Company to the Purchaser upon request.

      

      Section
        6.05 Annual
        Independent Certified Public Accountants' Servicing Report.

      

      Within
        ninety (90) days of Company's fiscal year end beginning in March 2002 the
        Company at its expense shall cause a firm of independent public accountants
        which is a member of the American Institute of Certified Public Accountants
        to
        furnish a statement to the Purchaser to the effect that such firm has examined
        certain documents and records relating to the Company's servicing of mortgage
        loans of the same type as the Mortgage Loans pursuant to servicing agreements
        substantially similar to this Agreement, which agreements may include this
        Agreement, and that, on the basis of such an examination, conducted
        substantially in the uniform single audit program for mortgage bankers, such
        firm is of the opinion that the Company's servicing has been conducted in
        compliance with the agreements examined pursuant to this Section 6.05, except
        for (i) such exceptions as such firm shall believe to be immaterial, and
        (ii)
        such other exceptions as shall be set forth in such statement. Copies of
        such
        statement shall be provided by the Company to the Purchaser. In addition,
        on an
        annual basis, Company shall provided Purchaser with copies of its audited
        financial statements. 

      

      Section
        6.06 Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to FDIC and other similar entities,
        access
        to any documentation regarding the Mortgage Loans in the possession of the
        Company which may be required by any applicable regulations. Such access
        shall
        be afforded without charge, upon reasonable request, during normal business
        hours and at the offices of the Company, and in accordance with the federal
        government, FDIC, or any other similar regulations.

       

      
 

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement
        such
        periodic, special or other reports, information or documentation, not provided
        for herein, as shall be necessary, reasonable or appropriate in respect to
        the
        Purchaser, or otherwise in respect to the Mortgage Loans and the performance
        of
        the Company under this Agreement, including any reports, information or
        documentation reasonably required to comply with any regulations regarding
        any
        supervisory agents or examiners of the Purchaser all such reports or information
        to be as provided by and in accordance with such applicable instructions
        and
        directions as the Purchaser may reasonably request in relation to this Agreement
        or the performance of the Company under this Agreement. Such periodic, special
        or other reports, information or documentation furnished to the Purchaser
        at the
        Purchaser’s request pursuant to the preceding sentence shall be at the expense
        of the Purchaser. The Company agrees to execute and deliver all such instruments
        and take all such action as the Purchaser, from time to time, may reasonably
        request in order to effectuate the purpose and to carry out the terms of
        this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified
        above.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

      

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way related to the breach of a
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
        The Company shall immediately notify the Purchaser if a claim is made by
        a third
        party against Company with respect to this Agreement or the Mortgage Loans,
        assume (with the consent of the Purchaser) the defense of any such claim
        and pay
        all expenses in connection therewith, including counsel fees, whether or
        not
        such claim is settled prior to judgment, and promptly pay, discharge and
        satisfy
        any judgment or decree which may be entered against it or the Purchaser in
        respect of such claim. The Company shall follow any written instructions
        received from the Purchaser in connection with such claim. The Purchaser
        shall
        promptly reimburse the Company for all amounts advanced by it pursuant to
        the
        two preceding sentences except when the claim relates to the failure of the
        Company to service and administer the Mortgages in strict compliance with
        the
        terms of this Agreement, the breach of representation or warranty set forth
        in
        Sections 3.01 or 3.02, or the gross negligence, bad faith or willful misconduct
        of Company. The provisions of this Section 8.01 shall survive termination
        of
        this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect its existence, rights and franchises as
        a
        corporation under the laws of the state of its incorporation except as permitted
        herein, and will obtain and preserve its qualification to do business as
        a
        foreign corporation in each jurisdiction in which such qualification is or
        shall
        be necessary to protect the validity and enforceability of this Agreement,
        or
        any of the Mortgage Loans and to perform its duties under this
        Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided, however, that the successor or surviving Person
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC and/or BIF, and which is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing; provided, further, however, that the Company
        shall give sixty (60) days written notice to the Purchaser of any merger,
        conversion or consolidation to which the Company shall be a party, or of
        any
        Person succeeding to the business of the Company, and the Purchaser, at it
        sole
        option, shall make the determination as to whether such successor of the
        Company
        shall continue to service the Mortgage Loans hereunder.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company shall
        not be
        under any obligation to appear in, prosecute or defend any legal action which
        is
        not incidental to its duties to service the Mortgage Loans in accordance
        with
        this Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its duties hereunder are no longer
        permissible under applicable law and such incapacity cannot be cured by the
        Company. Any such determination permitting the resignation of the Company
        shall
        be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser
        which Opinion of Counsel shall be in form and substance acceptable to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole
        discretion.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement, without any payment of any penalty or damages and without any
        liability whatsoever to the Company (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

      

      

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of one
        (1) Business Day; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

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

      

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

      

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

      

      (vi)
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof; or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) Company may, in addition to whatever rights
        the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
        or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice (or,
        in the
        case of an Event of Default under clauses (iii), (iv) or (v) above, in which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and do or accomplish all other
        acts
        or things necessary or appropriate to effect the purposes of such notice
        of
        termination, whether to complete the transfer and endorsement or assignment
        of
        the Mortgage Loans and related documents, or otherwise, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

       

      
 

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement.

       

      
 

       

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall
        (i) succeed to and assume all of the Company's responsibilities, rights,
        duties
        and obligations under this Agreement, or (ii) appoint a successor having
        the
        characteristics set forth in Section 8.02 hereof and which shall succeed
        to all
        rights and assume all of the responsibilities, duties and liabilities of
        the
        Company under this Agreement prior to the termination of Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of Company pursuant to the aforementioned Sections shall not become effective
        until a successor shall be appointed pursuant to this Section and shall in
        no
        event relieve the Company of the representations and warranties made pursuant
        to
        Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
        thereunder and under Section 8.01, it being understood and agreed that the
        provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
        to the
        Company notwithstanding any such resignation or termination of the Company,
        or
        the termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Company arising prior to any such termination or resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Company shall notify by
        mail
        the Purchaser of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

      

      Section
        11.03 Recordation
        of Agreement.

      

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any of the properties subject to
        the
        Mortgages are situated, and in any other appropriate public recording office
        or
        elsewhere, such recordation to be effected by the Company at the Company's
        expense on direction of the Purchaser accompanied by an opinion of counsel
        to
        the effect that such recordation materially and beneficially affects the
        interest of the Purchaser or is necessary for the administration or servicing
        of
        the Mortgage Loans.

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      (i)           
        if
        to the
        Company:

       

      National
        City Mortgage Company

      3232
        Newmark Drive

      Miamisburg,
        Ohio 45342

      Attention:
        Sheila N. Hansford

      Telecopier
        No.: (937) 910-4137

      

      Servicing
        contact:

      

      National
        City Mortgage Company

      3232
        Newmark Drive

      Miamisburg,
        Ohio 45342

      Attention:
        T. Jackson Case

      

       

      (ii)          
        if
        to the
        Purchaser:

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Mr. Edward Raice

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      245
        Park
        Avenue

      New
        York,
        New York 10167

      Attention:
        Mary Haggerty

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)
         the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
         accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
         references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
         a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)
         the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
         the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
         headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments is subject to
        recordation in all appropriate public offices for real property records in
        all
        the counties or other comparable jurisdictions in which any or all of the
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment
        by Purchaser.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. In no event shall Purchaser sell a partial interest
        in any
        Mortgage Loan without the written consent of Company, which consent shall
        not be
        unreasonably denied. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. 

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        11.14 Execution:
        Successors and Assigns.

      

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to Section 8.04, this Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successors and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the borrower or obligor under any
        Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
        the
        prior written consent of the Purchaser. Notwithstanding the foregoing, it
        is
        understood and agreed that (i) promotions undertaken by the Company or any
        affiliate of the Company which are directed to the general public at large,
        or
        segments thereof, provided that no segment shall consist primarily of the
        Mortgage Loans, including, without limitation, mass mailing based on
        commercially acquired mailing lists, newspaper, radio and television
        advertisements, and customer portfolio and (ii) responses to unsolicited
        requests or inquiries made by a Mortgagor or an agent of a Mortgagor, shall
        not
        constitute solicitation under this Section 11.16. This Section 11.16 shall
        not
        be deemed to preclude the Company or any of its affiliates from soliciting
        any
        Mortgagor for any other financial products or services. From and after the
        Closing Date, the Purchaser agrees that it will not take any action or permit
        or
        cause any action to be taken by any of its agents or affiliates, or by any
        independent contractors on the Purchaser’s behalf, to personally by telephone or
        mail, solicit the borrower or obligor under any Mortgage Loan to refinance
        the
        Mortgage Loan, in whole or in part, without the prior written consent of
        the
        Company,. In addition, the Purchaser or any of its affiliates shall not solicit
        any Mortgagor for any other financial products or services. Notwithstanding
        the
        foregoing, it is understood and agreed that (i) promotions undertaken by
        the
        Purchasr or any affiliate of the Purchaser which are directed to the general
        public at large, or segments thereof, provided that no segment shall consist
        primarily of the Mortgage Loans, including, without limitation, mass mailing
        based on commercially acquired mailing lists, newspaper, radio and television
        advertisements and (ii) responses to unsolicited requests or inquiries made
        by a
        Mortgagor or an agent of a Mortgagor, shall not constitute solicitation under
        this Section 11.16 The Company shall use its best efforts to prevent the
        sale of
        the name of any Mortgagor to any Person who is not affiliate of the
        Company.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer's certificate, all in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms
        hereof;

      

      (d) the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and

      

      (e) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Pass-Through Transfer, a pooling and servicing agreement
        in
        form and substance reasonably acceptable to the parties, (collectively the
        agreements referred to herein are designated, the "Reconstitution Agreements").
        It is understood that any such Reconstitution Agreements will not contain
        any
        greater obligations on the part of Company than are contained in this
        Agreement.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"). In that
        connection, the Company shall provide to such servicer or issuer, as the
        case
        may be, and any other participants in such Reconstitution: (i) any and all
        information (including servicing portfolio information) and appropriate
        verification of information (including servicing portfolio information) which
        may be reasonably available to the Company, whether through letters of its
        auditors and counsel or otherwise, as the Purchaser or any such other
        participant shall request upon reasonable demand; and (ii) such additional
        representations, warranties, covenants, opinions of counsel, letters from
        auditors, and certificates of public officials or officers of the Company
        as are
        reasonably agreed upon by the Company and the Purchaser or any such other
        participant. In connection with each Pass-Through Transfer, the Company agrees
        to provide reasonable and customary indemnification to the Purchaser and
        its
        affiliates for disclosure contained in any offering document relating to
        the
        Company or its affiliates, the Mortgage Loans and the underwriting standards
        of
        the Mortgage Loans. The Purchaser shall be responsible for the costs relating
        to
        the delivery of such information. With respect to each Pass-Through Transfer,
        the Purchaser shall provide thirty (30) days notice of such transfer, unless
        otherwise agreed by the parties in the related Confirmation. With respect
        to
        each Whole Loan Transfer, limits on frequency of Reconstitution may be provided
        in the related Confirmation or related Term Sheet for the related Mortgage
        Loans. 

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      EMC
        MORTGAGE CORPORATION

      Purchaser

      

      By:________________________

      Name:
        

      Title:
        

      

      NATIONAL
        CITY MORTGAGE COMPANY

      Company

      

      By:
        _______________________

      Name:

      Title:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

       

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by "[Company],
        successor by merger to the [name of predecessor]". If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by "[Company] formerly known as [previous name]".
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

      

      2.
        The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if
        required.

      

      4. The
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6. Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. reserved.

      

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.
        Residential loan application.

      

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13. Credit
        report on the mortgagor.

      

      14. Business
        credit report, if applicable.

      

      15. Residential
        appraisal report and attachments thereto.

      

      16. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20. Survey
        of
        the Mortgaged Property, if any.

      

      21. Sales
        contract, if applicable.

      

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24. Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for
        recording.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

                                  ______________,
        2001

      

      To: [_______________________]
        

      (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        October 1, 2001 (the "Agreement"), we hereby authorize and request you to
        establish an account, as a Custodial Account pursuant to Section 4.04 of
        the
        Agreement, to be designated as " National City Mortgage Company, in trust
        for
        the [Purchaser], Owner of Mortgage Loans". All deposits in the account shall
        be
        subject to withdrawal therefrom by order signed by the Company. This letter
        is
        submitted to you in duplicate. Please execute and return one original to
        us.

      

      NATIONAL
        CITY MORTGAGE COMPANY

      

      By:____________________________

      Name:__________________________

      Title:___________________________

       

       

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      [___________________________]

      

      By:____________________________

      Name:__________________________

      Title:___________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

       

                                  _____________,
        2001

      

      To: [_______________________]

      (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        October 1, 2001 (the "Agreement"), we hereby authorize and request you to
        establish an account, as an Escrow Account pursuant to Section 4.06 of the
        Agreement, to be designated as "National City Mortgage Company, in trust
        for the
        [Purchaser], Owner of Mortgage Loans, and various Mortgagors." All deposits
        in
        the account shall be subject to withdrawal therefrom by order signed by the
        Company. This letter is submitted to you in duplicate. Please execute and
        return
        one original to us.

      

      NATIONAL
        CITY MORTGAGE COMPANY

      

      By:____________________________

      Name:__________________________

      Title:___________________________

      

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      [______________________]

      

      By:______________________________

      Name:____________________________

      Title:_____________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
        (the “Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of _________, 200__, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the applicable Company,
        in blank, and an assignment of mortgage in recordable form from the applicable
        Company, in blank. Assignee shall pay the Funding Amount by wire transfer
        of
        immediately available funds to the account specified by Assignor. Assignee
        shall
        be entitled to all scheduled payments due on the Assigned Loans after
        ___________, 200__ and all unscheduled payments or other proceeds or other
        recoveries on the Assigned Loans received on and after _____________,
        200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

      

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
         Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      
        	(c)  	
                Company
                  has full corporate power and authority to execute, deliver and
                  perform its
                  obligations under this PAAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this PAAR Agreement is in the ordinary course of Company’s business and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Company’s charter or by-laws or any legal
                  restriction, or any material agreement or instrument to which Company
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Company
                  or its
                  property is subject. The execution, delivery and performance by
                  Company of
                  this PAAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  corporate
                  action on part of Company. This PAAR Agreement has been duly executed
                  and
                  delivered by Company, and, upon the due authorization, execution
                  and
                  delivery by Assignor and Assignee, will constitute the valid and
                  legally
                  binding obligation of Company, enforceable against Company in accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

      

      

      
        	(d)  	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by Assignee in connection with the execution, delivery or
                  performance
                  by Company of this PAAR Agreement, or the consummation by it of
                  the
                  transactions contemplated hereby;
                  and

              

      

      

      
        	(e)  	
                No
                  event has occurred
                  from the Closing Date to the date hereof which would render the
                  representations and warranties as to the related Assigned Loans
                  made by
                  the Company in Sections 3.01 and 3.02 of the Purchase Agreement
                  to be
                  untrue in any material respect.

              

      

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

      

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      

      (a)          
        In
        the
        case of Company,

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________

       

      With
        a
        copy to ______________________________________.

       

      
        (b)          
          In
          the
          case of Assignor,

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________ 

      

      (c)          
        In
        the
        case of Assignee,

      

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Mr. Edward Raice

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      

      ___________________

      245
        Park
        Avenue

      New
        York,
        New York 10167

      Attention:
        ___________

      Telecopier
        No.: (212) 272-____

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control.

      

      

      [Modification
        of Purchase Agreement

      

      
        	15.  	
                The
                  Company and Assignor hereby amend the Purchase Agreement as
                  follows:

              

      

      

      (a) The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator: ________________________

      

      Supplemental
        PMI Insurer: ________________________

      

      Supplemental
        PMI Policy: The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee.

      

      Trustee:
         ________________________

      

      (b) The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy
        or
        Lender Primary Mortgage Insurance Policy,
        the
        Supplemental PMI Policy, any title policy, any hazard insurance policy or
        any
        other insurance policy covering a Mortgage Loan or other related Mortgaged
        Property, including any amounts required to be deposited in the Custodial
        Account pursuant to Section 4.04, to the extent such proceeds are not to
        be
        applied to the restoration of the related Mortgaged Property or released
        to the
        Mortgagor in accordance with Accepted Servicing Practices.

      

      (c) The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the Purchaser and the
        [Securities Administrator] any statements or other reports given by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

      

      EMC
        MORTGAGE CORPORATION

      Assignor

      

      By:
        _____________________________

      Name:
        ___________________________

      Title:
        ____________________________

      

      

      _________________________________

      Assignee

      

      By:
        _____________________________

      Name:
        ___________________________

      Title:
        ____________________________

      

      

      _________________________________

      Company

      

      By:
        _____________________________

      Name:
        ___________________________

      Title:
        ____________________________

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE: Mortgage
        Loan #__________________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        ___________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned loan is being repurchased pursuant to the terms of the Agreement.
        The
        Company hereby certifies that the repurchase price has been credited to the
        Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned loan is being placed in foreclosure and the original documents
        are
        required to proceed with the foreclosure action. The Company hereby certifies
        that the documents will be returned to the Purchaser in the event of
        reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan.

      

      Dated:_________________

      

      By:__________________________________

      Signature

      ____________________________________

      Title

      

      Send
        documents to: _______________________________________________

      _______________________________________________________________

      _______________________________________________________________

      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      __________________________________

      Title

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, between National City Mortgage
        Company, a ________ corporation, located at 3232 Newmark Drive, Miamisburg,
        Ohio
        45342 (the “Company”) and EMC Mortgage Corporation, a Delaware corporation,
        located at ______________ (the "Purchaser") is made pursuant to the terms
        and
        conditions of that certain Purchase, Warranties and Servicing Agreement (the
        "Agreement") dated as of October 1, 2001, between the Company and the Purchaser,
        the provisions of which are incorporated herein as if set forth in full herein,
        as such terms and conditions may be modified or supplemented hereby. All
        initially capitalized terms used herein unless otherwise defined shall have
        the
        meanings ascribed thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1. Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:  

      

      Mortgage
        Loan:    

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate:   

      

      Additional
        Closing Conditions: 

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional conditions: [None].
        

      

      Additional
        Loan Documents: 

      

      In
        addition to the contents of the Mortgage File specified in the Agreement,
        the
        following documents shall be delivered with respect to the Mortgage Loans:
        [None]

      

      [Additional]
        [Modification] of Representations and Warranties:

       

      [In
        addition to the representations and warranties set forth in the Agreement,
        as of
        the date hereof, the Company makes the following additional representations
        and
        warranties with respect to the Mortgage Loans: [None]. [Notwithstanding anything
        to the contrary set forth in the Agreement, with respect to each Mortgage
        Loan
        to be sold on the Closing Date, the representation and warranty set forth
        in
        Section ______ of the Agreement shall be modified to read as
        follows:]

      

      Except
        as
        modified herein, Section ______ of the Agreement shall remain in full force
        and
        effect as of the date hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      

      NATIONAL
        CITY MORTGAGE COMPANY

      

      

      
        	 	 	 	 	
                By:
                  _____________________________

              

      

      
        	 	 	 	 	
                Name:
                  ___________________________

              

      

      
        	 	 	 	 	
                Title:
                  ____________________________

              

      

      

      

      

      
        	 	 	 	 	
                EMC
                  MORTGAGE CORPORATION

              

      

      

      

      
        	 	 	 	 	
                By:
                  _____________________________

              

      

      
        	 	 	 	 	
                Name:
                  ___________________________

              

      

      
        	 	 	 	 	
                Title:
                  ____________________________

              

      

      

      

      

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R-7

    

    WACHOVIA
      SERVICING AGREEMENT

    

     

     

     

    

      EXECUTION
        COPY

      

      

      

      EMC
        MORTGAGE CORPORATION

      Purchaser,

       

       

      WACHOVIA
        MORTGAGE CORPORATION

      Seller

       

       

      SELLER’S
        PURCHASE, WARRANTIES AND SERVICING AGREEMENT

       

      Dated
        as
        of July 1, 2005

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SELLER’S
        PURCHASE, WARRANTIES AND SERVICING AGREEMENT

       

      This
        is a
        Seller’s Purchase, Warranties and Servicing Agreement, dated as of July 1,
        2005 and is executed by and between EMC Mortgage Corporation, as purchaser
        (the
“Purchaser”),
        and
        Wachovia Mortgage Corporation, as seller and servicer (in such capacity,
        the
“Seller”).

       

      WITNESSETH:

       

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Seller and the Seller
        has heretofore agreed to sell to the Purchaser certain Mortgage Loans, servicing
        rights retained, from time to time, pursuant to the terms of a letter agreement
        by and between the Seller and the Purchaser (the “Purchase
        Price and Terms Letter”);

       

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first or second lien on a residential dwelling
        located in the jurisdiction indicated on the related Mortgage Loan Schedule,
        which is annexed to the related Assignment and Conveyance. The Mortgage Loans
        as
        described herein shall be delivered in groups of whole loans (each, a
“Mortgage
        Loan Package”)
        on
        various dates as provided herein (each, a “Closing
        Date”);
        and

       

      WHEREAS,
        the Purchaser and the Seller wish to prescribe the representations and
        warranties of the Seller with respect to itself, the Mortgage Loans and the
        management, servicing and control of the Mortgage Loans by the
        Seller.

       

      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 Seller 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 as to which the related Mortgage Note provides that the Mortgage
        Interest Rate may be adjusted periodically.

       

      Adjustment
        Date:
        With
        respect to each Adjustable Rate Mortgage Loan, the date set forth in the
        related
        Mortgage Note on which the Mortgage Interest Rate on the Mortgage Loan is
        adjusted in accordance with the terms of the Mortgage Note.

       

      Agency
        Transfer:
        The
        sale or transfer by the Purchaser of some or all of the Mortgage Loans to
        Fannie
        Mae or Freddie Mac.

       

      Agreement:
        This
        Seller’s Purchase, Warranties and Servicing Agreement including all exhibits
        hereto, amendments hereof and supplements hereto.

       

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the lesser of (i) the value thereof as
        determined by an appraisal made for the originator of the Mortgage Loan at
        the
        time of origination of the Mortgage Loan by an appraiser who met the
        underwriting requirements of the originator, and (ii) the purchase price
        paid
        for the related Mortgaged Property by the Mortgagor with the proceeds of
        the
        Mortgage Loan, provided,
        however,
        in the
        case of a Refinanced Mortgage Loan, such value of the Mortgaged Property
        is
        based solely upon the value determined by an appraisal made for the originator
        of such Refinanced Mortgage Loan at the time of origination of such Refinanced
        Mortgage Loan by an appraiser who met the underwriting requirements of the
        originator.

       

      Assignment
        and Conveyance:
        As
        defined in Section 2.03.

       

      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 transfer of the
        Mortgage.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

       

      Business
        Day:
        Any day
        other than (i) a Saturday or a Sunday, or (ii) a legal holiday in the States
        of
        New York or North Carolina, or (iii) a day on which banks in the States of
        New
        York or North Carolina are authorized or obligated by law or executive order
        to
        be closed.

       

      Closing
        Date:
        The
        date or dates set forth in the related Purchase Price and Terms Letter on
        which
        the Purchaser from time to time shall purchase and the Seller from time to
        time
        shall sell to the Purchaser, the Mortgage Loans listed on the related Mortgage
        Loan Schedule with respect to the related Mortgage Loan Package.

       

      Code:
        The
        Internal Revenue Code of 1986, as the same may be amended from time to time
        (or
        any successor statute thereto).

       

      Compensating
        Interest:
        For any
        Remittance Date, the lesser of (i) the aggregate Servicing Fee payable to
        the
        Seller for such Remittance Date and (ii) the aggregate Prepayment Interest
        Shortfall for such Remittance Date.

       

      Condemnation
        Proceeds:
        All
        awards, compensation and 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.

       

      Convertible
        Mortgage Loan:
        Any
        Adjustable Rate Mortgage Loan purchased pursuant to this Agreement as to
        which
        the related Mortgage Note permits the Mortgagor to convert the Mortgage Interest
        Rate on such Mortgage Loan to a fixed Mortgage Interest Rate.

       

      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.

       

      Credit
        Score:
        The
        credit score for each Mortgage Loan shall be the minimum of two credit bureau
        scores obtained at origination or such other time by the Seller. If two credit
        bureau scores are obtained, the Credit Score will be the lower score. If
        three
        credit bureau scores are obtained, the Credit Score will be the middle of
        the
        three. When there is more than one applicant, the lowest of the applicants’
Credit Scores will be used. There is only one (1) score for any loan regardless
        of the number of borrowers and/or applicants.

       

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled “Wachovia Mortgage Corporation, in trust for the
        Purchaser, owner of various whole loan series” and shall be established as an
        Eligible Account, in the name of the Person that is the “Purchaser” with respect
        to the related Mortgage Loans.

       

      Cut-off
        Date:
        With
        respect to each Mortgage Loan Package, the first Business Day of the month
        of
        the related Closing Date, or as otherwise set forth in the related Purchase
        Price and Terms Letter.

       

      Determination
        Date:
        With
        respect to each Remittance 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
        in which such Remittance Date occurs.

       

      Due
        Date:
        With
        respect to any Mortgage Loan, the day of the month on which the Monthly Payment
        is due on such 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 such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

       

      Eligible
        Account:
        An
        account established and maintained: (a) within FDIC insured accounts (or
        other
        accounts with comparable insurance coverage acceptable to the Rating Agencies)
        created, maintained and monitored by the Seller so that all funds deposited
        therein are fully insured, (b) with the corporate trust department of a
        financial institution assigned a long-term debt rating of not less than “Baa3,”
and a short term debt rating of “P3,” from Moody’s Investors Services, Inc. and,
        if ownership of the Mortgage Loans is evidenced by mortgaged backed securities,
        the equivalent ratings of the rating agencies, 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 Seller and of any creditors or
        depositors of the institution in which such account is maintained or (c)
        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 (b) or (c) of the preceding sentence, the Seller 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 the 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 the Rating Agencies.

       

      Eligible
        Investments:
        Any one
        or more of the following obligations or securities:

       

      (a) 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;

       

      (b) (i)
        demand or time deposits, federal funds or bankers’ acceptances issued by any
        depository institution or trust company incorporated under the laws of the
        United States of America or any state thereof and subject to supervision
        and
        examination by federal and/or state banking authorities, provided that the
        commercial paper and/or the short-term deposit rating and/or the long-term
        unsecured debt obligations or deposits of such depository institution or
        trust
        company at the time of such investment or contractual commitment providing
        for
        such investment are rated in one of the two highest rating categories by
        each
        Rating Agency and (ii) any other demand or time deposit or certificate of
        deposit that is fully insured by the FDIC;

       

      (c) repurchase
        obligations with a term not to exceed thirty (30) days and with respect to
        (i)
        any security described in clause (a) above and entered into with a depository
        institution or trust company (acting as principal) described in clause (b)(ii)
        above;

       

      (d) securities
        bearing interest or sold at a discount issued by any corporation incorporated
        under the laws of the United States of America or any state thereof that
        are
        rated in one of the two highest rating categories by each Rating Agency at
        the
        time of such investment or contractual commitment providing for such investment;
        provided,
        however,
        that
        securities issued by any particular corporation will not be Eligible Investments
        to the extent that investments therein will cause the then outstanding principal
        amount of securities issued by such corporation and held as Eligible Investments
        to exceed 10% of the aggregate outstanding principal balances of all of the
        Mortgage Loans and Eligible Investments;

       

      (e) commercial
        paper (including both non-interest-bearing discount obligations and
        interest-bearing obligations payable on demand or on a specified date not
        more
        than one year after the date of issuance thereof) which are rated in one
        of the
        two highest rating categories by each Rating Agency at the time of such
        investment;

       

      (f) 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

       

      (g) any
        money
        market funds the collateral of which consists of obligations fully guaranteed
        by
        the United States of America or any agency or instrumentality of the United
        States of America the obligations of which are backed by the full faith and
        credit of the United States of America (which may include repurchase obligations
        secured by collateral described in clause (a)) and other securities and which
        money market funds are rated in one of the two highest rating categories
        by each
        Rating Agency.

       

      provided,
        however,
        that no
        instrument or security shall be an Eligible Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        obligations underlying such instrument or if such security provides for payment
        of both principal and interest with a yield to maturity in excess of 120%
        of the
        yield to maturity at par or if such investment or security is purchased at
        a
        price greater than par.

       

      Equity:
        With
        respect to any second lien Mortgage Loan, the Appraised Value, less the unpaid
        principal balance of the related First Lien.

       

      Equity
        Loan-to-Value:
        With
        respect to any second lien Mortgage Loan, the original principal balance
        of such
        Mortgage Loan, divided by the Equity.

       

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled “Wachovia Mortgage Corporation, in trust for the
        Purchaser, owner of various whole loan series and various Mortgagors” and shall
        be established as 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, applicable law or any other related document.

       

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 8.01.

       

      Fannie
        Mae:
        The
        entity formerly known as the Federal National Mortgage Association, or any
        successor thereto.

       

      Fannie
        Mae Guides:
        The
        Fannie Mae Sellers’ Guide and the Fannie Mae Servicers’ Guide and all amendments
        or additions thereto, including, but not limited to, future updates
        thereof.

       

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

       

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Seller pursuant to Section
        4.12.

       

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as
        amended
        and in effect from time to time.

       

      First
        Lien:
        With
        respect to any second lien Mortgage Loan, the mortgage loan relating to the
        corresponding Mortgaged Property having a first priority lien.

       

      First
        Remittance Date:
        The
        eighteenth (18th) day of the month following each respective Closing Date,
        or if
        such day is not a Business Day, the first Business Day immediately preceding
        such 18th
        day.

       

      Fixed
        Rate Mortgage Loan:
        A
        Mortgage Loan purchased pursuant to this Agreement which bears a fixed Mortgage
        Interest Rate during the life of the loan.

       

      Freddie
        Mac:
        The
        entity formerly known as the Federal Home Loan Mortgage Corporation, or any
        successor thereto.

       

      Freddie
        Mac Guides:
        The
        Freddie Mac Sellers’ Guide and the Freddie Mac Servicers’ Guide and all
        amendments or additions thereto, including, but not limited to, any future
        updates thereof.

       

      GAAP:
        Generally accepted accounting principles, consistently applied.

       

      Gross
        Margin:
        With
        respect to any Adjustable Rate Mortgage Loan, the fixed percentage amount
        set
        forth in the related Mortgage Note and the related Mortgage Loan Schedule
        that
        is added to the Index on each Adjustment Date in accordance with the terms
        of
        the related Mortgage Note to determine the new Mortgage Interest Rate for
        such
        Mortgage Loan.

       

      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 Mortgage Interest Rate thereon.

       

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

       

      Interest
        Only Mortgage Loan:
        A
        Mortgage Loan that only requires payments of interest for a period of time
        specified in the related Mortgage Note.

       

      Liquidation
        Proceeds:
        Amounts
        received in connection with the partial or complete liquidation of a defaulted
        Mortgage Loan, whether through the sale or assignment of such Mortgage Loan,
        trustee’s sale, foreclosure sale or otherwise, or in connection with the sale of
        the Mortgaged Property if the Mortgaged Property is acquired in satisfaction
        of
        the Mortgage.

       

      Loan-to-Value
        Ratio
        or
LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan and, with respect to any second lien Mortgage
        Loan,
        the outstanding principal amount of any related First Lien as of the date
        of
        origination of such mortgage loan, to the Appraised Value of the related
        Mortgaged Property.

       

      Maximum
        Mortgage Interest Rate:
        With
        respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on
        the
        related Mortgage Loan Schedule and in the related Mortgage Note and is the
        maximum interest rate to which the Mortgage Interest Rate on such Mortgage
        Loan
        may be increased on any Adjustment Date.

       

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

       

      MERS
        Mortgage Loan:
        Any
        Mortgage Loan 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 for any MERS Mortgage Loan.

       

      Minimum
        Mortgage Interest Rate:
        With
        respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on
        the
        related Mortgage Loan Schedule and in the related Mortgage Note and is the
        minimum interest rate to which the Mortgage Interest Rate on such Mortgage
        Loan
        may be decreased on any Adjustment Date.

       

      MOM
        Loan:
        Any
        Mortgage Loan as to which MERS is acting as mortgagee, solely as nominee
        for the
        originator of such Mortgage Loan and its successors and assigns.

       

      Monthly
        Advance:
        The
        payment required to be made by the Seller with respect to any Remittance
        Date
        pursuant to Section 5.03.

       

      Monthly
        Payment:
        The
        scheduled monthly payment on a Mortgage Loan due on any Due Date allocable
        to
        principal and/or interest on such Mortgage Loan pursuant to the terms of
        the
        related Mortgage Note.

       

      Mortgage:
        With
        respect to any Mortgage Loan that is not a Co-op Loan, the mortgage, deed
        of
        trust or other instrument securing a Mortgage Note which creates a first
        or
        second lien on an unsubordinated estate in fee simple in real property securing
        the Mortgage Note; 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, the mortgage, deed of trust or other instrument
        securing the Mortgage Note may secure and create a first or second lien upon
        a
        leasehold estate of the Mortgagor. With respect to a Co-op Loan, the related
        Security Agreement.

       

      Mortgage
        File:
        With
        respect to each Mortgage Loan, the documents pertaining thereto specified
        in
Exhibit
        A-1
        and any
        additional documents required to be added to the Mortgage File pursuant to
        this
        Agreement.

       

      Mortgage
        Interest Rate:
        As to
        each Mortgage Loan, the annual rate at which interest accrues on such Mortgage
        Loan in accordance with the provisions of the related Mortgage
        Note.

       

      Mortgage
        Loan:
        An
        individual Mortgage Loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        related Mortgage Loan Schedule, which Mortgage Loan includes without limitation
        the Mortgage File, the Monthly Payments, Principal Prepayments, Liquidation
        Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds,
        any escrow accounts related to the Mortgage Loan, 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 contained in a Mortgage File.

       

      Mortgage
        Loan Package:
        As
        defined in the Recitals to this Agreement.

       

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the Mortgage Interest Rate less the related
        Servicing Fee Rate.

       

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Assignment and Conveyance,
        each such schedule setting forth the following information with respect to
        each
        Mortgage Loan in the related Mortgage Loan Package:

       

      (1) the
        Seller’s Mortgage Loan identifying number;

       

      (2) the
        Mortgagor’s name;

       

      (3) the
        street address of the Mortgaged Property including the state and zip
        code;

       

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

       

      (5) the
        type
        of residential property constituting the Mortgaged Property;

       

      (6) the
        original months 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;

       

      (7) the
        Loan-to-Value Ratio at origination and as of the related Cut-off
        Date;

       

      (8) with
        respect to any second lien Mortgage Loan, the Equity Loan-to-Value Ratio
        at
        origination and as of the related Cut-off Date;

       

      (9) the
        Mortgage Interest Rate at origination and as of the related Cut-off
        Date;

       

      (10) the
        Mortgage Loan origination date;

       

      (11) the
        paid
        through date;

       

      (12) the
        stated maturity date of the Mortgage Loan and of the First Lien, if
        applicable;

       

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

       

      (14) the
        original principal amount of the Mortgage Loan and the principal balance
        of the
        related First Lien, if applicable, as of the date of origination;

       

      (15) the
        Scheduled Principal Balance of the Mortgage Loan and the principal balance
        of
        the related First Lien, if applicable, as of the related Cut-off
        Date;

       

      (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 or
        reduced);

       

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received thirty (30) or more
        days
        after its Due Date;

       

      (19) the
        date
        on which the first Monthly Payment is due and the applicable next Due
        Date;

       

      (20) a
        code
        indicating whether or not the Mortgage Loan is insured as to payment defaults
        by
        a Primary Mortgage Insurance Policy; and, in the case of any Mortgage Loan
        which
        is insured as to payment defaults by a Primary Mortgage Insurance Policy,
        the
        name of the provider of such Primary Mortgage Insurance Policy;

       

      (21) a
        code
        indicating whether or not the Mortgage Loan is the subject of a prepayment
        penalty, and if so, the terms of such prepayment penalty;

       

      (22) the
        Primary Mortgage Insurance Policy certificate number, if
        applicable;

       

      (23) the
        Primary Mortgage Insurance Policy coverage percentage, if
        applicable;

       

      (24) a
        code
        indicating the Credit Score of the Mortgagor at the time of origination of
        the
        Mortgage Loan;

       

      (25) a
        code
        indicating the specific loan/underwriting program of each Mortgage Loan as
        assigned by the Seller pursuant to the Underwriting Standards;

       

      (26) the
        loan
        type (i.e. fixed, adjustable; 2/28, 3/27, 5/25, etc.);

       

      (27) with
        respect to each Adjustable Rate Mortgage Loan, the first Adjustment Date
        and the
        Adjustment Date frequency;

       

      (28) with
        respect to each Adjustable Rate Mortgage Loan, the Gross Margin;

       

      (29) with
        respect to each Adjustable Rate Mortgage Loan, the Maximum Mortgage Interest
        Rate under the terms of the Mortgage Note;

       

      (30) with
        respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage Interest
        Rate under the terms of the Mortgage Note;

       

      (31) with
        respect to each Adjustable Rate Mortgage Loan, the Periodic Rate
        Cap;

       

      (32) with
        respect to each Adjustable Rate Mortgage Loan, the first Adjustment Date
        immediately following the related Cut-off Date;

       

      (33) with
        respect to each Adjustable Rate Mortgage Loan, the Index;

       

      (34) a
        code
        indicating whether the Mortgage Loan is a second lien Mortgage
        Loan;

       

      (35) a
        code
        indicating whether the Mortgage Loan is a MERS Mortgage Loan; and

       

      (36) a
        code
        indicating whether the Mortgage Loan is an Interest Only Mortgage Loan and
        the
        term of the interest-only period.

       

      With
        respect to the Mortgage Loans in the aggregate in each Mortgage Loan Package,
        the Mortgage Loan Schedule shall set forth the following information, as
        of the
        related Cut-off Date unless otherwise specified:

       

      (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 original months to maturity of the Mortgage Loans and the
        weighted average remaining 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:
        With
        respect to any Mortgage Loan, the underlying real property securing repayment
        of
        the related Mortgage Note, consisting of a fee simple parcel of real estate
        or a
        leasehold estate, the term of which is equal to or longer than the term of
        such
        Mortgage Note.

       

      Mortgagor:
        The
        obligor on a Mortgage Note.

       

      Mortgagor
        Personal Information:
        Any
        information, including, but not limited to, all personal information about
        a
        Mortgagor that is disclosed to the Seller or the Purchaser by or on behalf
        of
        the Mortgagor.

       

      OCC:
        Office
        of the Comptroller of the Currency, its successors and assigns.

       

      Officers’
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President and by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Seller, 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.

       

      OTS:
        Office
        of Thrift Supervision or any successor thereto.

       

      Pass-Through
        Transfer:
        As
        defined in Section 10.01(a)(iii).

       

      Periodic
        Rate Cap:
        With
        respect to each Adjustable Rate Mortgage Loan and any Adjustment Date therefor,
        a number of percentage points per annum that is set forth in the related
        Mortgage Loan Schedule and in the related Mortgage Note, which is the maximum
        amount by which the Mortgage Interest Rate for such Mortgage Loan may increase
        (without regard to the Maximum Mortgage Interest Rate) or decrease (without
        regard to the Minimum Mortgage Interest Rate) on such Adjustment Date from
        the
        Mortgage Interest Rate in effect immediately prior to such Adjustment Date,
        which may be a different amount with respect to the first Adjustment
        Date.

       

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

       

      Prepayment
        Interest Shortfall:
        As to
        any Remittance Date and Principal Prepayment in full, the difference between
        (i)
        one full month’s interest at the applicable Mortgage Interest Rate (after giving
        effect to any applicable relief act reduction, debt service reduction and
        deficient valuation), as reduced by the Servicing Fee Rate, on the outstanding
        principal balance of the related Mortgage Loan immediately prior to such
        Principal Prepayment and (ii) the amount of interest actually received with
        respect to such Mortgage Loan in connection with such Principal
        Prepayment.

       

      Primary
        Mortgage Insurance Policy:
        Each
        policy of primary mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(bb), or any replacement policy therefor obtained by the Seller
        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
        full or partial 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.

       

      Purchase
        Price:
        As
        defined in Section 2.02.

       

      Purchase
        Price and Terms Letter:
        As
        defined in the Recitals to this Agreement which may also be a form of trade
        execution notice. 

       

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

       

      Qualified
        Appraiser:
        With
        respect to each Mortgage Loan, an appraiser, duly appointed by the Seller,
        who
        had no interest, direct or indirect in the Mortgaged Property or in any loan
        made on the security thereof, and whose compensation is not affected by the
        approval or disapproval of the Mortgage Loan, and such appraiser and the
        appraisal made by such appraiser both satisfy the requirements of Fannie
        Mae and
        Title XI of FIRREA and the regulations promulgated thereunder, all as in
        effect
        on the date the Mortgage Loan was originated.

       

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the Mortgaged Properties are located, duly authorized and licensed in such
        states to transact the applicable insurance business and to write the insurance
        provided by the insurance policy issued by it, approved as an insurer by
        Fannie
        Mae or Freddie Mac.

       

      Rating
        Agencies:
        Standard & Poor’s Ratings Services, a division of The McGraw- Hill
        Companies, Inc., Moody’s Investors Service, Inc. or, in the event that some or
        all ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
        the nationally recognized rating agencies issuing ratings with respect to
        such
        securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

       

      REMIC:
        A “real
        estate mortgage investment conduit” within the meaning of 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 each month, beginning with the First Remittance Date, or if such
        day
        is not a Business Day, the first Business Day immediately preceding such
        18th
        day.

       

      REO
        Disposition:
        The
        final sale by the Seller of any REO Property.

       

      REO
        Disposition Proceeds:
        Amounts
        received by the Seller in connection with an REO Disposition.

       

      REO
        Property:
        A
        Mortgaged Property acquired by or on behalf of the Purchaser in full or partial
        satisfaction of the related Mortgage as described in Section 4.13.

       

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) in the event such Mortgage
        Loan is required to be repurchased during the period (A) from the related
        Closing Date to the closing date for any related Pass-Through Transfer or
        Whole
        Loan Transfer, the greater of 100% or the percentage of par as stated in
        the
        related Purchase Price and Terms Letter multiplied by the outstanding principal
        balance of the Mortgage Loan or (B) after the closing date for any related
        Pass-Through Transfer or Whole Loan Transfer, 100% multiplied by the outstanding
        principal balance of the Mortgage Loan, plus
        (ii)
        interest on such outstanding principal balance at the related Mortgage Loan
        Remittance Rate from the date through which interest was last distributed
        to the
        Purchaser (from payments from the related Mortgagor or from Monthly Advances)
        through the day prior to the date of repurchase, less
        (iii)
        amounts received or advanced in respect of such repurchased Mortgage Loan
        which
        are being held in the Custodial Account for distribution in connection with
        such
        Mortgage Loan. 

       

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto.

       

      Security
        Agreement:
        With
        respect to a Co-op Loan, the agreement or mortgage creating a security interest
        in favor of the originator of the Co-op Loan in the related Co-op
        Stock.

       

      Scheduled
        Principal Balance:
        As to
        each Mortgage Loan and any date of determination, (i) the principal balance
        of
        such Mortgage Loan as of the related 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).

       

      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 Seller of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of a
        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 Seller specifies
        the
        Mortgage Loan(s) to which such expenses relate, 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 Seller hereunder),
        (c)
        the management and liquidation of any REO Property, (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
        Seller 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:
        As to
        each Mortgage Loan Package, the amount of the fee the Purchaser shall pay
        to the
        Seller for servicing the Mortgage Loans in accordance with the terms of this
        Agreement, which shall, with respect to each Mortgage Loan, for a period
        of one
        full month, be equal to one-twelfth of the product of (i) the Servicing Fee
        Rate
        and (ii) the Scheduled Principal Balance of such Mortgage Loan as of the
        first
        day of the month for which such fee is being calculated.

       

      Servicing
        Fee Rate:
        The per
        annum rate at which the Servicing Fee accrues, which rate with respect to
        each
        Mortgage Loan shall be as set forth in the related Purchase Price and Terms
        Letter.

       

      Servicing
        File:
        With
        respect to each Mortgage Loan, the documents pertaining thereto specified
        in
Exhibit
        A-2
        and
        copies of all documents for such Mortgage Loan specified in Exhibit
        A-1.

       

      Servicing
        Officer:
        Any
        officer of the Seller 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 Seller to the Purchaser upon request, as such list
        may
        from time to time be amended.

       

      Underwriting
        Standards:
        As to
        each Mortgage Loan, the Seller’s underwriting guidelines in effect as of the
        date of origination of such Mortgage Loan.

       

      Whole
        Loan Transfer:
        As
        defined in Section 10.01(a)(i).

       

      ARTICLE
        II

      SERVICING
        OF MORTGAGE LOANS; RECORD TITLE AND POSSESSION OF MORTGAGE FILES; BOOKS AND
        RECORDS; CUSTODIAL AGREEMENT; DELIVERY OF MORTGAGE LOAN
        DOCUMENTS

       

      Section
        2.01.  Agreement
        to Purchase.

       

      The
        Seller agrees to sell and the Purchaser agrees to purchase on each Closing
        Date,
        pursuant to this Agreement and the related Purchase Price and Terms Letter,
        the
        Mortgage Loans being sold by the Seller and listed on the related Mortgage
        Loan
        Schedule, servicing rights retained, having an aggregate Scheduled Principal
        Balance 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 Seller
        as
        evidenced by the actual aggregate principal balance of the Mortgage Loans
        accepted by the Purchaser on such Closing Date. The Seller shall deliver
        in an
        electronic format the Mortgage Loan Schedule for the Mortgage Loans to be
        purchased on such Closing Date to the Purchaser at least two (2) Business
        Days
        prior to such Closing Date.

       

      Section
        2.02.  Purchase
        Price.

       

      The
        Purchase Price for the Mortgage Loans in a Mortgage Loan Package shall be
        equal
        to the sum of (a) the percentage of par as stated in the related Purchase
        Price
        and Terms Letter (subject to adjustment as provided therein), multiplied
        by the
        aggregate Scheduled Principal Balance of Mortgage Loans as of the related
        Cut-off Date listed on the related Mortgage Loan Schedule plus
        (b)
        accrued interest on the aggregate Scheduled Principal Balance of the related
        Mortgage Loans at the weighted average Mortgage Loan Remittance Rate of such
        Mortgage Loans from the related Cut-off Date to but not including such Closing
        Date (the “Purchase
        Price”).
        If so
        provided in the related Purchase Price and Terms Letter, portions of each
        Mortgage Loan Package shall be priced separately.

       

      The
        Purchase Price as set forth in the preceding paragraph for the Mortgage Loans
        in
        a Mortgage Loan Package shall be paid on the related Closing Date by wire
        transfer of immediately available funds.

       

      With
        respect to each Mortgage Loan, the Purchaser shall be entitled to (1) the
        principal portion of all Monthly Payments 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 the principal portion of all Monthly Payments
        due
        on or before the related Cut-off Date and collected by the Seller or any
        successor servicer after the related Cut-off Date shall belong to the Seller),
        and (3) all payments of interest on the Mortgage Loans at the related Mortgage
        Loan Remittance Rate (minus that portion of any such payment which is allocable
        to the period prior to the related Cut-off Date). The Scheduled 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
        Monthly Payments 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 Monthly
        Payments shall be the property of the Purchaser. The Seller shall deposit
        any
        such Monthly Payments into the Custodial Account.

       

      Section
        2.03.  Servicing
        of Mortgage Loans.

       

      On
        each
        Closing Date, the Mortgage Loans in the related Mortgage Loan Package will
        be
        sold by the Seller to the Purchaser on a servicing retained basis upon the
        execution and delivery of an Assignment and Conveyance in the form attached
        hereto as Exhibit
        E
        (the
“Assignment
        and Conveyance”).

       

      Simultaneously
        with the execution and delivery of the related Assignment and Conveyance,
        for
        each Mortgage Loan Package, the Seller hereby agrees to service the Mortgage
        Loans listed on the Mortgage Loan Schedule in accordance with Accepted Servicing
        Practices and this Agreement. 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
        each Closing Date, the Seller will have sold, transferred, assigned, set
        over
        and conveyed to the Purchaser, without recourse, and the Seller hereby
        acknowledges that the Purchaser will have, all the right, title and interest
        of
        the Seller in and to the Mortgage Loans. In accordance with Section 2.07,
        the
        Seller shall deliver at its own expense, the Mortgage Files for the related
        Mortgage Loans to Purchaser or its designee. The possession of each Servicing
        File by the Seller is for the sole purpose of servicing the related Mortgage
        Loan. From each Closing Date, the ownership of each related 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 Seller
        shall be received and held by the Seller in trust for the benefit of the
        Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage
        Files
        retained by the Seller shall be appropriately identified in the Seller’s
        computer system to clearly reflect the ownership of the Mortgage Loans by
        the
        Purchaser.

       

      In
        addition, in connection with the assignment of any MERS Mortgage Loan, the
        Seller agrees that it will cause, at its own expense, the MERS® System to
        indicate that such Mortgage Loans have been assigned by the Seller to the
        Purchaser in accordance with this Agreement by including (or deleting, in
        the
        case of Mortgage Loans which are repurchased in accordance with this Agreement)
        in such computer files the information required by the MERS® System to identify
        the Purchaser of such Mortgage Loans. The Seller further agrees that it will
        not
        alter the information referenced in this paragraph with respect to any Mortgage
        Loan during the term of this Agreement unless and until such Mortgage Loan
        is
        repurchased in accordance with the terms of this Agreement.

       

      Section
        2.05.  Books
        and Records.

       

      The
        sale
        of each Mortgage Loan will be reflected on the Seller’s balance sheet and other
        financial statements as a sale of assets by the Seller and will be reflected
        on
        the Purchaser’s balance sheet and other financial statements as a purchase by
        the Purchaser. The Seller shall maintain, a complete set of books and records
        for the Mortgage Loans sold by it which shall be appropriately identified
        in the
        Seller’s computer system to clearly reflect the ownership of the Mortgage Loans
        by the Purchaser. In particular, the Seller 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 and eligibility of any condominium project
        for
        approval by Seller 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 Seller 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 Seller complies with the requirements
        of the Fannie Mae Guides.

       

      Section
        2.06.  Transfer
        of Mortgage Loans.

       

      The
        Seller shall keep at its office books and records in which, subject to such
        reasonable regulations as it may prescribe, the Seller shall note transfers
        of
        Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer
        is in compliance with the terms of Section 11.12. For the purposes of this
        Agreement, the Seller shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a properly executed
        Assignment, Assumption and Recognition Agreement in the form of Exhibit
        D
        with
        respect to such Mortgage Loan has been delivered to the Seller; provided,
        that,
        unless otherwise provided in the related Purchase Price and Terms Letter,
        in no
        event shall there be more than five (5) “Purchasers” with respect to any
        Mortgage Loan Package. Upon receipt of notice of the transfer, the Seller
        shall
        mark its books and records to reflect the ownership of the Mortgage Loans
        by
        such assignee, and, except as otherwise provided herein, 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
        Seller shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents no later than four (4) Business Days prior to the related
        Closing
        Date pursuant to a bailee letter agreement. If the Seller cannot deliver
        the
        original recorded Mortgage Loan Documents on the related Closing Date, the
        Seller shall, promptly upon receipt thereof and in any case not later than
        270
        days from the related Closing Date, deliver such original recorded documents
        to
        the Purchaser or its designee (unless the Seller is delayed in making such
        delivery by reason of the fact that such documents shall not have been returned
        by the appropriate recording office). If delivery is not completed within
        270
        days of the related Closing Date solely because such documents shall not
        have
        been returned by the appropriate recording office, the Seller shall notify
        the
        Purchaser of the same and indicate in such notice the approximate date on
        which
        such documents shall be delivered. The Seller shall provide the Purchaser
        with
        updated reports as to the status of such documents as necessary thereafter.
        The
        Seller shall use its best efforts to effect delivery of all delayed recorded
        documents within 360 days of the related Closing Date; provided, however,
        that
        if such documents are not delivered by the 360th day from the related Closing
        Date, the Seller shall, at Purchaser’s request, repurchase the related Mortgage
        Loans at the Repurchase Price in accordance with Section 3.03 hereof.

       

      No
        later
        than three (3) days prior to the related Closing Date, the Seller shall provide
        a copy of the commitment for title insurance to the Purchaser or its designee.
        

       

      Any
        review by the Purchaser or its designee of the Mortgage Files shall in no
        way
        alter or reduce the Seller’s obligations hereunder.

       

      The
        Seller 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
        two
        (2) weeks of their execution and shall also 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 two (2) weeks of its return from the appropriate public
        recording office.

       

      Section
        2.08.  Quality
        Control Procedures.

       

      The
        Seller 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 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.  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
        two (2) Business Days prior to the related Closing Date, the Seller shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem or e-mail,
        a
        listing on a loan-level basis of the information contained in the Mortgage
        Loan
        Schedule;

       

      (b)  all
        of
        the representations and warranties of the Seller and the Purchaser under
        this
        Agreement shall be materially true and correct as of the related Closing
        Date
        or, with respect to representations and warranties made as of a date other
        than
        the related Closing Date, as of such 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 closing documents, 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
        Seller shall have received, or the Seller’s attorneys shall have received in
        escrow, all closing documents, in such forms as are agreed upon and acceptable
        to the Seller, duly executed by all signatories other than the Seller as
        required pursuant to the terms hereof;

       

      (e)  the
        Seller shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required to be delivered
        and
        released pursuant to the terms of this Agreement; and

       

      (f)  all
        other
        terms and conditions of this Agreement, the related Purchase Price and Terms
        Letter and the related Assignment and Conveyance shall have been materially
        complied with.

       

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Seller on the
        related Closing Date the Purchase Price pursuant to Section 2.02 of this
        Agreement, by wire transfer of immediately available funds to the account
        designated by the Seller.

       

      ARTICLE
        III

      REPRESENTATIONS
        AND WARRANTIES OF THE SELLER; REPURCHASE; REVIEW OF MORTGAGE
        LOANS

       

      Section
        3.01.  Representations
        and Warranties of the Seller.

       

      The
        Seller represents, warrants and covenants to the Purchaser that as of each
        Closing Date or as of such date specifically provided herein:

       

      (a)  The
        Seller is a corporation duly organized, validly existing and in good standing
        under the laws of the jurisdiction of its incorporation and has all licenses
        necessary to carry out its business as now being conducted, and is licensed
        and
        qualified to transact business in and is in good standing under the laws
        of each
        state in which any Mortgaged Property is located or is otherwise exempt under
        applicable law from such licensing or qualification or is otherwise not required
        under applicable law to effect such licensing or qualification and no demand
        for
        such licensing or qualification has been made upon the Seller by any such
        state,
        and in any event the Seller 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
        Seller 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, the related Purchase Price and Terms Letter and the related
        Assignment and Conveyance and to conduct its business as presently conducted;
        the Seller has duly authorized the execution, delivery and performance of
        this
        Agreement and any agreements contemplated hereby, has duly executed and
        delivered this Agreement, the related Purchase Price and Terms Letter and
        the
        related Assignment and Conveyance, and any agreements contemplated hereby,
        and
        this Agreement, the related Purchase Price and Terms Letter, the related
        Assignment and Conveyance and each Assignment of Mortgage to the Purchaser
        and
        any agreements contemplated hereby, constitute the legal, valid and binding
        obligations of the Seller, enforceable against it in accordance with their
        respective terms, except as such enforceability may be limited by bankruptcy,
        insolvency, moratorium, reorganization and similar laws, and by equitable
        principles affecting the enforceability of the rights of creditors; and all
        requisite corporate action has been taken by the Seller to make this Agreement,
        the related Purchase Price and Terms Letter, the related Assignment and
        Conveyance and all agreements contemplated hereby valid and binding upon
        the
        Seller in accordance with their respective terms;

       

      (c)  None
        of
        the execution and delivery of this Agreement, the related Purchase Price
        and
        Terms Letter, the related Assignment and Conveyance, 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, the related Purchase Price and Terms Letter or the related
        Assignment and Conveyance will conflict with any of the terms, conditions
        or
        provisions of the Seller’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 material agreement or instrument to which the Seller
        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 Seller
        or its
        property is subject;

       

      (d)  There
        is
        no litigation, suit, proceeding or investigation pending or, to the Seller’s
        knowledge, threatened, or any order or decree outstanding, which 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, the
        related Purchase Price and Terms Letter or the related Assignment and
        Conveyance, or which is reasonably likely to have a material adverse effect
        on
        the financial condition of the Seller;

       

      (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 Seller
        of or
        compliance by the Seller with this Agreement, the related Purchase Price
        and
        Terms Letter and the related Assignment and Conveyance, except for consents,
        approvals, authorizations and orders which have been obtained;

       

      (f)  The
        consummation of the transactions contemplated by this Agreement, the related
        Purchase Price and Terms Letter and the related Assignment and Conveyance
        are in
        the ordinary course of business of the Seller, and the transfer, assignment
        and
        conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
        to
        this Agreement, the related Purchase Price and Terms Letter and the related
        Assignment and Conveyance are not subject to bulk transfer or any similar
        statutory provisions in effect in any applicable jurisdiction;

       

      (g)  The
        Seller has not used selection procedures that identified the Mortgage Loans
        as
        being less desirable or valuable than other comparable mortgage loans in
        the
        Seller’s portfolio at the Cut-off Date;

       

      (h)  The
        Seller 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;

       

      (i)  The
        Seller is an approved seller/servicer of residential mortgage loans for Fannie
        Mae or Freddie Mac and HUD, with such facilities, procedures and personnel
        necessary for the sound servicing of such mortgage loans. The Seller is duly
        qualified, licensed, registered and otherwise authorized under all applicable
        federal, state and local laws and regulations, meets the minimum capital
        requirements, if applicable, set forth by the OCC, 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 which would make the Seller unable to comply with
        eligibility requirements or which would require notification to either Fannie
        Mae or Freddie Mac;

       

      (j)  The
        Seller 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 and
        the
        related Purchase Price and Terms Letter. The Seller is solvent and the sale
        of
        the Mortgage Loans will not cause the Seller to become insolvent. The sale
        of
        the Mortgage Loans is not undertaken with the intent to hinder, delay or
        defraud
        any of the Seller’s creditors;

       

      (k)  No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, the Seller pursuant to this Agreement, the related Purchase Price
        and
        Terms Letter 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;

       

      (l)  The
        Seller 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 Seller, for accounting and tax purposes, as compensation
        for the servicing and administration of the Mortgage Loans pursuant to this
        Agreement;

       

      (m)  The
        Seller has delivered to the Purchaser financial statements as to its last
        two
        complete fiscal years for which financial statements are available. 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 Seller and its subsidiaries
        and
        have 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 Seller since the date of the Seller’s financial statements that would have a
        material adverse effect on its ability to perform its obligations under this
        Agreement, the related Purchase Price and Terms Letter or the related Assignment
        and Conveyance;

       

      (n)  The
        Seller has not dealt with any broker, investment banker, agent or other person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans; and

       

      (o)  The
        Seller is a member of MERS in good standing, and will comply in all material
        respects with the rules and procedures of MERS in connection with the servicing
        of the MERS Mortgage Loans for as long as such Mortgage Loans are registered
        with MERS.

       

      Section
        3.02.  Representations
        and Warranties as to Individual Mortgage Loans.

       

      The
        Seller 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, including any diskette
        or
        other related data tapes delivered to the Purchaser, is complete, true and
        correct in all material respects as of the related Cut-off Date;

       

      (b)  With
        respect to a first lien Mortgage Loan that is not a Co-op Loan, the Mortgage
        creates a first lien or a first priority ownership interest in an estate
        in fee
        simple in real property securing the related Mortgage Note. With respect
        to a
        first lien Mortgage Loan that is a Co-op Loan, the Mortgage creates a first
        lien
        or a first priority ownership interest in the stock ownership and leasehold
        rights associated with the cooperative unit securing the related Mortgage
        Note;

       

      (c)  With
        respect to a second lien Mortgage Loan that is not a Co-op Loan, the Mortgage
        creates a second lien or a second priority ownership interest in an estate
        in
        fee simple in real property securing the related Mortgage Note. With respect
        to
        a second lien Mortgage Loan that is a Co-op Loan, the Mortgage creates a
        second
        lien or a second priority ownership interest in the stock ownership and
        leasehold rights associated with the cooperative unit securing the related
        Mortgage Note;

       

      (d)  All
        payments due on or prior to the related Cut-off Date for such Mortgage Loan
        have
        been made as of the related Closing Date, the Mortgage Loan is not delinquent
        thirty (30) days or more in payment and has not been dishonored; there are
        no
        material defaults under the terms of the Mortgage Loan; the Seller has not
        advanced 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 to each Mortgage Loan, there has been no thirty (30) day
        delinquency during the immediately preceding twelve-month period;

       

      (e)  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;

       

      (f)  The
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments which have been recorded
        to the extent any such recordation is required by law, or, necessary to protect
        the interest of the Purchaser. No instrument of waiver, alteration or
        modification has been executed in connection with such Mortgage Loan, 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 Mortgage
        Loan Schedule; the substance of any such waiver, alteration or modification
        has
        been approved by the issuer of any related Primary Mortgage Insurance Policy
        and
        title insurance policy, to the extent required by the related
        policies;

       

      (g)  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;

       

      (h)  All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by an insurer acceptable under the Fannie Mae Guides, against
        loss
        by fire, hazards of extended coverage and such other hazards as are provided
        for
        in the Fannie Mae Guides or by Freddie Mac, 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 on the date of origination
        contained a standard mortgagee clause naming the Seller 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 and
        Freddie
        Mac requirements, as well as all additional requirements set forth in Section
        4.10 of this Agreement. Such policy was issued by an insurer acceptable under
        Fannie Mae or Freddie Mac guidelines. The Mortgage obligates the Mortgagor
        thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
        and upon 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;

       

      (i)  Any
        and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity or disclosure laws applicable
        to the
        Mortgage Loan have been complied with in all material respects;

       

      (j)  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
        Seller 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 Seller waived any default resulting from any action
        or
        inaction by the Mortgagor;

       

      (k)  With
        respect to any first lien Mortgage Loan, the related Mortgage is a valid,
        subsisting, enforceable and perfected first lien on the Mortgaged Property
        and,
        with respect to any second lien Mortgage Loan, the related Mortgage is a
        valid,
        subsisting, enforceable and perfected second lien on the Mortgaged Property,
        including for Mortgage Loans that are not Co-op Loans, 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. 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 or second lien,
        as
        applicable, of the Mortgage subject only to (1) with respect to any second
        lien
        Mortgage Loan, the related First Lien, (2) the lien of non-delinquent current
        real property taxes and assessments not yet due and payable, (3) 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 or otherwise
        considered in the appraisal made for the originator of the Mortgage Loan,
        or (B)
        which do not adversely affect the appraised value of the Mortgaged Property
        as
        set forth in such appraisal, and (4) other matters to which like properties
        are
        commonly subject which do not materially interfere with the benefits of the
        security intended to be provided by 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 (1) with respect to any first lien
        Mortgage Loan, a valid, subsisting, enforceable and perfected first lien
        and
        first priority security interest and (2) with respect to any second lien
        Mortgage Loan, a valid, subsisting, enforceable and perfected second lien
        and
        second priority security interest, in each case, on the property described
        therein, and the Seller has the full right to sell and assign the same to
        the
        Purchaser;

       

      (l)  The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms, except as such enforcement may be
        limited
        by bankruptcy, insolvency, moratorium, reorganization and other laws of general
        application affecting the rights of creditors generally
        and the equitable remedy of specific performance and by
        general equitable principles. All parties to the Mortgage Note and the related
        Mortgage had the legal capacity to enter into the Mortgage Loan and to execute
        and deliver the Mortgage Note and the related Mortgage. The Mortgage Note
        and
        the related Mortgage have been duly and properly executed by such parties.
        To
        the Seller’s knowledge, no fraud, error, omission, misrepresentation, negligence
        or similar occurrence with respect to a Mortgage Loan has taken place on
        the
        part of Seller, the Mortgagor or any other party involved in the origination
        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 or are in the process of being paid,
        and the
        Mortgagor is not entitled to any refund of any amounts paid or due under
        the
        Mortgage Note or related Mortgage;

       

      (m)  Except
        with respect to MERS Mortgage Loans, the Seller or its affiliate is the sole
        owner of record and holder of the Mortgage Loan and the indebtedness evidenced
        by the Mortgage Note, and upon recordation the Purchaser or its designee
        will be
        the owner of record of the Mortgage and the indebtedness evidenced by the
        Mortgage Note, and upon the sale of the Mortgage Loan to the Purchaser, the
        Seller will retain the Servicing File in trust for the Purchaser only for
        the
        purpose of servicing and supervising the servicing of the Mortgage Loan.
        Immediately prior to the transfer and assignment to the Purchaser on the
        related
        Closing Date, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were not subject to an assignment or pledge, and the Seller 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
        Seller 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;

       

      (n)  Each
        Mortgage Loan that is not a Co-op 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, 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 (k)(1), (2), (3) and (4) above) the Seller, its successors and assigns,
        as to
        the first or second priority lien, as applicable, of the Mortgage in the
        original principal amount of the Mortgage Loan. Where required by applicable
        state law or regulation, the Mortgagor has been given the opportunity to
        choose
        the carrier of the required mortgage title insurance. The Seller, its successors
        and assigns, are the sole insureds 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 Seller’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
        and the related Purchase Price and Terms Letter. No claims have been made
        under
        such lender’s title insurance policy, and no prior holder of the related
        Mortgage, including the Seller, has done, by act or omission, anything which
        would impair the coverage of such lender’s title insurance policy;

       

      (o)  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 Seller nor, any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration. With respect to each second lien
        Mortgage Loan, (i) the First Lien is in full force and effect, (ii) there
        is no
        default, breach, violation or event of acceleration existing under such prior
        mortgage or the related mortgage note, (iii) 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 thereunder,
        and
        either (A) the prior mortgage contains a provision which allows or (B)
        applicable law requires, the mortgagee under the second lien Mortgage Loan
        to
        receive notice of, and affords such mortgagee an opportunity to cure any
        default
        by payment in full or otherwise under the prior mortgage;

       

      (p)  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, which are not insured
        against by the title insurance policy referenced in paragraph (n) above;
        

       

      (q)  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 (n) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

       

      (r)  The
        Mortgage Loan was originated by or for the Seller. The Mortgage Loan complies
        with the terms, conditions and requirements of the Underwriting Standards
        in all
        material respects. The Mortgage Notes and Mortgages (exclusive of any riders)
        are on forms generally acceptable to Fannie Mae or Freddie Mac. The Mortgage
        Loan bears interest at the Mortgage Interest Rate 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 originator 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; 

       

      (s)  
        At
        origination of the Mortgage Loan and as of each related Closing Date, the
        related Mortgaged Property was free of material damage and waste. At origination
        of the Mortgage Loan and as of each related Closing Date, there was no
        proceeding pending for the total or partial condemnation of the Mortgaged
        Property; 

       

      (t)  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.
        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 subject to applicable federal and state
        laws
        and judicial precedent with respect to bankruptcy and right of
        redemption;

       

      (u)  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;

       

      (v)  If
        required by the applicable processing style, 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. The appraisal
        is in a
        form acceptable to Fannie Mae or Freddie Mac;

       

      (w)  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;

       

      (x)  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 in clause (k)
        above and such collateral does not serve as security for any other
        obligation;

       

      (y)  The
        Mortgage Loan does not contain balloon or “graduated payment” features; to the
        extent any Mortgage Loan contains any buydown provision, such buydown funds
        have
        been maintained and administered in accordance with, and such Mortgage Loan
        otherwise complies with, Fannie Mae or Freddie Mac requirements relating
        to
        buydown loans;

       

      (z)  The
        Mortgagor was not in bankruptcy or insolvent as of the date of origination
        of
        the Mortgage Loan or as of each related Closing Date;

       

      (aa)  Each
        Fixed Rate Mortgage Loan has an original term to maturity of not more than
        thirty (30) years, with interest calculated and payable in arrears on the
        first
        day of each month in equal monthly installments of principal and interest.
        Except with respect to Interest Only Mortgage Loans, each Mortgage Note requires
        a monthly payment which is sufficient to fully amortize the original principal
        balance of the Mortgage Loan fully by the stated maturity date, over an original
        term of not more than thirty (30) years and to pay interest at the related
        Mortgage Interest Rate; provided,
        however,
        in the
        case of a balloon Mortgage Loan, the Mortgage Loan matures at least five
        (5)
        years after the first payment date thereby requiring a final payment of the
        outstanding principal balance prior to the full amortization of the Mortgage
        Loan. No Mortgage Loan contains terms or provisions which would result in
        negative amortization;

       

      (bb)  If
        a
        Mortgage Loan has an LTV greater than 80%, the portion of the principal balance
        of such Mortgage Loan in excess of the portion of the Appraisal Value of
        the
        Mortgaged Property required by Fannie Mae, is and will be insured as to payment
        defaults by a Primary Mortgage Insurance Policy issued by a Qualified Insurer.
        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 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 and to pay all premiums and charges in connection
        therewith. The mortgage interest rate for the Mortgage Loan as set forth
        on the
        related Mortgage Loan Schedule is net of any such insurance
        premium;

       

      (cc)  The
        Assignment of Mortgage is in recordable form and is acceptable for recording
        under the laws of the jurisdiction in which the Mortgaged Property is
        located;

       

      (dd)  As
        to
        Mortgage Loans that are not Co-op Loans and that are not 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 mobile home. As of the date of origination, no
        portion of the Mortgaged Property was used for commercial purposes, and,
        since
        the date of origination no portion of the Mortgaged Property has been used
        for
        commercial purposes, except as permitted under the Underwriting
        Standards;

       

      (ee)  Except
        with respect to Interest Only Mortgage Loans, principal payments on the Mortgage
        Loan commenced no more than sixty (60) days after the funds were disbursed
        in
        connection with such Mortgage Loan;

       

      (ff)  Unless
        otherwise noted on the Mortgage Loan Schedule, no Mortgage Loan imposes a
        prepayment penalty;

       

      (gg)  As
        of the
        date of origination of the Mortgage Loan, the Mortgaged 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;

       

      (hh)  If
        the
        Mortgaged Property is a condominium unit or a planned unit development (other
        than a de minimis planned unit development), or stock in a cooperative housing
        corporation, such condominium, cooperative or planned unit development project
        meets the Seller’s eligibility requirements as set forth in Underwriting
        Standards;

       

      (ii)  To
        the
        Seller’s knowledge, 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 and there is no violation of any environmental law,
        rule
        or regulation with respect to the Mortgaged Property. The Seller has not
        received any notice of any environmental hazard on the Mortgaged
        Property;

       

      (jj)  The
        related Mortgagor has not notified the Seller, and the Seller has no knowledge
        of any relief requested or allowed to the Mortgagor under the Servicemembers
        Civil Relief Act;

       

      (kk)  No
        action
        has been taken or failed to be taken by the Seller on or prior to the related
        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 Seller, or
        for
        any other reason under such coverage;

       

      (ll)  Each
        Mortgage Loan has been serviced in all material respects in compliance 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;

       

      (mm)  With
        respect to each Co-op Loan, the related Mortgage is a valid, enforceable
        and
        subsisting first security interest on the related cooperative shares securing
        the related cooperative note, subject only to (a) liens of the cooperative
        for
        unpaid assessments representing the Mortgagor’s pro rata share of the
        cooperative’s payments for its blanket mortgage, current and future real
        property taxes, insurance premiums, maintenance fees and other assessments
        to
        which like collateral is commonly subject and (b) other matters to which
        like
        collateral is commonly subject which do not materially interfere with the
        benefits of the security intended to be provided by the Security Agreement.
        There are no liens against or security interest in the cooperative shares
        relating to each Co-op Loan (except for unpaid maintenance, assessments and
        other amounts owed to the related cooperative which individually or in the
        aggregate will not have a material adverse effect on such Co-op Loan), which
        have priority over the Seller’s security interest in such cooperative
        shares;

       

      (nn)  With
        respect to each Co-op Loan, a search for filings of financing statements
        has
        been made by a company competent to make the same, which company is acceptable
        to Fannie Mae and qualified to do business in the jurisdiction where the
        cooperative unit is located, and such search has not found anything which
        would
        materially and adversely affect the Co-op Loan;

       

      (oo)  With
        respect to each Co-op Loan, the related cooperative corporation that owns
        title
        to the related cooperative apartment building is a “cooperative housing
        corporation” within the meaning of Section 216 of the Code, and is in material
        compliance with applicable federal, state and local laws which, if not complied
        with, could have a material adverse effect on the Mortgaged
        Property;

       

      (pp)  With
        respect to each Co-op Loan, there is no prohibition against pledging the
        shares
        of the cooperative corporation or assigning the Co-op Lease;

       

      (qq)  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;

       

      (rr)  With
        respect to any ground lease to which a Mortgaged Property may be subject:
        (i) a
        true, correct and complete copy of the ground lease and all amendments,
        modifications and supplements thereto is included in the Servicing File,
        and the
        Mortgagor is the owner of a valid and subsisting leasehold interest under
        such
        ground lease; (ii) such ground lease is in full force and effect, unmodified
        and
        not supplemented by any writing or otherwise except as contained in the Mortgage
        File; (iii) all rent, additional rent and other charges reserved therein
        have
        been fully paid to the extent payable as of the related Closing Date; (iv)
        the
        Mortgagor enjoys the quiet and peaceful possession of the leasehold estate,
        subject to any sublease; (v) the Mortgagor is not in default under any of
        the
        terms of such ground lease, and there are no circumstances which, with the
        passage of time or the giving of notice, or both, would result in a default
        under such ground lease; (vi) the lessor under such ground lease is not in
        default under any of the terms or provisions of such ground lease on the
        part of
        the lessor to be observed or performed; (vii) the lessor under such ground
        lease
        has satisfied any repair or construction obligations due as of the related
        Closing Date pursuant to the terms of such ground lease; (viii) the execution,
        delivery and performance of the Mortgage do not require the consent (other
        than
        those consents which have been obtained and are in full force and effect)
        under,
        and will not contravene any provision of or cause a default under, such ground
        lease; (ix) the ground lease term extends beyond the maturity date of the
        related Mortgage Loan; and (x) the Purchaser has the right to cure defaults
        on
        the ground lease;

       

      (ss)  With
        respect to any broker fees collected and paid on any of the Mortgage Loans,
        all
        broker fees have been properly assessed to the borrower and no claims will
        arise
        as to broker fees that are double charged and for which the borrower would
        be
        entitled to reimbursement;

       

      (tt)  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);

       

      (uu)  Except
        as
        provided in Section 2.07, the Mortgage Note, the Mortgage, the Assignment
        of
        Mortgage and the other documents set forth in Exhibit
        A-1
        and
        required to be delivered on the related Closing Date have been delivered
        to the
        Purchaser or its designee;

       

      (vv)  All
        information supplied by, on behalf of, or concerning the Mortgagor is true,
        accurate and complete and does not contain any statement that is or will
        be
        inaccurate or misleading in any material respect;

       

      (ww)  The
        Mortgagor has executed a statement to the effect that the Mortgagor has received
        all disclosure materials required by applicable law with respect to the making
        of adjustable rate mortgage loans. The Seller shall maintain such statement
        in
        the Servicing File;

       

      (xx)  No
        Mortgage Loan had a Loan-to-Value Ratio at the time of origination of more
        than
        100%. No second lien Mortgage Loan has an Equity LTV in excess of
        100%;

       

      (yy)  Either
        (a) no consent for the second lien Mortgage Loan is required by the holder
        of
        the related First Lien or (b) such consent has been obtained and is contained
        in
        the Mortgage File;

       

      (zz)  With
        respect to any second lien Mortgage Loan, the Seller has not received notice
        of:
        (1) any proceeding for the total or partial condemnation of any Mortgaged
        Property, (2) any subsequent, intervening mortgage, lien, attachment, lis
        pendens or other encumbrance affecting any Mortgaged Property or (3) any
        default
        under any mortgage, lien or other encumbrance senior to each
        Mortgage;

       

      (aaa)  No
        second
        lien Mortgage Loan is a “home equity line of credit”;

       

      (bbb)  As
        of the
        Closing Date, the Seller has not received a notice of default of a First
        Lien
        which has not been cured;

       

      (ccc)  No
        First
        Lien provides for negative amortization; 

       

      (ddd)  No
        Mortgage Loan is (i) classified as a “high cost” mortgage loan under the Home
        Ownership and Equity Protection Act of 1994, as amended, nor is any Mortgage
        Loan a “high cost home,” “covered”, “high risk home” or “predatory” loan under
        any applicable state, federal or local law (or a similarly classified loan
        using
        different terminology under an applicable law imposing heightened regulatory
        scrutiny or additional legal liability for residential mortgage loans having
        high interest rates, points and/or fees), (ii) subject to the New
        Jersey Home Ownership Security Act of 2002 (the “Act”),
        unless such Mortgage Loan is a (1) “Home Loan” as defined in the Act that is a
        first lien Mortgage Loan, which is not a “High Cost Home Loan” as defined in the
        Act or (2) “Covered Home Loan” as defined in the Act that is a first lien
        purchase money Mortgage Loan, which is not a High Cost Home Loan under the
        Act,
        or (iii) 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 (a)
        is
        on an investment property, (b) meets the requirements set forth in the Code
        of
        Massachusetts Regulation (“CMR”),
        209 CMR 53.04(1)(b), or (c) meets the requirements set forth in the 209 CMR
        53.04(1)(c). In addition to and notwithstanding anything to the contrary
        herein,
        no Mortgage Loan for which the Mortgaged Property is located in New Jersey
        is a
“Home Loan” as defined in the Act that was made, arranged, or assigned by a
        person selling either a manufactured home or home improvements to the Mortgaged
        Property or was made by an originator to whom the Mortgagor was referred
        by any
        such seller;

       

      (eee)  None
        of
        the proceeds of the Mortgage Loan were used to finance single-premium credit
        insurance policies;

       

      (fff)  With
        respect to any Mortgage Loan which is a Texas Home Equity Loan, any and all
        requirements of Section 50, Article XVI of the Texas Constitution applicable
        to
        Texas Home Equity Loans which were in effect at the time of the origination
        of
        the Mortgage Loan have been complied with; 

       

      (ggg)  There
        is
        no Mortgage Loan originated on or after October 1, 2002 and prior to March
        7,
        2003 and secured by a Mortgaged Property located in the State of Georgia;
        

       

      (hhh)  The
        origination and servicing practices with respect to each Mortgage Note and
        Mortgage have been legal and in accordance with applicable laws and regulations,
        and in all material respects proper and prudent in the mortgage origination
        and
        servicing business. With respect to escrow deposits and payments that the
        Seller
        is entitled to collect, all such payments are in the possession of, or under
        the
        control of, the Seller, 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 and are being maintained in full compliance
        with applicable 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. All Mortgage Interest Rate adjustments
        have been made in strict compliance with state and federal law and the terms
        of
        the related Mortgage Note. Any interest required to be paid pursuant to state
        and local law has been properly paid and credited; 

       

      (iii)  No
        Mortgage Loan is a Convertible Mortgage Loan; 

       

      (jjj)  The
        Seller will
        transmit full-file credit reporting data for each Mortgage Loan pursuant
        to the
        Fannie Mae Selling Guide and that for each Mortgage Loan, the Company agrees
        it
        shall report one of the following statuses each month as follows: new
        origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed, or
        charged-off;

       

      (kkk)  With
        respect to any Mortgage Loan originated on or after August 1, 2004, neither
        the
        related Mortgage nor the related Mortgage Note requires the borrower to submit
        to arbitration to resolve any dispute arising out of or relating in any way
        to
        the mortgage loan transaction; 

       

      (lll)  No
        borrower was required to purchase any credit life, disability, accident or
        health insurance product as a condition of obtaining the extension of credit.
        No
        borrower obtained a prepaid single-premium credit life, disability, accident
        or
        health insurance policy in connection with the origination of the Mortgage
        Loan;
        no proceeds from any Mortgage Loan were used to purchase single premium credit
        insurance policies as part of the origination of, or as a condition to closing,
        such Mortgage Loan;

       

      (mmm)  No
        borrower was encouraged or required to select a Mortgage Loan product offered
        by
        the Mortgage Loan’s originator which is a higher cost product designed for less
        creditworthy borrowers, unless at the time of the Mortgage Loan’s origination,
        such borrower did not qualify taking into account credit history and
        debt-to-income ratios for a lower-cost credit product then offered by the
        Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator;
        and

       

      (nnn)  With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a premium upon a prepayment prior to maturity: (i) prior to the loan’s
        origination, the borrower agreed to such premium in exchange for a monetary
        benefit, including but not limited to a rate or fee reduction, (ii) prior
        to the
        loan’s origination, the borrower was offered the option of obtaining a mortgage
        loan that did not require payment of such a premium, (iii) the prepayment
        premium is disclosed to the borrower in the loan documents pursuant to
        applicable state and federal law, and (iv) notwithstanding any state or federal
        law to the contrary, the Servicer shall not impose such prepayment premium
        in
        any instance when the mortgage debt is accelerated as the result of the
        borrower’s default in making the loan payments. 

       

      Section
        3.03.  Repurchase.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage File 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 of Mortgage or the examination,
        or lack of examination, of any Mortgage Loan Document. Upon discovery by
        the
        Seller 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 others. The
        Seller shall have a period of ninety (90) 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 Seller hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such ninety (90) day period, the Seller shall,
        at the
        Purchaser’s option, repurchase such Mortgage Loan at the Repurchase Price. In
        the event that any such breach shall involve any representation or warranty
        set
        forth in Section 3.01, and such breach is not cured within ninety (90) days
        of the earlier of either discovery by or notice to the Seller of such breach,
        all affected Mortgage Loans shall, at the option of the Purchaser, be
        repurchased by the Seller at the Repurchase Price. Any such repurchase shall
        be
        accomplished by deposit in the Custodial Account of the amount of the Repurchase
        Price.

       

      If
        pursuant to the foregoing provisions the Seller repurchases a Mortgage Loan
        that
        is a MERS Mortgage Loan, the Seller shall either (i) cause MERS to execute
        and
        deliver an assignment of the Mortgage in recordable form to transfer the
        Mortgage from MERS to the Seller 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 Seller as
        the beneficial holder of such Mortgage Loan.

       

      It
        is
        understood and agreed that the obligation of the Seller set forth in this
        Section 3.03 to cure or repurchase a defective Mortgage Loan, and to indemnify
        Purchaser pursuant to Section 7.01, constitutes the sole remedies of the
        Purchaser respecting a breach of the foregoing representations and warranties.
        If the Seller 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 7.01, that failure shall, upon
        compliance by the Purchaser with the next to the last paragraph of this Section
        3.03, be an Event of Default and the Purchaser shall be entitled to pursue
        all
        available remedies. No provision of this paragraph shall affect the rights
        of
        the Purchaser to terminate this Agreement for cause, as set forth in Sections
        8.01 and 9.01.

       

      Any
        cause
        of action against the Seller 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
        Seller
        or notice thereof by the Purchaser to the Seller, (ii) failure by the Seller
        to
        cure such breach or repurchase such Mortgage Loan as specified above, and
        (iii)
        demand upon the Seller 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, Purchaser may, in connection
        with
        any repurchase or substitution of a Defective Mortgage Loan pursuant to this
        Section 3.03, require that the Seller deliver, at the Seller’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.  Purchase
        Price Protection.

       

      With
        respect to any Mortgage Loan that prepays in full during the first month
        following the related Closing Date or as otherwise set forth in the related
        Purchase Price and Terms Letter or Assignment and Conveyance, the Seller
        shall
        reimburse the Purchaser the amount (if any) by which the Purchase Price paid
        by
        the Purchaser to the Seller exceeded 100% of the outstanding scheduled principal
        balance of the Mortgage Loan as of the related Cut-off Date, within thirty
        (30)
        days of such payoff. Upon any assignment of a Mortgage Loan and/or this
        Agreement, the Purchaser may at its option retain its rights under this Section
        3.04 notwithstanding such assignment. 

       

      Section
        3.05.  Repurchase
        of Mortgage Loans With First Payment Defaults.

       

      If
        a
        Mortgagor is thirty (30) days or more delinquent with respect to the first
        Monthly Payment, or as otherwise set forth in the related Purchase Price
        and
        Terms Letter or Assignment and Conveyance, due to the Purchaser on the related
        Mortgage Loan immediately following the related Closing Date, the Seller,
        at the
        Purchaser’s option, shall promptly repurchase such Mortgage Loan from the
        Purchaser within thirty (30) calendar days’ of receipt of written notice from
        the Purchaser. Any repurchase pursuant to this Section 3.05 shall be made
        at the
        Repurchase Price.

       

      ARTICLE
        IV

      ADMINISTRATION
        AND SERVICING OF THE MORTGAGE LOANS

       

      Section
        4.01.  The
        Seller to Act as Servicer.

       

      The
        Seller, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and with Accepted Servicing
        Practices, and shall have full power and authority, acting alone or through
        subservicers or agents, to do or cause to be done any and all things in
        connection with such servicing and administration which the Seller may deem
        necessary or desirable and consistent with the terms of this Agreement and
        with
        Accepted Servicing Practices. The Seller shall service and administer the
        Mortgage Loans through the exercise of the same care that it customarily
        employs
        for its own account. The Seller may perform its servicing responsibilities
        through agents or independent contractors, but shall not thereby be released
        from any of its responsibilities hereunder. Notwithstanding anything to the
        contrary, the Seller may delegate any of its duties under this Agreement
        to one
        or more of its affiliates without regard to any of the requirements of this
        Section; provided,
        however,
        that
        the Seller shall not be released from any of its responsibilities hereunder
        by
        virtue of such delegation.

       

      Except
        as
        set forth in this Agreement, the Seller shall service the Mortgage Loans
        in
        compliance with the servicing provisions of the Fannie Mae Guides (special
        servicing option), which include, but are not limited to, provisions regarding
        the liquidation of Mortgage Loans, the collection of Mortgage Loan payments,
        the
        payment of taxes, insurance and other charges, the maintenance of hazard
        insurance with a Qualified Insurer, the maintenance of mortgage impairment
        insurance, the maintenance of fidelity bond and errors and omissions insurance,
        inspections, the restoration of Mortgaged Property, the maintenance of Primary
        Mortgage Insurance Policies, insurance claims, the title, management 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 any of the servicing provisions of the Fannie Mae Guides,
        the provisions of this Agreement shall control and be binding upon the Purchaser
        and the Seller.

       

      Consistent
        with the terms of this Agreement, the Seller 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 Seller’s reasonable and
        prudent determination such waiver, modification, postponement or indulgence
        is
        not materially adverse to the Purchaser, provided,
        however,
        that
        unless the Mortgagor is in default with respect to the Mortgage Loan, or
        such
        default is, in the judgment of the Seller, reasonably foreseeable, or the
        Seller
        has obtained the prior written consent of the Purchaser, the Seller shall
        not
        permit any modification with respect to any Mortgage Loan that would change
        the
        Mortgage Interest Rate, forgive the payment of any principal or interest,
        reduce
        or increase the outstanding principal balance (except for actual payments
        of
        principal), make any future advances or extend the final maturity date, as
        the
        case may be, with respect to such Mortgage Loan. In the event of any such
        modification that permits the deferral of interest or principal payments on any
        Mortgage Loan, the Seller 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) the otherwise scheduled
        Monthly Payment and (b) the amount paid by the Mortgagor. The Seller 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 Seller shall continue, and is hereby authorized and empowered
        by
        the Purchaser when the Seller believes it appropriate and reasonable in its
        best
        judgment, 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 and to institute foreclosure proceedings or obtain a
        deed-in-lieu of foreclosure so as to convert the ownership of such properties,
        and to hold or cause to be held title to such properties, on behalf of the
        Purchaser pursuant to the provisions of Section 4.13. Notwithstanding anything
        herein to the contrary, the Seller 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 without the prior consent of the
        Purchaser. Any such agreement shall be approved by any applicable holder
        of a
        Primary Mortgage Insurance Policy, if required.

       

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Seller (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 Seller, 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.

       

      The
        Seller shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Seller 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.

       

      The
        Seller is authorized and empowered by the Purchaser, in its own name, when
        the
        Seller believes it appropriate in its reasonable 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
        Purchaser, 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 Purchaser and its successors and
        assigns.

       

      Unless
        a
        different time period is stated in this Agreement, the Purchaser shall be
        deemed
        to have given consent in connection with a particular matter if the Purchaser
        does not affirmatively grant or deny consent within five (5) Business Days
        from
        the date the Purchaser receives a written request for consent for such matter
        from the Seller.

       

      The
        Seller shall accurately and fully report its borrower credit files related
        to
        the Mortgage Loans to Equifax, Transunion and Experian in a timely
        manner.

       

      Section
        4.02.  Collection
        of Mortgage Loan Payments.

       

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be serviced
        subject to this Agreement, the Seller 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
        related
        Primary Mortgage Insurance Policy, follow such collection procedures as it
        follows with respect to mortgage loans comparable to the Mortgage Loans and
        held
        for its own account. Further, the Seller will take special care in ascertaining
        and estimating annual escrow payments, and all other charges that, as provided
        in the Mortgage, will become due and payable, so that the installments payable
        by the Mortgagors will be sufficient to pay such charges as and when they
        become
        due and payable.

       

      Section
        4.03.  Realization
        Upon Defaulted Mortgage Loans.

       

      The
        Seller shall use commercially reasonable efforts, consistent with the procedures
        that the Seller would use in servicing loans for its own account, Accepted
        Servicing Practices, any Primary Mortgage Insurance 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 pursuant to Fannie Mae guidelines and applicable
        state law with respect to Mortgaged Properties for which no satisfactory
        arrangements can be made for collection of delinquent payments. The Seller
        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 the Mortgaged
        Property shall have suffered damage, the Seller 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
        Seller through Insurance Proceeds or Liquidation Proceeds from the related
        Mortgaged Property, as contemplated in Section 4.05. The Seller shall notify
        the
        Purchaser in writing (which may be by electronic mail) of the commencement
        of
        foreclosure proceedings. The Seller 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 Seller 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 Seller 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 Seller 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 Seller as servicer of any Mortgage Loan which
        becomes
        ninety (90) days or greater delinquent in payment of a Monthly Payment, without
        payment of any termination fee with respect thereto; provided, that,
        notwithstanding anything to the contrary set forth in Section 4.05, the Seller
        shall on the date such termination takes effect be reimbursed for any
        unreimbursed Monthly Advances of the Seller's funds made pursuant to Section
        5.03 and any unreimbursed Servicing Advances and unpaid Servicing Fees, in
        each
        case relating to such delinquent Mortgage Loan. In the event of any such
        termination, the provisions of Section 9.01 hereof shall apply to such
        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 Seller, with the consent of the
        Purchaser as required pursuant to this Agreement, within three (3) years
        after
        becoming an REO Property, unless the Seller provides to the trustee under
        such
        REMIC an opinion of counsel to the effect that the holding of such REO Property
        subsequent to three years after its becoming REO Property, will not result
        in
        the imposition of taxes on “prohibited transactions” as defined in Section 860F
        of the Code, or cause the transaction to fail to qualify as a REMIC at any
        time
        that certificates are outstanding. The Seller 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 860G(a)(8) 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 Seller shall either itself or through
        an
        agent selected by the Seller, protect and conserve such property in the same
        manner and to such an extent as is customary in the locality where such property
        is located. Additionally, the Seller shall provide the Purchaser or any master
        servicer with information sufficient to 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
        Seller 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. Each
        Custodial Account shall be an Eligible Account. Funds deposited in a Custodial
        Account may be drawn on 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
        initial Closing Date, and upon the request of any subsequent
        purchaser.

       

      The
        Seller shall deposit in the Custodial Account on a daily basis, within two
        (2)
        Business Days of receipt thereof, 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 Seller in connection with any REO
        Property pursuant to Section 4.13 and, in connection therewith, the Seller
        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
        loan documents or applicable law;

       

      (vi)  all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with the Seller’s normal servicing procedures, the
        loan documents or applicable law;

       

      (vii)  any
        Monthly Advances;

       

      (viii)  Compensating
        Interest, if any, for the month of distribution. Such deposit shall be made
        from
        the Seller’s own funds, without reimbursement therefor;

       

      (ix)  all
        proceeds of any Mortgage Loan repurchased in accordance with Section 3.03
        or
        Section 3.05;

       

      (x)  any
        amounts required to be deposited by the Seller pursuant to Section 4.11 in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Seller’s own funds, without reimbursement
        therefor; and

       

      (xi)  any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01 or Section 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, assumption fees
        and
        other ancillary fees, to the extent permitted by Section 6.01, need not be
        deposited by the Seller in the Custodial Account.

       

      The
        Seller may invest the funds in the Custodial Account in Eligible Investments
        designated in the name of the Seller for the benefit of the Seller, which
        shall
        mature not later than the Business Day next preceding the Remittance Date
        next
        following the date of such investment (except that (A) any investment in
        the
        Eligible Institution with which the Custodial Account is maintained may mature
        on such Remittance Date and (B) any other investment may mature on such
        Remittance Date if the Seller shall advance funds on such Remittance Date,
        pending receipt thereof to the extent necessary to make distributions to
        the
        Purchaser) and shall not be sold or disposed of prior to maturity.
        Notwithstanding anything to the contrary herein and above, all income and
        gain
        realized from any such investment shall be for the benefit of the Seller
        and
        shall be subject to withdrawal by the Seller from the Custodial Account pursuant
        to Section 4.05(iv). The amount of any losses incurred in respect of any
        such
        investments shall be deposited in the Custodial Account by the Seller out
        of its
        own funds immediately as realized.

       

      Section
        4.05.  Permitted
        Withdrawals From the Custodial Account.

       

      The
        Seller 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 Seller’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
        Fee) of principal and/or interest respecting which any such advance was made,
        it
        being understood that, in the case of such reimbursement, the Seller’s right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Seller is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Seller’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, the Seller’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, Insurance Proceeds and REO
        Disposition Proceeds;

       

      (iv)  to
        pay to
        itself as part of its servicing compensation: (a) any interest earned on
        funds
        or any investment earnings in the Custodial Account net of any losses on
        such
        investments (all such amounts to be withdrawn monthly not later than each
        Remittance Date), and (b) to the extent not otherwise retained, 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 or Section 3.05 all amounts received thereon and not distributed
        as
        of the date on which the related Repurchase Price is determined;

       

      (vi)  to
        reimburse itself for unreimbursed Monthly Advances and Servicing Advances
        to the
        extent not fully reimbursed pursuant to Section 4.05(ii) or (iii)
        above;

       

      (vii)  to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

       

      (viii)  to
        remove
        funds inadvertently placed in the Custodial Account by the Seller or for
        which
        amounts previously deposited are returned unpaid by the related Mortgagor’s
        banking institution; and

       

      (ix)  to
        clear
        and terminate the Custodial Account upon the termination of this
        Agreement.

       

      Section
        4.06.  Establishment
        of Escrow Accounts; Deposits in Accounts.

       

      The
        Seller 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. Each Escrow Account shall be an Eligible Account. Funds
        deposited in the Escrow Account may be drawn on by the Seller 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
        initial Closing Date, and upon request to any subsequent purchaser.

       

      The
        Seller shall deposit in the Escrow Account or Accounts on a daily basis,
        within
        two (2) Business Days of receipt thereof, 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
        Seller 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 Seller shall
        be
        entitled to retain any interest paid on funds deposited in an 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 Seller
        shall
        pay interest on escrowed funds to the Mortgagor notwithstanding that such
        Escrow
        Account is non-interest bearing or that interest paid thereon is insufficient
        for such purposes.

       

      Section
        4.07.  Permitted
        Withdrawals From the Escrow Account.

       

      Withdrawals
        from the Escrow Account may be made by the Seller 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 for the related
        Mortgage;

       

      (ii)  to
        reimburse the Seller for any Servicing Advance made by the Seller 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 Seller, or to the Mortgagor to the extent required by law, any interest
        paid
        on the funds deposited in the Escrow Account;

       

      (vii)  to
        clear
        and terminate the Escrow Account on the termination of this
        Agreement;

       

      (viii)  to
        pay to
        the Mortgagors or other parties Insurance Proceeds deposited in accordance
        with
        Section 4.06;

       

      (ix)  to
        remove
        funds inadvertently placed in the Escrow Account by the Seller or for which
        amounts previously deposited are returned unpaid by the related Mortgagor’s
        banking institution; and

       

      (x)  to
        clear
        and terminate the Escrow Account upon the termination of this
        Agreement.

       

      Section
        4.08.  Payment
        of Taxes, Insurance and Charges; Maintenance of Primary Mortgage Insurance;
        Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Seller 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 (if any) 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 Seller 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 Seller shall determine
        that any such payments are made by the Mortgagor at the time they first become
        due. The Seller 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 subject to its ability to recover such Servicing Advances pursuant
        to
        Sections 4.05(ii), (iii) and (vi). Notwithstanding the foregoing, if the
        Seller
        reasonably determines that any such Servicing Advance would not be recoverable
        from amounts collected on the related Mortgage Loan, the Seller shall have
        no
        obligation to make such Servicing Advance. Any such determination shall be
        evidenced by an Officer’s Certificate delivered to the Purchaser indicating the
        reasons therefor.

       

      The
        Seller will maintain in full force and effect Primary Mortgage Insurance
        Policies issued by a Qualified Insurer with respect to each first lien Mortgage
        Loan for which such coverage is herein required. Such coverage will be
        maintained until the Loan-to-Value ratio of the related Mortgage Loan is
        reduced
        to the amount for which Fannie Mae no longer requires such insurance to be
        maintained. The Seller will not cancel or refuse to renew any Primary Mortgage
        Insurance Policy in effect on the related Closing Date that is required to
        be
        kept in force under this Agreement unless a replacement Primary Mortgage
        Insurance Policy for such canceled or non-renewed policy is obtained from
        and
        maintained with a Qualified Insurer. The Seller shall not take any action
        which
        would result in non-coverage under any applicable Primary Mortgage Insurance
        Policy of any loss which, but for the actions of the Seller 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 Seller shall
        promptly notify the insurer under the related Primary Mortgage Insurance
        Policy,
        if any, of such assumption or substitution of liability in accordance with
        the
        terms of such policy and shall take all actions which may be required by
        such
        insurer as a condition to the continuation of coverage under the Primary
        Mortgage Insurance Policy. If such Primary Mortgage Insurance Policy is
        terminated as a result of such assumption or substitution of liability, the
        Seller shall obtain a replacement Primary Mortgage Insurance Policy as provided
        above.

       

      In
        connection with its activities as servicer, the Seller agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Primary Mortgage Insurance Policy in a timely fashion in accordance with
        the
        terms of such Primary Mortgage Insurance Policy and, in this regard, to take
        such action as shall be necessary to permit recovery under any Primary Mortgage
        Insurance Policy respecting a defaulted first lien Mortgage Loan. Pursuant
        to
        Section 4.04, any amounts collected by the Seller under any Primary Mortgage
        Insurance Policy shall be deposited in the Custodial Account, subject to
        withdrawal pursuant to Section 4.05.

       

      Section
        4.09.  Transfer
        of Accounts.

       

      The
        Seller may transfer a Custodial Account or an Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        providing notice of the transfer to the Purchaser.

       

      Section
        4.10.  Maintenance
        of Hazard Insurance.

       

      The
        Seller 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 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 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,
        (ii)
        the maximum insurable value of the improvements securing such Mortgage Loan
        and
        (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 Seller 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 Seller shall notify the related Mortgagor that the
        Mortgagor must obtain such flood insurance coverage, and if the related
        Mortgagor fails to obtain the required flood insurance coverage within
        forty-five (45) days after such notification, the Seller shall immediately
        force
        place the required flood insurance on the Mortgagor’s behalf. To the extent the
        payment of the related premiums will not, in the Seller’s reasonable
        determination, constitute non-recoverable Servicing Advances, the Seller
        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 Seller
        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 Seller 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 Seller and its successors and/or assigns and shall provide for at least
        thirty (30) days prior written notice of any cancellation, reduction in the
        amount or material change in coverage to the Seller. The Seller shall not
        interfere with the Mortgagor’s freedom of choice in selecting either his
        insurance carrier or agent, provided,
        however,
        that
        the Seller 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 Seller (or an affiliate of the Seller) shall obtain and maintain
        a blanket policy issued by an issuer acceptable to Fannie Mae or Freddie
        Mac
        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 Seller 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 Seller 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 Seller shall cause
        to
        be delivered to the Purchaser a certified true copy of such policy and shall
        use
        commercially reasonable 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.  Maintenance
        of Fidelity Bond and Errors and Omissions Insurance.

       

      The
        Seller 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 Loans to handle funds, money, documents and papers relating
        to
        the Mortgage Loans. The Fidelity Bond shall be in the form of a mortgage
        banker’s blanket bond and shall protect and insure the Seller against losses,
        including forgery, theft, embezzlement and fraud of such persons. The errors
        and
        omissions insurance shall protect and insure the Seller 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 Seller 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 Seller 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 or by Freddie Mac in the
        Freddie
        Mac Guides. The Seller 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. Upon request by the Purchaser, the Seller shall provide
        the
        Purchaser with an insurance certificate certifying coverage under this Section
        4.12, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

       

      Section
        4.13.  Title,
        Management and Disposition of REO Property.

       

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure, by
        deed
        in lieu of foreclosure or other method resulting in full or partial satisfaction
        of the related Mortgage, 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 Seller, at the
        expense of the Purchaser, 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
        Seller shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition, and thereafter assume
        the responsibility for marketing such REO Property in accordance with Accepted
        Servicing Practices. Thereafter, the Seller 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 with respect to any REO Property. 

      

      The
        Seller shall, either itself or through an agent selected by the Seller, 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
        Seller 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 annually thereafter or more frequently as required by the
        circumstances. The Seller shall make or cause to be made a written report
        of
        each such inspection. Such reports shall be retained in the Servicing
        File.

       

      The
        Seller shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within three (3) years
        after title has been taken to such REO Property, unless the Seller 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 three (3) years is permitted under the foregoing sentence
        and
        is necessary to sell any REO Property, the Seller shall report monthly to
        the
        Purchaser as to the progress being made in selling such REO Property. If
        as of
        the date title to any REO Property was acquired by the Seller there were
        outstanding unreimbursed Servicing Advances with respect to the REO Property,
        the Seller shall be entitled to immediate reimbursement from the Purchaser
        for
        any related unreimbursed Servicing Advances. The disposition of REO Property
        shall be carried out by the Seller at such price, and upon such terms and
        conditions, as the Seller deems to be in the best interests of the Purchaser.
        The Seller shall update the Purchaser from time-to-time as to the status
        of each
        REO Property.

       

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser’s
        sole option, terminate the Seller as servicer of any such REO Property without
        payment of any termination fee with respect thereto; provided, that,
        notwithstanding anything to the contrary set forth in Section 4.05, the Seller
        shall on the date such termination takes effect be reimbursed for any
        unreimbursed advances of the Seller’s funds made pursuant to Section 5.03 and
        any unreimbursed Servicing Advances and unpaid Servicing Fees, in each case
        relating to the Mortgage Loan underlying such REO Property. In the event
        of any
        such termination, the provisions of Section 9.01 hereof shall apply to the
        termination and the transfer of servicing responsibilities with respect to
        such
        REO Property to the Purchaser or its designee. Within five (5) Business Days
        following any such termination, the Seller shall, if necessary, convey such
        REO
        Property to the Purchaser and shall provide the Purchaser with the following
        information regarding the subject REO Property: the related drive by appraisal
        or broker’s price opinion and copies of any related mortgage impairment
        insurance policy claims. In addition, within five (5) Business Days following
        any such termination, the Seller 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 Seller 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 Seller shall distribute by wire transfer 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 Seller is obligated to distribute pursuant to Section 5.03,
        plus
        (iii) all payments in respect of Compensating Interest for such Remittance
        Date
        required to be deposited in the Custodial Account pursuant to Section
        4.04(viii), 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, and any Principal Prepayments
        received during the month of such Remittance Date, which amounts shall be
        remitted on the next succeeding Remittance Date.

       

      With
        respect to any remittance received by the Purchaser after the Business Day
        following the Business Day on which such payment was due, the Seller 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 two 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 Seller
        on
        the date such late payment is made and shall cover the period commencing
        with
        the day following the second 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 Seller of any such interest
        shall
        not be deemed an extension of time for payment or a waiver of any Event of
        Default by the Seller.

       

      Section
        5.02.  Statements
        to the Purchaser.

       

      The
        Seller shall furnish to the Purchaser an individual loan accounting report,
        as
        of the last Business Day of each month, in the Seller’s assigned loan number
        order to document Mortgage Loan payment activity on an individual Mortgage
        Loan
        basis. With respect to each month, the corresponding individual loan accounting
        report shall be received by the Purchaser no later than the fifth (5th) Business
        Day of the following month in a format mutually agreed upon by both the
        Purchaser and the Seller, which report shall contain the following (or such
        other information as is mutually agreed upon by the Seller and the
        Purchaser):

       

      (i)  with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment and
        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
        aggregate Scheduled Principal Balance of the Mortgage Loans;

       

      (iv)  the
        aggregate of any expenses reimbursed to the Seller during the prior distribution
        period pursuant to Section 4.05; and

       

      (v)  the
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, and (3) 90 days or more;
        (b) as
        to which foreclosure has commenced; and (c) as to which REO Property has
        been
        acquired.

       

      The
        Seller shall also provide, upon request, a monthly servicing report, sorted
        in
        the Purchaser’s assigned loan number order, in the form of Alltel reports P139,
        S214, S215 and S50Y and Fidelity report P-4DL (or in such other forms as
        the
        Purchaser and the Seller may agree), with each such report.

       

      The
        Seller shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to the
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Seller shall provide
        the
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for the Purchaser to prepare its federal income tax return as the Purchaser
        may
        reasonably request from time to time.

       

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Seller shall furnish to each Person who was a Purchaser at any time during
        such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

       

      Section
        5.03.  Monthly
        Advances by the Seller.

       

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Seller shall deposit in the Custodial Account an amount equal to all
        Monthly
        Payments, whether or not deferred pursuant to Section 4.01, which were due
        on a
        Mortgage Loan on the immediately preceding Due Date and delinquent at the
        close
        of business on the related Determination Date.

       

      The
        Seller’s obligation to make such Monthly Advances as to any Mortgage Loan will
        continue through the earlier of: (i) the date of the termination or resignation,
        as applicable, of the Seller pursuant to Section 7.04, 8.01 or 9.01 or (ii)
        the
        date of final disposition and liquidation of the related Mortgage Loan or
        any
        Mortgaged Property acquired through foreclosure or a conveyance in lieu of
        foreclosure, unless the Seller reasonably believes such advance to be
        non-recoverable from proceeds of the related Mortgage Loan. In such event,
        the
        Seller shall deliver to the Purchaser an Officer’s Certificate of the Seller to
        the effect that an officer of the Seller has reviewed the related Servicing
        File
        and has made the reasonable determination that any additional advances are
        non-recoverable from proceeds of the related Mortgage Loan.

       

      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 Seller shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property.
        The
        Seller shall also provide reports on the status of REO Property containing
        such
        information as the Purchaser may reasonably require.

       

      ARTICLE
        VI

      GENERAL
        SERVICING PROCEDURES

       

      Section
        6.01.  Assumption
        Agreements.

       

      The
        Seller shall, 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 Seller shall not exercise any such rights if prohibited by law or the
        terms
        of the Mortgage Note from doing so or if the exercise of such rights would
        impair or threaten to impair any recovery under the related Primary Mortgage
        Insurance Policy, if any. If the Seller reasonably believes it is unable
        under
        applicable law to enforce such “due-on-sale” clause, the Seller 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. If the Seller is prohibited under
        applicable law from (a) entering into an assumption agreement with the Person
        to
        whom the Mortgaged Property has been conveyed or is proposed to be conveyed
        or
        (b) requiring the original Mortgagor to remain liable under the Mortgage
        Note,
        the Seller, with the prior consent of 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 Seller
        shall follow the underwriting practices and procedures of the Fannie Mae
        Guides.
        With respect to an assumption or substitution of liability, the Mortgage
        Interest Rate borne by the related Mortgage Note and the amount of the Monthly
        Payment may not be changed. If the credit of the proposed transferee does
        not
        meet such underwriting criteria, the Seller 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 Seller 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 Seller for entering into an assumption
        or
        substitution of liability agreement shall belong to the Seller as additional
        servicing compensation.

       

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Seller 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 Seller 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 Seller of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Seller 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 (5) Business Days after receipt of such certification
        and request, release or cause to be released to the Seller, the related Mortgage
        Loan Documents and, upon its receipt of such documents, the Seller shall
        promptly prepare and deliver to the Purchaser the requisite satisfaction
        or
        release. No later than three (3) Business Days following its receipt of such
        satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
        to the Seller the release or satisfaction properly executed by the owner
        of
        record of the applicable Mortgage or its duly appointed attorney in fact.
        If
        such Mortgage Loan is a MERS Mortgage Loan, the Seller 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 Purchaser, any and all instruments
        of
        satisfaction or cancellation or of partial or full release.

       

      In
        the
        event the Seller 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 Loan
        Documents, the Seller, 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.

       

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loans, including for the purpose of collection under any Primary Mortgage
        Insurance Policy, the Purchaser shall, upon request of the Seller 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 Seller. Such
        servicing receipt shall obligate the Seller to return such Mortgage Loan
        Documents to the Purchaser when the need therefor by the Seller 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 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 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 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 Seller.

       

      Section
        6.03.  Servicing
        Compensation.

       

      As
        compensation for its services hereunder, the Seller shall be entitled to
        the
        Servicing Fee. Additional servicing compensation in the form of assumption
        fees,
        as provided in Section 6.01, late payment charges, prepayment penalties (unless
        otherwise set forth in the related Purchase Price and Terms Letter or Assignment
        and Conveyance), interest and investment earning on funds on deposit in the
        Custodial Account and Escrow Account (to the extent provided for herein)
        and
        other ancillary income shall be retained by the Seller to the extent not
        required to be deposited in the Custodial Account. The Seller shall be required
        to pay all expenses incurred by it in connection with its servicing activities
        hereunder and shall not be entitled to reimbursement therefor except as
        specifically provided for herein.

       

      Section
        6.04.  Annual
        Statement as to Compliance.

       

      Within
        the later of (a) seventy-five (75) days after the end of each calendar year
        or
        (b) fifteen (15) calendar days prior to the date on which the Purchaser or
        the
        affiliate of the Purchaser required to file an annual report on Form 10-K
        in
        connection with any Pass-Through Transfer is required to file such annual
        report
        on Form 10-K with the United States Securities and Exchange Commission (the
        “SEC”),
        the
        Seller will deliver to the Purchaser an Officers’ Certificate stating, as to
        each signatory thereof, that (i) a review of the activities of the Seller
        during
        the preceding calendar year and of performance under this Agreement has been
        made under such officers’ supervision, and (ii) to the best of such officers’
knowledge, based on such review, the Seller has fulfilled in all material
        respects all of its obligations under this Agreement throughout such year,
        or,
        if there has been a default in the fulfillment of any such obligation,
        specifying each such default known to such officers and the nature and status
        thereof. The first Officer’s Certificate delivered by the Seller to the
        Purchaser pursuant to this Section shall be delivered on or before March
        15,
        2006, or such other date as may be required pursuant to the first sentence
        of
        this Section 6.04. Copies of such statement shall be provided by the Seller
        to
        the Purchaser upon request. 

       

      Section
        6.05.  Annual
        Independent Certified Public Accountants’ Servicing Report.

       

      Within
        the later of (a) seventy-five (75) days after the end of each calendar year
        or
        (b) fifteen (15) calendar days prior to the date on which the Purchaser or
        the
        affiliate of the Purchaser required to file an annual report on Form 10-K
        in
        connection with any Pass-Through Transfer is required to file such annual
        report
        on Form 10-K with the SEC, the Seller at its expense shall cause a firm of
        independent public accountants which is a member of the American Institute
        of
        Certified Public Accountants to furnish a statement to the Purchaser to the
        effect that such firm has examined certain documents and records relating
        to the
        Seller’s servicing of residential mortgage loans, and that, on the basis of such
        an examination, conducted substantially in compliance with the Uniform Single
        Attestation Program for Mortgage Bankers or the Audit Guide for HUD Approved
        Title II Approved Mortgagees and Loan Correspondent Programs, such firm is
        of
        the opinion that the Seller’s servicing has been conducted in compliance with
        such programs, 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. The first statement delivered by the Seller to the Purchaser pursuant
        to this Section shall be delivered on or before March 15, 2006, or such other
        date as may be required pursuant to the first sentence of this Section 6.05.
        Copies of such statement shall be provided by the Seller to the Purchaser.
        

       

      Section
        6.06.  Purchaser’s
        Right to Examine Seller Records.

       

      At
        its
        expense, the Purchaser shall have the right to examine and audit upon reasonable
        notice to the Seller, 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 Seller, or held by another for
        the
        Seller or on its behalf or otherwise, which relates to the performance or
        observance by the Seller of the terms, covenants or conditions of this
        Agreement.

       

      The
        Seller 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, OCC, OTS, FDIC and other similar
        entities, access to any documentation regarding the Mortgage Loans in the
        possession of the Seller 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 Seller, and in accordance
        with
        the federal government, OCC, FDIC, OTS, or any other similar regulations;
        provided,
        however,
        that
in
        connection with providing such access, the Seller shall not be required to
        incur
        any out-of-pocket costs unless provisions have been made for the reimbursement
        thereof.

       

      Section
        6.07.  Seller
        Shall Provide Information as Reasonably Required.

       

      The
        Seller shall furnish to the Purchaser during the term of this Agreement such
        periodic, special or other reports, information or documentation as the
        Purchaser may reasonably request, as shall be necessary, reasonable or
        appropriate in respect to the Mortgage Loans and the performance of the Seller
        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; provided, that, the Seller shall not
        be
        liable for any out-of-pocket costs with respect to the provision of such
        reports, information or documentation. All such reports or information shall
        be
        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 Seller under this Agreement. The Seller 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.

       

      The
        Seller, upon reasonable advance notice, 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 Seller’s servicing facilities for the purpose of
        satisfying such prospective purchaser that the Seller has the ability to
        service
        the Mortgage Loans as provided in this Agreement.

       

      The
        Seller 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.

       

      ARTICLE
        VII

      THE
        SELLER

       

      Section
        7.01.  Indemnification;
        Third Party Claims.

       

      The
        Seller 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 (collectively,
        “Damages”)
        that
        the Purchaser may sustain in any way related to the failure of the Seller
        to
        observe and perform its duties, obligations, covenants, and agreements and
        to
        service the Mortgage Loans in compliance with the terms of this Agreement
        or
        from any claim, demand, defense or assertion based on or grounded upon, or
        resulting from a breach of a representation or warranty set forth in Sections
        3.01 or 3.02 of this Agreement. The Seller hereunder shall immediately notify
        the Purchaser if a claim is made by a third party with respect to this Agreement
        or a Mortgage Loan, assume (with the 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 the Purchaser in respect of such claim. The Seller
        shall follow any written instructions received from the Purchaser in connection
        with such claim. The Purchaser shall promptly reimburse the Seller for all
        amounts advanced by it pursuant to the two preceding sentences except when
        the
        claim relates to the failure of the Seller to service and administer the
        Mortgage Loans in compliance with the terms of this Agreement, the failure
        of
        the Seller to perform its duties and obligations pursuant to this Agreement,
        the
        breach of representation or warranty set forth in Sections 3.01 or 3.02,
        or the
        gross negligence, bad faith or willful misconduct of the Seller. The provisions
        of this Section 7.01 shall survive termination of this Agreement and transfer
        of
        the related servicing rights.

       

      Section
        7.02.  Merger
        or Consolidation of the Seller.

       

      The
        Seller shall 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 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 Seller may be merged or consolidated (including by
        means
        of sale or disposal of all or substantially all of the Seller’s assets), or any
        corporation resulting from any merger, conversion or consolidation to which
        the
        Seller shall be a party, or any Person succeeding to the business of the
        Seller
        (whether or not related to loan servicing), shall be the successor of the
        Seller
        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 and (ii) an institution who is a Fannie
        Mae
        or Freddie Mac approved seller/servicer in good standing.

       

      Section
        7.03.  Limitation
        on Liability of the Seller and Others.

       

      The
        duties and obligations of the Seller shall be determined solely by the express
        provisions of this Agreement, the Seller shall not be liable except for the
        performance of such duties and obligations as are specifically set forth
        in this
        Agreement and no implied covenants or obligations shall be read into this
        Agreement against the Seller. Neither the Seller nor any of the officers,
        employees or agents of the Seller 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 Seller or any such person against any
        breach of warranties or representations made herein, or failure to perform
        its
        obligations in 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 Seller and any officer, employee or agent of the Seller 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
        Seller
        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 Seller may 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 Seller shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

       

      Section
        7.04.  Seller
        Not to Assign or Resign.

       

      Except
        as
        otherwise provided herein, the Seller shall not assign this Agreement or
        resign
        from the obligations and duties hereby imposed on it except by mutual consent
        of
        the Seller 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 Seller. Any such determination permitting the resignation of
        the
        Seller 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 Seller’s responsibilities and obligations hereunder in
        the manner provided in Section 11.01.

       

      Section
        7.05.  No
        Transfer of Servicing.

       

      With
        respect to the retention of the Seller to service the Mortgage Loans hereunder,
        the Seller acknowledges that the Purchaser has acted in reliance upon the
        Seller’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 7.05, the Seller shall not either assign this Agreement or
        the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof without the prior written approval of the Purchaser, which consent
        shall
        not be unreasonably withheld. Notwithstanding the foregoing, the Seller may,
        without the consent of the Purchaser, retain reasonable and necessary third
        party contractors to perform certain servicing and loan administration
        functions, including and limited to, hazard insurance administration, tax
        payment and administration, flood certification and administration and
        foreclosure activities; provided, that such contractors shall perform such
        servicing and loan administrative functions in a manner consistent with this
        Agreement; provided, further, that the retention of such contractors by Seller
        shall not limit the obligation of the Seller to service the Mortgage Loans
        pursuant to the terms and conditions of this Agreement or release it from
        any of
        its obligations hereunder.

       

      ARTICLE
        VIII

      DEFAULT

       

      Section
        8.01.  Events
        of Default.

       

      In
        case
        one or more of the following Events of Default by the Seller shall occur
        and be
        continuing, that is to say:

       

      (i)  any
        failure by the Seller to remit to the Purchaser any payment required to be
        made
        under the terms of this Agreement which continues unremedied for a period
        of two
        (2) Business Days after the date upon which written notice of such failure,
        requiring the same to be remedied, shall have been given to the Seller by
        the
        Purchaser; or

       

      (ii)  failure
        on the part of the Seller duly to observe or perform in any material respect
        any
        other of the covenants or agreements on the part of the Seller set forth
        in this
        Agreement, which failure continues unremedied for a period of thirty (30)
        days
        after the date on which written notice of such failure, requiring the same
        to be
        remedied, shall have been given to the Seller 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 Seller and such decree or order shall have
        remained in force undischarged or unstayed for a period of sixty (60) days;
        or

       

      (iv)  the
        Seller 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 Seller
        or of
        or relating to all or substantially all of its property; or

       

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

       

      (vi)  the
        Seller ceases to be approved by Fannie Mae or Freddie Mac as a mortgage loan
        seller and servicer for more than thirty (30) days; or

       

      (vii)  the
        Seller attempts to assign its right to servicing compensation hereunder or
        the
        Seller attempts, without the consent of the Purchaser, to assign this Agreement
        or the servicing responsibilities hereunder or to delegate its duties hereunder
        or any portion thereof in a manner not permitted under this Agreement;
        or

       

      (viii)  the
        Seller ceases to be (a) licensed to service first lien residential mortgage
        loans in each 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 Seller’s ability to
        perform its obligations hereunder; or

       

      (ix)  failure
        on the part of the Seller to comply with Section 6.04 or Section 6.05, 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 Seller by the Purchaser.

       

      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 Seller may, in addition
        to
        whatever rights the Purchaser may have under Sections 3.03 and 7.01 and at
        law
        or equity or to damages, including injunctive relief and specific performance,
        terminate all the rights and obligations of the Seller under this Agreement
        and
        in and to the Mortgage Loans and the proceeds thereof without compensating
        the
        Seller for the same. On or after the receipt by the Seller of such written
        notice of termination, all authority and power of the Seller 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 Seller shall prepare, execute and
        deliver, any and all documents and other instruments, place in such successor’s
        possession all Servicing 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 Seller’s sole expense. The
        Seller agrees to cooperate with the Purchaser and such successor in effecting
        the termination of the Seller’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 Seller
        to
        the Custodial Account or Escrow Account or thereafter received with respect
        to
        the Mortgage Loans or any REO Property.

       

      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 Seller 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 Seller 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 Purchaser and to execute and deliver such other notices, documents and
        other
        instruments as may be necessary or desirable to effect a transfer of such
        Mortgage Loan or servicing of such Mortgage Loan on the MERS® System to the
        successor servicer or (y) in causing MERS to designate on the MERS® System the
        successor servicer as the servicer of such Mortgage Loan.

       

      Section
        8.02.  Waiver
        of Defaults.

       

      The
        Purchaser may waive only by written notice any default by the Seller 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
        IX

      TERMINATION

       

      Section
        9.01.  Termination.

       

      The
        respective obligations and responsibilities of the Seller shall terminate
        upon:
        (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 all REO
        Property and the remittance of all funds due hereunder; (ii) by mutual consent
        of the Seller and the Purchaser in writing; or (iii) termination of the Seller
        by the Purchaser with cause under the terms of this Agreement.

       

      ARTICLE
        X

      RECONSTITUTION
        OF MORTGAGE LOANS

       

      Section
        10.01.  Reconstitution
        of Mortgage Loans.

       

      (a)  The
        Seller acknowledges and the Purchaser agrees that with respect to some or
        all of
        the Mortgage Loans, the Purchaser may effect, upon ten (10) Business Days
        prior
        written notice to the Seller, either:

       

      (i)  one
        or
        more sales of the Mortgage Loans as whole loan transfers (each, a “Whole
        Loan Transfer”);

       

      (ii)  one
        or
        more Agency Transfers; and/or

       

      (iii)  one
        or
        more sales of the Mortgage Loans as public or private pass-through transfers
        (each, a “Pass-Through
        Transfer”).

       

      (b)  With
        respect to each Whole Loan Transfer, Agency Transfer or Pass-Through Transfer,
        as the case may be, the Seller agrees:

       

      (i)  to
        cooperate reasonably with the Purchaser and any prospective purchaser with
        respect to all reasonable requests that do not result in an undue burden
        or
        expense of the Seller;

       

      (ii)  to
        execute all agreements required to be executed by the Seller in connection
        with
        such Whole Loan Transfer, Agency Transfer or Pass-Through Transfer, including
        a
        pooling and servicing agreement in form and substance reasonably acceptable
        to
        the parties, provided that any such agreements be consistent with the terms
        hereof and, unless otherwise agreed by the Seller, impose no greater duties,
        liabilities or obligations upon the Seller than those set forth herein and
        provided that the Seller is given an opportunity to review and reasonably
        negotiate in good faith the content of such documents not specifically
        referenced or provided for herein;

       

      (iii)  to
        make
        all the representations and warranties set forth in Section 3.01 as of the
        date
        of the Whole Loan Transfer, Agency Transfer or Pass-Through
        Transfer;

       

      (iv)  to
        deliver to the Purchaser (a) for inclusion in any prospectus or other offering
        material such publicly available information regarding the Seller and its
        financial condition and any additional information reasonably requested by
        the
        Purchaser or required by law or regulation, (b) any similar nonpublic, unaudited
        financial information (which the Purchaser may, at its option and its cost,
        have
        audited by certified public accountants) and such other information as is
        reasonably requested by the Purchaser and which the Seller is capable of
        providing without unreasonable effort or expense, and to indemnify the Purchaser
        and its affiliates for any losses, costs or damages incurred by any of them
        directly related to any material misstatements contained in such information
        or
        for any omissions of material fact required to be stated therein to the extent
        such information is provided by the Seller specifically for use in a prospectus
        or other offering material; provided,
        that,
        the
        Purchaser shall indemnify the Seller and its affiliates for any losses, costs
        or
        damages related to any material misstatements contained in any prospectus
        or
        other offering material other than in such information provided by the Seller
        specifically for use therein or for any omissions of material fact required
        to
        be stated therein and (c) such statements and audit letters of reputable,
        certified public accountants pertaining to information provided by the Seller
        pursuant to clause (a) above as shall be reasonably requested by the Purchaser;
        and

       

      (v)  to
        deliver to the Purchaser, and to any Person designated by the Purchaser,
        opinions of counsel in a form reasonably acceptable to the Purchaser as are
        customarily delivered by sellers and servicers and reasonably determined
        by the
        Purchaser to be necessary in connection with Whole Loan Transfers, Agency
        Transfers or Pass-Through Transfers, as the case may be, it being understood
        that the reasonable cost of any opinions of counsel (other than in-house
        counsel) that may be required for a Whole Loan Transfer, Agency Transfer
        or
        Pass-Through Transfer, as the case may be, shall be the responsibility of
        the
        Purchaser.

       

      The
        Purchaser shall reimburse the Seller for any and all reasonable out-of-pocket
        expenses, costs and fees, including reasonable attorney’s fees, incurred by the
        Seller in response to requests for information or assistance under this Section.
        All Mortgage Loans not sold or transferred pursuant to a Whole Loan Transfer,
        Agency Transfer or Pass-Through Transfer 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.
        Notwithstanding anything to the contrary in this Section 10.01, the Company
        agrees that it is required to perform the obligations described in Exhibit
        H
        hereto
        in connection with a Reconstitution.

      

      Section
        10.02. Monthly
        Reporting with Respect to a Reconstitution.

      

      As
        long
        as the Company continues to service Mortgage Loans, the Company agrees that
        with
        respect to any Mortgage Loan sold or transferred pursuant to a Reconstitution
        as
        described in Section 10.01 of this Agreement (a “Reconstituted
        Mortgage Loan”),
        the
        Company, at its expense, shall provide the Purchaser with the information
        set
        forth in Exhibit
        G
        attached
        hereto for each Reconstituted Mortgage Loan in Excel or such electronic
        delimited file format as may be mutually agreed upon by both Purchaser and
        Company. Such information shall be provided monthly for all Reconstituted
        Mortgage Loans on the fifth (5th) Business Day of each month for the immediately
        preceding monthly period, and shall be transmitted to the new investor or
        master
        servicer.

      

      ARTICLE
        XI

      MISCELLANEOUS
        PROVISIONS

       

      Section
        11.01.  Successor
        to the Seller.

       

      Prior
        to
        termination of Seller’s responsibilities and duties under this Agreement
        pursuant to Section 7.04, 8.01 or 9.01, the Purchaser shall (i) succeed to
        and
        assume all of the Seller’s responsibilities, rights, duties and obligations
        under this Agreement, or (ii) appoint a successor having the characteristics
        set
        forth in Section 7.02 hereof and which shall succeed to all rights and assume
        all of the responsibilities, duties and liabilities of the Seller 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 Seller’s duties, responsibilities and liabilities under this Agreement
        should be terminated pursuant to the aforementioned Sections, the Seller
        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 Seller 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 Seller of the representations and warranties
        made
        pursuant to Section 3.01 and the indemnification obligations of the Seller
        pursuant to Section 7.01.

       

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Seller 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 Seller, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Seller or this Agreement pursuant to Section 7.04, 7.05,
        8.01
        or 9.01 shall not affect any claims that the Purchaser may have against the
        Seller arising prior to any such termination or resignation.

       

      The
        Seller 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 Seller shall account for all funds.
        The
        Seller 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 Seller. Upon appointment of successor servicer to the
        Seller,
        the Seller shall be reimbursed for unrecovered Servicing Advances, Monthly
        Advances and unpaid Servicing Fees which would otherwise have been recovered
        by
        the Seller pursuant to this Agreement but for the appointment such successor
        servicer.

      

      Upon
        a
        successor’s acceptance of appointment as such, the Seller shall notify by mail
        the Purchaser of such appointment.

       

      Section
        11.02.  Amendment.

       

      This
        Agreement may be amended or supplemented from time to time by written agreement
        executed by the Purchaser and the Seller.

       

      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 all the Mortgaged Properties
        subject to the Mortgages are situated, and in any other appropriate public
        recording office or elsewhere, such recordation to be effected by the Seller
        at
        the Seller’s expense on direction of the Purchaser.

       

      Section
        11.04.  Governing
        Law.

       

      This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York, without regard to its conflict of law provisions, 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
        Seller:

       

      Wachovia
        Mortgage Corporation

      201
        South
        College Street

      Suite
        1600

      Charlotte,
        North Carolina 28288-1088

      Attention:
        Caroline Payne

      Facsimile:
        (704) 383-4591

       

      with
        a
        copy to:

       

      Wachovia
        Mortgage Corporation

      1100
        Corporate Center Drive

      Raleigh,
        North Carolina 27607

      Attention:
        Tom Fowler

      Facsimile:
        (919) 852-7525

       

      (ii) if
        to the
        Purchaser:

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ms. Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      with
        copy
        to:

       

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Steven Trombetta

       

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

       

      Section
        11.06.  Severability
        of Provisions.

       

      Any
        part,
        provision, representation or warranty of this Agreement which is prohibited
        or
        which is held to be void or unenforceable shall be ineffective to the extent
        of
        such prohibition or unenforceability without invalidating the remaining
        provisions hereof. Any part, provision, representation or warranty of this
        Agreement which is prohibited or unenforceable or is held to be void or
        unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction,
        to the extent of such prohibition or unenforceability without invalidating
        the
        remaining provisions hereof, and any such prohibition or unenforceability
        in any
        jurisdiction as to any Mortgage Loan shall not invalidate or render
        unenforceable such provision in any other jurisdiction. To the extent permitted
        by applicable law, the parties hereto waive any provision of law which prohibits
        or renders void or unenforceable any provision hereof. If the invalidity
        of any
        part, provision, representation or warranty of this Agreement shall deprive
        any
        party of the economic benefit intended to be conferred by this Agreement,
        the
        parties shall negotiate, in good faith, to develop a structure the economic
        effect of which is nearly as possible the same as the economic effect of
        this
        Agreement without regard to such invalidity.

       

      Section
        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 GAAP;

       

      (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

       

      (vii)  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. Except as required by law, 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 the Purchaser, provided such information is identified as confidential
        non-public information.

       

      Section
        11.11.  Recordation
        of Assignments of Mortgage.

       

      To
        the
        extent permitted by applicable law, each of the Assignments 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 (i)
        with
        respect to MERS Mortgage Loans, at the Purchaser’s expense and (ii) with respect
        to Mortgage Loans that are not MERS Mortgage Loans, at the Seller’s expense, in
        each case, in the event recordation is either necessary under applicable
        law or
        requested by the Purchaser at its sole option.

       

      Section
        11.12.  Assignment
        by Purchaser.

       

      The
        Purchaser shall have the right, upon notice to the Seller, 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
        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; provided,
        however,
        that,
        in no event shall there be any more than five (5) “Purchasers” with respect to
        any Mortgage Loan Package. In no event shall the Purchaser sell a partial
        interest in any Mortgage Loan without the prior written consent of the Seller,
        which consent may be granted or withheld in the Seller’s sole discretion. All
        references to the Purchaser in this Agreement shall be deemed to include
        its
        assignee or designee.

       

      Section
        11.13.  No
        Partnership.

       

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Seller shall
        be
        rendered as an independent contractor and not as agent for
        Purchaser.

       

      Section
        11.14.  Execution;
        Successors and Assigns.

       

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to Section 7.02, this Agreement shall inure
        to
        the benefit of and be binding upon the Seller and the Purchaser and their
        respective successors and assigns.

       

      Section
        11.15.  Entire
        Agreement.

       

      Each
        of
        the parties to this Agreement acknowledges that no representations, agreements
        or promises were made to any of the other parties to this Agreement or any
        of
        its employees other than those representations, agreements or promises
        specifically contained herein. This Agreement and the related Purchase Price
        and
        Terms Letter set forth the entire understanding between the parties hereto
        and
        shall be binding upon all successors of all of the parties. In the event
        of any
        inconsistency between a Purchase Price and Terms Letter and this Agreement,
        this
        Agreement shall control.

       

      Section
        11.16.  No
        Solicitation.

       

      From
        and
        after the related Closing Date, except as provided below, the Seller agrees
        that
        it will not take any action or permit or cause any action to be taken by
        any of
        its agents or affiliates, or by any independent contractors on the Seller’s
        behalf, in any manner to 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. It is understood and agreed that 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 pursuant hereto on the
        related Closing Date and the Seller shall take no action to undermine these
        rights and benefits. Notwithstanding the foregoing, it is understood and
        agreed
        that the following promotions or solicitations undertaken by the Seller or
        any
        affiliate of the Seller shall not be prohibited under this Section 11.16:
        (i)
        promotions or solicitations that are directed to the general public at large
        or
        segments thereof, provided that no segment shall consist primarily of the
        borrowers or obligors under the Mortgage Loans, including, without limitation,
        mass mailing based on commercially acquired mailing lists, newspaper, radio
        and
        television advertisements; (ii) responding to Mortgagor requests for pay-off
        information and regarding other bank or financial products or services; and
        (iii) promotions or solicitations to any Mortgagor for any other bank or
        financial products or services, unless such promotions or solicitations are
        for
        a prepayment of a Mortgage Loan.

       

      Section
        11.17.  Costs.

       

      The
        Purchaser shall pay any commissions due its salesmen, the expenses of its
        accountants and attorneys and the expenses and fees of any broker retained
        by
        the Purchaser with respect to the transactions covered by this Agreement.
        To the
        extent not otherwise provided herein, all other costs and expenses incurred
        in
        connection with the transfer and delivery of the Mortgage Loans, including,
        without limitation, fees for recording intervening assignments of mortgage
        and
        Assignments of Mortgage, the cost of obtaining tax service contracts and
        the
        legal fees and expenses of its attorneys shall be paid by the Seller. The
        Seller
        shall be responsible for causing the recordation of all Assignments of Mortgage
        and all intervening assignments of mortgage, as applicable.

       

      Section
        11.18.  Protection
        of Mortgagor Personal Information.

       

      Each
        of
        the Purchaser and the Seller agree that it (i) shall comply with any applicable
        laws and regulations regarding the privacy and security of Mortgagor Personal
        Information, (ii) shall not use Mortgagor Personal Information in any manner
        inconsistent with any applicable laws and regulations regarding the privacy
        and
        security of Mortgagor Personal Information, (iii) shall not disclose Mortgagor
        Personal Information to third parties except at the specific written direction
        of the other; provided,
        however,
        that the
        Purchaser and the Seller may disclose Mortgagor Personal Information to third
        parties in connection with secondary market transactions to the extent not
        prohibited by applicable law or to the extent required by a valid and effective
        subpoena issued by a court of competent jurisdiction or other governmental
        body,
        (iv) shall maintain adequate physical, technical and administrative safeguards
        to protect Mortgagor Personal Information from unauthorized access and
        (v) shall immediately notify the other of any actual or suspected breach of
        the confidentiality of Mortgagor Personal Information.

       

      

      

      

      

      [SIGNATURE
        PAGE TO FOLLOW]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      IN
        WITNESS WHEREOF, the Seller 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,

                as
                  Purchaser

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                WACHOVIA
                  MORTGAGE CORPORATION, as Seller

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      [Signature
        Page to Seller’s Purchase, Warranties and Servicing Agreement, dated as of July
        1, 2005]

       

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      Exhibit
        A-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,
        and
        which shall be retained by the Seller in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Seller’s
        Purchase, Warranties and Servicing Agreement.

       

      1. The
        original Mortgage Note endorsed “Pay to the order of ___________________ without
        recourse,” and signed in the name of the Seller by an authorized officer, with
        all intervening endorsements showing a complete chain of title from the
        originator to the Seller. If the Mortgage Loan was acquired by the Seller
        in a
        merger, the endorsement must be by “[Seller], successor by merger to the [name
        of predecessor]”. If the Mortgage Loan was acquired or originated by the Seller
        while doing business under another name, the endorsement must be by “[Seller]
        formerly known as [previous name]”. If the original note is unavailable, seller
        will provide an affidavit of lost note (in form acceptable to the Purchaser)
        stating that the original Mortgage Note was lost or destroyed, together with
        a
        copy of such Mortgage Note and indemnifying the Purchaser against any and
        all
        claims arising as a result of any person or entity claiming they are the
        holder
        of the note or that the note has been paid off and returned.

       

      2. A
        true
        certified copy, certified by the [title insurer], of the applicable First
        Lien.

       

      3. Except
        as
        provided below and for each Mortgage Loan that is not a MERS Mortgage Loan,
        the
        original Mortgage 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 [title
        insurer], of the original Mortgage together with a certificate of the Seller
        certifying that the original Mortgage has been delivered for recording in
        the
        appropriate public recording office of the jurisdiction in which the Mortgaged
        Property is located and in the case of each MERS Mortgage Loan, the original
        Mortgage, noting the presence of the MIN of the Mortgage Loans and either
        language indicating that the Mortgage Loan is a MOM Loan or if the Mortgage
        Loan
        was not a MOM Loan at origination, the original Mortgage and the assignment
        thereof to MERS, with evidence of recording indicated thereon, or a copy
        of the
        Mortgage certified by the public recording office in which such Mortgage
        has
        been recorded.

       

      4. The
        original or certified to be a true copy or if in electronic form identified
        on
        the Mortgage Loan Schedule, the certificate number, certified by the Seller,
        of
        the related Primary Mortgage Insurance Policy, if required.

       

      5. In
        the
        case of each Mortgage Loan that is not a MERS Mortgage Loan, the original
        Assignment, from the Seller in accordance with Purchaser’s instructions, which
        assignment shall, but for any blanks requested by the Purchaser, be in form
        and
        substance acceptable for recording, or a copy certified by the Seller as
        a true
        and correct copy of the original Assignment which has been sent for recordation.
        If the Mortgage Loan was acquired or originated by the Seller while doing
        business under another name, the Assignment must be by “[Seller] formerly known
        as [previous name]”.

       

      6. With
        respect to Mortgage Loans that are not Co-op Loans, 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 Seller, 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 [title insurer] of the original Assignment together
        with
        a certificate of the [title insurer] certifying that the original Assignment
        has
        been delivered for recording in the appropriate public recording office of
        the
        jurisdiction in which the Mortgaged Property is located.

       

      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 [title insurer], of such
        original document together with certificate of Seller certifying the original
        of
        such document has been delivered for recording in the appropriate recording
        office of the jurisdiction in which the Mortgaged Property is
        located.

       

      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 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, in lieu thereof, a duplicate or conformed copy of such instrument,
        together with a certificate of receipt from the recording office, certifying
        that such copy represents a true and complete copy of the original and that
        such
        original has been or is currently submitted to be recorded in the appropriate
        governmental recording office of the jurisdiction where the Mortgaged Property
        is located), or if the original power of attorney or other such instrument
        has
        been delivered for recording in the appropriate public recording office of
        the
        jurisdiction in which the Mortgaged Property is located.

       

      10. With
        respect to a Co-op Loan: (i) a copy of the Co-op Lease and the assignment
        of
        such Co-op Lease to the originator of the Mortgage Loan, with all intervening
        assignments showing a complete chain of title and an assignment thereof by
        Seller; (ii) the stock certificate together with an undated stock power relating
        to such stock certificate executed in blank; (iii) the recognition agreement
        in
        substantially the same form as standard a “AZTECH” form; (iv) copies of the
        financial statement filed by the originator as secured party and, if applicable,
        a filed UCC-3 Assignment of the subject security interest showing a complete
        chain of title, together with an executed UCC-3 Assignment of such security
        interest by the Seller in a form sufficient for filing.

       

      11. The
        original of any guarantee executed in connection with the Mortgage
        Note.

       

      Notwithstanding
        anything to the contrary herein, the Seller may provide one certificate for
        all
        of the Mortgage Loans indicating that the documents were delivered for
        recording.

       

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      Exhibit
        A-2

       

      Contents
        of Servicing File

       

      With
        respect to each Mortgage Loan, the Servicing File shall include each of the
        following items, which shall be available for inspection by the
        Purchaser:

       

      1. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

       

      2. Residential
        loan application.

       

      3. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

       

      4. Credit
        report on the mortgagor.

       

      5. Business
        credit report, if applicable.

       

      6. Residential
        appraisal report and attachments thereto.

       

      7. Verification
        of employment and income except for Mortgage Loans originated under a Limited
        Documentation Program, all in accordance with Seller’s Underwriting
        Standards.

       

      8. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        the Underwriting Standards.

       

      9. Photograph
        of the Mortgaged Property (may be part of appraisal).

       

      10. Survey
        of
        the Mortgaged Property, if any.

       

      11. Sales
        contract, if applicable.

       

      12. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

       

      13. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

       

      14. Any
        ground lease, including all amendments, modifications and supplements
        thereto.

       

      15. Any
        other
        document required to service the Mortgage Loans.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      Exhibit
        B

       

      Form
        of Custodial Account Letter Agreement

       

      __________________
        , 200_

       

      To:

       

      As
        “Seller” under the Seller’s Purchase, Warranties and Servicing Agreement, dated
        as of July 1, 2005 (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 “Wachovia
        Mortgage Corporation, in trust for the Purchaser, owner of various whole
        loan
        series - principal and interest”. All deposits in the account shall be subject
        to withdrawal therefrom by order signed by the Seller. This letter is submitted
        to you in duplicate. Please execute and return one original to us.

       

      
        	
                WACHOVIA
                  MORTGAGE CORPORATION,

                as
                  SELLER

              
	 	 
	
                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.

      

       

      
        	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      Exhibit
        C

       

      Form
        of Escrow Account Letter Agreement

       

      _____________________,
        200_

       

      To:

       

      As
        “Seller” under the Seller’s Purchase, Warranties and Servicing Agreement, dated
        as of July 1, 2005 (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 “Wachovia
        Mortgage Corporation, in trust for the Purchaser, owner of various whole
        loan
        series, and various Mortgagors.” All deposits in the account shall be subject to
        withdrawal therefrom by order signed by the Seller. This letter is submitted
        to
        you in duplicate. Please execute and return one original to us.

       

      
        	
                WACHOVIA
                  MORTGAGE CORPORATION,

                as
                  SELLER

              
	 	 
	
                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.

      

      
        	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      Exhibit
        D

       

      Form
        of Assignment, Assumption and Recognition Agreement

       

      This
        Assignment, Assumption and Recognition Agreement (this “Assignment Agreement”),
        dated as of _________, among EMC Mortgage Corporation, a Delaware corporation
        (the “Assignor”),
        ______________________, a ________ corporation (the “Assignee”),
        and
        Wachovia Mortgage Corporation, a North Carolina corporation (the “Seller”):

       

      For
        good
        and valuable consideration the receipt and sufficiency of which hereby are
        acknowledged, and of the premises and 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 Purchaser, in, to and under (a) those
        certain
        mortgage loans listed on Exhibit A attached hereto (the “Mortgage Loans”); and
        (b) the Seller’s Purchase, Warranties and Servicing Agreement dated as of July
        1, 2005, but only to the extent of the Mortgage Loans (the “Purchase
        Agreement”).
        For
        purposes of this Assignment Agreement, the term “Purchase Agreement” includes
        any separate Assignment and Conveyance pursuant to which Seller and Assignor
        effectuated the purchase and sale of any Mortgage Loan following the execution
        and delivery of the Purchase Agreement.

       

      The
        Assignor specifically reserves and does not assign to the Assignee hereunder
        any
        and all right, title and interest in, to and under any all obligations of
        the
        Assignor with respect to any mortgage loans subject to the Purchase Agreement
        which are not the Mortgage Loans set forth on Exhibit A attached hereto and
        are
        not the subject of this Assignment Agreement.

       

      2. Each
        of
        the Seller and the Assignor represent and warrant to the Assignee that (a)
        the
        copy of the Purchase Agreement, attached hereto as Exhibit B, provided to
        the
        Assignee, is a true, complete and accurate copy of the Purchase Agreement,
        (b)
        the Purchase Agreement is in full force and effect as of the date hereof,
        (c)
        the provisions thereof have not been waived, amended or modified in any respect,
        nor have any notices of termination been given thereunder, (d) the Purchase
        Agreement contains all of the terms and conditions governing the sale of
        the
        Mortgage Loans by Seller to Assignor and the purchase of the Mortgage Loans
        by
        Assignor from Seller; provided,
        however,
        that
        the date of purchase and sale and the amount of payment for the Mortgage
        Loans
        may be set out in a Purchase Price and Terms Letter, as defined in the Purchase
        Agreement, and (e) Seller sold, conveyed and transferred each Mortgage Loan
        to
        Assignor pursuant to the Purchase Agreement.

       

      3. The
        Assignor warrants and represents to, and covenants with, the Assignee and
        the
        Seller that:

       

      (a) As
        of the
        date hereof, the Assignor is not in default under the Purchase
        Agreement;

       

      (b) The
        Assignor is the lawful owner of the Mortgage Loans with the full right to
        transfer the Mortgage Loans and any and all of its interests, rights and
        obligations under the Purchase Agreement, free from any and all claims and
        encumbrances arising out of the Assignor’s ownership thereof, and the Mortgage
        Loans, as well as the Purchase Agreement, upon the transfer thereof to the
        Assignee as contemplated herein, shall be free and clear of all such liens,
        claims and encumbrances or any lien claim or encumbrance arising out of the
        ownership of the Mortgage Loans by any person at any time after Assignor
        first
        acquired any Mortgage Loan from the Seller;

       

      (c) The
        Assignor has not received notice of, and has no knowledge of, any offsets,
        counterclaims or other defenses available to the Seller with respect to the
        Purchase Agreement or the Mortgage Loans;

       

      (d) The
        Assignor has not waived or agreed to any waiver under, or agreed to any
        amendment or other modification of, the Purchase Agreement or the Mortgage
        Loans. 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 or defaults under, the Purchase Agreement, or the Mortgage
        Loans;

       

      (e) The
        Assignor is a corporation duly organized, validly existing and in good standing
        under the laws of the jurisdiction of its incorporation, and has all requisite
        corporate power and authority to sell, transfer and assign the Mortgage
        Loans;

       

      (f) The
        Assignor has full corporate power and authority to execute, deliver and perform
        under this Assignment Agreement, and to consummate the transactions set forth
        herein. The consummation of the transactions contemplated by this Assignment
        Agreement is in the ordinary course of the Assignor’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of the Assignor’s charter or by-laws, or any legal restriction, or
        any material agreement or instrument to which the Assignor is now a party
        or by
        which it is bound, or result in the violation of any law, rule, regulation,
        order, judgment or decree to which the Assignor or its property is subject.
        The
        execution, delivery and performance by the Assignor of this Assignment
        Agreement, and the consummation by it of the transactions contemplated hereby,
        have been duly authorized by all necessary corporate action of the Assignor.
        This Assignment Agreement has been duly executed and delivered by the Assignor
        and constitutes the valid and legally binding obligation of the Assignor
        enforceable against the Assignor in accordance with its respective 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;

       

      (g) No
        material consent, approval, order or authorization of, or declaration, filing
        or
        registration with, any governmental entity is required to be obtained or
        made by
        the Assignor in connection with the execution, delivery or performance by
        the
        Assignor of this Assignment Agreement, or the consummation by it of the
        transactions contemplated hereby; and

       

      (h) The
        Assignor has paid the purchase price for the Mortgage Loans and has satisfied
        any conditions to closing required of it under the terms of the Purchase
        Agreement.

       

      4. The
        Assignee warrants and represents to, and covenants with, the Assignor and
        the
        Seller that:

       

      (a) The
        Assignee is a corporation duly organized, validly existing and in good standing
        under the laws of the jurisdiction of its incorporation, and has all requisite
        corporate power and authority to acquire, own and purchase the Mortgage
        Loans;

       

      (b) The
        Assignee has full corporate power and authority to execute, deliver and perform
        under this Assignment Agreement, and to consummate the transactions set forth
        herein. The consummation of the transactions contemplated by this Assignment
        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
        Agreement, and the consummation by it of the transactions contemplated hereby,
        have been duly authorized by all necessary corporate action of the Assignee.
        This Assignment Agreement has been duly executed and delivered by the Assignee
        and constitutes the valid and legally binding obligation of the Assignee
        enforceable against the Assignee in accordance with its respective 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 Agreement, or the consummation by it of the
        transactions contemplated hereby; and

       

      (d) The
        Assignee agrees to be bound, as Purchaser, by all of the terms, covenants
        and
        conditions of the Purchase Agreement and the Mortgage Loans, and from and
        after
        the date hereof, the Assignee assumes for the benefit of each of the Seller
        and
        the Assignor all of the Assignor’s obligations as Purchaser thereunder, with
        respect to the Mortgage Loans.

       

      5. The
        Seller warrants and represents to, and covenants with, the Assignor and the
        Assignee that:

       

      (a) The
        Seller is not a natural person or a general partnership and 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 service the Mortgage
        Loans;

       

      (b) The
        Seller has full power and authority to execute, deliver and perform under
        this
        Assignment Agreement, and to consummate the transactions set forth herein.
        The
        consummation of the transactions contemplated by this Assignment Agreement
        is in
        the ordinary course of the Seller’s business and will not conflict with, or
        result in a breach of, any of the terms, conditions or provisions of the
        Seller’s charter or by-laws, or any legal restriction, or any material agreement
        or instrument to which the Seller 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 Seller or its property is subject. The execution, delivery and
        performance by the Seller of this Assignment Agreement, and the consummation
        by
        it of the transactions contemplated hereby, have been duly authorized by
        all
        necessary corporate action of the Seller. This Assignment Agreement has been
        duly executed and delivered by the Seller and constitutes the valid and legally
        binding obligation of the Seller enforceable against the Seller in accordance
        with its respective terms except as enforceability thereof may be limited
        by
        bankruptcy, insolvency, or reorganization or other similar laws now or
        hereinafter in effect relating to creditors’ rights generally and by general
        principles of equity, regardless of whether such enforceability is considered
        in
        a proceeding in equity or in law;

       

      (d) 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 Seller in connection with the execution, delivery or performance by the
        Seller of this Assignment Agreement, or the consummation by it of the
        transactions contemplated hereby;

       

      (e) As
        of the
        date hereof, the Seller is not in default under the Purchase Agreement;
        and

       

      (f) No
        event
        has occurred or has failed to occur, during the period commencing on date
        on
        which Assignor acquired the Mortgage Loans and ending on the date hereof,
        inclusive, which would make the representations and warranties set forth
        in
        Section 3.01 of the Purchase Agreement untrue if such representations and
        warranties were made with respect to the Mortgage Loans effective as of the
        date
        hereof.

       

      6. From
        and
        after the date hereof, the Seller shall recognize the Assignee as the owner
        of
        the Mortgage Loans, and shall look solely to the Assignee for performance
        from
        and after the date hereof of the Assignor’s obligations with respect to the
        Mortgage Loans.

       

      7. Notice
        Addresses.

       

      (a) The
        Assignee’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and this Assignment Agreement is:

       

      ________________

      ________________

      ________________

      Attention:
        ________________

       

      (b) The
        Assignor’s address for purposes for all notices and correspondence related to
        the Mortgage Loans and this Assignment Agreement is:

       

      [_____________________________]

      [_____________________________]

      [_____________________________]

      [_____________________________]

      Attention:
        _______________

       

      (c) The
        Seller’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and this Assignment Agreement is:

       

      Wachovia
        Mortgage Corporation

      1100
        Corporate Center Drive

      Raleigh,
        North Carolina 27607

      Attention:
        Tom Fowler

       

      8. This
        Assignment Agreement shall be construed in accordance with the substantive
        laws
        of the State of New York (without regard to conflict of laws principles)
        and the
        obligations, rights and remedies of the parties hereunder shall be determined
        in
        accordance with such laws, except to the extent preempted by federal
        law.

       

      9. This
        Assignment Agreement shall inure to the benefit of the successors and assigns
        of
        the parties hereto. Any entity into which the Seller, the Assignor or the
        Assignee may be merged or consolidated shall, without the requirement for
        any
        further writing, be deemed the Seller, the Assignor or the Assignee,
        respectively, hereunder.

       

      10. No
        term
        or provision of this Assignment 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
        Assignment Agreement shall survive the conveyance of the Mortgage Loans and
        the
        assignment of the Purchase Agreement by the Assignor.

       

      12. Notwithstanding
        the assignment of the Purchase Agreement by either the Assignor or Assignee,
        this Assignment Agreement shall not be deemed assigned by the Seller or the
        Assignor unless assigned by separate written instrument.

       

      13. For
        the
        purpose for facilitating the execution of this Assignment Agreement as herein
        provided and for other purposes, this Assignment 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 and be
        one
        and the same instrument.

       

      

      [signatures
        on following page]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have caused this Assignment Agreement to be
        executed by their duly authorized officers as of the date first above
        written.

       

      

       

      
        	
                EMC
                  Mortgage Corporation

                Assignor

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                [_________________________________]

                Assignee

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                Wachovia
                  Mortgage Corporation

                Seller

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      Exhibit
        E

       

      Form
        of Assignment and Conveyance

       

      On
        this
        ____ day of ________, 200_, Wachovia Mortgage Corporation (“Wachovia”)
        as the
        Seller under that certain Seller’s Purchase, Warranties and Servicing Agreement,
        dated as of July 1, 2005 (the “Agreement”),
        by
        and between Wachovia and EMC Mortgage Corporation (the “Purchaser”)
        does
        hereby sell, transfer, assign, set over and convey to the Purchaser under
        the
        Agreement, without recourse, but subject to the terms of the Agreement, all
        rights, title and interest of Wachovia (excluding the right to service the
        Mortgage Loans) in and to the Mortgage Loans listed on the Mortgage Loan
        Schedule attached hereto as Exhibit
        A,
        together with the Mortgage Files and all rights and obligations arising under
        the documents contained therein. 

       

      Pursuant
        to Section 2.07 of the Agreement, Wachovia has delivered to the Purchaser
        the
        documents for each Mortgage Loan to be purchased as set forth therein. The
        contents of each Servicing File required to be retained by Wachovia to service
        the Mortgage Loans pursuant to the Agreement and thus not delivered to the
        Purchaser are and shall be held in trust by Wachovia, for the benefit of
        the
        Purchaser as the owner thereof. Wachovia’s possession of any portion of the
        Servicing File is at the will of the Purchaser for the sole purpose of
        facilitating servicing of the related Mortgage Loan pursuant to the Agreement,
        and such retention and possession by Wachovia shall be in a custodial capacity
        only. The ownership of each Mortgage Note, Mortgage, and the contents of
        the
        Mortgage File and Servicing File is vested in the Purchaser and the ownership
        of
        all records and documents with respect to the related Mortgage Loan prepared
        by
        or which come into the possession of Wachovia shall immediately vest in the
        Purchaser and shall be retained and maintained, in trust, by Wachovia at
        the
        will of the Purchaser in such custodial capacity only.

       

      

       

      [Remainder
        of page intentionally blank - signature page follows]

      

      
 

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used herein and not otherwise defined shall have the meanings set forth
        in
        the Agreement.

      

       

      
        	
                WACHOVIA
                  MORTGAGE CORPORATION

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      Exhibit
        F

       

      Request
        for Release of Documents and Receipt

       

      RE: Mortgage
        Loan #___________________________________

      BORROWER: __________________________________________________

      PROPERTY:
         __________________________________________________

       

      Pursuant
        to a Seller’s Purchase, Warranties and Servicing Agreement (the “Agreement”)
        between the Seller and the Purchaser, the undersigned hereby certifies that
        he
        or she is an officer of the Seller 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
                  the Seller has been notified that payment in full has been or will
                  be
                  escrowed. The Seller 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 Seller 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 Seller
                  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 Seller all original mortgage documents in your possession
        relating to this loan.

       

      Dated:_________________  By:________________________________

      Signature

      Title
        ___________________________________

      
        	
                Send
                  documents to:

              	
                _____________________________________________

              

      

      
        	 	
                _____________________________________________

              

      

      
        	 	
                _____________________________________________

              

      

       

      Acknowledgment:

       

      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
        G

      RECONSTITUTED
        MORTGAGE LOAN REPORTING

      

      
        	
                IP1270
                  FIELD NAME

              	
                DESCRIPTION

              
	
                MACCTNO
                  

              	
                Investor
                  Loan Number

              
	
                MSRVACCT
                  

              	
                Servicer
                  Loan Number

              
	
                MSERVID
                  

              	
                blank

              
	
                MCUTOFF
                  

              	
                Cutoff
                  Date

              
	
                MINVSTR
                  

              	
                Investor
                  Number

              
	
                MCATNUM
                  

              	
                Category
                  Number

              
	
                MNOTRAT
                  

              	
                Note
                  Rate

              
	
                MSRVFEE

              	
                Service
                  Fee Rate

              
	
                MPTRAT

              	
                Pass
                  Thru Rate

              
	
                MBSCHBAL

              	
                Beginning
                  Scheduled Principal Balance

              
	
                MPICONST

              	
                P&I
                  Constant

              
	
                MSCHINT

              	
                Scheduled
                  Gross Interest

              
	
                MPTINT

              	
                Scheduled
                  Net Interest

              
	
                MSCHPRN
                  

              	
                Scheduled
                  Principal

              
	
                MLIQPRN
                  

              	
                PIF
                  Principal

              
	
                MLIQINT
                  

              	
                PIF
                  Interest

              
	
                MADDPRN
                  

              	
                Curtailment

              
	
                MADDTRN

              	
                Cutoff
                  Date Curtailment Collected

              
	
                MPRNADJ
                  

              	
                Adjustment

              
	
                MSCHPYMT
                  

              	
                Total
                  Scheduled Payment

              
	
                MTOTREMIT

              	
                Total
                  Remittance Due

              
	
                MESCHBAL
                  

              	
                Ending
                  Scheduled Principal Balance

              
	
                MBPRIBAL
                  

              	
                Beginning
                  Actual Principal Balance

              
	
                MEPRIBAL
                  

              	
                Ending
                  Actual Principal Balance

              
	
                MDUEDATE

              	
                Due
                  Date

              
	
                MPRNCOLL
                  

              	
                Principal
                  Collected

              
	
                MSRFCOLL
                  

              	
                Interest
                  Collected

              
	
                MLIQCDE

              	
                Liquidation
                  Code

              
	
                MLIQDTE
                  

              	
                Liquidation
                  Date

              
	
                MARMNOT
                  

              	
                ARM
                  Note Rate

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      SELLER’S
        OBLIGATIONS IN CONNECTION

      WITH
        A
        RECONSTITUTION

      

      
        	·  	
                The
                  Seller shall: (i) possess the ability to service under customary
                  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 reasonably
                  acceptable
                  to such master servicer and the Seller by the 10th calendar day
                  of each
                  month.

              

      

      

      
        	·  	
                The
                  Seller shall provide an acceptable annual certification (officer’s
                  certificate) to the master servicer (as required by the Sarbanes-Oxley
                  Act
                  of 2002) to the extent a Form 10-K or other required filing is made
                  with respect to the securitization, 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
                  Seller 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
                  Seller shall provide a customary Uniform Single Attestation Program
                  certificate and Management Assertion as requested by the master
                  servicer
                  or the Purchaser.

              

      

      

      
        	·  	
                The
                  Seller shall provide information on each Custodial Account as reasonably
                  requested by the master servicer or the Purchaser, and each Custodial
                  Account shall comply with the reasonable requirements for such
                  accounts as
                  set forth in the securitization
                  documents.

              

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    

      REGULATION
        AB COMPLIANCE ADDENDUM TO SELLER’S PURCHASE, WARRANTIES AND SERVICING
        AGREEMENT

       

      (Servicing-retained)

       

      This
        Regulation AB Compliance Addendum (this “Reg
        AB
        Addendum”),
        dated
        as of March 28, 2005, by and between EMC Mortgage Corporation (the “Purchaser”)
        and
        Wachovia Mortgage Corporation (the “Company”),
        to
        that certain Seller’s Purchase, Warranties and Servicing Agreement, dated as of
        July 1, 2005, by and between the Company and the Purchaser (as amended, modified
        or supplemented, the “Agreement”).

       

      WITNESSETH

       

      WHEREAS,
        the Company and the Purchaser have agreed to adopt an addendum to the Agreement
        to reflect the intention of the parties to comply with Regulation
        AB.

       

      NOW,
        THEREFORE, in consideration of the mutual promises and mutual obligations
        set
        forth herein, the Company and the Purchaser hereby agree as
        follows:

       

      ARTICLE
        I

      DEFINED
        TERMS

       

      Capitalized
        terms used but not defined herein shall have the meanings assigned to such
        terms
        in the Agreement. The following terms shall have the meanings set forth below,
        unless the context clearly indicates otherwise:

       

      Commission:
        The
        United States Securities and Exchange Commission.

       

      Company
        Information:
        As
        defined in Section 2.07(a).

       

      Depositor:
        With
        respect to any Securitization Transaction, the Person identified in writing
        to
        the Company by the Purchaser as depositor for such Securitization
        Transaction.

       

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

       

      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 substantially all such Mortgage Loans 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.

       

      Master
        Servicer:
        With
        respect to any Securitization Transaction, the “master servicer,” if any,
        identified in the related transaction documents.

       

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

       

      Securities
        Act:
        The
        Securities Act of 1933, as amended.

       

      Securitization
        Transaction:
        Any
        transaction involving either (1) a sale or other transfer of some or all
        of the
        Mortgage Loans directly or indirectly by the Purchaser to an issuing entity
        in
        connection with an issuance of publicly offered or privately placed, rated
        or
        unrated mortgage backed securities or (2) an issuance of publicly offered
        or
        privately placed, rated or unrated securities, the payments on which are
        determined primarily by reference to one or more portfolios of residential
        mortgage loans consisting, in whole or in part, of some or all of the Mortgage
        Loans.

       

      Servicer:
        As
        defined in Section 2.03(c).

       

      Servicing
        Criteria:
        The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
        amended from time to time, and as set forth on Exhibit B.

       

      Sponsor:
        With
        respect to any Securitization Transaction, the Person identified in writing
        to
        the Company by the Purchaser as sponsor for such Securitization
        Transaction.

       

      Static
        Pool Information:
        Static
        pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
        AB.

       

      Subcontractor:
        Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of Mortgage Loans but performs one or
        more
        discrete functions identified in Item 1122(d) of Regulation AB with respect
        to
        Mortgage Loans under the direction or authority of the Company or a
        Subservicer.

       

      Subservicer:
        Any
        Person that services Mortgage Loans on behalf of the Company or any Subservicer
        and is responsible for the performance (whether directly or through Subservicers
        or Subcontractors) of a substantial portion of the material servicing functions
        identified in Item 1122(d) of Regulation AB that are required to be performed
        by
        the Company under this Agreement or any Reconstitution Agreement.

       

      Third-Party
        Originator:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by the Company.

       

      Whole
        Loan Transfer:
        Any
        sale or transfer by the Purchaser of some or all of the Mortgage Loans, other
        than a Securitization Transaction.

       

      ARTICLE
        II

      COMPLIANCE
        WITH REGULATION AB

       

      Section
        2.01  Intent
        of the Parties; Reasonableness.

       

      The
        Purchaser and the Company acknowledge and agree that the purpose of Article
        II
        of this Reg AB Addendum is to facilitate compliance by the Purchaser and
        any
        Depositor with the provisions of Regulation AB and related rules and regulations
        of the Commission and that the provisions of this Reg AB Addendum shall be
        applicable to all Mortgage Loans included in a Securitization Transaction
        closing on or after January 1, 2006, regardless whether the Mortgage Loans
        were
        purchased by the Purchaser from the Company prior to the date hereof. 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 reasonable requests made by the Purchaser, any Master
        Servicer or any Depositor in good faith for delivery of information under
        these
        provisions on the basis of evolving interpretations of Regulation AB. In
        connection with any Securitization Transaction, the Company shall cooperate
        with
        the Purchaser to deliver to the Purchaser (including any of its assignees
        or
        designees), any Master Servicer and any Depositor, any and all statements,
        reports, certifications, records and any other information necessary in the
        good
        faith determination of the Purchaser, any Master Servicer or any Depositor
        to
        permit the Purchaser, such Master Servicer or such Depositor to comply with
        the
        provisions of Regulation AB, together with such disclosures relating to the
        Company, any Subservicer, any Third-Party Originator and the Mortgage Loans,
        or
        the servicing of the Mortgage Loans, reasonably believed by the Purchaser
        or any
        Depositor to be necessary in order to effect such compliance.

       

      The
        Purchaser and the Company also acknowledge and agree Section 2.02(a)(i)-(v),
        Section 2.03(c), (e) and (f), Section 2.04, Section 2.05 and Section 2.06
        of
        this Reg AB Addendum shall only be applicable with respect to any Mortgage
        Loan
        if the Company (or Subservicer, if any) services such Mortgage Loan following
        the closing date of a related Securitization Transaction. The Purchaser and
        the
        Company also acknowledge and agree that this Reg AB Addendum is intended
        to
        supplement the terms of the Agreement and, to the extent inconsistent, the
        rights and obligations under the Agreement shall continue to apply with respect
        to any Reconstitution (as defined in the Agreement) that is not covered by
        the
        definition of “Securitization Transaction” in this Reg AB Addendum; provided,
        however, that the requirement to provide an accountants’ report pursuant to
        Section 6.05 of the Agreement shall be deemed satisfied with respect to any
        Reconstitution that occurs on or following the date hereof by providing an
        accountants’ attestation that satisfies the requirements of Section 2.05(a)(ii)
        of this Reg AB Addendum.

       

      For
        purposes of this Reg AB Addendum, the term “Purchaser” shall refer to EMC
        Mortgage Corporation and its successors in interest and assigns. In addition,
        other than notices provided pursuant to Section 2.03(d) of this Reg AB Addendum,
        any notice or request that must be “in writing” or “written” may be made by
        electronic mail.

       

      Section
        2.02  Additional
        Representations and Warranties of the Company.

       

      (a)  The
        Company shall be deemed to represent to the Purchaser 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
        due to
        any act or failure to act of the Company; (ii) the Company has not been
        terminated as servicer in a residential mortgage loan securitization, either
        due
        to a servicing default or to application of a servicing performance test
        or
        trigger; (iii) no material noncompliance with the applicable servicing criteria
        with respect to other securitizations of residential mortgage loans involving
        the Company as servicer has been disclosed or reported by the Company; (iv)
        no
        material changes to the Company’s policies or procedures with respect to the
        servicing function it will perform under this Agreement and any Reconstitution
        Agreement for mortgage loans of a type similar to the Mortgage Loans have
        occurred during the three-year period immediately preceding the related
        Securitization Transaction; (v) there are no aspects of the Company’s financial
        condition that are reasonably expected to have a material adverse effect
        on the
        performance by the Company of its servicing obligations under this Agreement
        or
        any Reconstitution Agreement; (vi) there are no legal or governmental
        proceedings pending (or known to be contemplated) against the Company, any
        Subservicer or any Third-Party Originator that would be material to
        securityholders; and (vii) there are no affiliations, relationships or
        transactions relating to the Company, any Subservicer or any Third-Party
        Originator with respect to any Securitization Transaction and any party thereto
        identified in writing to the Company by the related Depositor of a type
        described in Item 1119 of Regulation AB.

       

      (b)  If
        so
        requested in writing by the Purchaser 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, the Company shall use its reasonable best efforts to
        within
        five (5) Business Days, but in no event later than seven (7) Business Days,
        following such request, confirm in writing the accuracy of the representations
        and warranties set forth in paragraph (a) of this Section or, if any such
        representation and warranty is not accurate as of the date of such request,
        provide reasonably adequate disclosure of the pertinent facts, in writing,
        to
        the requesting party.

       

      Section
        2.03  Information
        to Be Provided by the Company.

       

      In
        connection with any Securitization Transaction, the Company shall (i) use
        its
        reasonable best efforts to within five (5) Business Days, but in no event
        later
        than seven (7) Business Days, following written 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 in writing 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 reasonably requested for the purpose of compliance
        with
        Items 1103(a)(1), 1105, 1110, 1117 and 1119 of Regulation AB. Such information
        shall include, at a minimum (so long as required by Regulation AB):

       

      (A)  the
        originator’s form of organization;

       

      (B)  a
        description of the originator’s origination program and how long the originator
        has been engaged in originating residential mortgage loans, which description
        shall include a discussion of the originator’s experience in originating
        mortgage loans of a similar type as the Mortgage Loans; information regarding
        the size and composition of the originator’s origination portfolio; and
        information that may be material, in the good faith judgment of the Purchaser
        or
        any Depositor, to an analysis of the performance of the Mortgage Loans,
        including the originators’ credit-granting or underwriting criteria for mortgage
        loans of similar type(s) as the Mortgage Loans and such other information as the
        Purchaser or any Depositor may reasonably request for the purpose of compliance
        with Item 1110(b)(2) of Regulation AB;

       

      (C)  a
        description of any legal or governmental proceedings pending (or known to
        be
        contemplated) against the Company, each Third-Party Originator and each
        Subservicer that would be material to securityholders; and

       

      (D)  a
        description of any affiliation or relationship between the Company, each
        Third-Party Originator, each Subservicer and any of the following parties
        to a
        Securitization Transaction, as such parties are identified to the Company
        by the
        Purchaser or any Depositor in writing in advance of such Securitization
        Transaction:

       

      (1)  the
        sponsor;

      (2)  the
        depositor;

      (3)  the
        issuing entity;

      (4)  any
        servicer;

      (5)  any
        trustee;

      (6)  any
        originator;

      (7)  any
        significant obligor;

      (8)  any
        enhancement or support provider; and

      (9)  any
        other
        material transaction party.

       

      (b)  If
        so
        requested in writing by the Purchaser or any Depositor, the Company shall
        provide (or, as applicable, cause each Third-Party Originator to provide)
        vintage origination year Static Pool Information with respect to 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, but in
        each
        case only to the extent that (x) such mortgage loans were originated after
        July
        2004 and (y) (A) the Company has not sold such mortgage loans on a
        servicing-released basis or (B) such information relates to “original
        characteristics” as described in Item 1105(a)(3)(iii) of Regulation AB.
        Notwithstanding the preceding sentence, the Company shall not be required
        to
        provide Static Pool Information regarding cumulative losses with respect
        to any
        mortgage loans originated prior to January 1, 2006, which information is
        unavailable to the Company without unreasonable effort or expense. 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)(2)-(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 shall be presented in increments no less
        frequently than quarterly over the life of the mortgage loans included in
        the
        vintage origination year. The most recent periodic increment must be as of
        a
        date no later than 135 days prior to the date of the prospectus or other
        offering document in which the Static Pool Information is to be included
        or
        incorporated by reference. The Static Pool Information shall be provided
        in an
        electronic format that provides a permanent record of the information provided,
        such as a portable document format (pdf) file, or other such electronic format
        reasonably required by the Purchaser or the Depositor, as
        applicable.

       

      Promptly
        following notice or discovery of a material error in Static Pool Information
        provided pursuant to the immediately preceding paragraph (including an omission
        to include therein information required to be provided pursuant to such
        paragraph) during the applicable offering period for the securities, the
        Company
        shall provide corrected Static Pool Information to the Purchaser or any
        Depositor, as applicable, in the same format in which Static Pool Information
        was previously provided to such party by the Company.

       

      If
        so
        requested in writing by the Purchaser or any Depositor, the Company shall
        provide (or, as applicable, cause each Third-Party Originator to provide),
        at
        the expense of the requesting party (to the extent of any additional incremental
        expense associated with delivery pursuant to this Reg AB Addendum), such
        statements and agreed-upon procedures letters of certified public accountants
        reasonably acceptable to the Purchaser or Depositor, as applicable, pertaining
        to Static Pool Information relating 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 in writing by the Purchaser or any Depositor with respect to any
        Securitization Transaction for which 20% or more of the pool assets (measured
        by
        cut-off date principal balance) are serviced by the Company and any Subservicer
        or as otherwise required by Item 1108 of Regulation AB, the Company shall
        provide such information regarding the Company, as servicer of the Mortgage
        Loans, and each Subservicer (each of the Company and each Subservicer, for
        purposes of this paragraph, a “Servicer”),
        as is
        reasonably requested for the purpose of compliance with Item 1108 of Regulation
        AB. Such information shall include, at a minimum (so long as required by
        Regulation AB):

       

      (A)  the
        Servicer’s form of organization;

       

      (B)  a
        description of how long the Servicer has been servicing residential mortgage
        loans; a general discussion of the Servicer’s experience 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
        the Servicer is aware of or has received notice that any prior securitizations
        of mortgage loans of a type similar to the Mortgage Loans involving the Servicer
        have defaulted or experienced an early amortization or other performance
        triggering event because of servicing by the Servicer during the three-year
        period immediately preceding the related Securitization
        Transaction;

       

      (2)  the
        extent of outsourcing the Servicer utilizes;

       

      (3)  whether
        there has been previous disclosure of material noncompliance with the applicable
        servicing criteria with respect to other securitizations of residential mortgage
        loans involving the Servicer as a servicer during the three-year period
        immediately preceding the related Securitization Transaction;

       

      (4)  whether
        the Servicer has been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger; and

       

      (5)  such
        other information as the Purchaser or any Depositor may reasonably request
        for
        the purpose of compliance with Item 1108(b)(2) of Regulation AB;

       

      (C)  a
        description of any material changes during the three-year period immediately
        preceding the related Securitization Transaction to the Servicer’s policies or
        procedures with respect to the servicing function it will perform under the
        Agreement and any Reconstitution Agreements for mortgage loans of a type
        similar
        to the Mortgage Loans;

       

      (D)  information
        regarding the Servicer’s financial condition, to the extent that there is a
        material risk that an adverse financial event or circumstance involving the
        Servicer could have a material adverse effect on the performance by the Company
        of its servicing obligations under the Agreement or any Reconstitution
        Agreement;

       

      (E)  information
        regarding advances made by the Servicer on the Mortgage Loans and the Servicer’s
        overall servicing portfolio of residential mortgage loans for the three-year
        period immediately preceding the related Securitization Transaction, which
        may
        be limited to a statement by an authorized officer of the Servicer to the
        effect
        that the Servicer has made all advances required to be made on residential
        mortgage loans serviced by it during such period, or, if such statement would
        not be accurate, information regarding the percentage and type of advances
        not
        made as required, and the reasons for such failure to advance;

       

      (F)  a
        description of the Servicer’s processes and procedures designed to address any
        special or unique factors involved in servicing loans of a similar type as
        the
        Mortgage Loans;

       

      (G)  a
        description of the Servicer’s processes for handling delinquencies, losses,
        bankruptcies and recoveries, such as through liquidation of mortgaged
        properties, sale of defaulted mortgage loans or workouts; and

       

      (H)  information
        as to how the Servicer defines or determines delinquencies and charge-offs,
        including the effect of any grace period, re-aging, restructuring, partial
        payments considered current or other practices with respect to delinquency
        and
        loss experience.

       

      (d)  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) promptly notify
        the
        Purchaser, any Master Servicer and any Depositor in writing of (A) any
        litigation or governmental proceedings pending against the Company, any
        Subservicer or any Third-Party Originator that would be material to
        securityholders, (B) any affiliations or relationships that develop following
        the closing date of a Securitization Transaction between the Company, any
        Subservicer or any Third-Party Originator and any of the parties specified
        in
        clause (D) of paragraph (a) of this Section (and any other parties identified
        in
        writing by the requesting party) with respect to such Securitization
        Transaction, but only to the extent that such affiliations or relationships
        do
        not include the Purchaser or Depositor, (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
        notification should be sent to the Purchaser by e-mail to
        regABnotifications@bear.com. In addition notification pursuant to this Section
        2.03(d), other than those pursuant to Section 2.03(d)(i)(A), should be sent
        to:

       

      
        	 	
                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067-3884

                Attention:
                  Conduit Seller Approval Dept.

                Facsimile:
                  (214) 626-3751

                Email:
                  sellerapproval@bear.com

              
	 	 
	 	
                With
                  a copy to:

              
	 	
                Bear,
                  Stearns & Co. Inc.

                383
                  Madison Avenue, 3rd Floor 

                New,
                  York, NY 10179 

                Attention:
                  Global Credit Administration 

                Facsimile:
                  (212) 272-6564

              
	 	 
	 	
                Notifications
                  pursuant to Section 2.03(d)(i)(A) should be sent to:

              
	 	 
	 	
                EMC
                  Mortgage Corporation 

                Two
                  Mac Arthur Ridge

                909
                  Hidden Ridge Drive, Suite 200 

                Irving,
                  TX 75038

                Attention:
                  Associate General Counsel for Loan Administration 

                Facsimile:
                  (972) 831-2555

              
	 	 
	 	
                With
                  copies to:

              
	 	 
	 	
                Bear,
                  Stearns & Co. Inc.

                383
                  Madison Avenue, 3rd Floor 

                New,
                  York, NY 10179 

                Attention:
                  Global Credit Administration 

                Facsimile:
                  (212) 272-6564

              
	 	 
	 	
                EMC
                  Mortgage Corporation 

                2780
                  Lake Vista Drive 

                Lewisville,
                  TX 75067-3884 

                Attention:
                  Conduit Seller Approval Dept. 

                Facsimile:
                  (214) 626-3751

                Email:
                  sellerapproval@bear.com

              

      

      

       

      (e)  As
        a
        condition to the succession to the Company or any Subservicer as servicer
        or
        subservicer under the Agreement or any Reconstitution Agreement by any Person
        (i) into which the Company or such Subservicer may be merged or consolidated,
        or
        (ii) which may be appointed as a successor to the Company or any Subservicer,
        the Company shall provide to the Purchaser, any Master Servicer and any
        Depositor, at least 15 calendar days prior to the effective date of such
        succession or appointment, (x) written notice to the Purchaser 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 in writing 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 this Agreement, not later than ten
        days
        prior to the deadline for the filing of any distribution report on Form 10-D
        in
        respect of any Securitization Transaction that includes any of the Mortgage
        Loans serviced by the Company or any Subservicer, the Company or such
        Subservicer, as applicable, shall, to the extent the Company or such Subservicer
        has knowledge, provide to the party responsible for filing such report
        (including, if applicable, the Master Servicer) notice of the occurrence
        of any
        of the following events along with all information, data, and materials related
        thereto as may be required to be included in the related distribution report
        on
        Form 10-D (as specified in the provisions of Regulation AB referenced
        below):

       

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

       

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

       

      (iii)  information
        regarding any pool asset changes (such as, additions, substitutions or
        repurchases) and any material changes in origination, underwriting or other
        criteria for acquisition or selection of pool assets (Item 1121(a)(14) of
        Regulation AB).

       

      (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
        Omission Insurance policy, financial information and reports, and such other
        information related to the Company or any Subservicer or the Company or such
        Subservicer’s performance hereunder as may be reasonably requested by the
        Purchaser, any Master Servicer or any Depositor.

       

      Section
        2.04  Servicer
        Compliance Statement.

       

      The
        Company shall use reasonable efforts on or before March 1 of each calendar
        year,
        but in no event later than March 15 of each calendar year, commencing in
        2007,
        to deliver to the Purchaser, any Master Servicer and any Depositor a statement
        of compliance addressed to the Purchaser, 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)  The
        Company shall use reasonable efforts on or before March 1 of each calendar
        year,
        but in no event later than March 15 of each calendar year, commencing in
        2007,
        to:

       

      (i)  deliver
        to the Purchaser, any Master Servicer and any Depositor a report regarding
        the
        Company’s assessment of compliance with the Servicing Criteria during the
        immediately preceding calendar year, as required under Rules 13a-18 and 15d-18
        of the Exchange Act and Item 1122 of Regulation AB. Such report shall be
        addressed to the Purchaser, 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 a certification substantially in the form of Exhibit
        B
        hereto delivered to the Purchaser concurrently with the execution of this
        Reg AB
        Addendum;

       

      (ii)  deliver
        to the Purchaser, any Master Servicer and any Depositor a report of a registered
        public accounting firm that attests to, and reports on, the assessment of
        compliance made by the Company and delivered pursuant to the preceding
        paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3)
        and
        2-02(g) of Regulation S-X under the Securities Act and the Exchange
        Act;

       

      (iii)  cause
        each Subservicer, and each Subcontractor determined by the Company pursuant
        to
        Section 2.06(b) to be “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB, to deliver to the Purchaser and any
        Depositor an assessment of compliance and accountants’ attestation as and when
        provided in paragraphs (a) and (b) of this Section; and

       

      (iv)  deliver
        and cause each Subservicer and Subcontractor described in clause (iii) above
        to
        deliver to the Purchaser, any Master Servicer, any Depositor and any other
        Person that will be responsible for signing the certification (a “Sarbanes
        Certification”)
        required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant
        to
        Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed
        issuer with respect to a Securitization Transaction a certification signed
        by an
        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.

       

      (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 authorize any Subservicer
        to
        hire or otherwise utilize the services of any Subcontractor, to fulfill any
        of
        the obligations of the Company as servicer under the Agreement or any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (b) of this Section.

       

      (a)  It
        shall
        not be necessary for the Company to seek the consent of the Purchaser, any
        Master Servicer or any Depositor to the utilization of any Subservicer. The
        Company shall cause any Subservicer used by the Company (or by any Subservicer)
        for the benefit of the Purchaser and any Depositor to comply with the provisions
        of this Section and with Sections 2.02, 2.03(c), (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 written request provide to the Purchaser, any
        Master
        Servicer and any Depositor (or any designee of the Depositor, such as a master
        servicer or administrator) a written description (in form and substance
        reasonably satisfactory to the Purchaser, such Master Servicer and such
        Depositor) of the role and function of each Subcontractor utilized by the
        Company or any Subservicer, specifying (i) the identity of each such
        Subcontractor that is “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB as determined by the Company and (ii)
        which elements of the Servicing Criteria will be addressed in assessments
        of
        compliance provided by each Subcontractor identified pursuant to clause (i)
        of
        this paragraph.

       

      As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Company shall cause any such Subcontractor used by the
        Company (or by any Subservicer) for the benefit of the Purchaser 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,
        attestation and 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 Securitization Transaction: each
        Sponsor; 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 (each, an “Indemnified Party”) 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
        breach by the Company of its obligations under this Article II, or 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; or

       

      (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, 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 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.

       

      (i)  Any
        failure by the Company, any Subservicer or any Subcontractor to deliver any
        information, report, certification or accountants’ letter when and as required
        under Section 2.04 or 2.05, including any failure by the Company to identify
        pursuant to Section 2.06(b) any Subcontractor “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB, which continues
        unremedied for ten calendar days after the date on which such information,
        report, certification or accountants’ letter was required to be delivered shall
        constitute an Event of Default with respect to the Company under the Agreement
        and any applicable Reconstitution Agreement, and shall entitle the Purchaser
        or
        Depositor, as applicable, in its sole discretion to terminate the rights
        and
        obligations of the Company as servicer under the Agreement and/or any applicable
        Reconstitution Agreement without payment (notwithstanding anything in this
        Agreement to the contrary) of any compensation to the Company (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)  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 Reg AB Addendum.

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Purchaser and the Company have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	 	
                EMC
                  MORTGAGE CORPORATION, as Purchaser

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	 	 	 
	 	
                WACHOVIA
                  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 Wachovia Mortgage Corporation, 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 pursuant 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
        the
        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 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

              
	
                1
                  122(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

              
	
                1
                  122(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 I I 14(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 

      

      

       

      

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      R-8

    

    WELLS
      FARGO SERVICING AGREEMENT

    

    

    

      

      

      

      

      

      EMC
        MORTGAGE CORPORATION

      Purchaser

       

      
 

      and

       

      
 

      WELLS
        FARGO BANK, N.A.

      Company

      

      

      

      

      _____________________________________________________

      

      

      AMENDED
        AND RESTATED MASTER 

      SELLER'S
        WARRANTIES AND SERVICING AGREEMENT

      

      Dated
        as of November 1, 2005

      

      _____________________________________________________

      

      

      

      Fixed
        Rate and Adjustable Rate Mortgage Loans

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      This
        is
        an Amended and Restated Master Seller's Warranties and Servicing Agreement
        for
        residential first mortgage loans, dated and effective as of November 1, 2005,
        and is executed between EMC Mortgage Corporation, as purchaser (the
        "Purchaser"), and Wells Fargo Bank, N.A., as seller and servicer (the
        "Company").

      

      

      
        W I T N ES S E T H
          :

      

      

      

      WHEREAS,
        the Purchaser has agreed to purchase from the Company and the Company has
        agreed
        to sell to the Purchaser from time to time (each a “Transaction”) certain
        residential Mortgage Loans which shall be delivered as whole loans (each
        a “Loan
        Package”) on various dates (each a “Closing Date”) as provided for in certain
        Assignment and Conveyance Agreements by and between the Purchaser and the
        Company as executed from time to time; and

      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 related Mortgage Loan Schedule; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the manner of purchase of
        the
        Mortgage Loans and the conveyance, 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

      

      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 mortgage servicing practices of prudent
        mortgage lending institutions which service mortgage loans of the same type
        as
        such Mortgage Loan in the jurisdiction where the related Mortgaged Property
        is
        located.

      

      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
        Transfer:
        Any
        sale or transfer of some or all of the Mortgage Loans by the Purchaser to
        an
        Agency which sale or transfer is not a Securitization Transaction or Whole
        Loan
        Transfer.

      

      Agreement:
        This
        Amended and Restated Master Seller's Warranties and Servicing Agreement and
        all
        amendments hereof and supplements hereto.

      

      ALTA:
        The
        American Land Title Association or any successor thereto.

      

      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, 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.

      

      Assignment
        and Conveyance Agreement: With
        respect to each Transaction, the agreement between the Purchaser and the
        Company
        conveying to the Purchaser all the right, title and interest of the Company
        in
        and to the related Mortgage Loans listed on the related Mortgage Loan Schedule,
        a form of which is attached hereto as Exhibit A.

      

      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 or if the related Mortgage has been recorded in the name of MERS
        or
        its designee, such actions as are necessary to cause the Purchaser 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 or 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:
        The
        date or dates, set forth in the related Commitment Letter, on which from
        time to
        time the Purchaser shall purchase and the Company shall sell the Mortgage
        Loans
        listed on the related Mortgage Loan Schedule for each Transaction.

      

      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 letter executed in relation to each Transaction that sets forth,
        among other things, the Purchase Price for the related Mortgage
        Loans.

      

      Company:
        Wells
        Fargo Bank, N.A., or its successor in interest or assigns, or any successor
        to
        the Company under this Agreement appointed as herein provided.

      

      Company
        Information:
        As
        defined in Section 9.01(f)(i)(A).

      

      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
        Lien Search:
        A
        search for (a) federal tax liens, mechanics’ liens, lis
        pendens,
        judgments of record or otherwise against (i) the Cooperative, (ii) the seller
        of
        the Cooperative Apartment and (iii) the Company if the Cooperative Loan is
        a
        refinanced Mortgage Loan, (b) filings of financing statements and (c) the
        deed
        of the Project into the Cooperative.

       

      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.

      

      Covered
        Loan:
        A
        Mortgage Loan categorized as “Covered” pursuant to the Standard & Poor’s
        Glossary for File Format for LEVELS® Version 5.6, Appendix E, as revised from
        time to time and in effect on each related Closing Date.

       

      Custodial
        Account:
        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 B.

      

      Custodial
        Mortgage File:
        The
        items referred to as items (1), (2), (4), (5) and (10) in Exhibit C annexed
        hereto to be delivered by the Company to the Custodian on the related Closing
        Date with respect to a particular Mortgage Loan, and any additional documents
        required to be added to the Custodial Mortgage File and delivered to the
        custodian pursuant to this Agreement.

      

      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 Transaction, the first day of the month in which the related
        Closing Date occurs.

      

      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.

      

      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 in the first
        day of
        the month of the Remittance Date.

      

      Electronic
        Data File:
        The
        final electronic file of the Mortgage Loans, in relation to each Transaction,
        provided by Company to the Purchaser on or before the related Closing
        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.

      

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

      

      Fannie
        Mae:
        The
        Federal National Mortgage Association 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.

      

      Freddie
        Mac:
        The
        Federal Home Loan Mortgage Corporation or any successor thereto.

      

      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 Interest Rate, as set forth in the Mortgage Loan
        Schedule.

      

      High
        Cost Loan:
        A
        Mortgage Loan classified as (a) a “high cost” loan under the Home Ownership and
        Equity Protection Act of 1994, (b) a “high cost home,” “threshold,” “covered,”
“high risk home,” “predatory” or similar loan under any other applicable state,
        federal or local law or (c) a Mortgage Loan categorized as “High Cost” pursuant
        to the Standard & Poor’s Glossary for File Format for LEVELS® Version 5.6,
        Appendix E, as revised from time to time and in effect on each related Closing
        Date. 

       

      Home
        Loan:
        A
        Mortgage Loan categorized as “Home Loan” pursuant to the Standard & Poor’s
        Glossary for File Format for LEVELS® Version 5.6, Appendix E, as revised from
        time to time and in effect on each related Closing Date.

      

      Incremental
        Interest:
        As to
        any Incremental Rate Mortgage Loan, the amount of interest accrued on such
        Mortgage Loan attributable to the Incremental Rate; provided, however, that
        with
        respect to any payment of interest received in respect of such a Mortgage
        Loan
        (whether paid by the Mortgagor or received as Liquidation Proceeds or otherwise)
        which is less than the full amount of interest then due with respect to such
        Mortgage Loan, only that portion of such payment of interest that bears the
        same
        relationship to the total amount of such payment of interest as the Incremental
        Rate, if any, in respect of such Mortgage Loan bears to the Mortgage Interest
        Rate shall be allocated to the Incremental Interest with respect
        thereto.

      

      Incremental
        Rate:
        For an
        Incremental Rate Mortgage Loan, the per annum increase to the initial Mortgage
        Interest Rate set forth in the addendum to the related Mortgage Note, which
        increase takes effect upon the occurrence of certain specified conditions
        prior
        to the first Adjustment Date and remains in effect until the first Adjustment
        Date.

      

      Incremental
        Rate Mortgage Loan:
        A
        Mortgage Loan for which the related Mortgage Note includes an addendum that
        allows for an increase to the initial Mortgage Interest Rate upon the occurrence
        of certain specified conditions.

      

      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 thereon.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Interest
        Only Mortgage Loan:
        A
        Mortgage Loan for which an interest-only payment feature is allowed during
        the
        interest-only period set forth in the related Mortgage Note.

      

      Lender
        Paid Mortgage Insurance Policy or LPMI Policy:
        A PMI
        Policy for which the Company pays all premiums from its own funds, without
        reimbursement therefor.

      

      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.

      

      MERS:
        Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or
        any
        successor in interest thereto.

      

      MERS
        Mortgage Loan:
        Any
        Mortgage Loan registered with MERS on the MERS System

      

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

      

      MIN:
        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 Company 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 on a Mortgage Loan or
        in the
        case of an Interest Only Mortgage Loan, payments of (i) interest, or (ii)
        principal and interest, if applicable, on a 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
        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, which Mortgage Loan includes without limitation the
        Retained Mortgage File, the Custodial Mortgage File, the Monthly Payments,
        Principal Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance
        Proceeds, REO Disposition Proceeds and all other rights, benefits, proceeds
        and
        obligations arising from or in connection with such Mortgage Loan.

      

      Mortgage
        Loan Documents:
        With
        respect to a Mortgage Loan, the original related Mortgage Note with applicable
        addenda and riders, the original related Security Instrument and the originals
        of any required addenda and riders, the original related Assignment and any
        original intervening related Assignments, the original related title insurance
        policy and evidence of the related PMI Policy, if any.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate.

      

      Mortgage
        Loan Schedule:
        With
        respect to each Transaction, a schedule of Mortgage Loans, which shall be
        attached to the related Assignment and Conveyance Agreement, setting forth
        the
        following information with respect to each Mortgage Loan: (1) the Company’s
        Mortgage Loan number; (2) the city state and zip code of the Mortgaged Property;
        (3) a code indicating whether the Mortgaged Property is a single family
        residence, two-family residence, three-family residence, four-family residence,
        a Cooperative Loan, planned unit development or condominium; (4) the current
        Mortgage Interest Rate; (5) the current net Mortgage Interest Rate; (6) the
        current Monthly Payment; (7) the Gross Margin; (8) the original term to
        maturity; (9) the scheduled maturity date; (10) the principal balance of
        the
        Mortgage Loan as of the related Cut-off Date after deduction of payments
        of
        principal due on or before the related Cut-off Date whether or not collected;
        (11) the Loan-to-Value; (12) the next Adjustment Date; (13) the lifetime
        Mortgage Interest Rate cap; (14) whether the Mortgage Loan is convertible
        or
        not; (15) a code indicating the mortgage guaranty insurance company; (16)
        a code
        indicating whether the Mortgage Loan contains pledged assets; (17) a code
        indicating whether the Mortgage Loan has balloon payments; (18) a code
        indicating whether the Mortgage Loan is an Interest Only Mortgage Loan;
(16)
        a
        field indicating whether the Mortgage Loan is a Home Loan; and
        (17)
        the Servicing Fee.

      

      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 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.

      

      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, limited liability company, joint venture,
        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.

      

      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
        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. 

       

      Purchaser:
        EMC
        Mortgage Corporation, or its successor in interest or any successor to the
        Purchaser under this Agreement as herein provided.

      

      Purchase
        Price:
        The
        purchase price for each Loan Package shall be as stated in the related
        Commitment Letter.

      

      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-purchased or post-purchased quality assurance procedures (which
        may
        involve, among other things, review of a sample or mortgage loans purchased
        during a particular time period or through particular channels) designed
        to
        ensure that Persons from which it purchased mortgage loans properly applied
        the
        underwriting criteria designated by the Company.

      

      Qualified
        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 Group or Prime-1 by Moody’s Investors Service,
        Inc. (or a comparable rating if another rating agency is specified by the
        Purchaser by written notice to the Company) 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.

      

      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, (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 two percent (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) be of the same type as the Deleted
        Mortgage Loan and (v) comply with each representation and warranty set forth
        in
        Sections 3.01 and 3.02.

      

      Rating
        Agency/Agencies:
        Any
        nationally recognized statistical Rating Agency, or its successors, including
        Standard & Poor’s, a division of The McGraw-Hill Companies, Moody’s
        Investors Service, Inc. and Fitch Ratings.

      

      Recognition
        Agreement:
        An
        agreement whereby a Cooperative and a lender with respect to a Cooperative
        Loan
        (i) acknowledge that such lender may make, or intends to make, such Cooperative
        Loan, and (ii) make certain agreements with respect to such Cooperative
        Loan.

      

      Reconstitution:
        Any
        Securitization Transaction or Whole Loan Transfer.

      

      Reconstitution
        Agreement:
        The
        agreement or agreements entered into by the Company and the Purchaser 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 a Securitization
        Transaction, Agency Transfer or Whole Loan Transfer pursuant to Section 9.01
        hereof. The Reconstitution Date shall be such date as the Purchaser shall
        designate. 

      

      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.

      

      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:
        Unless
        agreed otherwise by the Purchaser and the Company, a price equal to (i) the
        Stated Principal Balance of the Mortgage Loan plus (ii) interest on such
        Stated
        Principal Balance at the Mortgage Loan Remittance Rate from the date on which
        interest has last been paid and distributed to the Purchaser through the
        last
        day of the month in which such repurchase takes place, 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.

      

      Retained
        Mortgage File:
        The
        items referred to as items (3), (6), (7), (8) and (9) in Exhibit C annexed
        hereto with respect to a particular Mortgage Loan that are not required to
        be
        delivered to the Custodian pursuant to this Agreement, and any additional
        documents required to be added to the Retained Mortgage File pursuant to
        this
        Agreement.

      

      Securities
        Act:
        The
        Securities Act of 1933, as amended.

      

      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.

      

      Servicer:
        As
        defined in Section 9.01(e)(iii).

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses other
        than Monthly Advances (including reasonable attorney's 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 or judicial
        proceedings, including foreclosures, (c) the management and liquidation of
        any
        REO Property and (d) compliance with the obligations under Section 4.08 and
        4.10
        (excluding the Company’s obligations 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 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 received. 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, 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:
        The per
        annum percentage for each Mortgage Loan, as stated in the Commitment
        Letter.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Retained 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.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan, (i) the principal balance of the Mortgage Loan at the
        related 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 related Mortgage Loan
        representing payments or recoveries of principal or advances in lieu thereof.
        

      

      Static
        Pool Information:
        Static
        pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
        AB.

      

      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 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.

       

      Subsidy
        Account:
        An
        account maintained by the Company specifically to hold all Subsidy Funds
        to be
        applied to individual Subsidy Loans.

      

      Subsidy
        Funds:
        With
        respect to any Subsidy Loans, funds contributed by the employer of a Mortgagor
        in order to reduce the payments required from the Mortgagor for a specified
        period in specified amounts.

      

      Subsidy
        Loan:
        Any
        Mortgage Loan subject to a temporary interest subsidy agreement pursuant
        to
        which the monthly interest payments made by the related Mortgagor will be
        less
        than the scheduled monthly interest payments on such Mortgage Loan, with
        the
        resulting difference in interest payments being provided by the employer
        of the
        Mortgagor. Each Subsidy Loan will be identified as such in the related
        Electronic Data File.

      

      Third-Party
        Originator:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by the Company.

      

      Time$aver®
        Mortgage Loan:
        A
        Mortgage Loan which has been refinanced pursuant to a Company program that
        allows a rate/term refinance of an existing Company serviced loan with minimal
        documentation.

      

      Whole
        Loan Transfer:
        Any
        sale or transfer of some or all of the Mortgage Loans by the Purchaser to
        a
        third party, which sale or transfer is not a Securitization Transaction or
        Agency Transfer.

      

       

      ARTICLE
        II

       

      

       

      CONVEYANCE
        OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES; BOOKS AND RECORDS; CUSTODIAL
        AGREEMENT; DELIVERY OF DOCUMENTS

      

      Section
        2.01 Conveyance
        of Mortgage Loans; Possession of Custodial Mortgage Files; Maintenance of
        Retained Mortgage Files and Servicing Files.

      

      Pursuant
        to an Assignment and Conveyance Agreement, on the related Closing Date, the
        Company, simultaneously with the payment of the Purchase Price by the Purchaser,
        shall thereby sell, transfer, assign, set over and convey to the Purchaser,
        without recourse, but subject to the terms of this Agreement and the related
        Assignment and Conveyance Agreement, all the right, title and interest of
        the
        Company in and to the Mortgage Loans listed on the respective Mortgage Loan
        Schedule annexed to such Assignment and Conveyance Agreement, together with
        the
        Retained Mortgage Files and Custodial Mortgage Files and all rights and
        obligations arising under the documents contained therein. Pursuant to Section
        2.03, the Company shall deliver the Custodial Mortgage File for each Mortgage
        Loan comprising the related Loan Package to the Custodian.

      

      The
        contents of each Retained Mortgage File not delivered to the Custodian are
        and
        shall be held in trust by the Company for the benefit of the Purchaser as
        the
        owner thereof. The Company shall maintain a Servicing File consisting of
        a copy
        of the contents of each Custodial Mortgage File and the originals of the
        documents in each Retained Mortgage File not delivered to the Custodian.
        The
        possession of each Retained Mortgage File and 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 Custodial 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.
        All
        such costs associated with the release, transfer and re-delivery to the Company
        shall be the responsibility of the Purchaser other than any related recording
        costs (especially in instances of breach).

      

      In
        addition, in connection with the assignment of any MERS Mortgage Loan, the
        Company agrees that it will cause, the MERS® System to indicate that such
        Mortgage Loans have been assigned by the Company to the Purchaser in accordance
        with this Agreement by including (or deleting, in the case of Mortgage Loans
        which are repurchased in accordance with this Agreement) in such computer
        files
        the information required by the MERS® System to identify the Purchaser as
        beneficial owner of such Mortgage Loans. 

      

      Section
        2.02 Books
        and Records; Transfers of Mortgage Loans.

      

      From
        and
        after the sale of the Mortgage Loans to the Purchaser in the related Loan
        Package on each Closing Date, all rights arising out of such Mortgage Loans
        including but not limited to all funds received on or in connection with
        such
        Mortgage Loans, shall be received and held by the Company in trust for the
        benefit of the Purchaser as owner of such Mortgage Loans, and the Company
        shall
        retain record title to the related Mortgages for the sole purpose of
        facilitating the servicing and the supervision of the servicing of such Mortgage
        Loans.

      

      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 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
        records
        of periodic inspections 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 the Fannie Mae Selling and
        Servicing Guide, as amended from time to time.

      

      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 such 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 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 shall release
        the previous Purchaser 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 Company 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 Company’s duties to remit
        and report as required by Section 5 shall begin with the next Due
        Period.

      

      Section
        2.03 Custodial
        Agreement; Delivery of Documents.

      

      On
        each
        Closing Date with respect to each Mortgage Loan comprising the related Loan
        Package, the Company shall deliver and release to the Custodian the related
        Custodial Mortgage File as set forth in Exhibit C attached hereto.

      

      The
        Custodian shall certify its receipt of any Mortgage Loan Documents actually
        received on or prior to such Closing Date and as required to be delivered
        pursuant to the Custodial Agreement, as evidenced by the Initial Certification
        of the Custodian in the form annexed to the Custodial Agreement. The Purchaser
        will be responsible for the fees and expenses of the Custodian.

      

      Upon
        the
        Purchaser’s request, the Company shall deliver to Purchaser or its designee
        within ten (10) days after such request such contents of the Retained Mortgage
        file so requested. In the event that the company fails to deliver to the
        Purchaser or its designee the requested contents of the Retained Mortgage
        File
        within such ten-day period, and if the Company does not cure such failure
        within
        five (5) days following receipt of written notification of such failure,
        the
        Company shall repurchase each related Mortgage Loan at the price and in the
        manner specified in 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 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
        which the Company is required to deliver at any time to the Custodian in
        accordance with the terms of the Custodial Agreement or which the Company
        is
        required to maintain in the related Retained Mortgage File, the Company shall
        deliver to the Custodian or to the Retained Mortgage File, as applicable,
        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 Company will be
        required to deliver such document to the Custodian or to the Retained Mortgage
        File, as applicable, 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.

      

      In
        the
        event that new, replacement, substitute or additional Stock Certificates
        are
        issued with respect to existing Cooperative Shares, the Company immediately
        shall deliver to 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 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 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
                  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
                  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 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 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.

              

      

      

      
        	 	 	
                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;

              

      

      

      
        	 	
                (f)

              	
                Ability
                  to Perform.

              

      

      

      
        	 	 	
                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 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
                  approval
                  has been obtained prior to the related Closing
                  Date;

              

      

      

      
        	 	
                (i)

              	
                Selection
                  Process.
                  

              

      

      

      The
        Mortgage Loans were selected from among either the outstanding fixed rate
        or
        adjustable rate one- to four-family mortgage loans in the Company's mortgage
        banking portfolio at the related Closing Date as to which the representations
        and warranties set forth in Section 3.02 could be made and such selection
        was
        not 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
                  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;

              

      

      

      
        	 	
                (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; and
                  

              

      

      

      
        	(n)  	
                MERS.

              

      

      

      The
        Company is a member of MERS in good standing.

      

      

      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:

      

      
        	 	
                (a)

              	
                Mortgage
                  Loans as Described.

              

      

      

      
        	 	 	
                The
                  information set forth in the respective Mortgage Loan Schedule
                  and the
                  information contained on the respective Electronic Data File delivered
                  to
                  the Purchaser is true and correct;

              

      

      

      
        	 	
                (b)

              	
                Payments
                  Current.

              

      

      

      
        	 	 	
                All
                  payments required to be made up 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 been thirty (30)
                  days
                  delinquent more than one time within twelve (12) months prior to
                  the
                  related Closing Date;

              

      

      

      
        	 	
                (c)

              	
                No
                  Outstanding Charges.

              

      

      

      
        	 	 	
                There
                  are no defaults in complying with the terms of the Mortgages, and
                  all
                  taxes, governmental assessments, insurance premiums, leasehold
                  payments,
                  water, sewer and municipal charges, which previously became due
                  and owing
                  have been paid, or an escrow of funds has been established in an
                  amount
                  sufficient to pay for every such item which remains unpaid and
                  which has
                  been assessed but is not yet due and payable. The Seller has not
                  advanced
                  funds, or induced, 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;

              

      

      

      
        	 	
                (d)

              	
                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 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 related Mortgage Loan
                  Schedule.
                  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 was delivered to the Custodian pursuant
                  to the
                  terms of the Custodial Agreement;

              

      

      

      
        	 	
                (e)

              	
                No
                  Defenses.

              

      

      

      
        	 	 	
                The
                  Mortgage Loan is 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;

              

      

      

      
        	 	
                (f)

              	
                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 release, cancellation, subordination
                  or rescission;

              

      

      

      
        	 	
                (g)

              	
                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;

              

      

      

      With
        respect to each Cooperative Loan, the Mortgage Note, the Mortgage, the Pledge
        Agreement, 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, the Mortgage, the Pledge Agreement,
        the
        Proprietary Lease, the Stock Power, Recognition Agreement and the Assignment
        of
        Proprietary Lease had legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver such documents, and such documents have been duly and
        properly executed by such parties;

      

      

      (h) No
        Fraud.

      

      
        	 	 	
                No
                  error, omission, misrepresentation, negligence, fraud or similar
                  occurrence with respect to a Mortgage Loan has taken place on the
                  part of
                  the Company, or the Mortgagor, or to the best of the Company’s knowledge,
                  any appraiser, any builder, or any developer, or any other party
                  involved
                  in the origination of the Mortgage Loan or in the application of
                  any
                  insurance in relation to such Mortgage
                  Loan;

              

      

      

      
        	 	
                (i)

              	
                Compliance
                  with Applicable Laws.

              

      

      

      
        	 	 	
                Any
                  and all requirements of any federal, state or local law including,
                  without
                  limitation, usury, truth-in-lending, real estate settlement procedures,
                  consumer credit and privacy protection, equal credit opportunity,
                  disclosure or predatory and abusive lending laws applicable to
                  the
                  Mortgage Loan have been complied with, 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;

              

      

      

      
        	 	
                (j)

              	
                Location
                  and Type of Mortgaged Property.

              

      

      

      
        	 	 	
                The
                  Mortgaged Property is located in the state identified in the related
                  Mortgage Loan Schedule and consists of a single, 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 a Cooperative Apartment, or an individual
                  unit in
                  a planned unit development or a townhouse, provided, however, that
                  any
                  condominium project or planned unit development shall conform with
                  the
                  applicable Fannie Mae requirements, or the underwriting guidelines
                  of the
                  company, regarding such dwellings, and no residence or dwelling
                  is a
                  mobile home. As of the respective date of the appraisal for each
                  Mortgaged
                  Property, any Mortgaged Property being used for commercial purposes
                  conforms to the underwriting guidelines of the Company and, to
                  the best of
                  the Company’s knowledge, since the date of such appraisal, no portion of
                  the Mortgage Property has been used for commercial purposes outside
                  of the
                  underwriting guidelines of the
                  Company;

              

      

      

      (k) 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; and

              

      

      

      
        	 	
                (3)

              	
                other
                  matters to which like properties are commonly subject which do
                  not
                  materially interfere with the benefits of the security intended
                  to be
                  provided by 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;

              

      

      

      With
        respect to each Cooperative Loan, each Pledge Agreement creates a valid,
        enforceable and subsisting first security interest in the Cooperative Shares
        and
        Proprietary Lease, subject only to (i) the lien of the related Cooperative
        for
        unpaid assessments representing the Mortgagor’s pro rata share of the
        Cooperative’s payments for its blanket mortgage, current and future real
        property taxes, insurance premiums, maintenance fees and other assessments
        to
        which like collateral is commonly subject and (ii) other matters to which
        like
        collateral is commonly subject which do not materially interfere with the
        benefits of the security intended to be provided by the Pledge Agreement;
        provided, however, that the appurtenant Proprietary Lease may be subordinated
        or
        otherwise subject to the lien of any mortgage on the Project;

      

      (l) Full
        Disbursement of Proceeds.

      

      
        	 	 	
                The
                  proceeds of the Mortgage Loan have been fully disbursed, except
                  for
                  escrows established or created due to seasonal weather conditions,
                  and
                  there is no requirement for future advances thereunder. 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;

              

      

      

      
        	 	
                (m)

              	
                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
                  related
                  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
                  Seller
                  shall not make future advances after the related Cut-Off
                  Date;

              

      

      

      (n) 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,
                  charges or security interests of any nature encumbering such Mortgage
                  Loan;

              

      

      

      (o) 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 which 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) organized
                  under
                  the laws of such state, or (3) qualified to do business in such
                  state, or
                  (4) federal savings and loan associations or national banks having
                  principal offices in such state, or (5) not doing business in such
                  state;

              

      

      

      (p) LTV,
        PMI Policy.

      

      
        	 	 	
                Each
                  Mortgage Loan has an LTV as set forth in the related Mortgage Loan
                  Schedule and related Electronic Data File. Except as indicated
                  on the
                  Electronic Data File, those Mortgage Loans with an LTV greater
                  than 80% at
                  the time of origination, a portion of the unpaid principal balance
                  of the
                  Mortgage Loan is and will be insured as to payment defaults by
                  a PMI
                  Policy. If the Mortgage Loan is insured by a PMI Policy for which
                  the
                  Mortgage pays all premiums, the coverage will remain in place until
                  (i)
                  the LTV is decreased to 78% or (ii) the PMI Policy is otherwise
                  terminated
                  pursuant to the Homeowners Protection Act of 1998, 12 USC 4901,
                  et seq.
                  All provisions of such PMI Policy and LPMI Policy have been and
                  are being
                  complied with, such PMI Policy and LPMI Policy is in full force
                  and
                  effect, and all premiums due thereunder have been paid. The Qualified
                  Insurer has a claims paying ability acceptable to Fannie Mae or
                  Freddie
                  Mac. Any Mortgage Loan subject to a PMI Policy obligates the Mortgagor
                  or
                  in the case of an LPMI Policy, obligates the Company, thereunder
                  to
                  maintain the PMI Policy or LPMI Policy and to pay all premiums
                  and charges
                  in connection therewith. The Mortgage Interest Rate for the Mortgage
                  Loan
                  as set forth on the related Mortgage Loan Schedule is net of any
                  such
                  insurance premium. No prior holder of the Mortgage, including the
                  Company,
                  has done, by act or omission, anything which would impair the coverage
                  of
                  such PMI Policy or LPMI Policy;

              

      

      

      (q) Title
        Insurance.

      

      
        	 	 	
                The
                  Mortgage Loan is covered by an ALTA lender's title insurance policy
                  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) and (3) of Paragraph (k) of this
                  Section
                  3.02, and 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 and Monthly Payment. The
                  Company
                  is the sole insured of such lender's title insurance policy, and
                  such
                  lender's title insurance policy is in full force and effect and
                  will be in
                  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 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;

              

      

      

      (r) 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;

              

      

      

      (s) 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 which are not insured against by the title
                  insurance policy referenced in Paragraph (q)
                  above;

              

      

      

      (t) Location
        of Improvements; No Encroachments.

      

      
        	 	 	
                Except
                  as insured against by the title insurance policy referenced in
                  Paragraph
                  (q) above, 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;

              

      

      

      
        	 	
                (u)

              	
                Payment
                  Terms.

              

      

      

      
        	 	 	
                Except
                  with respect to the Interest Only Mortgage Loans, principal payments
                  commenced no more than 60 days after the funds were disbursed to the
                  Mortgagor in connection with the Mortgage Loan. The Mortgage Loans
                  have an
                  original term to maturity of not more than 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
                  Gross Margin, rounded up or down to the nearest multiple of 0.125%
                  indicated by the Mortgage Note; provided that the Mortgage Interest
                  Rate
                  will not increase or decrease by more than 2.00% on any Adjustment
                  Date,
                  and will in no 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. Each adjustable rate 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; provided however, with respect
                  to any
                  Interest Only Mortgage Loans, the Mortgage Note allows a Monthly
                  Payment
                  of interest only during the period prior to the first Adjustment
                  Date and
                  upon the first adjustment to the Mortgage Interest Rate, the Mortgage
                  Note
                  requires a Monthly Payment of principal and interest, sufficient
                  to fully
                  amortize the outstanding principal balance over the then remaining
                  term of
                  such Mortgage Loan. As to each adjustable rate Mortgage Loan, if
                  the
                  related Mortgage Interest Rate changes on an adjustment date, the
                  then
                  outstanding principal balance will be reamortized over the remaining
                  life
                  of such Mortgage Loan. No Mortgage Loan contains terms or provisions
                  which
                  would result in negative amortization;

              

      

      

      (v) Customary
        Provisions.

      

      
        	 	 	
                The
                  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, (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;

              

      

      

      (w) Occupancy
        of the Mortgaged Property.

      

      
        	 	 	
                As
                  of the date of origination, the Mortgaged Property was lawfully
                  occupied
                  under applicable law;

              

      

      

      (x) No
        Additional Collateral.

      

      
        	 	 	
                The
                  Mortgage Note is not and has not been secured by any collateral,
                  pledged
                  account, except as indicated on the Electronic Data File, 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 (k) above;

              

      

      

      (y) 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;

              

      

      

      (z) 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;

              

      

      

      (aa) Transfer
        of Mortgage Loans.

      

      
        	 	 	
                If
                  the Mortgage Loan is not a MERS Mortgage Loan, the Assignment upon
                  the
                  insertion of the name of the assignee and recording information
                  is in
                  recordable form and is acceptable for recording under the laws
                  of the
                  jurisdiction in which the Mortgaged Property is
                  located;

              

      

      

      (bb) Mortgaged
        Property Undamaged.

      

      
        	 	 	
                The
                  Mortgaged Property is 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;

              

      

      

      (cc) Collection
        Practices; Escrow Deposits.

      

      
        	 	 	
                The
                  origination 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;

              

      

      

      (dd) 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;

              

      

      

      (ee) The
        Appraisal.

      

      
        	 	 	
                The
                  Servicing File contains an appraisal of the related Mortgaged Property.
                  As
                  to each Time$aver® Mortgage Loan, the appraisal may be from the original
                  of the existing Company-serviced loan, which was refinanced via
                  such
                  Time$aver® Mortgage Loan. The appraisal was conducted by an appraiser who
                  had no interest, direct or indirect, in the Mortgaged Property
                  or in any
                  loan made on the security thereof; and whose compensation is not
                  affected
                  by the approval or disapproval of the Mortgage Loan, and the appraisal
                  and
                  the appraiser both satisfy the applicable requirements of Title
                  XI of the
                  Financial Institution Reform, Recovery, and Enforcement Act of
                  1989 and
                  the regulations promulgated thereunder, all as in effect on the
                  date the
                  Mortgage Loan was originated;

              

      

      

      (ff) Insurance.

      

      
        	 	 	
                The
                  Mortgaged Property securing each Mortgage Loan is insured by an
                  insurer
                  acceptable 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
                  the
                  requirements of Section 4.10, in an amount which is at least equal
                  to the
                  lesser of (a) 100% of the insurable value, on a replacement cost
                  basis, of
                  the improvements on the related Mortgaged Property, and (b) the
                  greater of
                  (i) the outstanding principal balance of the Mortgage Loan and
                  (ii) 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. 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, 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, 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. The hazard 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;

              

      

      

      
        	 	
                (gg)

              	
                Servicemembers’
                  Civil Relief Act.

              

      

      

      
        	 	 	
                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;

              

      

      

      
        	 	
                (hh)

              	
                No
                  Graduated Payments or Contingent Interests.

              

      

      

      
        	 	 	
                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;

              

      

      

      
        	 	
                (ii)

              	
                No
                  Construction Loans.

              

      

      

      
        	 	 	
                No
                  Mortgage Loan was made in connection with (i) the construction
                  or
                  rehabilitation of a Mortgage 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;

              

      

      

      
        	 	
                (jj)

              	
                Underwriting.

              

      

      

      
        	 	 	
                Each
                  Mortgage Loan was underwritten in accordance with the underwriting
                  guidelines of the Company, which were in effect at the time the
                  Mortgage
                  Loan was originated; and the Mortgage Note and Mortgage are on
                  forms
                  acceptable to Freddie Mac or Fannie
                  Mae;

              

      

      

      
        	 	
                (kk)

              	
                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 appraiser of the Mortgaged
                  Property;

              

      

      

      
        	 	
                (iii)

              	
                The
                  Buydown Funds may not be refunded to the Mortgagor unless the Mortgagor
                  makes a principal payment for the outstanding balance of the Mortgage
                  Loan;

              

      

      

      
        	 	
                (iv)

              	
                As
                  of the date of origination of the Mortgage Loan, the provisions
                  of the
                  related Buydown Agreement complied with the requirements of Fannie
                  Mae or
                  Freddie Mac regarding buydown
                  agreements.

              

      

      

      
        	 	
                (ll)

              	
                Delivery
                  of Custodial Mortgage Files.

              

      

      

      Any
        documents required to be delivered by the Company under this Agreement have
        been
        delivered to the Custodian. The Company is in possession of a complete, true
        and
        accurate Retained Mortgage File and Custodial Mortgage File in compliance
        with
        Exhibit C hereto;

      

      
        	 	
                (mm)

              	
                No
                  Violation of Environmental Laws.

              

      

      

      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; 

      

      
        	 	
                (nn)

              	
                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, as of the related Closing Date, the Company has not
        received notice that any Mortgagor is a debtor under any state or federal
        bankruptcy or insolvency proceeding; 

      

      (oo) HOEPA.

      

      No
        Mortgage Loan is a High Cost Loan or Covered Loan;

      

      (pp) Cooperative
        Loans.

      

      With
        respect to each Cooperative Loan:

      

      
        	 	
                (i)

              	
                The
                  Cooperative Shares are held by a person as a tenant-stockholder
                  in a
                  Cooperative. Each original UCC financing statement, continuation
                  statement
                  or other governmental filing or recordation necessary to create
                  or
                  preserve the perfection and priority of the first lien and security
                  interest in the Cooperative Loan and Proprietary Lease has been
                  timely and
                  properly made. Any security agreement, chattel mortgage or equivalent
                  document related to the Cooperative Loan and delivered to Purchaser
                  or its
                  designee establishes in Purchaser a valid and subsisting perfected
                  first
                  lien on and security interest in the Mortgaged Property described
                  therein,
                  and Purchaser has full right to sell and assign the same. The Proprietary
                  Lease term expires no less than five years after the Mortgage Loan
                  term or
                  such other term acceptable to Fannie Mae or Freddie
                  Mac;

              

      

      

      
        	 	
                (ii)

              	
                A
                  Cooperative Lien Search has been made by a company competent to
                  make the
                  same which company is acceptable to Fannie Mae and qualified to
                  do
                  business in the jurisdiction where the Cooperative is
                  located;

              

      

      

      
        	 	
                (iii)

              	
                (a)
                  The term of the related Proprietary Lease is not less than the
                  terms of
                  the Cooperative Loan; (b) there is no provision in any Proprietary
                  Lease
                  which requires the Mortgagor to offer for sale the Cooperative
                  Shares
                  owned by such Mortgagor first to the Cooperative; (c) there is
                  no
                  prohibition in any Proprietary Lease against pledging the Cooperative
                  Shares or assigning the Proprietary Lease; (d) the Cooperative
                  has been
                  created and exists in full compliance with the requirements for
                  residential cooperatives in the jurisdiction in which the Project
                  is
                  located and qualifies as a cooperative housing corporation under
                  Section
                  210 of the Code; (e) the Recognition Agreement is on a form published
                  by
                  Aztech Document Services, Inc. or includes similar provisions;
                  and (f) the
                  Cooperative has good and marketable title to the Project, and owns
                  the
                  Project either in fee simple or under a leasehold that complies
                  with the
                  requirements of the Fannie Mae Guidelines; such title is free and
                  clear of
                  any adverse liens or encumbrances, except the lien of any blanket
                  mortgage;

              

      

      

      
        	(iv)  	
                The
                  Company has the right under the terms of the Mortgage Note, Pledge
                  Agreement and Recognition Agreement to pay any maintenance charges
                  or
                  assessments owed by the Mortgagor;

              

      

      

      
        	(v)  	
                Each
                  Stock Power (i) has all signatures guaranteed or (ii) if all signatures
                  are not guaranteed, then such Cooperative Shares will be transferred
                  by
                  the stock transfer agent of the Cooperative if the Company undertakes
                  to
                  convert the ownership of the collateral securing the related Cooperative
                  Loan;

              

      

      

      (qq) Georgia
        Fair Lending Act.

      

      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;

      

      (rr) Methodology.

      

      The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the borrower’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the borrower’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the borrower had a reasonable ability to make timely
        payments on the Mortgage Loan;

      

      
        	(ss)  	
                Imposition
                  of a Premium.

              

      

      

      With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a premium upon a prepayment prior to maturity: (i) the prepayment premium
        is
        disclosed to the borrower in the loan documents pursuant to applicable state
        and
        federal law, and (ii) notwithstanding any state or federal law to the contrary,
        the Company shall recommend that such prepayment premium is not imposed in
        any
        instance when the mortgage debt is accelerated as the result of the borrower’s
        default in making the loan payments;

      

      
        	(tt)  	
                Single
                  Premium Credit Life.

              

      

      

      No
        Mortgagor was required to purchase any single premium credit insurance policy
        (e.g. life, disability, accident, unemployment or health insurance products)
        or
        debt cancellation agreement as a condition of obtaining the extension of
        credit.
        No Mortgagor obtained a prepaid single premium credit insurance policy (e.g.
        life, disability, accident, unemployment or health insurance product) as
        part of
        the origination of the Mortgage Loan. No proceeds from any Mortgage Loan
        were
        used to purchase single premium credit insurance policies or debt cancellation
        agreements as part of the origination of, or as a condition to closing, such
        Mortgage Loan;

      

      (uu) No
        Arbitration Provision.
        

      

      
        	 	 	
                With
                  respect to each Mortgage Loan, neither the related Mortgage nor
                  the
                  related Mortgage Note requires the Mortgagor to
                  submit to arbitration to resolve any dispute arising out of or
                  relating in
                  any way to the Mortgage Loan transaction;

              

      

      

      
        	 	
                (ww)

              	
                Credit
                  Reporting.

              

      

      

      With
        respect to each Mortgage Loan, 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; and

      

      
        	(xx)  	
                Illinois
                  Interest Act.

              

      

      

      Any
        Mortgage Loan with a Mortgaged Property in the State of Illinois complies
        with
        the Illinois Interest Act.

      

      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 Custodial Mortgage Files or Retained
        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 (or which materially and adversely affects the interests of Purchaser
        in the related Mortgage Loan in the case of a representation and warranty
        relating to a particular Mortgage Loan), the party discovering such breach
        shall
        give prompt written notice to the other.

      

      Within
        ninety (90) days of the earlier of either discovery by or notice to the Company
        of any breach of a representation or warranty which materially and adversely
        affects the value of the Mortgage Loans, the Company shall use its best efforts
        promptly to cure such breach in all material respects and, if such 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 90 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 shall involve a representation or warranty set forth in Section 3.02
        and
        the Company discovers or receives notice of any such breach within 120 days
        of
        the related Closing Date, the Company shall, if the breach 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 120 days after the related
        Closing
        Date. If the Company has no Qualified Substitute Mortgage Loan, it shall
        repurchase the deficient Mortgage Loan within ninety (90) days of the written
        notice of the breach or the failure to cure, whichever is later. Any repurchase
        of a Mortgage Loan or Loans pursuant to the foregoing provisions of this
        Section
        3.03 shall be accomplished by deposit in the Custodial Account of the amount
        of
        the Repurchase Price for distribution to 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. If
        the
        Company repurchases a Mortgage Loan that is a MERS Mortgage Loan, the Company
        shall cause MERS to designate on the MERS® System to remove the Purchaser as the
        beneficial holder with respect to such 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
        this
        Agreement 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 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 a Qualified Substitute Mortgage Loan
        for
        a Deleted Mortgage Loan, the Company shall determine the amount (if any)
        by
        which the aggregate principal balance of all Qualified Substitute Mortgage
        Loans
        as of the date of substitution is less than the aggregate Stated Principal
        Balance of all Deleted Mortgage Loans (after application of scheduled principal
        payments due in the month of substitution). The amount of such shortfall
        shall
        be distributed by the Company in the month of substitution pursuant to Section
        5.01. Accordingly, on the date of such substitution, the Company shall deposit
        from its own funds into the Custodial Account an amount equal to the amount
        of
        such shortfall.

      

      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 breach
        of
        the Company representations and warranties contained in this Agreement. 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) failures 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 a Mortgage Loan pays off in full on or before the related Closing Date,
        the Company must repay the Purchaser the difference between the Unpaid Principal
        Balance of such Mortgage Loan as of the date of pay off and the Unpaid Principal
        Balance multiplied by the purchase price percentage adjusted, if necessary
        in
        accordance with the Commitment Letter.

      

       

      ARTICLE
        IV

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, 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 Subcontractor, to do any and all things in connection with
        such
        servicing and administration which the Company may deem necessary or desirable,
        consistent with the terms of this Agreement and with Accepted Servicing
        Practices. The
        Company shall be responsible for any and all acts of a Subcontractor, and
        the
        Company’s utilization of a Subcontractor shall in no way relieve the liability
        of the Company under this Agreement. 

      

      Consistent
        with the terms of this Agreement, the Company may waive, modify or vary any
        term
        of any Mortgage Loan or consent to the postponement of strict compliance
        with
        any such term or in any manner grant indulgence to any Mortgagor 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 the Company shall not make any future advances with respect
        to a
        Mortgage Loan and (unless the Mortgagor is in default with respect to the
        Mortgage Loan or such default is, in the judgment of the Company, imminent
        and
        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 or forgive the payment of principal
        (except for actual payments of principal) or change the final maturity date
        on
        such Mortgage Loan. In the event of any such modification 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 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 Company 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 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.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        procedures (including collection procedures) and exercise the same care that
        it
        customarily employs and exercises in servicing and administering mortgage
        loans
        for its own account, giving due consideration to Accepted Servicing Practices
        where such practices do not conflict with the requirements of this Agreement,
        and the Purchaser's reliance on the Company.

      

      The
        Company is authorized and empowered by the Purchaser, in its own name, when
        the
        Company believes it appropriate in its reasonable 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, with written consent of the Purchaser, to
        execute and deliver, on behalf of the Purchaser, 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
        Purchaser and its successors and assigns. 

      

      The
        Company 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.

      

      The
        Company shall apply any Principal Prepayment on an Interest Only Mortgage
        Loan
        to the then-outstanding principal balance, at which time the interest-only
        payment feature shall be extinguished. The related Monthly Payment shall
        thereafter consist of both principal and interest components, and the amount
        of
        such Monthly Payment shall not change prior to the next Adjustment
        Date.

      

      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 Purchaser,
        and (4) is consistent with any related PMI Policy. 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
        Company
        shall commence foreclosure proceedings, the Company shall notify the Purchaser
        in writing of the Company's intention to do so, and the Company shall not
        commence foreclosure proceedings if the Purchaser objects to such action
        within
        three (3) Business Days of receiving such notice. In the event the Purchaser
        objects to such foreclosure action, the Company shall not be required to
        make
        Monthly Advances with respect to such Mortgage Loan, pursuant to Section
        5.03,
        and the Company's obligation to make such Monthly Advances shall terminate
        on
        the 90th day referred to above. 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, or if the Liquidation 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 related Cut-off Date until the principal and interest on all Mortgage
        Loans are paid in full, 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.

      

      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 "Wells Fargo Bank, N.A. in trust
        for the
        Purchaser and/or subsequent purchasers of Mortgage Loans - 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 into 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 (1) 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;

              

      

      

      
        	 	
                (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
                  Section 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 3.03 and all amounts required to be deposited
                  by the
                  Company in connection with a shortfall in principal amount of any
                  Qualified Substitute 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
                  4.11
                  in connection with the deductible clause in any blanket hazard
                  insurance
                  policy;

              

      

      

      
        	 	
                (x)

              	
                any
                  amounts received with respect to or related to any REO Property
                  and all
                  REO Disposition Proceeds pursuant to Section 4.16; and
                  

              

      

      

      
        	 	
                (xi)

              	
                an
                  amount from the Subsidy Account that when added to the Mortgagor’s payment
                  will equal the full monthly amount due under the related Mortgage
                  Note.

              

      

      

      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
        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.

      

      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
        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
        Purchaser, except that where the Company is required to repurchase a Mortgage
        Loan pursuant to Section 3.03 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. Upon Purchaser's
        request, the Company shall provide documentation supporting the Company's
        Servicing Advances;

      

      (iv) to
        pay
        itself 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
        reimburse itself for any Servicing Advances or REO expenses after liquidation
        of
        the Mortgaged Property not otherwise reimbursed above;

      

      (viii) to
        remove
        funds inadvertently placed in the Custodial Account by the Company;
        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.

      

      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, "Wells
        Fargo
        Bank, N.A., in trust for 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 one (1) Business
        Days of 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 and 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 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 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 or the making of the Escrow Payments, and the Company shall make advances
        from its own funds to effect such payments.

      

      Section
        4.09 Protection
        of Accounts.

      

      The
        Company may transfer the Custodial Account, the Subsidy Account or the Escrow
        Account to a different Qualified Depository from time to time with prior
        written
        notice to Purchaser.

      

      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 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 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
        upon
        origination of the Mortgage Loan, the related Mortgaged Property was located
        in
        an area identified by the Flood Emergency Management Agency as having special
        flood hazards (and such flood insurance has been made available) a flood
        insurance policy meeting the requirements of the current guidelines of the
        Federal Insurance Administration is in effect 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 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,
        as permitted by applicable law.

      

      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 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 any 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 required amount of coverage for the Mortgaged Property
        and if the Mortgagor does not obtain such coverage, the Company shall
        immediately force place the required coverage on the Mortgagor’.

      

      All
        policies required hereunder shall name the Company 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
        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 acceptable to Fannie Mae and 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 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
        Company shall prepare and make any claims on the blanket policy as deemed
        necessary by the Company in accordance with Accepted 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 such Purchaser
        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 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 bond and insurance policy
        shall be with a company acceptable to Fannie Mae or Freddie Mac and in amounts
        at least equal to the amounts acceptable to Fannie Mae or Freddie Mac. Upon
        the
        request of any Purchaser, the Company shall cause to be delivered to such
        Purchaser a certified true copy of such fidelity bond and insurance policy
        and a
        statement from the surety and the insurer that such fidelity bond and 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 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 record of each
        such
        inspection and shall provide the Purchaser with copies of such upon
        request.

      

      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.

      

      Each
        Mortgage Loan has an LTV as indicated on the Mortgage Loan Schedule and
        Electronic Data File. Except as indicated on the Electronic Data File, with
        respect to each Mortgage Loan with an LTV in excess of 80% at the time of
        origination, the Company shall, without any cost to the Purchaser 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 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 and LPMI 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 or LPMI 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 or LPMI 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
        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 such insurer as a condition to the continuation
        of coverage under such PMI Policy or LPMI 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 or LPMI 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
        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 thirty
        (30)
        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.
        Upon the Company's receipt of such written notice, it shall be relived of
        any
        obligation to manage, conserve, protect, operate, dispose or sell the Mortgaged
        Property for the Purchaser, or its designee. All such duties will become
        the
        obligation of the Purchaser, or its designee. In such connection, upon the
        Mortgaged Property being acquired on behalf of the Purchaser, or its designee,
        the Company shall fully cooperate with Purchaser to transfer management of
        the
        REO Property to Purchaser, or its designee, and shall immediately submit
        a
        statement of expenses to the Purchaser for reimbursement within 30 days for
        all
        Monthly Advances and Servicing Advances. If Company does not receive
        reimbursement of such expenses from the Purchaser within the 30-days of the
        statement of expenses, Company shall be permitted to withdraw such amount
        from
        the Custodial Account pursuant to Section 4.05.

      

      In
        the
        event the Purchaser does not elect to manage an REO Property, the Company
        shall
        manage, conserve and protect the related REO Property for the Purchaser.
        The
        Company, either itself or through an agent selected by the Company, shall
        manage
        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 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. 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 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 Company, or the Company itself. 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 the 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
        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.

      

      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 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 its 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 adjustable rate Mortgage Loan, the Company shall adjust the
        Mortgage Interest Rate on the related Interest Rate 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. 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 Confidentiality/Protection
        of Customer 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 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 Interagency Guidelines Establishing Standards for Safeguarding Customer
        Information, 66 Fed. Reg. 8616 (the “Interagency Guidelines”), if applicable.
        For purposes of this Section 4.22, the term “Customer Information” shall have
        the meaning assigned to it in the Interagency Guidelines. 

      

      Section
        4.23 Fair
        Credit Reporting Act

      

      The
        Company, 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 Company (three of the credit repositories), on a monthly
        basis.

       

      Section
        4.24 Establishment
        of and Deposits to Subsidy Account.  

       

       

      The
        Company shall segregate and hold all Subsidy Funds collected and received
        pursuant to the Subsidy Loans separate and apart from any of its own funds
        and
        general assets and shall establish and maintain one or more Subsidy Accounts,
        in
        the form of time deposit or demand accounts, titled “Wells Fargo Bank, N.A., in
        trust for the Purchaser, its successors or assigns, and/or subsequent purchasers
        of residential Mortgage Loans, and various Mortgagors.” The Subsidy Account
        shall be an eligible deposit account established with an eligible
        institution.

       

       

      The
        Company shall, from time to time, withdraw funds from the Subsidy Account
        for
        the following purposes:

       

       

      
        	 	
                (i)

              	
                to
                  deposit in the Custodial Account in the amounts and in the manner
                  provided
                  for in Section 4.04(xi);

              

      

       

       

      
        	 	
                (ii)

              	
                to
                  transfer funds to another eligible institution in accordance with
                  Section
                  4.09 hereof;

              

      

       

       

      (iii) to
        withdraw funds deposited in error; and

       

       

      
        	 	
                (iv)

              	
                to
                  clear and terminate the Subsidy Account upon the termination of
                  this
                  Agreement.

              

      

       

       

      Notwithstanding
        anything to the contrary elsewhere in this Agreement, the Company may employ
        the
        Escrow Account as the Subsidy Account to the extent that the Company can
        separately identify any Subsidy Funds deposited therein.

       

      

      Section
        4.25 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 under this Agreement or any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (a) of this Section 4.25. 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 under this Agreement or any Reconstitution
        Agreement unless the Company complies with the provisions of paragraph (b)
        of
        this Section 4.25.

      

      (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
        4.25
        and with Sections 6.04, 6.06, 9.01(e)(iii), 9.01(e)(v) and 9.01(f) of this
        Agreement to the same extent as if such Subservicer were the Company, and
        to
        provide the information required with respect to such Subservicer under Section
        9.01(e)(iv) of this Agreement. The Company shall be responsible for obtaining
        from each Subservicer and delivering to the Purchaser and any Depositor any
        servicer compliance statement required to be delivered by such Subservicer
        under
        Section 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 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 6.06 and 9.01(f) of this
        Agreement to the same extent as if such Subcontractor were the Company. The
        Company shall be responsible for obtaining from each Subcontractor and
        delivering to the Purchaser and any Depositor any assessment of compliance
        and
        attestation 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 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 Business Day
        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
        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. Such interest shall be remitted by wire transfer
        of
        immediately available funds within one Business Day following agreement by
        the
        Purchaser and the Company of the penalty amount. 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 Statements
        to Purchaser.

      

      Not
        later
        than the Remittance Date, the Company shall furnish to the Purchaser a monthly
        remittance advice in the standard form of electronic Alltel® file, as to the
        period ending on the last day of the preceding month. If requested by the
        Purchaser prior to the related Closing Date, the first monthly remittance
        advice
        due to the Purchaser following such Closing Date shall be furnished by the
        12th
        calendar
        day, or if such day is not a Business Day, then the preceding Business
        Day.

      

      Section
        5.03 Monthly
        Advances by Company.

      

      On
        the
        Business Day immediately 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 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 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 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 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,
        REO Disposition 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 Transfers
        of Mortgaged Property.

      

      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, immediately notify the Purchaser and 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, 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. If an
        assumption fee is collected by the Company for entering into an assumption
        agreement the 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 materials
        terms shall be changed without 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 with respect to underwriting mortgage loans of the same type as
        the
        Mortgage Loans. 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.

      

      Section
        6.02 Satisfaction
        of Mortgages and Release of Mortgage Loan Documents.

      

      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 shall notify the Purchaser in the Monthly Remittance
        Advice as provided in Section 5.02, and may 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 by deposit thereof in the
        Custodial Account within 2 Business Days 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 or to retain from interest payments on
        the
        Mortgage Loans the amount of its Servicing Fee. The Servicing Fee shall be
        payable monthly and shall be computed on the basis of the outstanding 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.

      

      Additional
        servicing compensation in the form of assumption fees, to the extent provided
        in
        Section 6.01, and late payment charges 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 Annual
        Statements as to Compliance.

      

      (i) The
        Company shall deliver to the Purchaser, on or before February 28, 2006, an
        Officer's Certificate, stating that (x) a review of the activities of the
        Company during the preceding calendar year and of performance under this
        Agreement or similar agreements has been made under such officer's supervision,
        and (y) to the best of such officer's knowledge, based on such review, the
        Company has fulfilled all its obligations under this Agreement throughout
        such
        year, or, if there has been a default in the fulfillment of any such obligation,
        specifying each such default known to such officer and the nature and status
        thereof and the action being taken by the Company to cure such
        default.

      

      (ii) On
        or
        before March 1 of each calendar year, commencing in 2007, the Company shall
        deliver to the Purchaser and any Depositor a statement of compliance addressed
        to the Purchaser and such Depositor and signed by an authorized officer of
        the
        Company, to the effect that (a) a review of the Company’s activities during the
        immediately preceding calendar year (or applicable portion thereof) and of
        its
        performance under this Agreement and any applicable Reconstitution Agreement
        during such period has been made under such officer’s supervision, and (b) to
        the best of such officers’ knowledge, based on such review, the Company has
        fulfilled all of its obligations under this Agreement and any applicable
        Reconstitution Agreement in all material respects throughout such calendar
        year
        (or applicable portion thereof) or, if there has been a failure to fulfill
        any
        such obligation in any material respect, specifically identifying each such
        failure known to such officer and the nature and the status
        thereof.

      

      Section
        6.05 Annual
        Independent Public Accountants' Servicing Report.

      

      Except
        with respect to Securitization Transactions occurring on or after January
        1,
        2006, on or before February 28, 2006, the Company, at its expense, shall
        cause a
        firm of independent public accountants which is a member of the American
        Institute of Certified Public Accountants to furnish a statement to each
        Purchaser 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 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 Purchaser
        a
        copy of a Uniform Single Attestation Program Report from their independent
        public accountant's on an annual basis, Company 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 occurring on or before March 1 of each calendar year, commencing
        in
        2007, the Company shall:

      

      
        	(i)  	
                deliver
                  to the Purchaser and any Depositor 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
                  Servicing
                  Criteria specified on a certification substantially in the form
                  of Exhibit
                  D hereto;

              

      

      

      
        	(ii)  	
                deliver
                  to the Purchaser and any Depositor 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 425(b) to be “participating in the servicing function”
                  within the meaning of Item 1122 of Regulation AB, to deliver to
                  the
                  Purchaser and such Depositor an assessment of compliance and accountants’
                  attestation as and when provided in paragraphs (a) and (b) of this
                  Section
                  6.06; and 

              

      

      

      
        	(iv)  	
                deliver
                  to the Purchaser, 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
                  E.

              

      

      

      The
        Company acknowledges that the parties identified in clause (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.

      

      Section
        6.07 Remedies.

      

      (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 Article 9, Section 6.04,
        Section 6.05 or Section 6.06, or any breach by the Company of a representation
        or warranty set forth in Section 9.01(e)(iv)(A), or in a writing furnished
        pursuant to Section 9.01(e)(iv)(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
        9.01(e)(iv)(B) 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 Company under this 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 this Agreement and/or any applicable
        Reconstitution Agreement without payment (notwithstanding anything in this
        Agreement or any applicable Reconstitution Agreement to the contrary) of
        any
        compensation to the Company; provided that to the extent than any provision
        of
        this Agreement and/or any applicable Reconstitution Agreement expressly provides
        for the survival of certain rights or obligations following termination of
        the
        Company as servicer, such provision shall be given effect.

      

      (ii) Any
        failure by the Company, any Subservicer or any Subcontractor to deliver any
        information, report, certification or accountants’ letter when and as required
        under Section 6.04, Section 6.05 or Section 6.06, including any failure by
        the
        Company to identify any Subcontract “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 this 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 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.

      

      (iii) The
        Company shall promptly reimburse the Purchaser (or any designee of the
        Purchaser, such as a master servicer) and any Depositor, as applicable, for
        all
        reasonable expenses incurred by the Purchaser (or such designee) or such
        Depositor, as such are incurred, in connection with the termination of the
        Company as servicer and the transfer of servicing of the Mortgage Loans to
        a
        successor servicer. The provisions of this paragraph shall not limit whatever
        rights the Purchaser or any Depositor may have under other provisions of
        this
        Agreement and/or any applicable Reconstitution Agreement or otherwise, whether
        in equity or at law, such as an action for damages, specific performance
        or
        injunctive relief.

      

      Section
        6.08 Right
        to Examine Company Records.

      

      The
        Purchaser, or its designee, shall have the right to examine and audit any
        and
        all of the 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 expenses associated with such
        examination.

      

      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 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 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.

      

      The
        Company shall execute and deliver all such instruments and take all such
        action
        as the 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, the Purchaser may make available
        to a prospective Purchaser a Consolidated Statement of Operations of the
        Company
        for the most recently completed two (2) 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
        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 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.

      

       

      ARTICLE
        VIII

       

      THE
        COMPANY

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company shall indemnify the 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 the 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. The Company immediately shall notify the Purchaser
        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 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 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.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company 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 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 which is a Fannie Mae/Freddie
        Mac-approved company in good standing and has a net worth of no less than
        $25
        million. 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 Purchaser 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 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, 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 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 Company shall be entitled to reimbursement from
        the
        Purchaser of the reasonable legal expenses and costs of such
        action.

      

      Section
        8.04 Limitation
        on Resignation and Assignment by Company.

      

      The
        Purchaser has entered into this Agreement with the Company and subsequent
        Purchaser 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, plant, 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 rights hereunder
        or
        delegate its rights or duties hereunder (other than pursuant to Section 4.01)
        or
        any portion hereof or sell or otherwise dispose of all of its property or
        assets
        without the prior written consent of the Purchaser, which consent shall not
        be
        unreasonably withheld.

      

      The
        Company shall not 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 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 (other than pursuant to Section
        4.01)
        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 Purchaser,
        then the 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

       

      SECURITIZATION
        TRANSACTIONS; WHOLE LOAN TRANSFERS AND AGENCY TRANSFERS

      

      Section
        9.01 Securitization
        Transactions; Whole Loan Transfers and Agency Transfers

      

      The
        Purchaser and the Company agree that with respect to some or all of the Mortgage
        Loans, the Purchaser, at its sole option, may effect Whole Loan Transfers,
        Agency Transfer 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 may cease to be covered by 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, Agency Transfer or Securitization Transaction in accordance with
        this
        Section 9.01. In connection therewith:

      

      
        	 	
                (a)

              	
                the
                  Company shall make all representations and warranties 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,
                  Agency
                  Transfer or Securitization
                  Transaction;

              

      

      

      
        	 	
                (b)

              	
                the
                  Company shall negotiate in good faith and execute any seller/servicer
                  agreements required 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;

              

      

      

      
        	 	
                (c)

              	
                the
                  Company shall provide as
                  applicable:

              

      

      

      
        	 	
                (i)

              	
                any
                  and all information and appropriate verification of information
                  which may
                  be reasonably available to the Company, whether through letters
                  of its
                  auditors and counsel or otherwise, as the Purchaser shall
                  request;

              

      

      

      
        	(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 believed necessary by the trustee,
                  any
                  Rating Agency or the Purchaser, as the case may be, in connection
                  with
                  such Whole Loan Transfers, Agency Transfers or Securitization
                  Transactions. The Purchaser shall pay all third party costs associated
                  with the preparation of such information. The Company shall execute
                  any
                  seller/servicer agreements required within a reasonable period
                  of time
                  after receipt of such seller/servicer agreements which time shall
                  be
                  sufficient for the Seller and Seller's counsel to review such
                  seller/servicer agreements. Under this Agreement, the Company shall
                  retain
                  a Servicing Fee for each Mortgage Loan, at no less than the applicable
                  Servicing Fee Rate; and

              

      

      

      
        	(iii)  	
                at
                  any time as required by any Rating Agency, such additional documents
                  from
                  the related Retained Mortgage File to the Custodian as may be required
                  by
                  such Rating Agency;

              

      

      

      

      
        	(d)  	
                the
                  Company shall with respect to any Mortgage Loans that are subject
                  to a
                  Securitization Transaction occurring
                  on or before December 31, 2005,in
                  which the filing of a Sarbanes-Oxley Certification directly with
                  the
                  Commission is required, by February 28, 2006, or in connection
                  with any
                  additional Sarbanes-Oxley Certification required to be filed upon
                  thirty
                  (30) days written request, an officer of the Company shall execute
                  and
                  deliver an Officer’s Certification substantially in the form attached
                  hereto as Exhibit F, to the entity filing the Sarbanes-Oxley Certification
                  directly with the Commission (such as the Purchaser, any master
                  servicer,
                  any trustee
                  or
                  any depositor) for the benefit of such entity and such entity’s affiliates
                  and the officers, directors and agents of such entity and such
                  entity’s
                  affiliates, and shall indemnify such entity or persons arising
                  out of any
                  breach of Company’s obligations
                  or
                  representations
                  relating thereto as provided in such Officer’s Certification.

              

      

      

      
        	 	
                (e)

              	
                the
                  Company shall, in connection with any Securitization Transaction
                  occurring
                  on or after January 1, 2006, the Company shall (1) 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
                  (i),
                  (ii), (iii) and (vii) of this subsection (e), and (2) as promptly
                  as
                  practicable following notice to or discovery by the Company, provide
                  to
                  the Purchaser and any Depositor (in writing and in form and substance
                  reasonably satisfactory to the Purchaser and such Depositor) the
                  information specified in paragraph (iv) of this subsection
                  (e).

              

      

      

      
        	 	
                (i)

              	
                if
                  so requested by the Purchaser or any Depositor, the Company shall
                  provide
                  such information regarding (1) the Company, as originator of the
                  Mortgage
                  Loans (including as an acquirer of Mortgage Loans from a Qualified
                  Correspondent), or (2) each Third-Party Originator, and (3) as
                  applicable,
                  each Subservicer, as is requested for the purpose of compliance
                  with Items
                  1103(a)(1), 1105, 1110, 1117 and 1119 of Regulation AB. Such information
                  shall include, at a minimum:

              

      

      

      
        	 	
                (A)

              	
                the
                  originator’s form of organization;

              

      

      

      
        	 	
                (B)

              	
                a
                  description of the originator’s origination program and how long the
                  originator has been engaged in originating residential mortgage
                  loans,
                  which description shall include a discussion of the originator’s
                  experience in originating mortgage loans of a similar type as the
                  Mortgage
                  Loans; information regarding the size and composition of the originator’s
                  origination portfolio; and information that may be material, in
                  the good
                  faith judgment of the Purchaser, 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 a
                  Securitization Transaction:

              

      

      

      
        	 	
                (1)

              	
                the
                  sponsor;

              

      

      (2)          
        the
        depositor;

      (3)          
        the
        issuing entity;

      (4)          
        any
        servicer;

      (5)          
        any
        trustee;

      (6)          
        any
        originator;

      (7)          
        any
        significant obligor;

      (8)          
        any
        enhancement or support provider; and

      (9)          
        any
        other
        material transaction party.

      

      
        	 	
                (ii)

              	
                If
                  so requested by the Purchaser or any Depositor, the Company shall
                  provide
                  (or, as applicable, cause each Third-Party Originator to provide)
                  Static
                  Pool Information with respect to the mortgage loans (of a similar
                  type as
                  the Mortgage Loans, as reasonably identified by the Purchaser as
                  provided
                  below) originated by (1) the Company, if the Company is an originator
                  of
                  Mortgage Loans (including as an acquirer of Mortgage Loans from
                  a
                  Qualified Correspondent), and/or (2) 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.

              

      

      

      If
        so
        requested by the Purchaser or any Depositor, the Company shall provide (or,
        as
        applicable, cause each Third-Party Originator to provide), at the expense
        of the
        requesting party (to the extent of any additional incremental expense associated
        with delivery pursuant to this Agreement), such statements and agreed-upon
        procedures letters of certified public accountants reasonably acceptable
        to the
        Purchaser or Depositor, as applicable, pertaining to Static Pool Information
        relating to prior securitized pools for securitizations closed on or after
        January 1, 2006 or, in the case of Static Pool Information with respect to
        the
        Company’s or Third-Party Originator’s originations or purchases, to calendar
        months commencing January 1, 2006, as the Purchaser or such Depositor shall
        reasonably request. Such statements and letters shall be addressed to and
        be for
        the benefit of such parties as the Purchaser or such Depositor shall designate,
        which may include, by way of example, any sponsor, any Depositor and any
        broker
        dealer acting as underwriter, placement agent or initial purchaser with respect
        to a Securitization Transaction. Any such statement or letter may take the
        form
        of a standard, generally applicable document accompanied by a reliance letter
        authorizing reliance by the addressees designated by the Purchaser or such
        Depositor.

      

      
        	 	
                (iii)

              	
                If
                  so requested by the Purchaser or any Depositor, the Company shall
                  provide
                  such information regarding the Company, as servicer of the Mortgage
                  Loans,
                  and each Subservicer (each of the Company and each Subservicer,
                  for
                  purposes of this paragraph, a “Servicer”), as is requested for the purpose
                  of compliance with Items 1108 of Regulation AB. Such information
                  shall
                  include, at a minimum:

              

      

      

      
        	 	
                (A)

              	
                the
                  Servicer’s form of organization;

              

      

      

      
        	 	
                (B)

              	
                a
                  description of how long the Servicer has been servicing residential
                  mortgage loans; a general discussion of the Servicer’s experience in
                  servicing assets of any type as well as a more detailed discussion
                  of the
                  Servicer’s experience in, and procedures for, the servicing function it
                  will perform under this Agreement and any Reconstitution Agreements;
                  information regarding the size, composition and growth of the Servicer’s
                  portfolio of residential mortgage loans of a type similar to the
                  Mortgage
                  Loans and information on factors related to the Servicer that may
                  be
                  material, in the good faith judgment of the Purchaser or any Depositor,
                  to
                  any analysis of the servicing of the Mortgage Loans or the related
                  asset-backed securities, as applicable, including, without limitation:
                  

              

      

      

      
        	 	
                (1)

              	
                whether
                  any prior securitizations of mortgage loans of a type similar to
                  the
                  Mortgage Loans involving the Servicer have defaulted or experienced
                  an
                  early amortization or other performance triggering event because
                  of
                  servicing during the three-year period immediately preceding the
                  related
                  Securitization Transaction;

              

      

      

      
        	 	
                (2)

              	
                the
                  extent of outsourcing the Servicer
                  utilizes;

              

      

      

      
        	 	
                (3)

              	
                whether
                  there has been previous disclosure of material noncompliance with
                  the
                  applicable servicing criteria with respect to other securitizations
                  of
                  residential mortgage loans involving the Servicer as a servicer
                  during the
                  three-year period immediately preceding the related Securitization
                  Transaction;

              

      

      

      
        	 	
                (4)

              	
                whether
                  the Servicer has been terminated as servicer in a residential mortgage
                  loan securitization, either due to a servicing default or to application
                  of a servicing performance test or trigger; and

              

      

      

      
        	 	
                (5)

              	
                such
                  other information as the Purchaser or any Depositor may reasonably
                  request
                  for the purpose of compliance with Item 1108(b)(2) of Regulation
                  AB;

              

      

      

      
        	 	
                (C)

              	
                a
                  description of any material changes during the three-year period
                  immediately preceding the related Securitization Transaction to
                  the
                  Servicer’s policies or procedures with respect to the servicing function
                  it will perform under this Agreement and any Reconstitution Agreements
                  for
                  mortgage loans of a type similar to the Mortgage
                  Loans;

              

      

      

      
        	 	
                (D)

              	
                information
                  regarding the Servicer’s financial condition, to the extent that there is
                  a material risk that an adverse financial event or circumstance
                  involving
                  the Servicer could have a material adverse effect on the performance
                  by
                  the Company of its servicing obligations under this Agreement or
                  any
                  Reconstitution Agreement;

              

      

      

      
        	 	
                (E)

              	
                information
                  regarding advances made by the Servicer on the Mortgage Loans and
                  the
                  Servicer’s overall servicing portfolio of residential mortgage loans for
                  the three-year period immediately preceding the related Securitization
                  Transaction, which may be limited to a statement by an authorized
                  officer
                  of the Servicer to the effect that the Servicer has made all advances
                  required to be made on residential mortgage loans serviced by it
                  during
                  such period, or, if such statement would not be accurate, information
                  regarding the percentage and type of advances not made as required,
                  and
                  the reasons for such failure to
                  advance;

              

      

      

      
        	 	
                (F)

              	
                a
                  description of the Servicer’s processes and procedures designed to address
                  any special or unique factors involved in servicing loans of a
                  similar
                  type as the Mortgage Loans;

              

      

      

      
        	 	
                (G)

              	
                a
                  description of the Servicer’s processes for handling delinquencies,
                  losses, bankruptcies and recoveries, such as through liquidation
                  of
                  mortgaged properties, sale of defaulted mortgage loans or workouts;
                  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.

              

      

      

      
        	 	
                (iv)

              	
                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) (1) notify the
                  Purchaser
                  and any Depositor 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 Section 9.01(e)(i)(D) (and any other parties
                  identified in writing by the requesting party) with respect to
                  such
                  Securitization Transaction, and (2) provide to the Purchaser and
                  any
                  Depositor a description of such proceedings, affiliations or
                  relationships.

              

      

      

      
        	 	
                (v)

              	
                As
                  a condition to the succession to the Company or any Subservicer
                  as
                  servicer or Subservicer under this Agreement or any Reconstitution
                  Agreement by any Person (i) into which the Company or such Subservicer
                  may
                  be merged or consolidated, or (ii) which may be appointed as a
                  successor
                  to the Company or any Subservicer, the Company shall provide to
                  the
                  Purchaser 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 is reporting
                  obligation
                  under Item 6.02 of Form 8-K with respect to any class of asset-backed
                  securities.

              

      

      

      
        	 	
                (vi)

              	
                (A)

              	
                The
                  Company shall represent to the Purchaser, as of the date on which
                  information is first provided to the Purchaser under this Section
                  9.01(e)
                  that, except as disclosed in writing to the Purchaser prior to
                  such date:
                  (1) 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; (2) 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;
                  (3)
                  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;
                  (4)
                  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; (5) 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; (6) 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 (7) 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 on any date following the date on
                  which
                  information is first provided to the Purchaser under this Section
                  9.01(e),
                  the Company shall, within five (5) Business Days following such
                  request,
                  confirm in writing the accuracy of the representations and warranties
                  set
                  forth in sub clause (A) 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.

              

      

      

      
        	 	
                (vii)

              	
                In
                  addition to such information as the Company, as servicer, is obligated
                  to
                  provide pursuant to other provisions of this Agreement, if so requested
                  by
                  the Purchaser or any Depositor, the Company shall provide such
                  information
                  reasonably available to the Company regarding the performance of
                  the
                  Mortgage Loans as is reasonably required to facilitate preparation
                  of
                  distribution reports in accordance with Item 1121 of Regulation
                  AB.

              

      

      

      
        	 	
                (f)

              	
                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
        provided under Sections 9.01(c) and (e) by or on behalf of the Company, or
        provided under Sections 9.01(c) and (e) 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 Sections
                  9.01(c) and (e), including any failure by the Company to identify
                  any
                  Subcontractor “participating in the servicing function” within the meaning
                  of Item 1122 of Regulation AB; or

              

      

      

      
        	(iii)  	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  9.01(e)(iv)(A) or in a writing furnished pursuant to Section
                  9.01(e)(iv)(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
                  9.01(e)(iv)(B) to the extent made as of a date subsequent to such
                  closing
                  date.

              

      

      

      In
        the
        case of any failure of performance described in sub-clause (ii) of this Section
        9.01(f), 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. 

      

      
        	 	
                (g)

              	
                the
                  Purchaser and each Person who controls the Purchaser shall indemnify
                  the
                  Company, each affiliate of the Company, each Person who controls
                  any of
                  such parties or 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 and agents of
                  each of
                  the foregoing and of the Company, 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
        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 (B) 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 Company Information.

      

      The
        Purchaser and the Company acknowledge and agree that the purpose of Section
        9.01(e) is to facilitate compliance by the Purchaser and any Depositor with
        the
        provisions of Regulation AB and related rules and regulations of the Commission.
        Neither the Purchaser nor any Depositor shall exercise its right to request
        delivery of information or other performance under these provisions other
        than
        in good faith, or for purposes other than compliance with the Securities
        Act,
        the Exchange Act and the rules and regulations of the Commission thereunder.
        The
        Company acknowledges that interpretations of the requirements of Regulation
        AB
        may change over time, whether due to interpretive guidance provided by the
        Commission or its staff, consensus among participants in the asset-backed
        securities markets, advice of counsel, or otherwise, and agrees to comply
        with
        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.

      

      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 trustee for each Mortgage Loan that is part of the Whole Loan Transfers,
        Agency Transfer or Securitization Transactions. The Company shall pay all
        preparation and recording costs associated with the initial Assignment of
        Mortgage. 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 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 and all seller/servicer agreements. If
        required at any time by a Rating Agency, Purchaser or successor purchaser
        in
        connection with any Whole Loan Transfer, Agency Sale or Securitization
        Transaction, the Company shall deliver such additional documents from its
        Retained Mortgage File within thirty (30) Business Days to the Custodian,
        successor purchaser or other designee of the Purchaser as said Rating Agency,
        Purchaser or successor purchaser may require.

      

      All
        Mortgage Loans (i) not sold or transferred pursuant to Whole Loan Transfers,
        Agency Transfer or Securitization Transactions or (ii) that are subject to
        a
        Securitization 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
        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 two Business Days 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

              

      

      

      
        	 	
                (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 or in the Custodial Agreement which continues
                  unremedied
                  for a period of 90 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 degree 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 property;
                  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; or
                  

              

      

      

      
        	 	
                (vii)

              	
                the
                  Company ceases to meet the qualifications of a Fannie Mae/Freddie
                  Mac
                  servicer; 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.

              

      

      

      In
        each
        and every such case, so long as an Event of Default shall not have been
        remedied, in addition to whatever rights the Purchaser may have at law or
        equity
        to damages, including injunctive relief and specific performance, the 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 any Purchaser, the Company shall
        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 Servicing 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, Subsidy Account or Escrow Account or
        thereafter received with respect to the Mortgage Loans.

      

      Section
        10.02 Waiver
        of Defaults.

      

      By
        a
        written notice, the Purchaser 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.

      

      Section
        11.02 Termination
        Without Cause.

      

      The
        Purchaser may terminate, at its sole option, any rights the Company 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 Company by registered
        mail
        as provided in Section 12.05.

      

      The
        Company shall be entitled to receive, as such liquidated damages, upon the
        transfer of the servicing rights, an amount equal to: (i) 2.75% of the aggregate
        outstanding principal amount of the Mortgage Loans as of the termination
        date
        paid by the Purchaser to the Company with respect to all of the Mortgage
        Loans
        for which a servicing fee rate of .25% is paid per annum, (ii) 3.25% of the
        aggregate outstanding principal amount of the Mortgage Loans as of the
        termination date paid by the Purchaser to the Company with respect to all
        of the
        Mortgage Loans for which a servicing fee rate of .375% is paid per annum,
        and
        (iii) 3.75% of the aggregate outstanding principal amount of the Mortgage
        Loans
        as of the termination date paid by the Purchaser to the Company with respect
        to
        all of the Mortgage Loans for which a servicing fee rate of .44% or greater
        is
        paid per annum.

      

       

      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 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, 3.03
        and
        8.01 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 subsection (h) with respect to the sale of the Mortgage
        Loans and subsections (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, Subsidy Account and Escrow Account and all Servicing 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.

      

      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 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 Purchaser 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 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
        12.05 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
        Company with respect to servicing and investor reporting issues:

      

      Wells
        Fargo Bank, N.A.

      1
        Home
        Campus

      Des
        Moines, Iowa 50328-0001

      Attention:
        John B. Brown, MAC X2401-042

      

      If
        to the
        Company with respect to all other issues:

      

      Wells
        Fargo Bank, N.A.

      7430
        New
        Technology Way

      Frederick,
        MD 21703

      Attention:
        Structured Finance Manager, MAC X3906-012

      

      In
        each
        instance 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 Purchaser in writing
 by
        the
        Company;

      

      (ii)          
        if
        to
        Purchaser:

       

      EMC
        Mortgage Corporation

      Mac
        Arthur Ridge II

      909
        Hidden Ridge Dr., Suite 200

      Irving,
        TX 75038

      Attention:
        Ralene Ruyle

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corp.

      383
        Madison Avenue

      New
        York,
        NY 10179

      Attention:
        Baron Silverstein

      

      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 Company shall
        be
        rendered as an independent contractor and not as agent for the
        Purchaser.

      

      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 the Company and the Purchaser and their
        respective successors and assigns.

      

      Section
        12.09 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 under applicable
        law or requested by the Purchaser at its sole option.

      

      Section
        12.10 Assignment
        by Purchaser.

      

      The
        Purchaser shall have the right, without the consent of the Company but subject
        to the limit set forth in Section 2.02 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
        substantially in the form attached as Exhibit G 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.

      

      Section
        12.11 Solicitation
        of Mortgagor.

      

      Neither
        party shall, after the related Closing Date, take any action to solicit the
        refinancing of any Mortgage Loan. It is understood and agreed that neither
        (i)
        promotions undertaken by either party 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 either party in connection with the
        refinance of such Mortgage or Mortgage Loan, shall constitute solicitation
        under
        this Section.

      

      

      

      [Intentionally
        Blank - Next Page Signature Page]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 WELLS
        FARGO BANK, N.A.

      Purchaser      Company

      

      By::
        _________________________________ By:
        ________________________________

      

      Name:
        _______________________________ Name:
        ______________________________

      

      Title:
        ________________________________ 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
        _____________________________ 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 EMC Mortgage Corporation, 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
        OF
        ASSIGNMENT AND CONVEYANCE AGREEMENT

       

      On
        this
        _____ day of __________, 20___, Wells Fargo Bank, N.A. (the "Seller")
        as the
        Seller under that certain Amended and Restated Master Mortgage Loan Purchase
        Agreement, ("Purchase Agreement") and as the Company under that certain Amended
        and Restated Master Seller's Warranties and Servicing Agreement (the "Servicing
        Agreement") each dated as of _______________, 20___, (collectively, the
        "Agreements")
        does
        hereby sell, transfer, assign, set over and convey to EMC Mortgage Corporation
        as the Purchaser (the "Purchaser")
        under
        the Purchase Agreement, and Purchaser hereby accepts from Seller, without
        recourse, but subject to the terms of the Agreements, all right, title and
        interest of, in and to the Mortgage Loans listed on the Mortgage Loan Schedule
        attached hereto as Exhibit
        A,
        together with the Custodial Mortgage Files and Retained Mortgage Files and
        all
        rights and obligations arising under the documents contained therein. Pursuant
        to Section 2.03 of the Servicing Agreement, the Seller has delivered to the
        Custodian the documents for each Mortgage Loan to be purchased. The Servicing
        Files retained by the Seller pursuant to Section 2.01 of the Servicing Agreement
        shall be appropriately marked to clearly reflect the sale of the related
        Mortgage Loans to the Purchaser. 

       

      Capitalized
        terms used herein and not otherwise defined shall have the meanings set forth
        in
        the Agreements. 

       

      

      EMC
        Mortgage Corporation Wells
        Fargo Bank, N.A.

      Purchaser      Company

       

      By::
        _________________________________ By:
        ________________________________

      

      Name:
        _______________________________ Name:
        ______________________________

      

      Title:
        ________________________________ Title:
        _______________________________

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      

      CUSTODIAL
        AGREEMENT

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      

      CONTENTS
        OF EACH RETAINED MORTGAGE FILE, 

      SERVICING
        FILE AND CUSTODIAL MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Retained Mortgage File and Custodial 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 Retained Mortgage File or Servicing File or
        delivered to the Custodian pursuant to Sections 2.01 and 2.03 of the Seller's
        Warranties and the Servicing Agreement to which this Exhibit is attached
        (the
        "Agreement"):

      

      
        	 	
                1.

              	
                The
                  original Mortgage Note bearing all intervening endorsements, endorsed
                  "Pay
                  to the order of  
                  without recourse" and signed in the name of the Company by an authorized
                  officer (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 know as [previous
                  name]").

              

      

      

      
        	 	
                2.

              	
                The
                  original of any guarantee executed in connection with the Mortgage
                  Note
                  (if any).

              

      

      

      
        	 	
                3.

              	
                The
                  original Mortgage, with evidence of recording thereon or a certified
                  true
                  and correct copy of the Mortgage sent for recordation. 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 related 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.

              

      

      

      Further,
        with respect to MERS Mortgage Loans, (a) the Mortgage names MERS as the
        Mortgagee and (b) the requirements set forth in the Electronic Tracking
        Agreement have been satisfied, with a conformed recorded copy to follow as
        soon
        as the same is received by the Company.

      

      
        	 	
                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.

              

      

      

      
        	 	
                5.

              	
                The
                  original Assignment of Mortgage for each Mortgage Loan, in form
                  and
                  substance acceptable for recording (except for the insertion of
                  the name
                  of the assignee and recording information). The Assignment of Mortgage
                  must be duly recorded only if recordation is either necessary under
                  applicable law or commonly required by private institutional mortgage
                  investors in the area where the Mortgaged Property is located or
                  on
                  direction of the Purchaser as provided in the Custodial Agreement.
                  If the
                  Assignment of Mortgage is to be recorded, the Mortgage shall be
                  assigned
                  to the Purchaser. If the Assignment of Mortgage is not to be recorded,
                  the
                  Assignment of Mortgage shall be delivered in blank. 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
                  by
                  "[Company], formerly know as [previous name]."

              

      

      

      
        	 	
                6.

              	
                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 or in the case where an
                  intervening assignment is lost after recordation in a public recording
                  office, a copy of such intervening assignment certified by such
                  public
                  recording office to be a true and complete copy of the original
                  recorded
                  intervening assignment.

              

      

      

      
        	 	
                7.

              	
                The
                  electronic form of PMI Policy as identified by certificate
                  number.

              

      

      

      
        	 	
                8.

              	
                The
                  original mortgagee policy of title insurance or other evidence
                  of title
                  such as a copy of the title commitment or copy of the preliminary
                  title
                  commitment.

              

      

      

      
        	 	
                9.

              	
                Any
                  security agreement, chattel mortgage or equivalent executed in
                  connection
                  with the Mortgage.

              

      

      

      10.          
        Original
        power of attorney, if applicable.

       

      
        	 	
                11.

              	
                For
                  each Cooperative Loan, the original or a seller certified true
                  copy of the
                  following:

              

      

       

      

      The
        original Pledge Agreement entered into by the Mortgagor with respect to such
        Cooperative Loan;

       

      UCC-3
        assignment in blank (or equivalent instrument), sufficient under the laws
        of the
        jurisdiction where the related Cooperative Apartment is located to reflect
        of
        record the sale and assignment of the Cooperative Loan to the
        Purchaser;

       

      Original
        assignment of Pledge Agreement in blank showing a complete chain of assignment
        from the originator of the related Cooperative Loan to the Company;

       

      Original
        Form UCC-1 and any continuation statements with evidence of filing thereon
        with
        respect to such Cooperative Loan;

       

      Cooperative
        Shares with a Stock Certificate in blank attached; 

       

      Original
        Proprietary Lease;

       

      Original
        Assignment of Proprietary Lease, in blank, and all intervening assignments
        thereof;

       

      Original
        recognition agreement of the interests of the mortgagee with respect to the
        Cooperative Loan by the Cooperative, the stock of which was pledged by the
        related Mortgagor to the originator of such Cooperative Loan; and

       

      Originals
        of any assumption, consolidation or modification agreements relating to any
        of
        the items specified above.

      

      With
        respect to each Mortgage Loan, the Servicing 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, unless originated under the Company's
                  Limited
                  Documentation program, Fannie Mae Timesaver
                  Plus.

              

      

      

      
        	 	
                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 Mortgage 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 loan file and which are required
                  to
                  document the Mortgage Loan or to service the Mortgage
                  Loan.

              

      

      

      
        	 	
                26.

              	
                Amortization
                  schedule, if available.

              

      

      

      
        	 	
                27.

              	
                Payment
                  history for any Mortgage Loan that has been closed for more than
                  90
                  days.

              

      

      

      

      In
        the
        event an Officer's Certificate of the Company is delivered to the Custodian
        because of a delay caused by the public recording office in returning any
        recorded document, the Company shall deliver to the Custodian, within 240
        days
        of the related 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 from the Purchaser,
        which
        consent shall not be unreasonably withheld. 

      

      EXHIBIT
        D

      

      

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      

      

      
        	
                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.

              	 	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained. 

              	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	 	 
	 	
                Cash
                  Collection and Administration

              	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	 	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	 	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	 	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	 	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	 	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	 	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	 	 
	 	
                Investor
                  Remittances and Reporting

              	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the Servicer.
                  

              	 	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Applicable
                  Servicing Criteria

              	
                Inapplicable
                  Servicing Criteria

              
	 	
                Pool
                  Asset Administration (cont’d)

              	 	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	 	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	 	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	 	 
	 	
                Pool
                  Asset Administration

              	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents. 

              	 	 
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements 

              	 	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	 	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents. 

              	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan documents.
                  

              	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction agreements.
                  

              	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      

      FORM
        OF
        SARBANES CERTIFICATION

       

      
 

      
        	 	
                Re:

              	
                The
                  [ ] agreement dated as of [ ], 200[ ] (the “Agreement”), among [IDENTIFY
                  PARTIES]

              

      

      

      I,
        ________________________________, the _______________________ of [Name of
        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, the Servicing Assessment and the Attestation Report
        required to be provided by the Servicer 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
        F

       

      FORM
        OF
        SARBANES-OXLEY BACK-UP CERTIFICATION

      

      I,
        ______________________, Vice President of Wells Fargo Bank, N.A. (the
        "Servicer"), certify to __________________, and its officers, directors,
        agents
        and affiliates (the "Sarbanes Certifying Party"), and with the knowledge
        and
        intent that they will rely upon this certification, that:

      

      
        	 	
                (i)

              	
                Based
                  on my knowledge, the information relating to the Mortgage Loans
                  and the
                  servicing thereof submitted by the Servicer to the Sarbanes Certifying
                  Party which is used in connection with preparation of the reports
                  on Form
                  8-K and the annual report on Form 10-K filed with the Securities
                  and
                  Exchange Commission with respect to the Securitization, 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 date of this certification;

              

      

      

      
        	 	
                (ii)

              	
                The
                  servicing information required to be provided to the Sarbanes Certifying
                  Party by the Servicer under the relevant servicing agreement has
                  been
                  provided to the Sarbanes Certifying
                  Party;

              

      

      

      
        	 	
                (iii)
                  

              	
                I
                  am responsible for reviewing the activities performed by the Servicer
                  under the relevant servicing agreement and based upon the review
                  required
                  by the relevant servicing agreement, and except as disclosed in
                  the Annual
                  Statement of Compliance, the Annual Independent Public Accountant's
                  Servicing Report and all servicing reports, officer's certificates
                  and
                  other information relating to the servicing of the Mortgage Loans
                  submitted to the Sarbanes Certifying Party, the Servicer has, as
                  of the
                  date of this certification fulfilled its obligations under the
                  relevant
                  servicing agreement; and

              

      

      

      
        	(iv)  	
                I
                  have disclosed to the Sarbanes Certifying Party 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 relevant servicing agreement.
                  

              

      

      

      
        	 	
                (v)
                  

              	
                The
                  Servicer shall indemnify and hold harmless the Sarbanes Certifying
                  Party
                  and its officers, directors, agents and affiliates from and against
                  any
                  losses, damages, penalties, fines, forfeitures, reasonable legal
                  fees and
                  related costs, judgments and other costs and expenses arising out
                  of or
                  based upon a breach by the Servicer or any of its officers, directors,
                  agents or affiliates of its obligations under this Certification
                  or the
                  negligence, bad faith or willful misconduct of the Servicer in
                  connection
                  therewith. If the indemnification provided for herein is unavailable
                  or
                  insufficient to hold harmless the Sarbanes Certifying Party, then
                  the
                  Servicer agrees that it shall contribute to the amount paid or
                  payable by
                  the Sarbanes Certifying Party as a result of the losses, claims,
                  damages
                  or liabilities of the Sarbanes Certifying Party in such proportion
                  as is
                  appropriate to reflect the relative fault of the Sarbanes Certifying
                  Party
                  on the one hand and the Servicer on the other in connection with
                  a breach
                  of the Servicer's obligations under this Certification or the Servicer's
                  negligence, bad faith or willful misconduct in connection
                  therewith.

              

      

      

      IN
        WITNESS WHEREOF, I have hereunto signed my name and affixed the seal of the
        Servicer.

      

      Dated:
               By:

      Name:

      Title:

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

      

      

      ____________,
        20__

      

      

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT, dated ___________________, 20____ between
        _________________, a _________________ corporation having an office at
        _________________ ("Assignor") and _________________, having an office at
        _________________ ("Assignee"):

      

      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 Purchaser, in, to and under that certain
        Seller's Warranties and Servicing Agreement, (the "Seller's Warranties and
        Servicing Agreement"), dated as of _________________, by and between
        _________________ (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
        _________________, by and among the Company, the Purchaser 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
        Seller's Warranties and 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 Seller's Warranties and Servicing
        Agreement, the Custodial Agreement or the Mortgage Loans, including without
        limitation the transfer of the servicing obligations under the Seller's
        Warranties and 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 Seller's Warranties
        and
        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 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
        Company pursuant to Section 12.10 of the Seller's Warranties and Servicing
        Agreement that:

      

      a. The
        Assignee agrees to be bound, as Purchaser, by all of the terms, covenants
        and
        conditions of the Seller's Warranties and 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 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 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
        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
        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 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 Seller's Warranties and Servicing Agreements
        is:

      

      _____________________________________________

      _____________________________________________

      _____________________________________________

      Attention:
        ____________________________________

      

      The
        Assignee's wire transfer instructions for purposes of all remittances and
        payments related to the Mortgage Loans and the Seller's Warranties and Servicing
        Agreement is:

      

      _____________________________________________

      _____________________________________________

      _____________________________________________

      Attention:
        ____________________________________

      

      4. 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 Seller’s
        Warranties and Servicing Agreement, the terms of which are incorporated herein
        by reference. It is the intention of the Assignor, the Company and the Assignee
        that the Seller’s Warranties and Servicing 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 and Assumption 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.:

      __________________________________  _________________________________

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      ELECTRONIC
        DATA FILE

      

      
        	 	
                (1)

              	
                the
                  street address of the Mortgaged Property including the city, state,
                  county
                  and zip code;

              

      

      

      
        	 	
                (2)

              	
                a
                  code indicating whether the Mortgaged Property is a single family
                  residence, a 2-4 family dwelling, a PUD, a cooperative, a townhouse,
                  manufactured housing or a unit in a condominium
                  project;

              

      

      

      (3)          
        the
        Mortgage Interest Rate as of the Cut-off Date;

      

      (4)          
        the
        current Monthly Payment;

      

      (5)          
        loan
        term, number of months;

      

      (6)          
        the
        stated maturity date;

      

      
        	 	
                (7)

              	
                the
                  Stated Principal Balance of the Mortgage Loan as of the close of
                  business
                  on the Cut-off Date, after deduction of payments of principal due
                  on or
                  before the Cut-off Date;

              

      

      

      
        	 	
                (8)

              	
                the
                  Loan-to-Value Ratio;

              

      

      

      
        	 	
                (9)

              	
                a
                  code indicating whether the Mortgage Loan is an Interest Only Mortgage
                  Loan;

              

      

      

      
        	 	
                (10)

              	
                a
                  code indicating whether the Mortgage Loan is a temporary buydown
                  (Y or
                  N);

              

      

      

      
        	 	
                (11)

              	
                the
                  Servicing Fee Rate;

              

      

      

      
        	 	
                (12)

              	
                a
                  code indicating whether the Mortgage Loan is covered by lender-paid
                  mortgage insurance (Y or N);

              

      

      

      
        	(13)  	
                       
                  a code indicating whether the Mortgage Loan is a Time$aver® Mortgage Loan
                  (Y or N);

              

      

      

      
        	 	
                (14)

              	
                the
                  Mortgagor's first and last name;

              

      

      

      
        	 	
                (15)

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

              

      

      

      
        	 	
                (16)

              	
                the
                  remaining months to maturity from the Cut-off Date, based on the
                  original
                  amortization schedule; 

              

      

      

      
        	 	
                (17)

              	
                the
                  date on which the first Monthly Payment was due on the Mortgage
                  Loan;
                  

              

      

      

      
        	 	
                (18)

              	
                the
                  last Due Date on which a Monthly Payment was actually applied to
                  the
                  actual principal balance; 

              

      

      

      
        	 	
                (19)

              	
                the
                  original principal amount of the Mortgage Loan;

              

      

      

      
        	 	
                (20)

              	
                a
                  code indicating the purpose of the loan (i.e., purchase, financing,
                  rate/term refinancing, cash-out refinancing);

              

      

      

      
        	 	
                (21)

              	
                the
                  Mortgage Interest Rate at origination;

              

      

      

      
        	 	
                (22)

              	
                the
                  date on which the first Monthly Payment was due on the Mortgage
                  Loan;
                  

              

      

      

      
        	 	
                (23)

              	
                a
                  code indicating the documentation style (i.e., full (providing
                  two years
                  employment verification - 2 years W-2’s and current pay stub or 2 years
                  1040’s for self employed borrowers), alternative or
                  reduced);

              

      

      

      
        	 	
                (24)

              	
                a
                  code indicating if the Mortgage Loan is subject to a PMI
                  Policy;

              

      

      

      
        	 	
                (25)

              	
                the
                  Appraised Value of the Mortgage
                  Property;

              

      

      

      
        	 	
                (26)

              	
                the
                  sale price of the Mortgaged Property, if
                  applicable;

              

      

      

      (27)        
        the
        Mortgagor’s Underwriting FICO Score;

      

      (28)        
        term
        of
        prepayment penalty in years;

      

      (29)        
        a
        code
        indicating the product type;

      

      (30)        
        a
        code
        indicating the credit grade of the Mortgage Loan;

      

      
        	 	
                (31)

              	
                the
                  unpaid balance of the Mortgage Loan as of the close of business
                  on the
                  Cut-off Date, after deduction of all payments of
                  principal;

              

      

      

      (32)        
        the
        Note
        date of the Mortgage Loan;

      

      
        	 	
                (33)

              	
                the
                  mortgage insurance certificate number and percentage of coverage,
                  if
                  applicable;

              

      

      

      (34)        
        the
        Mortgagor’s date of birth;

      

      
        	 	
                (35)

              	
                the
                  MIN Number for each Mortgage Loan, if
                  applicable;

              

      

      

      (36)        
        employer
        name;

      

      (37)        
        subsidy
        program code;

      

      (38)        
        servicer
        name;

      

      (39)        
        the
        combined Loan-to-Value Ratio;

      

      (40)        
        the
        total
        Loan-to-Value Ratio;

      

      (41)        
        whether
        the Mortgage Loan is convertible (Y or N);

      

      
        	(42)  	
                       
                  a code indicating whether the Mortgage Loan is a relocation loan
                  (Y or
                  N);

              

      

      

      (43)        
        a
        code
        indicating whether the Mortgage Loan is a leasehold loan (Y or N);

      

      (44)        
        a
        code
        indicating whether the Mortgage Loan is an Alt A loan (Y or N);

      

      (45)        
        a
        code
        indicating whether the Mortgage Loan is a no ratio loan (Y or N); 

      

      
        	 	
                (46)

              	
                a
                  code indicating whether the Mortgage Loan is a Pledged Asset Mortgage
                  Loan
                  (Y or N);

              

      

      

      (47)        
        effective
        LTV percentage for Pledged Asset Mortgage Loans;

      

      (48)        
        citizenship
        type code;

      

      
        	 	
                (49)

              	
                a
                  code indicating whether the Mortgage Loan is a conforming or
                  non-conforming loan, based on the original loan
                  balance;

              

      

      

      (50)        
        the
        name
        of the client for which the Mortgage Loan was originated;

      

      (51)        
        the
        program code;

      

      (52)        
        the
        loan
        sub doc code;

      

      (53)        
        the
        remaining interest-only term for Interest Only Mortgage Loans;

      

      The
        Company shall provide the following

      For
        the Home Mortgage Disclosure Act (HMDA):

      

      (54)        
        the
        Mortgagor’s and co-Mortgagor’s (if applicable) ethnicity;

      

      (55)        
        the
        Mortgagor’s and co-Mortgagor’s (if applicable) race;

      

      (56)        
        lien
        status;

      

      (57)        
        for
        cash-out refinance loans, the cash purpose;

      

      (58)        
        the
        Mortgagor’s and co-Mortgagor’s (if applicable) gender;

      

      (59)        
        the
        Mortgagor’s and co-Mortgagor’s (if applicable) social security
        numbers;

      

      (60)        
        the
        number of units for the property;

      

      (61)        
        the
        year
        in which the property was built;

      

      (62)        
        the
        qualifying monthly income of the Mortgagor;

      

      (63)        
        the
        number of bedrooms contained in the property;

      

      (64)        
        a
        code
        indicating first time buyer (Y or N);

      

      (65)        
        the
        total
        rental income, if any;

      

      The
        Seller shall provide the following

      for
        the adjustable rate Mortgage Loans (if applicable):

      

      (66)        
        the
        maximum Mortgage Interest Rate under the terms of the Mortgage
        Note;

      

      (67)        
        the
        Periodic Interest Rate Cap;

      

      (68)        
        the
        Index;

      

      (69)        
        the
        next
        Adjustment Date;

      

      (70)        
        the
        Gross
        Margin; and

      

      (71)        
        the
        lifetime interest rate cap.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MASTER
        MORTGAGE LOAN PURCHASE AGREEMENT

      

      

      This
        is
        an Amended and Restated Master Mortgage Loan Purchase Agreement (the
        "Agreement"), dated as of November 1, 2004 by and between EMC Mortgage
        Corporation, having an office at 909 Hidden Ridge Drive, Suite 200, Irving,
        Texas 75038 (the "Purchaser") and Wells Fargo Bank, N.A., having an office
        at 1
        Home Campus, Des Moines, Iowa 50328-0001 (the "Seller").

      

      
        W I T N ES S E T H
          :

      

      

      WHEREAS,
        the Seller agrees to sell, and the Purchaser agrees to purchase, from time
        to
        time certain conventional residential mortgage loans (the "Mortgage Loans")
        on a
        servicing retained basis as described herein:

      

      WHEREAS,
        the Mortgage Loans shall be delivered as pools of whole loans (each a “Loan
        Package”) on various dates as provided herein (each a “Closing Date”);
        and

      

      WHEREAS,
        the parties intend hereby to set forth the terms and conditions upon which
        the
        proposed Transactions will be effected.

      

      NOW
        THEREFORE, in consideration of the promises and the mutual agreements set
        forth
        herein, the parties hereto agree as follows:

      

      SECTION
        1. 
        All
        capitalized terms not otherwise defined herein have the respective meanings
        set
        forth in the Amended and Restated Master Seller's Warranties and Servicing
        Agreement, dated as of the date herewith (the“Master Seller's Warranties and
        Servicing Agreement"). 

      

      SECTION
        2. Agreement
        to Purchase.
        The
        Seller agrees to sell, and the Purchaser agrees to purchase from time to
        time,
        Mortgage Loans having an aggregate principal balance on the applicable related
        Cut-off Date in an amount as set forth in the related Commitment Letters
        or in
        such other amount as agreed by the Purchaser and the Seller as evidenced
        by the
        actual aggregate principal balance of the Mortgage Loans in the related Loan
        Package accepted by the Purchaser on the related Closing Date. The Mortgage
        Loans will be delivered pursuant to the Master Seller's Warranties and Servicing
        Agreement.

      

      SECTION
        3.  Mortgage
        Schedules.
        The
        Seller will provide the Purchaser with certain information constituting a
        listing of the Mortgage Loans to be purchased under this Agreement for each
        Transaction (the "Mortgage Loan Schedule"). Each Mortgage Loan Schedule shall
        conform to the definition of "Mortgage Loan Schedule" under the Master Seller's
        Warranties and Servicing Agreement.

      

      SECTION
        4.  Purchase
        Price.
        The
        purchase price for each Loan Package (the "Purchase Price") shall be the
        percentage of par as stated in the related Commitment Letter, multiplied
        by the
        aggregate principal balance, as of the related Cut-off Date, of the Mortgage
        Loans listed in the related Loan Package, after application of scheduled
        payments of principal for such related Loan Package due on or before the
        related
        Cut-off Date whether or not collected. The purchase price for a Loan Package
        may
        be adjusted as stated in the related Commitment Letter.

      

      In
        addition to the Purchase Price, the Purchaser shall pay to the Seller, at
        closing, accrued interest on the initial principal amount of the Mortgage
        Loans
        at the weighted average Mortgage Loan Remittance Rate for each Loan Package
        from
        the related Cut-off Date through the day prior to the related Closing Date,
        inclusive.

      

      With
        respect to each Loan Package, the Purchaser shall be entitled to (1) all
        scheduled principal due after the related Cut-off Date, (2) all other recoveries
        of principal collected 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 Seller after the related Cut-off Date shall belong to
        the
        Seller), and (3) all payments of interest on the Mortgage Loans at the Mortgage
        Loan Remittance Rate (minus that portion of any such payment which is allocable
        to the period prior to the related Cut-off Date). The 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. Therefore, payments of scheduled principal and interest prepaid
        for a
        due date beyond the related Cut-off Date shall not be applied to the principal
        balance as of the related Cut-off Date. Such prepaid amounts (minus interest
        at
        the Servicing Fee Rate) shall be the property of the Purchaser. The Seller
        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
        Seller to the Purchaser. 

      

      SECTION
        5.  Examination
        of Mortgage Files.
        Prior to
        each Closing Date, the Seller shall (a) deliver to the Purchaser in escrow,
        for
        examination, the Mortgage File for each Mortgage Loan, including a copy of
        the
        Assignment of Mortgage, pertaining to each Mortgage Loan, or (b) make the
        Mortgage Files available to the Purchaser for examination at the Seller's
        offices or such other location as shall otherwise be agreed upon by the
        Purchaser and the Seller. Such examination may be made by the Purchaser or
        by
        any prospective purchaser of the Mortgage Loans from the Purchaser, at any
        time
        before or after such related Closing Date, upon prior reasonable notice to
        the
        Seller. The fact that the Purchaser or any prospective purchaser of the Mortgage
        Loans 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
        successor's) rights to demand repurchase, substitution or other relief as
        provided under the Master Seller's Warranties and Servicing
        Agreement.

      

      Prior
        to
        Seller’s receipt of the Purchase Price, the Purchaser shall cause the Custodian
        to act as bailee for the sole and exclusive benefit of the Seller pursuant
        to
        the Custodial Agreement and act only in accordance with Seller’s instructions.
        Upon the Seller’s receipt of the Purchase Price, the Seller shall provide
        notification to the Custodian to release ownership of the Mortgage Loan
        Documents contained in the Custodial Mortgage File. Such notification shall
        be
        in a form of a written notice by facsimile or other electronic media, with
        a
        copy sent to the Purchaser. Subsequent to such release, such Mortgage Loan
        Documents shall be retained by the Custodian for the benefit of the Purchaser.
        All Mortgage Loan Documents related to Mortgage Loans not purchased by the
        Purchaser on the Closing Date, shall be maintained by the Custodian for the
        benefit of the Seller and shall be returned to the Seller within two (2)
        Business Days after the Closing Date.

      

      SECTION
        6.  Representations,
        Warranties and Agreements of Seller.
        The
        Seller agrees and acknowledges that it shall, as a condition to the consummation
        of the transactions contemplated hereby, make the representations and warranties
        specified in Section 3.01 and 3.02 of the Master Seller's Warranties and
        Servicing Agreement, as of each related Closing Date. The meaning of the
        term
        "Agreement" as used in Sections 3.01 and 3.02 of the Master Seller's Warranties
        and Servicing Agreement shall include this Agreement. The Seller, without
        conceding that the Mortgage Loans are securities, hereby makes the following
        additional representations, warranties and agreements which shall be deemed
        to
        have been made as of the related Closing Date:

      

      a) neither
        the Seller 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 or which would render the disposition of any
        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

      

      b) the
        Seller has not dealt with any broker or agent or anyone else who might be
        entitled to a fee or commission in connection with this transaction other
        than
        the Purchaser.

      

      SECTION
        7.  Representation,
        Warranties and Agreement of Purchaser.
        The
        Purchaser, without conceding that the Mortgage Loans are securities, hereby
        makes the following representations, warranties and agreements, which shall
        have
        been deemed to have been made as of the related Closing Date.

      

      a) the
        Purchaser understands that the Mortgage Loans have not been registered under
        the
        Securities Act or the securities laws of any state;

      

      b) the
        Purchaser is acquiring the Mortgage Loans for its own account only and not
        for
        any other person;

      

      c) the
        Purchaser 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;

      

      d) the
        Purchaser has been furnished with all information regarding the Mortgage
        Loans
        which it has requested from the Seller or the Company; and

      

      e) neither
        the Purchaser nor anyone acting on its behalf offered, transferred, pledged,
        sold or otherwise disposed of any Mortgage Loan, any interest in any Mortgage
        Loan or any other similar security to, or solicited any offer to buy or accept
        a
        transfer, pledge or other disposition of any Mortgage Loan, any interest
        in any
        Mortgage Loan or any other similar security from, or otherwise approached
        or
        negotiated with respect to any Mortgage Loan, any interest in any Mortgage
        Loan
        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 or which would render the disposition of any
        Mortgage Loan 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.

      

      SECTION
        8.  Closing.
        The
        closing for the purchase and sale of each Loan Package shall take place on
        the
        related Closing Date. At the Purchaser's option, 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 shall be subject to each of the following conditions:

      

      a) all
        of
        the representations and warranties of the Seller under this Agreement and
        under
        the Master Seller's Warranties and Servicing Agreement shall be true and
        correct
        as of such related Closing Date and no event shall have occurred which, with
        notice or the passage of time, would constitute a default under this Agreement
        or an Event of Default under the Master Seller's Warranties and Servicing
        Agreement;

      

      b) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all Closing Documents as specified in Section 9 of this Agreement,
        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 respective
        terms thereof;

      

      c) the
        Seller shall have delivered and released to the Custodian under the Master
        Seller's Warranties and Servicing Agreement all documents required pursuant
        to
        the related Custodial Agreement, and

      

      d) all
        other
        terms and conditions of this Agreement shall have been complied
        with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Seller on such
        related Closing Date the applicable Purchase Price, plus accrued interest
        pursuant to Section 4 of this Agreement, by wire transfer of immediately
        available funds to the account designated by the Seller.

      

      SECTION
        9.  Closing
        Documents.
        With
        respect to the Mortgage Loans, the Closing Documents shall consist of the
        following documents:

      

      On
        the
        initial Closing Date:

      

      
        	 	
                1.

              	
                the
                  Master Seller's Warranties and Servicing Agreement, in three
                  counterparts;

              

      

      

      
        	 	
                2.

              	
                this
                  Agreement in two counterparts;

              

      

      

      
        	 	
                3.

              	
                the
                  Custodial Agreement, dated as November 30, 1999, by and between
                  EMC
                  Mortgage Corporation as Owner, and Wells Fargo Bank, N.A. (formerly
                  Wells
                  Fargo Bank Minnesota, N.A.) attached as an exhibit to the Master
                  Seller's
                  Warranties and Servicing Agreement;

              

      

      

      
        	 	
                4.

              	
                the
                  Mortgage Loan Schedule for the related Loan Package, one copy to
                  be
                  attached to each counterpart of the Master Seller's Warranties
                  and
                  Servicing Agreement, to each counterpart of this Agreement, and
                  to each
                  counterpart of the Custodial Agreement, as the Mortgage Loan Schedule
                  thereto;

              

      

      

      
        	 	
                5.

              	
                a
                  Receipt and Certification, as required under the Custodial
                  Agreement;

              

      

      

      
        	6.  	
                           
                  an Opinion of Counsel of the Seller, in the form of Exhibit 1 hereto;
                  and

              

      

      

      
        	7.  	
                           
                  an Assignment and Conveyance Agreement for the related Mortgage
                  Loans.

              

      

      

      On
        each
        subsequent Closing Date, the following documents:

      

      
        	1.  	
                           
                  the Mortgage Loan Schedule for the related Loan
                  Package;

              

      

      

      
        	2.  	
                           
                  an Assignment and Conveyance Agreement for the related Mortgage
                  Loans;
                  and

              

      

      

      
        	3.  	
                           
                  a Receipt and Certification, as required under the Custodial
                  Agreement.

              

      

      

      

      SECTION
        10.  Costs.
        The
        Purchaser shall pay any commissions due its salesmen, the legal fees and
        expenses of its attorneys and the costs and expenses associated with the
        Custodian. The Seller shall be responsible for reasonable costs and expenses
        associated with any preparation of the initial assignments of mortgage. All
        other costs and expenses incurred in connection with the transfer and delivery
        of the Mortgage Loans, including fees for title policy endorsements and
        continuations and the Seller's attorney fees, shall be paid by the
        Seller.

      

      SECTION
        11.  Servicing
        The
        Mortgage Loans shall be serviced by the Seller in accordance with the terms
        of
        the Master Seller's Warranties and Servicing Agreement. The Seller shall
        be
        entitled to servicing fees calculated as provided therein, at the Servicing
        Fee
        Rate.

      

      SECTION
        12.  Financial
        Statements.
        The
        Seller understands that in connection with the Purchaser's marketing of the
        Mortgage Loans, the Purchaser shall make available to prospective purchasers
        a
        Consolidated Statement of Operations of the Seller for the most recently
        completed two fiscal years respecting which such a statement is available,
        as
        well as a Consolidated Statement of Condition at the end of the last two
        (2)
        fiscal years covered by such Consolidated Statement of Operations. The Purchaser
        shall also make available any comparable interim statements to the extent
        any
        such statements have been prepared by the seller in a format intended or
        otherwise suitable for the public at large. The Seller, if it has not already
        done so, agrees to furnish promptly to the Purchaser copies of the statements
        specified above. The Seller shall also make available information on its
        servicing performance with respect to loans in its own portfolio and loans
        serviced for others (if any), including foreclosure and delinquency
        ratios.

      

      The
        Seller also agrees to allow access to a knowledgeable (as shall be determined
        by
        the Seller) financial or accounting officer for the purpose of answering
        questions asked by any prospective purchaser regarding recent developments
        affecting the Seller or the financial statements of the Seller.

      

      SECTION
        13.  Mandatory
        Delivery.
        The sale
        and delivery on each Closing Date of the related Mortgage Loans described
        on the
        respective Mortgage Loan Schedules is mandatory, it being specifically
        understood and agreed that each Mortgage Loan must be unique and identifiable
        on
        such related Closing Date and that an award of money damages would be
        insufficient to compensate the Purchaser for the losses and damages incurred
        by
        the Purchaser (including damages to prospective purchasers of the Mortgage
        Loans) in the event of the Seller's failure to deliver the Mortgage Loans
        on or
        before such related Closing Date. All rights and remedies of the Purchaser
        under
        this Agreement are distinct from, and cumulative with, any other rights or
        remedies under this Agreement or afforded by law or equity and all such rights
        and remedies may be exercised concurrently, independently or
        successively.

      

      SECTION
        14.  Notices.
        All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if mailed, by registered or certified mail,
        return receipt requested, or, if by other means, when received by the other
        party at the address shown on the first page hereof, or such other address
        as
        may hereafter be furnished to the other party by like notice. Any such demand,
        notice of 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
        15.  Severability
        Clause.
        Any
        part, provision, representation or warranty of this Agreement which is
        prohibited or which is held to be void or unenforceable shall be ineffective
        to
        the extent of such prohibition or unenforceability without invalidating the
        remaining provisions hereof. Any part, provision, representation or warranty
        of
        this Agreement which is prohibited or unenforceable or is held to be void
        or
        unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction,
        to the extent of such prohibition or unenforceability without invalidating
        the
        remaining provisions hereof, and any such prohibition or unenforceability
        in any
        jurisdiction as to any Mortgage Loan shall not invalidate or render
        unenforceable such provision in any other jurisdiction. To the extent permitted
        by applicable law, the parties hereto waive any provision of law which prohibits
        or renders void or unenforceable any provision hereof. If the invalidity
        of any
        part, provision, representation or warranty of this Agreement shall deprive
        any
        party of the economic benefit intended to be conferred by this Agreement,
        the
        parties shall negotiate, in good-faith, to develop a structure the economic
        effect of which is as close as possible to the economic effect of this Agreement
        without regard to such invalidity.

      

      SECTION
        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
        17.  Place
        of Delivery and Governing Law.
        This
        Agreement shall be deemed in effect when a fully executed counterpart thereof
        is
        received by the Purchaser in the State of New York and shall be deemed to
        have
        been made in State of New York. The Agreement shall be construed in accordance
        with the laws of the State of New York and the obligations, rights and remedies
        of the parties hereunder shall be determined in accordance with the laws
        of the
        State of New York, except to the extent preempted by Federal Law.

      

      Each
        of
        the Seller and the Purchaser hereby knowingly, voluntarily and intentionally
        waives any and all rights it 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
        herewith, or any course of conduct, course of dealing, statements (whether
        oral
        or written), or actions of the Seller or the Purchaser. This provision is
        a
        material inducement for the Purchaser to enter into this Agreement.

      

      SECTION
        18.  Further
        Agreements.
        The
        Purchaser and the Seller 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.

      

      Without
        limiting the generality of the foregoing, the Seller shall reasonably cooperate
        with the Purchaser in connection with the initial resales of the Mortgage
        Loans
        by the Purchaser. In that connection, the Seller shall provide to the Purchaser:
        (i) any and all information and appropriate verification of information,
        whether
        through letters of its auditors and counsel or otherwise, as the Purchaser
        shall
        reasonably request, and (ii) such additional representations, warranties,
        covenants, opinions of counsel, letters from auditors and certificates of
        public
        officials or officers of the Seller as are reasonably believed necessary
        by the
        Purchaser in connection with such resales. The requirement of the Seller
        pursuant to (ii) above shall terminate on the related Closing Date, except
        as
        provided pursuant to Article IX of the Master Seller’s Warranties and Servicing
        Agreement. Prior to incurring any out-of-pocket expenses pursuant to this
        paragraph, the Seller shall notify the Purchaser in writing of the estimated
        amount of such expense. The Purchaser shall reimburse the Seller for any
        such
        expense following its receipt of appropriate details thereof.

      

      SECTION
        19.  Intention
        of the Parties.
        It is
        the intention of the parties that the Purchaser is purchasing, and the Seller
        is
        selling, an undivided 100% ownership interest in the Mortgage Loans and not
        a
        debt instrument of the Seller or another security. Accordingly, the parties
        hereto each intend to treat the transaction for Federal income tax purposes
        as a
        sale by the Seller, and a purchase by the Purchaser, of the Mortgage Loans.
        The
        Purchaser shall have the right to review the Mortgage Loans and the related
        Mortgage Loan Files to determine the characteristics of the Mortgage Loans
        which
        shall affect the Federal income tax consequences of owning the Mortgage Loans
        and the Seller shall cooperate with all reasonable requests made by the
        Purchaser in the course of such review.

      

      SECTION
        20.  Successors
        and Assigns; Assignment of Purchase Agreement.
        This
        Agreement shall bind and inure to the benefit of and be enforceable by the
        Seller and the Purchaser and the respective successors and assigns of the
        Seller
        and the Purchaser. This Agreement shall not be assigned, pledged or hypothecated
        by the Seller to a third party without the consent of the
        Purchaser.

      

      SECTION
        21. Waivers;
        Other Agreements.
        No term
        or provision of this Agreement may be waived or modified unless such waiver
        or
        modification is in writing and signed by the party against whom such waiver
        or
        modification is sought to be enforced.

      

      SECTION
        22. Exhibits.
        The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      SECTION
        23. General
        Interpretive Principles.
        For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      a) the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      b) accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

      

      c) references
        herein to "Articles", "Sections", "Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      d) 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
        24. Reproduction
        of Documents.
        This
        Agreement and all documents relating thereto, including, without limitation,
        (a)
        consents, waivers and modifications which may hereafter be executed, (b)
        documents received by any party at the closing, and (c) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties 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.

       

      [Signatures
        Follow]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Seller and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        date first above written.

      

      EMC
        MORTGAGE CORPORATION

      (Purchaser)

      

      By:
        _______________________________

      Name:
        _____________________________

      Title:
        ______________________________

      

      WELLS
        FARGO BANK, N.A.

      (Seller)

      

      By:
        _______________________________

      Name:
        _____________________________

      Title:
        ______________________________

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        1

      

      

      FORM
        OF
        OPINION OF COUNSEL

      

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      Re: Mortgage
        Loan Sale by Wells Fargo Bank, N.A. (the “Company”) to EMC Mortgage Corporation
        (the “Purchaser”) of first lien mortgage loans (the “Mortgage Loans”) pursuant
        to that certain Amended and Restated Master Seller’s Warranties and Servicing
        Agreement and Amended and Restated Master Mortgage Loan Purchase Agreement
        by
        and between the Company and the Purchaser, dated as of November 1,
        2005.

      

      Dear
        Sir/Madam:

      

      I
        am @ of
        Wells Fargo Bank, N.A. and have acted as counsel to Wells Fargo Bank, N.A.
        (the
“Company”), with respect to certain matters in connection with the sale by the
        Company of Mortgage Loans pursuant to that certain Amended and Restated Master
        Seller’s Warranties and Servicing Agreement and Amended and Restated Master
        Mortgage Loan Purchase Agreement by and between the Company and EMC Mortgage
        Corporation (the “Purchaser”), dated as of November 1, 2005, (the “Agreements”),
        which sale is in the form of whole Mortgage Loans. Capitalized terms not
        otherwise defined herein have the meanings set forth in the Amended and Restated
        Master Seller’s Warranties and Servicing Agreement.

      

      I
        have
        examined the following documents:

      

      
        	1.  	
                the
                  Amended and Restated Master Seller’s Warranties and Servicing
                  Agreement;

              

      

      

      
        	2.  	
                the
                  Amended and Restated Master Mortgage Loan Purchase
                  Agreement;

              

      

      

      
        	3.  	
                the
                  Custodial Agreement;

              

      

      

      
        	4.  	
                the
                  form of endorsement of the Mortgage Notes;
                  and

              

      

      

      
        	5.  	
                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 Agreements.
        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 national banking association duly organized, validly
                  existing
                  and in good standing under the laws of the United States.
                  

              

      

      

      
        	
                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 Agreements, 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 Agreements, each dated as of November 1, 2005, by and between
                  the
                  Company and the Purchaser, 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 Agreements was, at the
                  respective times of such signing and delivery, and is, as of the
                  date
                  hereof, duly elected or appointed, qualified and acting 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 Agreements, 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 the effect of insolvency, liquidation, convervatorship
                  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, 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 Agreements 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
                  Agreements, the Custodial Agreement or the sale and delivery of
                  the
                  Mortgage Loans or the consummation of the transactions contemplated
                  by the
                  Agreements, 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 Agreements 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 Agreements,
                  and 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 Agreements and the Custodial
                  Agreement.

              

      

      

      
        	
                9.

              	
                For
                  purposes of the foregoing, 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 the Company or an employee of the Company responsible
                  for
                  the receipt of process a present intention to initiate such proceedings;
                  nor have I regarded any legal or governmental actions, investigations
                  or
                  proceedings as including those that are conducted by state or federal
                  authorities in connection with their routine regulatory activities.
                  The
                  sale of each Mortgage Note and Mortgage as and in the manner contemplated
                  by the Agreements 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
                  Agreements.

              

      

      

      
        	
                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,

      @

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      @/@

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-1

    

    AMERICAN
      HOME ASSIGNMENT AGREEMENT

    

    

    

       

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of April 28, 2006, among EMC Mortgage Corporation (the “Assignor”), U.S. Bank
        National Association, not individually but solely as trustee for the holders
        of
        Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
        Certificates, Series 2006-AC3 (the “Assignee”), American Home Mortgage Corp.
        (the “Company”) and American Home Mortgage Servicing, Inc. (together, the
“Servicer”).

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto purchased by the Assignor from the Company and now serviced
        by
        Servicer for Assignor and its successors and assigns pursuant to the Purchase,
        Warranties and Servicing Agreement, dated as of March 1, 2006, between Assignor,
        Company and the Servicer, (together with those certain term sheets dated
        as of
        March 30, 2006 among the Assignor, Company and the Servicer, the “Purchase
        Agreement”) shall be subject to the terms of this AAR Agreement. Capitalized
        terms used herein but not defined shall have the meanings ascribed to them
        in
        the Purchase Agreement.

       

      Assignment
        and Assumption

       

      Except
        as
        expressly provided for herein, the Assignor hereby grants, transfers and
        assigns
        to the Assignee all of its right, title and interest as in, to and under
        (a) the
        Assigned Loans and (b) the Purchase Agreement with respect to the Assigned
        Loans; provided, however, that the Assignor is not assigning to the Assignee
        any
        of its right, title or interest, in, to and under the Purchase Agreement
        with
        respect to any mortgage loan other than the Assigned Loans listed on Attachment
        1. Notwithstanding anything to the contrary contained herein, the Assignor
        specifically reserves and does not assign to the Assignee any right, title
        and
        interest in, to or under the representations and warranties contained in
        Section
        3.01 and Section 3.02 of the Purchase Agreement, and any obligation of the
        Company or the Servicer, as applicable, to cure, repurchase or substitute
        for a
        mortgage loan and to indemnify the Assignor with respect to a breach of such
        representations and warranties pursuant to Section 3.03 and Section 8.01
        of the
        Purchase Agreement, and the Assignor is retaining the right to enforce the
        representations and warranties and the obligations of the Company or the
        Servicer, as applicable, set forth in those sections against the Company
        or the
        Servicer, as applicable. In addition, the Assignor specifically reserves
        and
        does not assign to the Assignee any right, title and interest in, to or under
        (a) Section 2.09 of the Purchase Agreement, (b) Section 4.03 and Section
        4.13 of
        the Purchase Agreement (but
        only
        insofar as such Sections grant to the Purchaser the right to terminate the
        servicing of defaulted Mortgage Loans and/or REO Properties by the Servicer)
        and
        (c) Section 10.01 of the Purchase Agreement, and the Assignor is retaining
        the
        right to enforce such sections against the Company or the Servicer, as
        applicable.
        Except
        as is otherwise expressly provided herein, the Assignor makes no
        representations, warranties or covenants to the Assignee and the Assignee
        acknowledges that the Assignor has no obligations to the Assignee under the
        terms of the Purchase Agreement or otherwise relating to the transaction
        contemplated herein (including, but not limited to, any obligation to indemnify
        the Assignee).

       

      Representations,
        Warranties and Covenants

       

      1.
         Assignor
        warrants and represents to Assignee, the Company and the Servicer as of the
        date
        hereof:

       

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

       

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignor’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

       

      (c) There
        are
        no offsets, counterclaims or other defenses available to the Company or the
        Servicer with respect to the Assigned Loans or the Purchase
        Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

       

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

       

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this AAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on the part of Assignor. This AAR Agreement has been duly
        executed and delivered by Assignor and, upon the due authorization, execution
        and delivery by Assignee, the Company and the Servicer, will constitute the
        valid and legally binding obligation of Assignor enforceable against Assignor
        in
        accordance with its terms except as enforceability may be limited by bankruptcy,
        reorganization, insolvency, moratorium or other similar laws now or hereafter
        in
        effect relating to creditors’ rights generally, and by general principles of
        equity regardless of whether enforceability is considered in a proceeding
        in
        equity or at law; 

       

      (g) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby; 

       

      (h) Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto;

       

      (i) The
        Assignor has received from the Company, and has delivered to the Assignee,
        all
        documents required to be delivered to Assignor by the Company prior to the
        date
        hereof pursuant to the Purchase Agreement with respect to the Assigned Loans
        and
        has not received, and has not requested from the Company, any additional
        documents; and 

       

      (j) There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignor's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignor, would adversely affect
        Assignor's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignor's ability to perform its obligations under this
        AAR
        Agreement.

       

      2.
         Assignee
        warrants and represents to, and covenants with, Assignor, the Company and
        the
        Servicer as of the date hereof:

       

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        hold the Assigned Loans as trustee on behalf of the holders of the Bear Stearns
        Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates, Series
        2006-AC3;

       

      (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, the Company and the Servicer, will constitute the valid
        and legally binding obligation of Assignee enforceable against Assignee in
        accordance with its terms except as enforceability may be limited by bankruptcy,
        reorganization, insolvency, moratorium or other similar laws now or hereafter
        in
        effect relating to creditors’ rights generally, and by general principles of
        equity regardless of whether enforceability is considered in a proceeding
        in
        equity or at law; 

       

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby; 

       

      (d) There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignee's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignee, would adversely affect
        Assignee's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignee's ability to perform its obligations under this
        AAR
        Agreement; and

       

      (e) Assignee
        assumes for the benefit of each of the Assignor, the Company and the Servicer
        all of the rights and obligations of the Purchaser under the Purchase Agreement
        with respect to the Assigned Loans.

       

      3.
         Each
        of
        the Company and the Servicer (but with respect to the Servicer, only to the
        extent expressly set forth in this Section 3), 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) Each
        of
        the Company and the Servicer is duly organized, validly existing and in good
        standing under the laws of the jurisdiction of its incorporation, and has
        all
        requisite corporate power and authority to perform its obligations under
        the
        Purchase Agreement;

       

      (c) The
        Servicer has all requisite corporate power and authority to service the Assigned
        Loans;

       

      (d) Each
        of
        the Company and the Servicer has full corporate power and authority to execute,
        deliver and perform its obligations under this AAR Agreement, and to consummate
        the transactions set forth herein. The consummation of the transactions
        contemplated by this AAR Agreement is in the ordinary course of the Company’s
        and the Servicer’s respective businesses and will not conflict with, or result
        in a breach of, any of the terms, conditions or provisions of Company’s and the
        Servicer’s respective charter or by-laws or any legal restriction, or any
        material agreement or instrument to which the Company or the Servicer 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 the Servicer
        or
        their respective property is subject. The execution, delivery and performance
        by
        each of the Company and the Servicer of this AAR Agreement and the consummation
        by it of the transactions contemplated hereby, have been duly authorized
        by all
        necessary corporate action on the part of the Company or the Servicer. This
        AAR
        Agreement has been duly executed and delivered by the Company and the Servicer,
        and, upon the due authorization, execution and delivery by Assignor and
        Assignee, will constitute the valid and legally binding obligation of the
        Company and the Servicer, enforceable against the Company and the Servicer
        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;

       

      (e) 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 or the Servicer in connection with the execution, delivery or
        performance by the Company or the Servicer of this AAR Agreement, or the
        consummation by them of the transactions contemplated hereby; 

       

      (f) The
        Company shall establish a Custodial Account and an Escrow Account under the
        Purchase Agreement in favor of the Assignee with respect to the Assigned
        Loans
        separate from the Custodial Account and Escrow Account previously established
        under the Purchase Agreement in favor of Assignor;

       

      (g) 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 or the Servicer, as applicable, in Sections 3.01 and 3.02 of the
        Purchase Agreement to be untrue in any material respect; and

       

      (h) Neither
        this AAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by the Company or the
        Servicer pursuant to this AAR Agreement contains or will contain any materially
        untrue statement of fact or omits or will omit to state a fact necessary
        to make
        the statements contained therein not misleading.

       

      4.
         Each
        of
        the Company and the Servicer warrants and represents to, and covenants with,
        Assignor and Bear Stearns Asset Backed Securities I LLC (“BSABS I”) as of the
        date hereof:

       

      (a) Company
        is not aware and has not received notice that any default, early amortization
        or
        other performance triggering event has occurred as to any other securitization
        due to any act or failure to act of the Company or the Servicer;

       

      (b) 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;

       

      (c) 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;

       

      (d) No
        material changes to the Servicer’s policies or procedures with respect to the
        servicing function it will perform under the Purchase Agreement and this
        AAR
        Agreement for mortgage loans of a type similar to the Assigned Loans have
        occurred during the three-year period immediately preceding the date
        hereof;

       

      (e) There
        are
        no aspects of the Servicer’s financial condition that could have a material
        adverse effect on the performance by the Servicer of its servicing obligations
        under the Purchase Agreement and this AAR Agreement;

       

      (f) There
        are
        no material legal or governmental proceedings pending (or known to be
        contemplated) against the Company, the Servicer, any Subservicer or any
        third-party originator; and

       

      (g) There
        are
        no affiliations, relationships or transactions relating to the Company or
        any
        Subservicer with respect to this Securitization Transaction and any party
        thereto of a type described in Item 1119 of Regulation AB.

       

      Notwithstanding
        anything to the contrary in the Purchase
        Agreement, the Company or the Servicer shall (or shall cause any Third-Party
        Originator to) (i) immediately notify Assignor and BSABS I in writing of
        (A)
        legal proceedings pending against the Company or the Servicer, or proceedings
        known by the Company or the Servicer to be contemplated by governmental
        authorities against the Company or the Servicer which in the judgment of
        the
        Company or the Servicer 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, the Servicer and any of the above listed
        parties or other parties identified in writing by the Assignor or BSABS I
        with
        respect to this Securitization Transaction and (ii) provide to the Assignor
        and
        BSABS I a description of such proceedings, affiliations or
        relationships.

      

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com. Additionally, all such notifications, other
        than
        those pursuant to (i)(A) above, should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        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

       

      5.
         Assignor
        hereby agrees to indemnify and hold the Assignee (and its successors and
        assigns) harmless against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that Assignee (and its successors and assigns) may sustain in
        any
        way related to any breach of the representations or warranties of Assignor
        set
        forth in this AAR Agreement or the breach of any covenant or condition contained
        herein.

       

      Recognition
        of Assignee

       

      6.
         From
        and
        after the date hereof, the Company and the Servicer shall recognize Assignee
        as
        owner of the Assigned Loans, and acknowledges that the Assigned Loans will
        be
        part of a REMIC, and the Servicer will service the Assigned Loans in accordance
        with the Purchase Agreement (as modified by this AAR Agreement) but in no
        event
        in a manner that would (i) cause any REMIC to fail to qualify as a REMIC
        or (ii)
        result in the imposition of a tax upon any REMIC (including but not limited
        to
        the tax on prohibited transactions as defined in Section 860F(a)(2) of the
        Code
        and the tax on contributions to a REMIC set forth in Section 860G(d) of the
        Code). It is the intention of Assignor, the Company, the Servicer and Assignee
        that this AAR Agreement shall be binding upon and for the benefit of the
        respective successors and assigns of the parties hereto. Neither the Company,
        the Servicer nor Assignor shall amend or agree to amend, modify, waive, or
        otherwise alter any of the terms or provisions of the Purchase Agreement
        which
        amendment, modification, waiver or other alteration would in any way affect
        the
        Assigned Loans without the prior written consent of Assignee.

       

      7.
         Notwithstanding
        any term hereof to the contrary, the execution and delivery of the AAR Agreement
        by the Assignee is solely in its capacity as trustee for Bear Stearns Asset
        Backed Securities I Trust 2006-AC3 and not individually, and any recourse
        against the Assignee in respect of any obligations it may have under or pursuant
        to the terms of this AAR Agreement shall be limited solely to the assets
        it may
        hold as trustee of Bear Stearns Asset Backed Securities I Trust
        2006-AC3.

       

      Servicer
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”), the Assignee, Bear,
        Stearns & Co. Inc. (the “Underwriter”) and each affiliate of the
        Underwriter, each Person (including, but not limited to, the Master Servicer)
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission, or for execution of a certification pursuant
        to
        Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, each Person who
        controls the Assignor, BSABS I, the Assignee or the Underwriter (within the
        meaning of Section 15 of the Securities Act and Section 20 of the Exchange
        Act);
        and the respective present and former directors, officers, employees, agents
        and
        affiliates of each of the foregoing (each, an “Indemnified Party”), and shall
        hold each of them harmless from and against any claims, losses, damages,
        penalties, fines, forfeitures, legal fees and expenses and related costs,
        judgments, and any other costs, fees and expenses that any of them may sustain
        arising out of or based upon: 

       

      
        	
              	(i)	
                (A) any
                  untrue statement of a material fact contained or alleged to be
                  contained
                  in any information, report, certification, data, accountants’ letter or
                  other material provided under Section 11.18 of the Purchase Agreement
                  by
                  or on behalf of the Servicer, or provided under Section 11.18 of
                  the
                  Purchase Agreement by or on behalf of any Subservicer, Subcontractor
                  or
                  Third-Party Originator (collectively, the “Company Information”), or (B)
                  the omission or alleged omission to state in the Company Information
                  a
                  material fact required to be stated in the Company Information
                  or
                  necessary in order to make the statements therein, in the light
                  of the
                  circumstances under which they were made, not misleading; provided,
                  by way of clarification, that
                  clause (B) of this paragraph shall be construed solely by reference
                  to the
                  Company Information and not to any other information communicated
                  in
                  connection with a sale or purchase of securities, without regard
                  to
                  whether the Company Information or any portion thereof is presented
                  together with or separately from such other
                  information;

              

        	 	 	 

        	 	(ii)	any breach by the Servicer of its
                obligations
                under Section 11.18 of Purchase Agreement, including particularly
                any
                failure by the Servicer, any Subservicer, any Subcontractor or any
                Third-Party Originator to deliver any information, report, certification,
                accountants’ letter or other material when and as required under Section
                11.18 of the Purchase Agreement, including any failure by the Company
                to
                identify any Subcontractor “participating in the servicing function”
                within the meaning of Item 1122 of Regulation AB;

        	 	 	 

        	 	(iii)	any breach by the Servicer of a representation
                or warranty set forth in Section 3.01 of the Purchase Agreement or
                in a
                writing furnished pursuant to Section 3.01(q) of the Purchase Agreement
                and made as of a date prior to the date hereof, to the extent that
                such
                breach is not cured by the date hereof, or any breach by the Servicer
                of a
                representation or warranty in a writing furnished pursuant to Section
                3.01(q) of the Purchase Agreement to the extent made as of a date
                subsequent to the date hereof; or

        	 	 	 

        	 	(iv)	the negligence, bad faith or willful
                misconduct of the Servicer in connection with its performance under
                Section 11.18 of the Purchase Agreement.

      

       

      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 Section 11.18 of the Purchase
        Agreement, the Servicer shall promptly reimburse the Assignor, BSABS I and
        each
        Person responsible for the preparation, execution or filing of any report
        required to be filed with the Commission, or for execution of a certification
        pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Servicer, any Subservicer, any Subcontractor or any Third-Party
        Originator.

       

      Modification
        of Purchase Agreement

       

      8.
         The
        Company, the Servicer and Assignor hereby amend the Purchase Agreement as
        follows:

       

      (a) The
        following definitions are added to Article I of the Purchase
        Agreement:

       

      Master
        Servicer:
        Wells
        Fargo Bank, N.A., or its successors in interest who meet the qualifications
        of
        the Pooling and Servicing Agreement and this Agreement.

       

      Pooling
        and Servicing Agreement:
        That
        certain pooling and servicing agreement, dated as of April 1, 2006, among
        Bear
        Stearns Asset Backed Securities I LLC, the Trustee, Wells Fargo Bank, N.A.,
        as
        master servicer, the Securities Administrator and EMC Mortgage
        Corporation.

       

      Securities
        Administrator:
        Wells
        Fargo Bank, N.A.

       

      Servicing
        Fee Rate:
        As
        provided in the related mortgage loan schedule.

       

      Trustee:
        U.S.
        Bank National Association, or its successor in interest, or any successor
        trustee appointed as provided in the Pooling and Servicing
        Agreement.

       

      (b) The
        definition of Business Day is deleted in its entirety and replaced with the
        following:

       

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the States
        of
        New York, Maryland, Minnesota or Texas, or (iii) a day on which banks in
        the
        States of New York, Maryland, Minnesota or Texas are authorized or obligated
        by
        law or executive order to be closed.

       

      (c) Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04  Governing
        Law.

       

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York without giving effect to
        principles of conflicts of laws (other than Section 5-1401 of the New York
        General Obligations Law) and except to the extent preempted by Federal law.
        The
        obligations, rights and remedies of the parties hereunder shall be determined
        in
        accordance with such laws.

       

      

       

      Miscellaneous

       

      9.
         All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this AAR Agreement shall be in writing and shall be deemed
        to have
        been duly given if personally delivered at or mailed by registered mail,
        postage
        prepaid, as follows:

       

      
        	 	
                (a)

              	
                In
                  the case of the Company:

              

      

       

      with
        a
        copy to:

      Alan
        B.
        Horn, General Counsel

      American
        Home Mortgage Corp.

      538
        Broadhollow Road

      Melville,
        New York 11747

      Telecopier
        No.: (800) 209-7276

       

      
        	 	 	 

      

      
        	 	
                (b)

              	
                In
                  case of the Servicer:

              

      

       

      American
        Home Mortgage Servicing, Inc. 

      4600
        Regent Boulevard, Suite 200

      Irving,
        Texas 75063

      Attention:
        David Friedman

       

      with
        a
        copy to:

      Alan
        B.
        Horn, General Counsel

      American
        Home Mortgage Corp.

      538
        Broadhollow Road

      Melville,
        New York 11747

      Telecopier
        No.: (800) 209-7276 

      

      
        	 	
                (c)

              	
                In
                  the case of Assignor:

              

      

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

       

      with
        a
        copy to:

       

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Ernie Calabrese

      Telecopier
        No.: (212) 272-5591

       

      
        	 	
                (d)

              	
                In
                  the case of Assignee:

              

      

      U.S.
        Bank
        National Association,

      as
        Trustee

      One
        Federal Street, 3rd
        Floor

      Boston,
        Massachusetts 02110

      Attention:
        Corporate Trust Services - BSABS I 2006-AC3

      Telecopier
        No.: (617) 603-6638 

       

      10.
         The
        Servicer hereby acknowledges that Wells Fargo Bank, N.A. (the “Master Servicer”)
        has been appointed as the master servicer of the Assigned Loans pursuant
        to the
        Pooling and Servicing Agreement, dated as of April 1, 2006, among the Assignor,
        the Assignee, Bear Stearns Asset Backed Securities I LLC, the Master Servicer
        and Wells Fargo, N.A. as securities administrator, and therefor has the right
        to
        enforce all obligations of the Servicer, as they relate to the Assigned Loans,
        under the Purchase Agreement. Such right will include, without limitation,
        the
        right to terminate the Servicer under the Purchase Agreement upon the occurrence
        of an event of default thereunder, the right to receive all remittances required
        to be made by the Servicer under the Purchase Agreement, the right to receive
        all monthly reports and other data required to be delivered by the Servicer
        under the Purchase Agreement, the right to examine the books and records
        of the
        Servicer, indemnification rights, and the right to exercise certain rights
        of
        consent and approval relating to actions taken by the Servicer. The Servicer
        shall make all distributions under the Purchase Agreement, as they relate
        to the
        Assigned Loans, to the Master Servicer by wire transfer of immediately available
        funds to:

       

      BSABS
        I
        2006-AC3 Master Servicer Collection Account

      Wells
        Fargo
        Bank, N.A.

      ABA#
        121000248

      Account
        Name: SAS Clearing 

      Account
        #
        3970771416

      For
        Further Credit to: BSABS I 2006-AC3, Account # 50912900

       

      and
        the
        Servicer shall deliver all reports required to be delivered under the Purchase
        Agreement, as they relate to the Assigned Loans, to the Assignee at the address
        set forth in Section 8 herein and to the Master Servicer at:

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2006-AC3

       

      11.
         A
        copy of
        all assessments, attestations, reports and certificates required to be delivered
        by the Servicer under this AAR Agreement and the Purchase Agreement shall
        be
        delivered to the Master Servicer by the date(s) specified herein or therein,
        and
        where such documents are required to be addressed to any party, such addresses
        shall include the Master Servicer and the Master Servicer shall be entitled
        to
        rely on such documents.

       

      12.
         Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this AAR Agreement.

       

      13.
         This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

       

      14.
         No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

       

      15.
         This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

       

      16.
         This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

       

      17.
         This
        AAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

       

      18.
         In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        AAR
        Agreement shall control. 

       

      19. Notwithstanding
        anything herein or in the Purchase Agreement to the contrary, Assignor hereby
        acknowledges and agrees that it will not exercise any rights to terminate
        the
        servicing of any defaulted Assigned Loans and/or REO Properties by the Servicer
        pursuant to Section 4.03 or Section 4.13 of the Purchase Agreement for so
        long
        as the Assigned Loans are held by the Assignee.

      

        
          
            
               

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      IN
        WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as of
        the
        day and year first above written.

       

       

      
 

      
        	 	 	
                EMC
                  MORTGAGE CORPORATION

              	 
	 	 	
                Assignor

              	 
	 	 	By:_________________________________	 
	 	 	Name:_______________________________	 
	 	 	Title:________________________________	 

      

       

      
        
          	 	 	
                  
                    U.S.
                      BANK NATIONAL ASSOCIATION, not individually but solely as Trustee
                      for
                      

                    the
                      Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
                      Certificates, Series 2006-AC3 Assignee

                  

                	 
	 	 	
                   

                	 
	 	 	By:_________________________________	 
	 	 	Name:_______________________________	 
	 	 	Title:________________________________	 

        

         

      

      
        
          
            	 	 	
                    
                      AMERICAN
                        HOME MORTGAGE CORP.

                    

                  	 
	 	 	
                     

                  	 
	 	 	By:_________________________________	 
	 	 	Name:_______________________________	 
	 	 	Title:________________________________	 

          

           

        

         

        
          
            
              	 	 	
                      
                        
                          AMERICAN
                            HOME MORTGAGE SERVICING, INC.

                        

                      

                    	 
	 	 	
                       

                    	 
	 	 	By:_________________________________	 
	 	 	Name:_______________________________	 
	 	 	Title:________________________________	 

            

             

          

           

          
            
              
                	 	 	
                        
                          
                            Acknowledged
                              and Agreed:

                          

                        

                      	 
	 	 	 	 
	 	 	WELLS FARGO BANK, N.A.	 
	 	 	
                         

                      	 
	 	 	By:_________________________________	 
	 	 	Name:_______________________________	 
	 	 	Title:________________________________	 

              

               

            

             

            
              
                
                  	 	 	BEAR STEARNS
                          ASSET BACKED
                          SECURITIES I LLC
	 	 	
                           

                        	 
	 	 	By:_________________________________	 
	 	 	Name:_______________________________	 
	 	 	Title:________________________________	 

                

                 

              

            

          

        

      

      
        
          
 

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

       

      ATTACHMENT
        1

       

      ASSIGNED
        LOAN SCHEDULE

       

      (Available
        upon request)

       

      

        
          
            
               

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

       

      ATTACHMENT
        2

       

       

      PURCHASE
        AGREEMENT

       

       

      (Available
        upon request)

       

       

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-2

    

    CHEVY
      CHASE ASSIGNMENT AGREEMENT

    

    

    

      ASSIGNMENT
        AND ASSUMPTION AGREEMENT

       

      THIS
        ASSIGNMENT AND ASSUMPTION AGREEMENT (the “Assignment and Assumption Agreement”),
        dated April 28, 2006, among EMC Mortgage Corporation, a Delaware corporation
        (“Assignor”), U.S. Bank National Association, not
        individually but solely as trustee for the holders of Bear Stearns Asset
        Backed
        Securities I Trust 2006-AC3, Asset-Backed Certificates, Series 2006-AC3
        (“Assignee”), Chevy Chase Bank, F.S.B. (the “Company”) and Bear Stearns Asset
        Backed Securities I LLC (“BSABS I”).

       

      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:

       

      1.  Defined
        terms used in this Assignment and Assumption Agreement and not otherwise
        defined
        herein shall have the meaning set forth in the Pooling and Servicing Agreement,
        dated as of April
        1,
        2006, among BSABS I, the Assignor, the Assignee, Wells Fargo Bank, National
        Association (the “Master Servicer”) and Wells Fargo Bank, National Association,
        as Securities Administrator.

       

      2.  The
        Assignor hereby grants, transfers and assigns to Assignee all of the right,
        title and interest of Assignor, as purchaser, in, to and under (a) those
        certain
        Mortgage Loans listed on Exhibit A attached hereto (the “Mortgage Loans”), (b)
        that certain Purchase, Warranties and Servicing Agreement, dated as of July
        1,
        2001, as amended by Amendment No. 1, dated as of January 13, 2003, and Amendment
        No. 2, dated as of January 31, 2006, by and between the Assignor and the
        Company
        with respect to the Mortgage Loans (as amended, the “PWS Agreement”) and (c)
        that certain term sheet dated as of February 22, 2006 (the “Term Sheet”), by and
        between the Assignor and the Company. Notwithstanding anything to the contrary
        contained herein, the Assignor specifically reserves and does not assign
        to the
        Assignee any right, title and interest in, to or under the representations
        and
        warranties contained in Section 3.01 and Section 3.02 of the PWS Agreement
        and
        in the Term Sheet, and the Assignor is retaining the right to enforce the
        representations and warranties set forth in those sections against the
        Company.

       

      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 PWS Agreement
        and the
        Term Sheets which are not the Mortgage Loans set forth on Exhibit A attached
        hereto and are not the subject of this Assignment and Assumption
        Agreement.

       

      3.  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 PWS
        Agreement, the Term Sheet 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 PWS Agreement, the Term Sheets or
        the
        Mortgage Loans, including without limitation the transfer of the servicing
        obligations under the PWS 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 or defaults under, the
        PWS
        Agreement, the Term Sheet 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
        by
        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 “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.

       

      4.  The
        Assignee warrants and represents to, 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 the Bear
        Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates,
        Series 2006-AC3;

       

      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 execution, delivery and performance of
        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 of the Assignee. This Assignment and Assumption
        Agreement has been duly executed and delivered by the Assignee and constitutes
        the valid and legally binding obligation of the Assignee enforceable against
        the
        Assignee in accordance with its respective terms;

       

      c.  To
        the
        best of Assignee’s knowledge, 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 and
        Assumption Agreement, or the consummation by it of the transactions contemplated
        hereby;

       

      d.  
        The
        Assignee assumes all of the rights of the Purchaser under the PWS Agreement
        with
        respect to the Assigned Loans other than the right to enforce the obligations
        of
        the Company under the PWS Agreement.

       

      5.  The
        Company warrants and represents to, and covenants with, the Assignor and
        the
        Assignee as of the date hereof:

       

      a.  Attached
        hereto as Exhibit B are true and accurate copies of the PWS Agreement and
        the
        relevant Term Sheet, which agreements are in full force and effect as of
        the
        date hereof and the provisions of which have not been waived, amended or
        modified in any respect, nor has any notice of termination been given
        thereunder;

       

      b.  The
        Company is a federally chartered savings bank 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 PWS Agreement and the Term Sheet;

       

      c.  The
        Company has full corporate 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 the Assignor and the
        Assignee, will constitute the valid and legally binding obligation of the
        Company, enforceable against the Company in accordance with its terms except
        as
        enforceability may be limited by bankruptcy, reorganization, insolvency,
        moratorium or other similar laws now or hereafter in effect relating to
        creditors’ rights generally, and by general principles of equity regardless of
        whether enforceability is considered in a proceeding in equity or at
        law;

       

      d.  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        the Company in connection with the execution, delivery or performance by
        the
        Company of this Assignment and Assumption Agreement, or the consummation
        by it
        of the transactions contemplated hereby; and

       

      e.  The
        Company shall establish a Custodial Account and an Escrow Account under the
        PWS
        Agreement in favor of the Assignee with respect to the Mortgage Loans separate
        from the Custodial Account and Escrow Account previously established under
        the
        PWS Agreement in favor of the Assignor.

       

      6.  Company
        warrants and represents to, and covenants with, Assignor and BSABS I as of
        the
        date hereof:

       

      a.  Company
        is not aware and has not received notice that any default, early amortization
        or
        other performance triggering event has occurred as to any other securitization
        due to any act or failure to act of the Company;

       

      b.  No
        material noncompliance with the applicable servicing criteria with respect
        to
        other securitizations of residential mortgage loans involving the Company
        as
        servicer has been disclosed or reported by the Company;

       

      c.  Company
        has not been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger;

       

      d.  No
        material changes to the Company’s policies or procedures with respect to the
        servicing function it will perform under the PWS 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 PWS 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.

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and BSABS I in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Mortgage Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or BSABS I with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and BSABS I a
        description of such proceedings, affiliations or relationships.

       

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com. Additionally, all such notifications, other
        than
        those pursuant to (i)(A) above, should be sent to:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        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

      

      Recognition
        of Assignee

       

      7.  From
        and
        after the date hereof, the Company shall recognize the Assignee as owner
        of the
        Mortgage Loans, and acknowledges that the Mortgage Loans will be part of
        a
        REMIC, and will service the Mortgage Loans in accordance with the PWS Agreement.
        It is the intention of the Assignor, the Company and the 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 the
        Company
        nor the Assignor shall amend or agree to amend, modify, waive, or otherwise
        alter any of the terms or provisions of the PWS Agreement which amendment,
        modification, waiver or other alteration would in any way affect the Mortgage
        Loans without the prior written consent of the Assignee.

       

      Pursuant
        to Section 11.18 of the PWS Agreement, the Company hereby acknowledges that
        the
        representations and warranties set forth in Section 3.01 of the PWS Agreement
        with respect to the Company and Section 3.02 of the PWS Agreement and in
        the
        Term Sheet with respect to the Mortgage Loans are being made by the Company
        as
        of April 28, 2006. The Assignor retains the right to enforce the representations
        and warranties set forth in Section 3.02 of the PWS Agreement and in the
        Term
        Sheet against the Company.

       

      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 Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
        Certificates, Series 2006-AC3 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 Bear Stearns Asset Backed Securities I Trust
        2006-AC3, Asset-Backed Certificates, Series 2006-AC3.

       

      Company
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
        affiliate of the Underwriter, each Person (including, but not limited to,
        the
        Master Servicer) responsible for the preparation, execution or filing of
        any
        report required to be filed with the Commission, or for execution of a
        certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
        Act, each Person who controls the Assignor, BSABS I, the Assignee or the
        Underwriter (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act); and the respective present and former directors,
        officers, employees, agents and affiliates of each of the foregoing (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon: 

       

      
        	(i)  	
                (A)any
                  untrue statement of a material fact contained or alleged to be
                  contained
                  in any information, report, certification, data, accountants’ letter or
                  other material provided under Section 11.18 of the PWS Agreement
                  by or on
                  behalf of the Assignor, or provided under Section 11.18 of the
                  PWS
                  Agreement by or on behalf of any Subservicer, Subcontractor or
                  Third-Party
                  Originator (collectively, the “Company Information”), or (B) the omission
                  or alleged omission to state in the Company Information a material
                  fact
                  required to be stated in the Company Information or necessary in
                  order to
                  make the statements therein, in the light of the circumstances
                  under which
                  they were made, not misleading; provided,
                  by way of clarification, that
                  clause (B) of this paragraph shall be construed solely by reference
                  to the
                  Company Information and not to any other information communicated
                  in
                  connection with a sale or purchase of securities, without regard
                  to
                  whether the Company Information or any portion thereof is presented
                  together with or separately from such other
                  information;

              

      

       

      
        	(ii)  	
                any
                  breach by the Company of its obligations under Section 11.18 of
                  PWS
                  Agreement, including particularly any failure by the Company, any
                  Subservicer, any Subcontractor or any Third-Party Originator to
                  deliver
                  any information, report, certification, accountants’ letter or other
                  material when and as required under Section 11.18 of the PWS Agreement,
                  including any failure by the Company to identify any Subcontractor
                  “participating in the servicing function” within the meaning of Item 1122
                  of Regulation AB; 

              

      

       

      
        	(iii)  	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  3.01 of the PWS Agreement or in a writing furnished pursuant to
                  Section
                  3.01 of the PWS Agreement and made as of a date prior to the date
                  hereof,
                  to the extent that such breach is not cured by the date hereof,
                  or any
                  breach by the Company of a representation or warranty in a writing
                  furnished pursuant to Section 3.01 of the PWS Agreement to the
                  extent made
                  as of a date subsequent to the date hereof;
                  or

              

      

       

      
        	(iv)  	
                the
                  negligence, bad faith or willful misconduct of the Company in connection
                  with its performance under Section 11.18 of the PWS
                  Agreement.

              

      

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other.

       

      In
        the
        case of any failure of performance described in Section 11.18 of the PWS
        Agreement, the Company shall promptly reimburse the Assignor, BSABS I and
        each
        Person responsible for the preparation, execution or filing of any report
        required to be filed with the Commission, or for execution of a certification
        pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator. This indemnification shall survive the termination of this Agreement
        or the termination of any party to this Agreement.

       

      Modification
        of the PWS Agreement

       

      9.  The
        Assignor and the Company hereby amend the PWS Agreement as follows:

       

      (a) The
        following definitions shall be added to Article I of the PWS
        Agreement: 

       

      Assignee:
        U.S.
        Bank National Association, as trustee for the holders of Bear Stearns Asset
        Backed Securities I Trust 2006-AC3, Asset-Backed Certificates, Series
        2006-AC3.

       

      Master
        Servicer:
        Wells
        Fargo Bank, National Association or any successor thereto.

       

      REMIC:
        A “real
        estate mortgage investment conduit” as defined in Section 860D of the
        Code.

       

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and related provisions and regulations
        promulgated thereunder, as the foregoing may be in effect from time to
        time.

       

      BSABS
        I:
        Bear
        Stearns Asset Backed Securities I LLC.

       

      Securities
        Administrator:
        Wells
        Fargo Bank, National Association.

       

      Trustee:
        U.S.
        Bank National Association.

       

      (b) The
        definition of Business Day is deleted in its entirety and replaced with the
        following:

       

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the States
        of
        New York, Maryland or Minnesota, or (iii) a day on which banks in the States
        of
        New York, Maryland or Minnesota are authorized or obligated by law or executive
        order to be closed.

       

      (c) The
        following are added as the last three paragraphs of Section 4.01 of the PWS
        Agreement:

       

      “Notwithstanding
        anything to the contrary contained herein, the Company shall not permit any
        modification with respect to any Mortgage Loan without permission of the
        Master
        Servicer.

       

      Notwithstanding
        anything to the contrary contained herein, any REO Property shall be disposed
        of
        by the Company before the close of the third taxable year following the taxable
        year in which the related Mortgage Loan became an REO Property, unless the
        Company is otherwise directed by the Master Servicer.

       

      The
        Company shall comply with any written instructions, to the extent the Company
        is
        able to reasonably comply, received from the Master Servicer or the Assignor
        pertaining to the servicing of the Mortgage Loans and the acquisition, holding
        or disposition of any REO Property to ensure the continued qualification
        of each
        REMIC as a REMIC in accordance with the REMIC Provisions.”

       

      (i)  (d)The
        first
        sentence of Subsection (c) of the definition of “Eligible Account” is deleted in
        its entirety and replaced with the following: 

       

      “(c)
        in a
        separate non-trust account (which is not fully insured by FDIC or other
        insurance) in an Eligible Institution.”

       

      (e) The
        following is added to the last sentence of the definition of “Eligible
        Institution”:

       

      “;
        provided that Chevy Chase Bank, F.S.B. shall cease to be an Eligible Institution
        in the event that either its short-term or long-term debt rating is reduced
        below the rating in effect on April 1, 2006.”

       

      (f) Subsection
        3.02(nn) is deleted in its entirety and replaced with the
        following:

       

      “(nn) The
        Mortgagor has not notified the Company, and the Company does not have any
        knowledge of any relief requested or allowed to the Mortgagor under the
        Servicemembers Civil Relief Act;”

       

      (g)
         Exhibit
        M
        of the PWS Agreement is deleted in its entirety and replaced with the
        following:

       

       

       

      EXHIBIT
        M

       

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       

      

       

      The
        assessment of compliance to be delivered by [the Company] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

       

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                General
                  Servicing Considerations

              	
                 

              
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                x

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                x

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	
                x

              
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                x

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                x

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	
                x

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                x

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                x

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                x

              
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                x

              
	
                 

              	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	
                x

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                x

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                x

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                x

              
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                x

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                x

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	
                x

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	
                x

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	
                x

              
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	
                x

              
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	
                x

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	
                x

              
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                x

              
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	
                x

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	
                x

              
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	
                x

              
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	
                x

              
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	
                x

              
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 
	
                 

              	
                 

              	
                 

              

      

      

       

       

      [NAME
        OF
        COMPANY] [NAME OF SUBSERVICER]

       

       

      Date: _________________________

      

       

      By: _________________________

      Name:
        

      Title:
        

      

       

      10.  The
        Company hereby acknowledges that Wells Fargo Bank, National Association 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 BSABS I, the Assignor,
        Wells Fargo Bank, National Association and the Assignee, and that the Master
        Servicer has the right to enforce all obligations of the Company under the
        PWS
        Agreement with respect to the servicing of the Mortgage Loans. The Company
        shall
        make all distributions under the PWS Agreement: to the Master Servicer by
        wire
        transfer of immediately available funds to:

       

      Wells
        Fargo Bank, National Association

      San
        Francisco, CA

      ABA
        #
        121000248

      Account
        Name: SAS Clearing

      Account
        #
        3970771416

      FFC
        to:
        BSABS I 2006-AC3, Account # 50912900

      

       

      The
        Company shall deliver all reports required to be delivered under the
PWS
        Agreement to the Master Servicer at:

       

      Wells
        Fargo Bank, National Association 

      9062
        Old
        Annapolis Road 

      Columbia,
        Maryland 21045 

      Attention:
        Client Manager BSABS I 2006-AC3

       

      Telecopier
        No.: (410) 715-2380

       

      11.  Notices:

       

      The
        Assignor’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and this Assignment and Assumption Agreement is:

       

      EMC
        Mortgage Corporation

      Mac
        Arthur Ridge II

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ralene Ruyle

       

      Telecopy:
        (972) 444-2810

       

      

       

      With
        a
        copy to:

       

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Ernie Calabrese

      

       

      The
        Assignee’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and this Assignment and Assumption Agreement is:

       

      U.S.
        Bank
        National Association,
        as
        Trustee

      One
        Federal Street, 3rd Floor

      Boston,
        MA 02110

      Attention:
        Corporate Trust Services, BSABS I 2006-AC3
        

       

      Telecopier
        No.: (617) 603-6638

       

      The
        Company’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and this Assignment and Assumption Agreement is:

       

      Chevy
        Chase Bank, F.S.B.

      7501
        Wisconsin Avenue, 6th
        Floor

      Bethesda,
        Maryland 20814

      Attention:
        Amy Westland

       

      With
        a
        copy to:

       

      Sandra
        S.
        Barker, Esq.

      Chief
        Mortgage Counsel

      7501
        Wisconsin Avenue, 13th
        Floor

      Bethesda,
        Maryland 20814

      

      The
        Security Administrator’s address for purposes of all notices and correspondence
        related to the Mortgage Loans and this Assignment and Assumption Agreement
        is:

       

      Wells
        Fargo Bank, National Association

      P.O.
        Box
        98

      Columbia,
        Maryland 21046

      Attention:
        Client Manager BSABS I 2006-AC3

       

      or,
        if by
        overnight delivery to:

       

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045,

      Attention:
        Client Manager BSABS I 2006-AC3 

       

      Telecopier
        No.: (410) 715-2380

       

      Miscellaneous:

       

      12.  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.

       

      13.  This
        Assignment and Assumption Agreement shall be construed in accordance with
        the
        laws of the State of New York, without regard to conflicts of law principles,
        and the obligations, rights and remedies of the parties hereunder shall be
        determined in accordance with such laws.

       

      14.  No
        term
        or provision of this 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.

       

      15.  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.

       

      16.  This
        Assignment and Assumption Agreement shall survive the conveyance of the Mortgage
        Loans, the assignment of the PWS Agreement and the Term Sheets to the extent
        of
        the Mortgage Loans by Assignor to Assignee and the termination of the PWS
        Agreement and Term Sheets.

       

      17.  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.

       

      18.  In
        the
        event that any provision of this Assignment and Assumption Agreement conflicts
        with any provision of the PWS Agreement and Term Sheets with respect to the
        Mortgage Loans, the terms of this Assignment and Assumption Agreement shall
        control.

       

      19.  Any
        new
        loan number assigned to a Mortgage Loan by the Assignee shall be provided
        to the
        Company at the following address: Chevy Chase Bank, F.S.B., 6151 Chevy Chase
        Drive, Laurel, MD 20707, Attention: Vicki Parry. 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

       

      U.S.
        BANK
        NATIONAL ASSOCIATION, not 

      individually
        but solely as Trustee,

      Assignee

       

      By:
        _____________________________

      Name:___________________________

      Title:____________________________

       

      EMC
        MORTGAGE CORPORATION

       

      By:
        _____________________________

      Name:___________________________

      Title:____________________________

       

      CHEVY
        CHASE BANK, F.S.B.

       

      By:
        _____________________________

      Name:___________________________

      Title:____________________________

       

      Acknowledged
        and Agreed

       

      
        	
                WELLS
                  FARGO BANK, 

                NATIONAL
                  ASSOCIATION

                 

              
	
                By:
                  _____________________________

              
	
                Name:
                  __________________________

              
	
                Title:
                  ___________________________

              

      

       

      
 

      
        	
                BEAR
                  STEARNS ASSET BACKED SECURITIES I LLC 

                 

              
	
                By:
                  _____________________________

              
	
                Name:
                  __________________________

              
	
                Title:
                  ___________________________

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        A:

       

      Mortgage
        Loans

       

      [Provided
        upon request]

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        B:

       

      PWS
        Agreement and Term Sheet

       

      [Provided
        upon request]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-3

    

    CITIMORTGAGE
      ASSIGNMENT AGREEMENT

    

    

    

      

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is
        an Assignment, Assumption and Recognition Agreement (the “Agreement”) made this
        1st
        day of
        May, 2006, among EMC Mortgage Corporation (the “Assignor”), U.S. Bank National
        Association, not individually but solely as trustee for the holders of Bear
        Stearns Asset Backed Securities I LLC, Asset-Backed Certificates, Series
        2006-AC3 (the “Assignee”) and CitiMortgage, Inc., formerly known as Citicorp
        Mortgage, Inc. (“Citicorp”).

      

      Whereas,
        Union Federal Bank of Indianapolis sold the servicing rights to the mortgage
        loans identified on Attachment 1 hereto (the “Mortgage Loans”) to
        Citicorp; 

      

      Whereas,
        the Assignor and Citicorp desire that, from and after the date hereof, all
        of
        the Mortgage Loans be serviced in accordance with the terms and conditions
        of
        that certain Mortgage Loan Purchase and Servicing Agreement, dated as of
        August
        1, 2003, between the Assignor and Citicorp and as modified herein (as modified,
        the “Purchase and Servicing Agreement”);

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the Mortgage Loans listed on Attachment 1 annexed hereto (the “Mortgage
        Loan Schedule”) shall be subject to the terms of this Agreement. Capitalized
        terms used herein but not defined shall have the meanings ascribed to them
        in
        the Purchase and Servicing Agreement.

      

      Recognition
        of EMC

      

      1. From
        and
        after the date hereof, Citicorp
        agrees that it will service the Mortgage Loans pursuant to the terms of the
        Purchase and Servicing Agreement (as modified herein) which terms are
        incorporated herein by reference.

       

      Assignment
        and Assumption

      

      2. Assignor
        hereby grants, transfers and assigns to Assignee all its right, title and
        interest in, to and under the Purchase and Servicing Agreement with respect
        to
        the Mortgage Loans. Notwithstanding anything to the contrary contained herein,
        Assignor specifically reserves and does not assign to Assignee and Assignor
        is
        retaining the right to enforce its right to terminate Citicorp as servicer
        of
        any Mortgage Loan which becomes ninety (90) days or greater delinquent in
        payment of a scheduled Monthly Payment as provided in the second paragraph
        of
        Section 10.07 of the Purchase and Servicing Agreement. Except as is otherwise
        expressly provided herein, the Assignor makes no representations, warranties
        or
        covenants to the Assignee and the Assignee acknowledges that the Assignor
        has no
        obligations to the Assignee under the terms of the Purchase and Servicing
        Agreement or otherwise relating to the transaction contemplated herein
        (including, but not limited to, any obligation to indemnify the
        Assignee).

      

      Warranties

      

      3. Assignor
        warrants and represents to, and covenants with, the Assignee as of the date
        hereof that:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase and Servicing
        Agreement which agreement is in full force and effect as of the date hereof
        and
        the provisions of which have not been waived, amended or modified in any
        respect, nor has any notice of termination been given thereunder;

      

      (b) There
        are
        no offsets, counterclaims or other defenses available to Citicorp with respect
        to the Mortgage Loans or the Purchase and Servicing Agreement;

      

      (c) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Mortgage Loans;

      

      (d) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this Agreement, and to consummate the transactions set
        forth
        herein. The consummation of the transactions contemplated by this 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 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 Agreement has been duly executed
        and
        delivered by Assignor and, upon the due authorization, execution and delivery
        by
        Assignee, 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;
        

      

      (e) 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 Agreement, or the consummation by it of the transactions contemplated
        hereby;

      

      (f) The
        Assignor has received from Citicorp, and has delivered to the Assignee, all
        documents required to be delivered to the Assignor by Citicorp prior to the
        date
        hereof with respect to the Mortgage Loans and has not received, and has not
        requested from Citicorp, any additional documents; and

      

      (g) There
        is
        no action, suit, proceeding, investigation or litigation pending or, to the
        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 Agreement,
        or the Assignor’s ability to perform its obligations under this
        Agreement.

      

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Citicorp that
        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 corporate
        power
        and authority to hold the Mortgage Loans as trustee on behalf of the holders
        of
        the Bear Stearns Asset Backed Securities I LLC, Asset-Backed Certificates,
        Series 2006-AC3;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this Agreement, and to consummate the transactions set
        forth
        herein. The consummation of the transactions contemplated by this 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 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 Agreement has been duly executed
        and
        delivered by Assignee and, upon the due authorization, execution and delivery
        by
        Assignor, 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 Agreement, or the consummation by it of the transactions contemplated
        hereby;

      

      (d)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignee's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignee, would adversely affect
        Assignee's execution or delivery of, or the enforceability of, this Agreement,
        or the Assignee's ability to perform its obligations under this Agreement;
        and

       

      (e) Assignee
        assumes for the benefit of each of the Assignor and Citicorp all of the rights
        of the Purchaser under the Purchase and Servicing Agreement with respect
        to the
        Mortgage Loans.

      

      5.
          Citicorp
        warrants and represents to, and covenants with, Assignor and Assignee that
        as of
        the date hereof:

       

      (a) Citicorp
        is duly organized, validly existing and in good standing under the laws of
        New
        York and is and will remain 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 and the servicing of the Mortgage Loan
        in
        accordance with the terms of this Agreement, 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 Citicorp by any such
        state.

      

      (b) No
        approval of the transactions contemplated by this Agreement from any federal
        or
        state regulatory authority having jurisdiction over Citicorp is required
        or, if
        required, such approval has been or will, prior to the date hereof, be
        obtained;

      

      (c) The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of Citicorp and will not result in the breach
        of any
        term or provision of the charter or by-laws of Citicorp or result in the
        breach
        of any term or provision of, or conflict with or constitute a default under
        or
        result in the acceleration of any obligation under, any agreement, indenture
        or
        loan or credit agreement or other instrument to which Citicorp or its property
        is subject, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which Citicorp or its property is subject;

      

      (d) Citicorp
        shall establish a Custodial Account and an Escrow Account under the Purchase
        and
        Servicing Agreement in favor of the Assignee with respect to the Mortgage
        Loans
        established in favor of Assignor; and

      

      (f) Neither
        this Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by Citicorp pursuant
        to this
        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.

      

      6.
          Citicorp
        warrants and represents to, and covenants with, Assignor and Bear Stearns
        Asset
        Backed Securities I LLC (“BSABS I”) as of the date hereof:

       

      (a)  Citicorp
        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 Citicorp;

       

      (b)  No
        material noncompliance with the applicable servicing criteria with respect
        to
        other securitizations of residential mortgage loans involving Citicorp as
        servicer has been disclosed or reported by Citicorp;

       

      (c)  Citicorp
        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 Citicorp’s policies or procedures with respect to the
        servicing function it will perform under the Purchase and Servicing Agreement
        and this 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 Citicorp’s financial condition that could have a material
        adverse effect on the performance by Citicorp of its servicing obligations
        under
        the Purchase and Servicing Agreement and this Agreement;

       

      (f)  There
        are
        no material legal or governmental proceedings pending (or known to be
        contemplated) against Citicorp or any Subservicer; and

       

      (g)  There
        are
        no affiliations, relationships or transactions relating to Citicorp or any
        Subservicer with respect to this Securitization Transaction and any party
        thereto of a type described in Item 1119 of Regulation AB (with the information
        pertaining to such parties specified in Attachment III hereto).

       

      Notwithstanding
        anything to the contrary in the Agreement, Citicorp
        shall (or shall cause any Third-Party Originator to) (i) immediately notify
        the
        Assignor and BSABS I in writing of (A) legal proceedings pending against
        Citicorp, or proceedings known to be contemplated by governmental authorities
        against Citicorp which in the judgment of Citicorp would be, in each case,
        material to purchasers of securities backed by the Mortgage Loans, (B) any
        affiliations or relationships of the type described in Item 1119(b) of
        Regulation AB that develop following the date hereof between Citicorp and
        any of
        the above listed parties or other parties identified in writing by the Assignor
        or BSABS I with respect to the Securitization Transaction and (ii) provide
        to
        the Assignor and BSABS I a description of such proceedings, affiliations
        or
        relationships.

      

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com. Additionally, all such notifications, other
        than
        those pursuant to (i)(A) above, should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        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, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that Assignee (and its successors and assigns) may sustain in
        any
        way related to any breach of the representations or warranties of Assignor
        set
        forth in this Agreement or the breach of any covenant or condition contained
        herein.

      

      Recognition
        of Assignee

      

      8. From
        and
        after the date hereof, Citicorp shall recognize Assignee as owner of the
        Mortgage Loans and will service the Mortgage Loans in accordance with the
        Purchase and Servicing Agreement, as if Assignee and Citicorp had entered
        into a
        separate purchase and servicing agreement for the servicing of the Mortgage
        Loans in the form of the Purchase and Servicing Agreement, the terms of which
        are incorporated herein by reference. It is the intention of Assignor, Citicorp
        and Assignee that this Agreement will constitute a separate and distinct
        servicing agreement, and the entire agreement, between Citicorp and Assignee
        to
        the extent of the Mortgage Loans and shall be binding upon and for the benefit
        of the respective successors and assigns of the parties hereto. Neither Citicorp
        nor Assignor shall amend or agree to amend, modify, waive or otherwise alter
        any
        of the terms or provisions of the Purchase and Servicing Agreement which
        amendment, modification, waiver or other alteration would in any way affect
        the
        Mortgage Loans without the prior written consent of Assignee.

      

      9. The
        Mortgage Loans shall be serviced by Citicorp for Assignee in accordance with
        all
        applicable state, federal and local laws as well as in conformity with the
        provisions of the applicable Mortgages and Mortgage Notes, and pursuant to
        the
        terms and conditions of this Agreement. Notwithstanding the foregoing, Citicorp
        shall have no liability or obligations to either Assignor or Assignee with
        respect to the representations and warranties contained in the Purchase and
        Servicing Agreement made with respect to origination of the Mortgage Loans,
        nor
        shall Citicorp be obligated to repurchase any Mortgage Loan in accordance
        with
        the Purchase and Servicing Agreement due to a breach of any such representation
        or warranty.

      

      10. Notwithstanding
        any term hereof to the contrary, the execution and delivery of this Agreement
        by
        the Assignee is solely in its capacity as trustee for Bear Stearns Asset
        Backed
        Securities I LLC, Asset-Backed Certificates, Series 2006-AC3 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 Agreement
        shall
        be limited solely to the assets it may hold as trustee of Bear Stearns Asset
        Backed Securities I LLC, Asset-Backed Certificates, Series
        2006-AC3.

      

      Modification
        of Purchase and Servicing Agreement

       

      11. Citicorp
        and the
        Assignor hereby amend the Purchase and Servicing Agreement as
        follows:

      

      (a) Business
        Day.

      

      The
        definition of “Business Day” shall be revised to include a day on which banking
        or savings and loan institutions in the States of Maryland, Minnesota, Missouri
        and New York are authorized or obligated by law or executive order to be
        closed.

       

      (b)
         The
        following definitions are added to the Purchase and Servicing
        Agreement:

       

      Master
        Servicer:
        Wells
        Fargo Bank, N.A., or its successors in interest who meet the qualifications
        of
        the Pooling and Servicing Agreement and this Agreement.

       

      (c) The
        following sentence shall be added to the end of the first paragraph of Section
        11.02 of the Agreement:

       

      In
        addition, not later than five (5) Business Days after each month end, Seller
        shall furnish to the Master Servicer a report in the form of Exhibit A to
        the
        Assignment, Assumption and Recognition Agreement, dated as of May 1, 2006,
        among
        the Seller, EMC Mortgage Corporation and U.S. Bank National Association with
        respect to defaulted Mortgage Loans and a report in the form of Exhibit B
        to the
        Assignment, Assumption and Recognition Agreement, dated as of May 1, 2006,
        among
        the Seller, EMC Mortgage Corporation and U.S. Bank National Association with
        respect to realized loss calculations.

       

      (d) Exhibit
        C
        to the Assignment, Assumption and Recognition Agreement, dated as of May
        1,
        2006, among the Seller, EMC Mortgage Corporation and U.S. Bank National
        Association is added as an Addendum to the Agreement.

       

      

      Miscellaneous

      

      12. All
        demands, notices and communications related to the Mortgage Loans, the Purchase
        and Servicing Agreement and this 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 Citicorp,

      

      CitiMortgage,
        Inc.

      1000
        Technology Drive,

      O’Fallon,
        Missouri 63368-2240

      Attention:
        Capital Markets MS 55

      

      with
        a
        copy to Investor Reporting Department MS 313

      

      (b) In
        the
        case of Assignee

      

      U.S.
        Bank
        National Association, as Trustee 

      One
        Federal Street, 3rd Floor

      Boston,
        Massachusetts 02110 

      Attention:
        Corporate Trust Services, BSABS 2006-AC3 

      Telecopier
        No.: (617) 603-6638

      

      (c) In
        the
        case of Assignor,

      

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

       

      with
        a
        copy to:

       

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Ernie Calabrese

      Telecopier
        No.: (212) 272-5591

       

      13. Citicorp
        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 BSABS I, the Assignor,
        Wells Fargo Bank, N.A. and the Assignee (the “Pooling and Servicing Agreement”)
        and therefor has the right to enforce all obligations of Citicorp, as they
        relate to the Mortgage Loans, under the Purchase and Servicing Agreement.
        Such
        right will include, without limitation, the right to terminate Citicorp under
        the Purchase and Servicing Agreement upon the occurrence of an event of default
        thereunder, the right to receive all remittances required to be made by Citicorp
        under the Purchase and Servicing Agreement, the right to receive all monthly
        reports and other data required to be delivered by Citicorp under the Purchase
        and Servicing Agreement, the right to examine the books and records of Citicorp,
        indemnification rights, and the right to exercise certain rights of consent
        and
        approval relating to actions taken by Citicorp. Citicorp shall make all
        distributions under the Purchase and Servicing Agreement, as they relate
        to the
        Mortgage Loans, to the Master Servicer by wire transfer of immediately available
        funds to:

      

      BSABS
        2006-AC3 Master Servicer Collection Account

      Wells
        Fargo
        Bank, N.A.

      ABA#
        121000248

      Account
        Name: SAS Clearing 

      Account
        #
        3970771416

      For
        Further Credit to: BSABS 2006-AC3, Account # 50912900

       

      and
        Citicorp shall deliver all reports required to be delivered under the Purchase
        and Servicing Agreement, as they relate to the Mortgage Loans, to the Assignee
        at the address set forth in Section 9(b) herein and to the Master Servicer
        at:

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS 2006-AC3

       

      14. This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, except to the extent preempted by Federal law, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      15. 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 Agreement.

      

      16. No
        term
        or provision of this Agreement may be waived or modified unless such waiver
        or
        modification is in writing and signed by the party against whom such waiver
        or
        modification is sought to be enforced.

      

      17. This
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which the Assignor, Assignee or Citicorp
        may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed the Assignor, Assignee or Citicorp, respectively,
        hereunder.

      

      18. This
        Agreement shall survive the conveyance of the Mortgage Loans, the assignment
        of
        the Purchase and Servicing Agreement to the extent of the Mortgage Loans
        by the
        Assignor to the Assignee and the termination of the Purchase and Servicing
        Agreement.

      

      19. 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.

      

      20. In
        the
        event that any provision of this Agreement conflicts with any provision of
        the
        Purchase and Servicing Agreement with respect to the Mortgage Loans, the
        terms
        of this Agreement shall control. 

      

      
 

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as of
        the
        day and year first above written.

       

      

       

      
        	
                EMC
                  MORTGAGE CORPORATION

                Assignor

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                U.S.
                  BANK NATIONAL ASSOCIATION, not in its individual capacity but solely
                  as
                  Trustee for the holders of Bear Stearns Asset Backed Securities
                  I LLC,
                  Asset-Backed Certificates, Series 2006-AC3

                Assignee

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                CITIMORTGAGE,
                  INC.

                Citicorp

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                Acknowledged
                  and Agreed:

                 

                WELLS
                  FARGO BANK, N.A.

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                BEAR
                  STEARNS ASSET BACKED SECURITIES I LLC

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

      

      

       

      

      ATTACHMENT
        1

      

      MORTGAGE
        LOAN SCHEDULE

      (available
        upon request)

      

      
        
           

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ATTACHMENT
        2

      

      MORTGAGE
        LOAN PURCHASE AND SERVICING AGREEMENT

       

      

      

       

      

      

      
        
           

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        A

       

      Standard
        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
        : 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
        B

      

      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

              	
                ________________

              	
                (5)

              
	
                (6)

              	
                Property
                  Maintenance

              	
                ________________

              	
                (6)

              
	
                (7)

              	
                MI/Hazard
                  Insurance Premiums

              	
                ________________

              	
                (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 Proceeds

              	
                ________________

              	
                (18)

              
	
                (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
        C

      

      REGULATION
        AB COMPLIANCE ADDENDUM

       

      ARTICLE
        I

       

      DEFINED
        TERMS

       

      Commission:
        The
        United States Securities and Exchange Commission.

       

      Depositor:
        The
        depositor, as such term is defined in Regulation AB, with respect to any
        Securitization Transaction.

       

      Master
        Servicer: With respect to any Securitization Transaction, the “master servicer,”
if any, identified in the related transaction documents.

       

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

       

      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.

       

      Servicer
        Information:
        As
        defined in Section 2.07(a).

       

      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.

       

      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 Servicer acknowledge and agree that the purpose of Article
        II
        of this Agreement is to facilitate compliance by the Purchaser and any Depositor
        with the provisions of Regulation AB and related rules and regulations of
        the
        Commission.
        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.
        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 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 Servicer 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 Servicer, 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.

       

      Section
        2.02. Additional
        Representations and Warranties of the Servicer.

       

      (a)  The
        Servicer hereby
        represents
        to the
        Purchaser,
        to
        any
        Master Servicer
        and to
        any Depositor, as of the date on which information is first provided to the
        Purchaser,
        any
        Master Servicer or
        any
        Depositor under Section 2.03 that, except as disclosed in writing to the
        Purchaser,
        such
        Master Servicer
        or such
        Depositor prior to such date: (i)
        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; (ii) 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; (iii) 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; (iv) 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; (v) 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; (vi) there are no material legal
        or
        governmental proceedings pending (or known to be contemplated) against the
        Servicer, any Subservicer; and (vii) 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.

       

      (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 Servicer 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.

       

      (c) Notwithstanding
        anything to the contrary in the Agreement, the Servicer shall (or shall cause
        each Subservicer 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 Servicer, any Subservicer, (B) any affiliations
        or relationships that develop following the closing date of a Pass-Through
        Transfer between the Servicer or any Subservicer and any of the parties
        specified in clause (7) of paragraph (p) of this Section (and any other parties
        identified in writing by the requesting party) with respect to such Pass-Through
        Transfer,
        (C) any
        Event of Default under the terms of this Agreement or any Reconstitution
        Agreement, (D) any merger, consolidation or sale of substantially all of
        the
        assets of the 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 Purchaser and any Depositor a description of such proceedings,
        affiliations or relationships.

      

      Each
        such
        notice/update should be sent to EMC by e-mail to regABnotifications@bear.com.
        Additionally, all notifications pursuant to this Section 2.02(c), other than
        those pursuant to Section 2.02(c)(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 2.02(c)(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

      

       

      Section
        2.03.  Information
        to Be Provided by the Servicer.

       

      In
        connection with any Securitization Transaction the Servicer 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 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 Servicer, 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 (b) of this Section.

       

      (a) If
        so
        requested by the Purchaser 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 Purchaser or any
        Depositor, to any analysis of the servicing of the Mortgage Loans or the
        related
        asset-backed securities, as applicable, including, without
        limitation:

       

      (1)  whether
        any prior securitizations of mortgage loans of a type similar to the Mortgage
        Loans involving the Servicer have defaulted or experienced an early amortization
        or other performance triggering event because of servicing during the three-year
        period immediately preceding the related Securitization
        Transaction;

       

      (2)  the
        extent of outsourcing the Servicer utilizes;

       

      (3)  whether
        there has been previous disclosure of material noncompliance with the applicable
        servicing criteria with respect to other securitizations of residential mortgage
        loans involving the Servicer as a servicer during the three-year period
        immediately preceding the related Securitization Transaction;

       

      (4)  whether
        the Servicer has been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger; and

       

      (5)  such
        other information as the Purchaser or any Depositor may reasonably request
        for
        the purpose of compliance with Item 1108(b)(2) of Regulation AB;

       

      (C)  a
        description of any material changes during the three-year period immediately
        preceding the related Securitization Transaction to the Servicer’s policies or
        procedures with respect to the servicing function it will perform under this
        Agreement and any Reconstitution Agreements for mortgage loans of a type
        similar
        to the Mortgage Loans;

       

      (D)  information
        regarding the Servicer’s financial condition, to the extent that there is a
        material risk that an adverse financial event or circumstance involving the
        Servicer could have a material adverse effect on the performance by the 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 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) 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 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.

       

      (c)  In
        addition to such information as the Servicer, 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 Servicer or any Subservicer, the
        Servicer or such Subservicer, as applicable, shall, to the extent the Servicer
        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).

      (d)  The
        Servicer shall provide to the Purchaser, any Master Servicer and any Depositor,
        evidence of the authorization of the person signing any certification or
        statement, copies or other evidence of Fidelity Bond Insurance and Errors
        and
        Omission Insurance policy, financial information and reports, and such other
        information related to the Servicer or any Subservicer or the Servicer 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 Servicer 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 Servicer, to
        the
        effect that (i) 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 (ii) 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
        2.05.  Report
        on Assessment of Compliance and Attestation.

       

      (a)  On
        or before March 1
        of each calendar year, commencing in 2007, the Servicer 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 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 Purchaser,
        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 on Exhibit
        B
        hereto (or
        those Servicing Criteria otherwise mutually agreed to by the Purchaser, the
        Servicer and any Person that will be
        responsible for signing any
        Sarbanes
        Certification with respect to a Securitization Transaction in response to
        evolving interpretations of Regulation AB and incorporated into a revised Exhibit
        B) delivered
        to the Purchaser at
        the time of any Securitization Transaction; 

       

      (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 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 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 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 Servicer,
        in the form attached hereto as Exhibit A.

       

      The
        Servicer
        acknowledges that the parties identified in clause (a)(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.

       

      (b)  Each
        assessment of compliance provided by a Subservicer pursuant to Section
        2.05(a)(i) shall address each of the Servicing Criteria specified on a
        certification substantially in the form of Exhibit B hereto delivered to
        the
        Purchaser concurrently with the execution of this Agreement or, in the case
        of a
        Subservicer subsequently appointed as such, on or prior to the date of such
        appointment. An
        assessment of compliance provided by a Subcontractor pursuant to Section
        2.05(a)(iii) need not address any elements of the Servicing Criteria other
        than
        those specified by the Servicer pursuant to Section 2.06.

       

      Section
        2.06.  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 as servicer under this Agreement
        or any Reconstitution Agreement unless the Servicer complies with the provisions
        of paragraph (a) of this Section. 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 as
        servicer under this Agreement or any Reconstitution Agreement unless the
        Servicer complies with the provisions of paragraph (b) of this
        Section.

       

      (a)  It
        shall
        not be necessary for the Servicer to seek the consent of the
        Purchaser,
        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 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 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 2.03(d) of this Agreement. The
        Servicer 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 Servicer to seek the consent of the
        Purchaser,
        any
        Master Servicer or
        any
        Depositor to the utilization of any Subcontractor. The
        Servicer 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 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 Purchaser and any
        Depositor to comply with the provisions of Sections 2.05 and 2.07 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 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
        Servicer 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 Servicer, or provided under this Article
        II 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 Article II, 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 this Article II, including any failure by the Servicer
        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 Servicer 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
        Servicer 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 Servicer 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 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 clause (a)(ii) of this Section,
        the Servicer 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 Servicer, 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 Servicer,
        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 Servicer 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 Servicer 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 Servicer under this Agreement
        and any applicable Reconstitution Agreement, and shall entitle the Purchaser
        or
any
        Depositor,
        as applicable, in its sole discretion to terminate the rights and obligations
        of
        the 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
        (and if the Servicer is servicing any of the Mortgage Loans in a Securitization
        Transaction, appoint a successor servicer reasonably acceptable to any Master
        Servicer for such Securitization Transaction);
        provided
        that to the extent that any provision of this Agreement and/or any applicable
        Reconstitution Agreement expressly provides for the survival of certain rights
        or obligations following termination of the 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 2.04 or 2.05, including any
        failure by the Servicer 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 Servicer 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 Servicer 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 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.

       

      (iii) The
        Servicer 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
        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 Purchaser
        or
        any Depositor may have under other provisions of this Agreement and/or any
        applicable Reconstitution Agreement or otherwise, whether in equity or at
        law,
        such as an action for damages, specific performance or injunctive
        relief.

       

      Section
        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 [l,
                  200[ ] (the “Agreement”), among [IDENTIFY
                  PARTIES]

              

      

       

      I,
        ____________________________,
        the _______________________ of [NAME OF COMPANY]
        (the “Company”),
        certify to [the Purchaser], [the Depositor], and the [Master Servicer]
        [Securities Administrator] [Trustee], and their officers, with the knowledge
        and
        intent that they will rely upon this certification, that:

       

      (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
        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

              	
                 

              
	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	
                X

              
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                 

              	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	
                X

              
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor'’s
                  mortgage loans (e.g., loan modifications or re-agings) are made,
                  reviewed
                  and approved by authorized personnel in accordance with the transaction
                  agreements and related pool asset documents.

              	
                X

              
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	
                X

              
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                X

              
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	
                X

              
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	
                X

              
	
                1122(d)(4)(xiv)

              	
                 Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	
                X

              
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	
                [X]

                if
                  obligated under transaction documents

              
	
                 

              	
                 

              	
                 

              

      

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ATTACHMENT
        3

       

      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.  	
                Bear
                  Stearns Asset Backed Securities I Trust 2006-AC3 and any
                  affiliate

              

      

       

      
        	4.  	
                U.S.
                  Bank 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.  	
                Cap
                  Contract Provider: [Bear Stearns Financial Products
                  Inc.]

              

      

       

      
        	b.  	
                Underwriter:
                  Bear, Stearns & Co. Inc.

              

      

       

      
        	c.  	
                Servicers:
                  [American Home Mortgage Corp.; Chevy Chase Bank, F.S.B.; EMC Mortgage
                  Corporation; Harbourside Mortgage Corporation; HomEq Servicing
                  Corporation; National City Mortgage Co.; Wachovia Mortgage Corporation;
                  CitiMortgage, Inc.; Wells Fargo Bank,
                  N.A.]

              

      

       

      
        	d.  	
                Master
                  Servicer: Wells Fargo Bank, National
                  Association

              

      

       

      
        	e.  	
                Unaffiliated
                  Servicer of 20%: [American Home Mortgage Corp.; EMC Mortgage
                  Corporation]

              

      

       

      
        	f.  	
                Originator
                  of 10%: [American Home Mortgage
                  Corp.]

              

      

       

      
        	g.  	
                Securities
                  Administrator: Wells Fargo Bank, National
                  Association

              

      

       

      
        	h.  	
                Custodian:
                  Wells Fargo Bank, National
                  Association

              

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-4

    

    RESERVED

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-5

    

    HARBOURSIDE
      ASSIGNMENT AGREEMENT

    

    

    

       

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of April 28, 2006, among EMC Mortgage Corporation (the “Assignor”), U.S. Bank
        National Association, not individually but solely as trustee for the holders
        of
        Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
        Certificates, Series 2006-AC3 (the “Assignee”) and Savannah Bank, NA dba
        Harbourside Mortgage Corporation (the “Company”).

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto purchased by the Assignor from the Company and now serviced
        by
        Company for Assignor and its successors and assigns pursuant to the Purchase,
        Warranties and Servicing Agreement, dated as of April 1, 2005, between Assignor
        and Company, as amended by Amendment Number One, dated as of January 1, 2006
        (the “Purchase Agreement”) shall be subject to the terms of this AAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

       

      
        Assignment
          and Assumption

      

       

      Except
        as
        expressly provided for herein, the Assignor hereby grants, transfers and
        assigns
        to the Assignee all of its right, title and interest as in, to and under
        (a) the
        Assigned Loans and (b) the Purchase Agreement with respect to the Assigned
        Loans; provided, however, that the Assignor is not assigning to the Assignee
        any
        of its right, title or interest, in, to and under the Purchase Agreement
        with
        respect to any mortgage loan other than the Assigned Loans listed on Attachment
        1. Notwithstanding anything to the contrary contained herein, the Assignor
        specifically reserves and does not assign to the Assignee any right, title
        and
        interest in, to or under the representations and warranties contained in
        Section
        3.01 and Section 3.02 of the Purchase Agreement, and any obligation of the
        Company to cure, repurchase or substitute for a mortgage loan and to indemnify
        the Assignor with respect to a breach of such representations and warranties
        pursuant to Section 3.03 and Section 8.01 of the Purchase Agreement, and
        the
        Assignor is retaining the right to enforce the representations and warranties
        and the obligations of the Company set forth in those sections against the
        Company. In addition, the Assignor specifically reserves and does not assign
        to
        the Assignee any right, title and interest in, to or under (a) Section 2.09
        of
        the Purchase Agreement, (b) Section 4.03 and Section 4.13 of the Purchase
        Agreement (but
        only
        insofar as such Sections grant to the Purchaser the right to terminate the
        servicing of defaulted Mortgage Loans and/or REO Properties by the Company)
        and
        (c) Section 10.2 of the Purchase Agreement, and the Assignor is retaining
        the
        right to enforce such sections against the Company.
        Except
        as is otherwise expressly provided herein, the Assignor makes no
        representations, warranties or covenants to the Assignee and the Assignee
        acknowledges that the Assignor has no obligations to the Assignee under the
        terms of the Purchase Agreement or otherwise relating to the transaction
        contemplated herein (including, but not limited to, any obligation to indemnify
        the Assignee).

       

      
        Representations,
          Warranties and Covenants

      

       

      1.
          Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

       

      (a)  Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

       

      (b)  Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignor’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

       

      (c)  There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d)  Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

       

      (e)  Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

       

      (f)  Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this AAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on the part of Assignor. This AAR Agreement has been duly
        executed and delivered by Assignor and, upon the due authorization, execution
        and delivery by Assignee and Company, will constitute the valid and legally
        binding obligation of Assignor enforceable against Assignor in accordance
        with
        its terms except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby; 

       

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto;

       

      (i)  The
        Assignor has received from Company, and has delivered to the Assignee, all
        documents required to be delivered to Assignor by the Company prior to the
        date
        hereof pursuant to the Purchase Agreement with respect to the Assigned Loans
        and
        has not received, and has not requested from the Company, any additional
        documents; and 

       

      (j)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignor's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignor, would adversely affect
        Assignor's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignor's ability to perform its obligations under this
        AAR
        Agreement.

       

      2.
          Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a)  Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        hold the Assigned Loans as trustee on behalf of the holders of the Bear Stearns
        Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates, Series
        2006-AC3;

       

      (b)  Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this AAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This AAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (c)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby; 

       

      (d)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignee's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignee, would adversely affect
        Assignee's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignee's ability to perform its obligations under this
        AAR
        Agreement; and

       

      (e)  Assignee
        assumes for the benefit of each of the Assignor and the Company all of the
        rights of the Purchaser under the Purchase Agreement with respect to the
        Assigned Loans.

       

      3.
          Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

       

      (a)  Attached
        hereto as Attachment 2 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 AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Company’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Company’s charter or by-laws or any legal restriction, or any material agreement
        or instrument to which Company is now a party or by which it is bound, or
        result
        in the violation of any law, rule, regulation, order, judgment or decree
        to
        which Company or its property is subject. The execution, delivery and
        performance by Company of this AAR Agreement and the consummation by it of
        the
        transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on the part of Company. This AAR Agreement has been duly
        executed and delivered by Company, and, upon the due authorization, execution
        and delivery by Assignor and Assignee, will constitute the valid and legally
        binding obligation of Company, enforceable against Company in accordance
        with
        its terms except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at
        law;

       

      (d)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Company in connection with the execution, delivery or performance by Company
        of
        this AAR Agreement, or the consummation by it of the transactions contemplated
        hereby; 

       

      (e)  The
        Company shall establish a Custodial Account and an Escrow Account under the
        Purchase Agreement in favor of the Assignee with respect to the Assigned
        Loans
        separate from the Custodial Account and Escrow Account previously established
        under the Purchase Agreement in favor of Assignor;

       

      (f)  No
        event
        has occurred from the Closing Date to the date hereof which would render
        the
        representations and warranties as to the related Assigned Loans made by the
        Company in Sections 3.01 and 3.02 of the Purchase Agreement to be untrue
        in any
        material respect; and

       

      (g)  Neither
        this AAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by the Company pursuant
        to
        this AAR Agreement contains or will contain any materially untrue statement
        of
        fact or omits or will omit to state a fact necessary to make the statements
        contained therein not misleading.

       

      4.
          Company
        warrants and represents to, and covenants with, Assignor and Bear Stearns
        Asset
        Backed Securities I LLC (“BSABS I”) as of the date hereof:

       

      (a)  Company
        is not aware and has not received notice that any default, early amortization
        or
        other performance triggering event has occurred as to any other securitization
        due to any act or failure to act of the Company;

       

      (b)  No
        material noncompliance with the applicable servicing criteria with respect
        to
        other securitizations of residential mortgage loans involving the Company
        as
        servicer has been disclosed or reported by the Company;

       

      (c)  Company
        has not been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger;

       

      (d)  No
        material changes to the Company’s policies or procedures with respect to the
        servicing function it will perform under the Purchase Agreement and this
        AAR
        Agreement for mortgage loans of a type similar to the Assigned Loans have
        occurred during the three-year period immediately preceding the date
        hereof;

       

      (e)  There
        are
        no aspects of the Company’s financial condition that could have a material
        adverse effect on the performance by the Company of its servicing obligations
        under the Purchase Agreement and this AAR Agreement;

       

      (f)  There
        are
        no material legal or governmental proceedings pending (or known to be
        contemplated) against the Company, any Subservicer or any third-party
        originator; and

       

      (g)  There
        are
        no affiliations, relationships or transactions relating to the Company or
        any
        Subservicer with respect to this Securitization Transaction and any party
        thereto of a type described in Item 1119 of Regulation AB.

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and BSABS I in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Assigned Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or BSABS I with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and BSABS I a
        description of such proceedings, affiliations or relationships.

      

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com. Additionally, all such notifications, other
        than
        those pursuant to (i)(A) above, should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        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

       

      5.
          Assignor
        hereby agrees to indemnify and hold the Assignee (and its successors and
        assigns) harmless against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that Assignee (and its successors and assigns) may sustain in
        any
        way related to any breach of the representations or warranties of Assignor
        set
        forth in this AAR Agreement or the breach of any covenant or condition contained
        herein.

       

      
        Recognition
          of Assignee

      

       

      6.
          From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans, and acknowledges that the Assigned Loans will be part of a REMIC,
        and
        will service the Assigned Loans in accordance with the Purchase Agreement
        (as
        modified by this AAR Agreement) but in no event in a manner that would (i)
        cause
        any REMIC to fail to qualify as a REMIC or (ii) result in the imposition
        of a
        tax upon any REMIC (including but not limited to the tax on prohibited
        transactions as defined in Section 860F(a)(2) of the Code and the tax on
        contributions to a REMIC set forth in Section 860G(d) of the Code). It is
        the
        intention of Assignor, Company and Assignee that this AAR Agreement shall
        be
        binding upon and for the benefit of the respective successors and assigns
        of the
        parties hereto. Neither Company nor Assignor shall amend or agree to amend,
        modify, waive, or otherwise alter any of the terms or provisions of the Purchase
        Agreement which amendment, modification, waiver or other alteration would
        in any
        way affect the Assigned Loans without the prior written consent of
        Assignee.

       

      7.
          Notwithstanding
        any term hereof to the contrary, the execution and delivery of the AAR Agreement
        by the Assignee is solely in its capacity as trustee for Bear Stearns Asset
        Backed Securities I Trust 2006-AC3 and not individually, and any recourse
        against the Assignee in respect of any obligations it may have under or pursuant
        to the terms of this AAR Agreement shall be limited solely to the assets
        it may
        hold as trustee of Bear Stearns Asset Backed Securities I Trust
        2006-AC3.

       

      Company
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”), the Assignee, Bear,
        Stearns & Co. Inc. (the “Underwriter”) and each affiliate of the
        Underwriter, each Person (including, but not limited to, the Master Servicer)
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission, or for execution of a certification pursuant
        to
        Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, each Person who
        controls the Assignor, BSABS I, the Assignee or the Underwriter (within the
        meaning of Section 15 of the Securities Act and Section 20 of the Exchange
        Act);
        and the respective present and former directors, officers, employees, agents
        and
        affiliates of each of the foregoing (each, an “Indemnified Party”), and shall
        hold each of them harmless from and against any claims, losses, damages,
        penalties, fines, forfeitures, legal fees and expenses and related costs,
        judgments, and any other costs, fees and expenses that any of them may sustain
        arising out of or based upon: 

       

      
        	(i)  	
                (A)any
                  untrue statement of a material fact contained or alleged to be
                  contained
                  in any information, report, certification, data, accountants’ letter or
                  other material provided under Section 11.18 of the Purchase Agreement
                  by
                  or on behalf of the Assignor, or provided under Section 11.18 of
                  the
                  Purchase Agreement by or on behalf of any Subservicer, Subcontractor
                  or
                  Third-Party Originator (collectively, the “Company Information”), or (B)
                  the omission or alleged omission to state in the Company Information
                  a
                  material fact required to be stated in the Company Information
                  or
                  necessary in order to make the statements therein, in the light
                  of the
                  circumstances under which they were made, not misleading; provided,
                  by way of clarification, that
                  clause (B) of this paragraph shall be construed solely by reference
                  to the
                  Company Information and not to any other information communicated
                  in
                  connection with a sale or purchase of securities, without regard
                  to
                  whether the Company Information or any portion thereof is presented
                  together with or separately from such other
                  information;

              

      

       

      
        	(ii)  	
                any
                  breach by the Company of its obligations under Section 11.18 of
                  Purchase
                  Agreement, including particularly any failure by the Company, any
                  Subservicer, any Subcontractor or any Third-Party Originator to
                  deliver
                  any information, report, certification, accountants’ letter or other
                  material when and as required under Section 11.18 of the Purchase
                  Agreement, including any failure by the Company to identify any
                  Subcontractor “participating in the servicing function” within the meaning
                  of Item 1122 of Regulation AB; 

              

      

       

      
        	(iii)  	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  3.01 of the Purchase Agreement or in a writing furnished pursuant
                  to
                  Section 3.01 of the Purchase Agreement and made as of a date prior
                  to the
                  date hereof, to the extent that such breach is not cured by the
                  date
                  hereof, or any breach by the Company of a representation or warranty
                  in a
                  writing furnished pursuant to Section 3.01 of the Purchase Agreement
                  to
                  the extent made as of a date subsequent to the date hereof;
                  or

              

      

       

      
        	(iv)  	
                the
                  negligence, bad faith or willful misconduct of the Company in connection
                  with its performance under Section 11.18 of the Purchase
                  Agreement.

              

      

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other.

       

      In
        the
        case of any failure of performance described in Section 11.18 of the Purchase
        Agreement, the Company shall promptly reimburse the Assignor, BSABS I and
        each
        Person responsible for the preparation, execution or filing of any report
        required to be filed with the Commission, or for execution of a certification
        pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

       

      
        Modification
          of Purchase Agreement

      

       

      8.
          The
        Company and Assignor hereby amend the Purchase Agreement as
        follows:

       

      (a)  The
        following definitions are added to Article I of the Purchase
        Agreement:

       

      Master
        Servicer:
        Wells
        Fargo Bank, N.A., or its successors in interest who meet the qualifications
        of
        the Pooling and Servicing Agreement and this Agreement.

       

      Pooling
        and Servicing Agreement:
        That
        certain pooling and servicing agreement, dated as of April 1, 2006, among
        Bear
        Stearns Asset Backed Securities I LLC, the Trustee, Wells Fargo Bank, N.A.
        as
        master servicer, the Securities Administrator and EMC Mortgage
        Corporation.

       

      Securities
        Administrator:
        Wells
        Fargo Bank, N.A.

       

      Servicing
        Fee Rate:
        As
        provided in the related mortgage loan schedule.

       

      Trustee:
        U.S.
        Bank National Association, or its successor in interest, or any successor
        trustee appointed as provided in the Pooling and Servicing
        Agreement.

       

      (b)  The
        definition of Business Day is deleted in its entirety and replaced with the
        following:

       

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the States
        of
        New York, Maryland, Minnesota or South Carolina, or (iii) a day on which
        banks
        in the States of New York, Maryland, Minnesota or South Carolina are authorized
        or obligated by law or executive order to be closed.

       

      (c)  Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04  Governing
        Law.

       

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York without giving effect to
        principles of conflicts of laws (other than Section 5-1401 of the New York
        General Obligations Law) and except to the extent preempted by Federal law.
        The
        obligations, rights and remedies of the parties hereunder shall be determined
        in
        accordance with such laws.

       

      

       

      (d) Exhibit
        O
        of the Purchase Agreement is deleted in its entirety and replaced with the
        following:

       

      EXHIBIT
        O

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Company] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                General
                  Servicing Considerations

              	
                 

              
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                x

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                x

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	
                x

              
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                x

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                x

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	
                x

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                x

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                x

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                x

              
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                x

              
	
                 

              	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	
                x

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                x

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                x

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                x

              
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                x

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                x

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	
                x

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	
                x

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	
                x

              
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	
                x

              
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	
                x

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	
                x

              
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                x

              
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	
                x

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	
                x

              
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	
                x

              
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	
                x

              
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	
                x

              
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 
	
                 

              	
                 

              	
                 

              

      

      

       

      [NAME
        OF
        COMPANY] [NAME OF SUBSERVICER]

       

      Date: _________________________

      

       

      By: _________________________

      Name:
        

      Title:
        

      

       

      

      
        Miscellaneous

      

       

      9.
          All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this AAR Agreement shall be in writing and shall be deemed
        to have
        been duly given if personally delivered at or mailed by registered mail,
        postage
        prepaid, as follows:

       

      
        	(a)  	
                In
                  the case of Company:

              

      

       

      Savannah
        Bank, NA dba Harbourside Mortgage Corporation 

      23-B
        Shelter Cove Land

      Hilton
        Head, South Carolina 29928

      Attention:
        Richard Gillette

      Telecopier
        No.: (843) 341-1200

       

      
        	(b)  	
                In
                  the case of Assignor:

              

      

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

       

      with
        a
        copy to:

       

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Ernie Calabrese

      Telecopier
        No.: (212) 272-5591

       

      
        	(c)  	
                In
                  the case of Assignee:

              

      

       

      U.S.
        Bank
        National Association,

      as
        Trustee

      One
        Federal Street, 3rd
        Floor

      Boston,
        Massachusetts 02110

      Attention:
        Corporate Trust Services - BSABS I 2006-AC3

      Telecopier
        No.: (617) 603-6638 

       

      10.
          The
        Company hereby acknowledges that Wells Fargo Bank, N.A. (the “Master Servicer”)
        has been appointed as the master servicer of the Assigned Loans pursuant
        to the
        Pooling and Servicing Agreement, dated as of April 1, 2006, among the Assignor,
        the Assignee, Bear Stearns Asset Backed Securities I LLC, the Master Servicer
        and Wells Fargo, N.A. as securities administrator, and therefor has the right
        to
        enforce all obligations of the Company, as they relate to the Assigned Loans,
        under the Purchase Agreement. Such right will include, without limitation,
        the
        right to terminate the Company under the Purchase Agreement upon the occurrence
        of an event of default thereunder, the right to receive all remittances required
        to be made by the Company under the Purchase Agreement, the right to receive
        all
        monthly reports and other data required to be delivered by the Company under
        the
        Purchase Agreement, the right to examine the books and records of the Company,
        indemnification rights, and the right to exercise certain rights of consent
        and
        approval relating to actions taken by the Company. The Company shall make
        all
        distributions under the Purchase Agreement, as they relate to the Assigned
        Loans, to the Master Servicer by wire transfer of immediately available funds
        to:

       

      BSABS
        I
        2006-AC3 Master Servicer Collection Account

      Wells
        Fargo
        Bank, N.A.

      ABA#
        121000248

      Account
        Name: SAS Clearing 

      Account
        #
        3970771416

      For
        Further Credit to: BSABS I 2006-AC3, Account # 50912900

       

      and
        the
        Company shall deliver all reports required to be delivered under the Purchase
        Agreement, as they relate to the Assigned Loans, to the Assignee at the address
        set forth in Section 8 herein and to the Master Servicer at:

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2006-AC3

       

      11.
          A
        copy of
        all assessments, attestations, reports and certificates required to be delivered
        by the Servicer under this AAR Agreement and the Purchase Agreement shall
        be
        delivered to the Master Servicer by the date(s) specified herein or therein,
        and
        where such documents are required to be addressed to any party, such addresses
        shall include the Master Servicer and the Master Servicer shall be entitled
        to
        rely on such documents.

       

      12.
          Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this AAR Agreement.

       

      13.
          This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

       

      14.
          No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

       

      15.
          This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

       

      16.
          This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

       

      17.
          This
        AAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

       

      18.
          In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        AAR
        Agreement shall control. 

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as of
        the
        day and year first above written.

       

      

      EMC
        MORTGAGE CORPORATION

      Assignor

      

       

      By:
        ________________________________

      Name:
        ______________________________

      Title:
        _______________________________

       

      U.S.
        BANK
        NATIONAL ASSOCIATION, not individually but solely as Trustee for 

      the
        Bear
        Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates,
        Series 2006-AC3 Assignee

      

       

      By:
        ________________________________

      Name:
        ______________________________

      Title:
        _______________________________

       

      SAVANNAH
        BANK, NA dba HARBOURSIDE MORTGAGE CORPORATION

      Company

      

       

      By:
        ________________________________

      Name:
        ______________________________

      Title:
        _______________________________

       

      Acknowledged
        and Agreed:

       

      WELLS
        FARGO BANK, N.A.

      

       

      By:
        ________________________________

      Name:
        ______________________________

      Title:
        _______________________________

       

      BEAR
        STEARNS ASSET BACKED SECURITIES I LLC

      

       

      By:
        ________________________________

      Name:
        ______________________________

      Title:
        _______________________________

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      

       

      ATTACHMENT
        1

       

       

      ASSIGNED
        LOAN SCHEDULE

       

       

      (Available
        upon request)

       

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ATTACHMENT
        2

      

       

       

      PURCHASE
        AGREEMENT

      

       

       

      (Available
        upon request)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-6

    

    NATIONAL
      CITY ASSIGNMENT AGREEMENT

    

    

    

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of April 28, 2006, among EMC Mortgage Corporation (the “Assignor”), U.S. Bank
        National Association, not individually but solely as trustee for the holders
        of
        Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
        Certificates, Series 2006-AC3 (the “Assignee”), National City Mortgage Co. (the
“Company”) and Bear Stearns Asset Backed Securities I LLC (“BSABS I”).

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the “Assigned Loan Schedule”) purchased by Assignor from
        Company pursuant to (a) the Purchase, Warranties and Servicing Agreement,
        dated
        as of October 1, 2001, between Assignor and Company as amended by Amendment
        Number One to the Purchase, Warranties and Servicing Agreement, dated as
        of
        March 1, 2006 (the “Purchase Agreement”) and (b) that certain Term Sheet dated [
        ], 2006 between Assignor and Company (the “Term Sheet” and together with the
        Purchase Agreement, the “Agreements”), shall be subject to the terms of this AAR
        Agreement. Capitalized terms used herein but not defined shall have the meanings
        ascribed to them in the Agreements.

       

      In
        consideration of the mutual promises and agreements contained herein, and
        for
        other good and valuable consideration, the receipt and sufficiency of which
        are
        hereby acknowledged, the parties hereto agree that the Assigned Loans shall
        be
        subject to the terms of this AAR Agreement. Capitalized terms used herein
        but
        not defined shall have the meanings ascribed to them in the Purchase
        Agreement.

       

      Assignment
        and Assumption 

       

      1.  Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Agreements.
        Assignor specifically reserves and does not assign to Assignee any right
        title
        and interest in, to or under any Mortgage Loans subject to the Agreements
        other
        than those set forth on Attachment l. Notwithstanding anything to the contrary
        contained herein, the Assignor is retaining the right to enforce the
        representations and warranties set forth in Article III of the Purchase
        Agreement and
        in
        the Term Sheet,
        and any
        obligation of the Company to cure, repurchase or substitute for a mortgage
        loan
        and to indemnify the Assignor with respect to a breach of such representations
        and warranties pursuant to Section 3.03 and Section 8.01 of the Purchase
        Agreement against the Company. In addition, the Assignor specifically reserves
        and does not assign to the Assignee any right, title and interest in, to
        or
        under Section 2.09 of the Purchase Agreement.

       

      Representations;
        Warranties and Covenants 

       

      2.  Assignor
        warrants and represents to Assignee and Company as of the date hereof:

       

      
        	a.  	
                Attached
                  hereto as Attachment 2 are true and accurate copies of the Agreements,
                  which agreements are in full force and effect as of the date hereof
                  and
                  the provisions of which have not been waived, amended or modified
                  in any
                  respect, nor has any notice of termination been given thereunder;
                  

              

      

       

      
        	b.  	
                Assignor
                  is the lawful owner of the Assigned Loans with full right to transfer
                  the
                  Assigned Loans and any and all of its interests, rights and obligations
                  under the Agreements as they relate to the Assigned Loans, free
                  and clear
                  of any and all liens, claims and encumbrances; and upon the transfer
                  of
                  the Assigned Loans to Assignee as contemplated herein, Assignee
                  shall have
                  good title to each and every Assigned Loan, as well as any and
                  all of
                  Assignor's interests, rights and obligations under the Agreements
                  as they
                  relate to the Assigned Loans, free and clear of any and all liens,
                  claims
                  and encumbrances; 

              

      

       

      
        	c.  	
                Assignor
                  has not received notice of, and has no knowledge of, any offsets,
                  counterclaims or other defenses available to Company with respect
                  to the
                  Assigned Loans or the Agreements; 

              

      

       

      
        	d.  	
                Assignor
                  has not waived or agreed to any waiver under, or agreed to any
                  amendment
                  or other modifications of, the Agreements. Assignor has no knowledge
                  of,
                  and has not received notice of, any waivers under or any amendments
                  or
                  other modifications of, or assignment of rights or obligations
                  under the
                  Agreements; 

              

      

       

      
        	e.  	
                Assignor
                  is a corporation duly organized, validly existing and in good standing
                  under the laws of the jurisdiction of its formation, and has all
                  requisite
                  power and authority to acquire, own and sell the Assigned Loans;
                  

              

      

       

      
        	f.  	
                Assignor
                  has full power and authority to execute, deliver and perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this AAR Agreement is in the ordinary course of Assignor's business
                  and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Assignor's charter or by-laws or any
                  legal
                  restriction, or any material agreement or instrument to which Assignor
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Assignor
                  or its
                  property is subject. The execution, delivery and performance by
                  Assignor
                  of this AAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  action on
                  the part of Assignor. This AAR Agreement has been duly executed
                  and
                  delivered by Assignor and, upon the due authorization, execution
                  and
                  delivery by Assignee and Company, will constitute the valid and
                  legally
                  binding obligation of Assignor enforceable against Assignor in
                  accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors' rights generally, and
                  by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at law;

              

      

       

      
        	g.  	
                No
                  material consent, approval, order or authorization of, or declaration,
                  filing or registration with, any governmental entity is required
                  to be
                  obtained or made by Assignor in connection with the execution,
                  delivery or
                  performance by Assignor of this AAR Agreement, or the consummation
                  by it
                  of the transactions contemplated hereby. Neither Assignor nor anyone
                  acting on its behalf has offered, transferred, pledged, sold or
                  otherwise
                  disposed of the Assigned Loans or any interest in the Assigned
                  Loans, or
                  solicited any offer to buy or accept transfer, pledge or other
                  disposition
                  of the Assigned Loans, or any interest in the Assigned Loans, or
                  otherwise
                  approached or negotiated with respect to the Assigned Loans, or
                  any
                  interest in the Assigned Loans, with any Person in any manner,
                  or made any
                  general solicitation by means of general advertising or in any
                  other
                  manner, or taken any other action which would constitute a distribution
                  of
                  the Assigned Loans under the Securities Act of 1933, as amended
                  (the “1933
                  Act”) or which would render the disposition of the Assigned Loans a
                  violation of Section 5 of the 1933 Act or require registration
                  pursuant
                  thereto; 

              

      

       

      
        	h.  	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  Assignor's knowledge, threatened, which either in any instance
                  or in the
                  aggregate, if determined adversely to Assignor, would adversely
                  affect
                  Assignee's execution or delivery of, or the enforceability of,
                  this AAR
                  Agreement, or the Assignor's ability to perform its obligations
                  under this
                  AAR Agreement; and

              

      

       

      
        	i.  	
                Assignor
                  has received from Company, and has delivered to Assignee, all documents
                  required to be delivered to Assignor by Company prior to the date
                  hereof
                  pursuant to Section 2.07 of the Purchase Agreement with respect
                  to the
                  Assigned Loans.

              

      

       

      3.  Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof: 

       

      
        	a.  	
                Assignee
                  is duly organized, validly existing and in good standing under
                  the laws of
                  the jurisdiction of its organization and has all requisite power
                  and
                  authority to acquire and hold the Assigned Loans as trustee on
                  behalf of
                  the holders of Bear Stearns Asset Backed Securities I Trust 2006-AC3,
                  Asset-Backed Certificates, Series 2006-AC3;

              

      

       

      
        	b.  	
                Assignee
                  has full power and authority to execute, deliver and perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this AAR Agreement is in the ordinary course of Assignee's business
                  and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Assignee's charter or by-laws or any
                  legal
                  restriction, or any material agreement or instrument to which Assignee
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Assignee
                  or its
                  property is subject. The execution, delivery and performance by
                  Assignee
                  of this AAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  action on
                  the part of Assignee. This AAR Agreement has been duly executed
                  and
                  delivered by Assignee and, upon the due authorization, execution
                  and
                  delivery by Assignor and Company, will constitute the valid and
                  legally
                  binding obligation of Assignee enforceable against Assignee in
                  accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at law;

              

      

       

      
        	c.  	
                No
                  material consent, approval, order or authorization of, or declaration,
                  filing or registration with, any governmental entity is required
                  to be
                  obtained or made by Assignee in connection with the execution,
                  delivery or
                  performance by Assignee of this AAR Agreement, or the consummation
                  by it
                  of the transactions contemplated hereby;
                  and

              

      

       

      
        	d.  	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  Assignee's knowledge, threatened, which either in any instance
                  or in the
                  aggregate, if determined adversely to Assignee, would adversely
                  affect
                  Assignee's execution or delivery of, or the enforceability of,
                  this AAR
                  Agreement, or the Assignee's ability to perform its obligations
                  under this
                  AAR Agreement.

              

      

       

      4.  Company
        warrants and represents to, and covenants with, Assignor and Assignee as
        of the
        date hereof: 

       

      
        	a.  	
                Attached
                  hereto as Attachment 2 are true and accurate copies of the Agreements,
                  which agreements are in full force and effect as of the date hereof
                  and
                  the provisions of which have not been waived, amended or modified
                  in any
                  respect, nor has any notice of termination been given thereunder;
                  

              

      

       

      
        	b.  	
                Company
                  is duly organized, validly existing and in good standing under
                  the laws of
                  the jurisdiction of its incorporation, and has all requisite power
                  and
                  authority to service the Assigned Loans and otherwise to perform
                  its
                  obligations under the Agreements; 

              

      

       

      
        	c.  	
                Company
                  has full corporate power and authority to execute, deliver and
                  perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this AAR Agreement is in the ordinary course of Company's business
                  and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Company’s charter or by-laws or any legal
                  restriction, or any material agreement or instrument to which Company
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Company
                  or its
                  property is subject. The execution, delivery and performance by
                  Company of
                  this AAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  corporate
                  action on the part of Company. This AAR Agreement has been duly
                  executed
                  and delivered by Company, and, upon the due authorization, execution
                  and
                  delivery by Assignor and Assignee, will constitute the valid and
                  legally
                  binding obligation of Company, enforceable against Company in accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at law;

              

      

       

      
        	d.  	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by Company in connection with the execution, delivery or performance
                  by Company of this AAR Agreement, or the consummation by it of
                  the
                  transactions contemplated hereby; 

              

      

       

      
        	e.  	
                Company
                  shall establish a Custodial Account and an Escrow Account under
                  the
                  Purchase Agreement in favor of Assignee with respect to the Assigned
                  Loans
                  separate from the Custodial Account and the Escrow Account previously
                  established under the Purchase Agreement in favor of Assignor;
                  and

              

      

       

      
        	f.  	
                No
                  event has occurred from the applicable Closing Date to the date
                  hereof
                  which would render the representations and warranties as to the
                  related
                  Mortgage Loans made by the Company in Section 3.02 of the Purchase
                  Agreement or in the related Term Sheet to be untrue in any material
                  respect.

              

      

       

      5.  Company
        warrants and represents to, and covenants with, Assignor and BSABS I as of
        the
        date hereof:

       

      
        	a.  	
                Company
                  is not aware and has not received notice that any default, early
                  amortization or other performance triggering event has occurred
                  as to any
                  other securitization due to any act or failure to act of the
                  Company;

              

      

       

      
        	b.  	
                No
                  material noncompliance with the applicable servicing criteria with
                  respect
                  to other securitizations of residential mortgage loans involving
                  the
                  Company as servicer has been disclosed or reported by the
                  Company;

              

      

       

      
        	c.  	
                Company
                  has not been terminated as servicer in a residential mortgage loan
                  securitization, either due to a servicing default or to application
                  of a
                  servicing performance test or
                  trigger;

              

      

       

      
        	d.  	
                No
                  material changes to the Company’s policies or procedures with respect to
                  the servicing function it will perform under the Purchase Agreement
                  and
                  this AAR Agreement for mortgage loans of a type similar to the
                  Assigned
                  Loans have occurred during the three-year period immediately preceding
                  the
                  date hereof;

              

      

       

      
        	e.  	
                There
                  are no aspects of the Company’s financial condition that could have a
                  material adverse effect on the performance by the Company of its
                  servicing
                  obligations under the Purchase Agreement and this AAR
                  Agreement;

              

      

       

      
        	f.  	
                There
                  are no material legal or governmental proceedings pending (or known
                  to be
                  contemplated) against the Company, any Subservicer or any third-party
                  originator; and

              

      

       

      
        	g.  	
                There
                  are no affiliations, relationships or transactions relating to
                  the Company
                  or any Subservicer with respect to this Securitization Transaction
                  and any
                  party thereto of a type described in Item 1119 of Regulation
                  AB.

              

      

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and BSABS I in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Assigned Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or BSABS I with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and BSABS I a
        description of such proceedings, affiliations or relationships.

       

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com. Additionally, all such notifications, other
        than
        those pursuant to (i)(A) above, should be sent to:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        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.  Notwithstanding
        any term hereof to the contrary, the execution and delivery of this AAR
        Agreement by the Assignee is solely in its capacity as trustee for Bear Stearns
        Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates, Series
        2006-AC3 and not individually, and any recourse against the Assignee in respect
        of any obligations it may have under or pursuant to the terms of this AAR
        Agreement shall be limited solely to the assets it may hold as trustee of
        Bear
        Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates,
        Series 2006-AC3. 

       

      Recognition
        of Assignee 

       

      7.  From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans for Assignee as if Assignee and
        Company had entered into a separate servicing agreement for the servicing
        of the
        Assigned Loans in the form of the Purchase Agreement (as modified herein),
        the
        terms of which are incorporated herein by reference. In addition, Company
        hereby
        acknowledges that from and after the date hereof, the Assigned Loans will
        be
        subject to the Pooling and Servicing Agreement (the “Pooling and Servicing
        Agreement”), dated as of April 1, 2006, by and among, EMC Mortgage Corporation,
        Bear Stearns Asset Backed Securities I LLC, Wells Fargo Bank, National
        Association as master servicer (the “Master Servicer”) and securities
        administrator and U.S. Bank National Association. Pursuant to the Pooling
        and
        Servicing Agreement, the Master Servicer has the right to monitor and enforce,
        on behalf of the Assignee, the performance by Company of its servicing
        obligations under this AAR Agreement. Such right will include, without
        limitation, the right to terminate the Company under the Purchase Agreement
        upon
        the occurrence of an event of default thereunder, the right to receive all
        remittances required to be made by the Company under the Purchase Agreement,
        the
        right to receive all monthly reports and other data required to be delivered
        by
        the Company under the Purchase Agreement, the right to examine the books
        and
        records of the Company, indemnification rights, and the right to exercise
        certain rights of consent and approval relating to actions taken by the Company.
        In connection therewith, Company hereby agrees that all remittances required
        to
        be made with respect to the Assigned Loans pursuant to the Purchase Agreement
        will be made in accordance with the following wire transfer
        instructions:

       

      Bank:
        Wells Fargo Bank, National Association

      ABA
        Routing Number: 121000248

      Account
        Name: SAS Clearing

      Account
        #
        3970771416

      FFC
        to:
        BSABS I 2006-AC3, Account # [ ]

       

      and
        the
        Company shall deliver all reports and other notices required to be delivered
        under the Purchase Agreement to the Assignee and to the Master Servicer
        at:

       

      Wells
        Fargo Bank, National Association

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2006-AC3

       

      It
        is the
        intention of Assignor, Company and Assignee that this AAR Agreement shall
        be
        binding upon and for the benefit of the respective successors and assigns
        of the
        parties hereto. Neither Company nor Assignor shall amend or agree to amend,
        modify, waive, or otherwise alter any of the terms or provisions of the
        Agreements which amendment, modification, waiver or other alteration would
        in
        any way affect the Assigned Loans without the prior written consent of Assignee.
        

       

      Company
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
        affiliate of the Underwriter, each Person (including, but not limited to,
        the
        Master Servicer) responsible for the preparation, execution or filing of
        any
        report required to be filed with the Commission, or for execution of a
        certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
        Act, each Person who controls the Assignor, BSABS I, the Assignee or the
        Underwriter (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act); and the respective present and former directors,
        officers, employees, agents and affiliates of each of the foregoing (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon: 

       

      (i)  (A)any
        untrue statement of a material fact contained or alleged to be contained
        in any
        information, report, certification, data, accountants’ letter or other material
        provided under Section 11.18 of the Purchase Agreement by or on behalf of
        the
        Assignor, or provided under Section 11.18 of the Purchase Agreement by or
        on
        behalf of any Subservicer, Subcontractor or Third-Party Originator
        (collectively, the “Company Information”), or (B) the omission or alleged
        omission to state in the Company Information a material fact required to
        be
        stated in the Company Information or necessary in order to make the statements
        therein, in the light of the circumstances under which they were made, not
        misleading; provided, by way of clarification, that clause (B) of this paragraph
        shall be construed solely by reference to the Company Information and not
        to any
        other information communicated in connection with a sale or purchase of
        securities, without regard to whether the Company Information or any portion
        thereof is presented together with or separately from such other
        information;

       

      (ii)  any
        breach by the Company of its obligations under Section 11.18 of Purchase
        Agreement, including particularly any failure by the Company, any Subservicer,
        any Subcontractor or any Third-Party Originator to deliver any information,
        report, certification, accountants’ letter or other material when and as
        required under Section 11.18 of the Purchase Agreement, including any failure
        by
        the Company to identify any Subcontractor “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB; 

       

      (iii)  any
        breach by the Company of a representation or warranty set forth in Section
        3.01
        of the Purchase Agreement or in a writing furnished pursuant to Section 3.01
        of
        the Purchase Agreement and made as of a date prior to the date hereof, to
        the
        extent that such breach is not cured by the date hereof, or any breach by
        the
        Company of a representation or warranty in a writing furnished pursuant to
        Section 3.01 of the Purchase Agreement to the extent made as of a date
        subsequent to the date hereof; or

       

      (iv)  the
        negligence, bad faith or willful misconduct of the Company in connection
        with
        its performance under Section 11.18 of the Purchase Agreement.

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other.

       

      In
        the
        case of any failure of performance described in Section 11.18 of the Purchase
        Agreement, the Company shall promptly reimburse the Assignor, BSABS I and
        each
        Person responsible for the preparation, execution or filing of any report
        required to be filed with the Commission, or for execution of a certification
        pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

       

      Modification
        of the Purchase Agreement

       

      

      8.  The
        Purchase Agreement, as it relates to the Assigned Loans, shall be amended
        by the
        Company and the Assignor as follows:

       

      (a) Section
        1.01 of the Purchase Agreement shall be amended by adding the following
        definitions thereto: 

       

      Master
        Servicer:
        Wells
        Fargo Bank, National Association, or its successors in interest who meet
        the
        qualifications of the Pooling and Servicing Agreement and this
        Agreement.

       

      Nonrecoverable
        Advance:
        Any
        advance previously made by the Company pursuant to Section 5.03 or any Servicing
        Advance which, in the good faith judgment of the Company, may not be ultimately
        recoverable by the Company from Liquidation Proceeds or otherwise. The
        determination by the Company that it has made a Nonrecoverable Advance, shall
        be
        evidenced by an Officer’s Certificate of the Company delivered to the Purchaser
        and the Master Servicer and detailing the reasons for such
        determination.

       

      Pooling
        and Servicing Agreement:
        That
        certain pooling and servicing agreement, dated as of April 1, 2006, among
        Bear
        Stearns Asset Backed Securities I LLC, EMC Mortgage Corporation, U.S. Bank
        National Association, as trustee, Wells Fargo Bank, National Association
        as
        securities administrator and the Master Servicer.

       

      (b) The
        definition of “Business Day” is deleted in its entirety and replaced with the
        following definition:

       

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the States
        of
        Maryland, Minnesota, New York or Ohio, or (iii) a day on which banks in the
        States of Maryland, Minnesota, New York or Ohio are authorized or obligated
        by
        law or executive order to be closed.

       

      (c) Subsection
        3.02(nn) of the Purchase Agreement shall be deleted in its entirety and replaced
        with the following: 

       

      The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Servicemembers Civil
        Relief Act; 

       

      (d) Section
        6.02 of the Purchase Agreement is hereby amended by including the words “(or if
        the Company does not, the Master Servicer may)” after the word “will” and before
        the word “immediately” in the third line thereof.

       

      (e) Section
        6.04 of the Purchase Agreement shall be deleted in its entirety and replaced
        with the following:

       

      Section
        6.04 Annual
        Statement as to Compliance.

       

      The
        Company will deliver to the Master Servicer on or before March 15 of each
        year,
        beginning with March 15, 2006, an Officer’s Certificate (each, an “Annual
        Statement of Compliance”) in a form acceptable for filing with the Securities
        and Exchange Commission as an exhibit to a Form 10-K stating that (i) a review
        of the activities of the Company during the preceding calendar year and of
        performance under this Agreement has been made under such officer’s supervision,
        (ii) the Company has fully complied with the provisions of this Agreement
        and
        (iii) to the best of such officer’s knowledge, based on such review, the Company
        has fulfilled all of its obligations under this Agreement throughout such
        year,
        or, if there has been a default in the fulfillment of any such obligation,
        specifying each such default known to such officer and the nature and status
        thereof.

       

      (f) Section
        6.05 of the Purchase Agreement shall be deleted in its entirety and replaced
        with the following:

       

      Section
        6.05 Annual
        Independent Certified Public Accountants’ Servicing Report.

       

      On
        or
        before March 15 of each year beginning March 15, 2006, the Company at its
        expense shall cause a firm of independent public accountants which is a member
        of the American Institute of Certified Public Accountants to furnish a statement
        (each, an “Annual Independent Public Accountant's Servicing Report”) to the
        Master Servicer in a form acceptable for filing with the Securities and Exchange
        Commission as an exhibit to a Form 10-K to the effect that such firm has
        examined certain documents and records relating to the servicing of mortgage
        loans by the Company generally that include a sampling of the Mortgage Loans,
        the provisions of Article IV and Sections 6.01 and 6.02 have been complied
        with
        and, on the basis of such an examination conducted substantially in accordance
        with the Uniform Single Attestation Program for Mortgage Bankers, such servicing
        has been conducted in compliance with this Agreement, 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.

       

      (g) The
        following Section 6.07 shall be added to the end of Article 6:

       

      Section
        6.07 Annual
        Certification.

       

      (a) For
        so
        long as the Mortgage Loans are being master serviced by the Master Servicer,
        by
        March 15th of each year (or if not a Business Day, the immediately preceding
        Business Day), or at any other time upon thirty (30) days written request,
        an
        officer of the Company shall execute and deliver an Officer's Certificate
        to the
        Master Servicer for the benefit of such Master Servicer and its officers,
        directors and affiliates, certifying as to the following matters:

       

      (i)  Based
        on
        my knowledge, the information in the Annual Statement of Compliance, the
        Annual
        Independent Public Accountant's Servicing Report and all servicing reports,
        officer’s certificates and other information relating to the servicing of the
        Mortgage Loans submitted to the Master Servicer 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 date of this
        certification;

       

      (ii)  The
        servicing information required to be provided to the Master Servicer by the
        Company under this Agreement has been provided to the Master
        Servicer;

       

      (iii)  I
        am
        responsible for reviewing the activities performed by the Company under the
        Agreement and based upon the review required by this Agreement, and except
        as
        disclosed in the Annual Statement of Compliance or the Annual Independent
        Public
        Accountant’s Servicing Report submitted to the Master Servicer, the Company has,
        as of the date of this certification fulfilled all its obligations under
        this
        Agreement; and

       

      (iv)  I
        have
        disclosed to the Master Servicer all significant deficiencies relating to
        the
        Company'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 Agreement.

       

      (b) The
        Company shall indemnify and hold harmless the Master Servicer and its officers,
        directors, agents and affiliates from and against any losses, damages,
        penalties, fines, forfeitures, reasonable legal fees and related costs,
        judgments and other costs and expenses arising out of or based upon a breach
        by
        the Company or any of its officers, directors, agents or affiliates of its
        obligations under this Subsection 6.07 or the negligence, bad faith or willful
        misconduct of the Company in connection therewith. If the indemnification
        provided for herein is unavailable or insufficient to hold harmless the Master
        Servicer, then the Company agrees that it shall contribute to the amount
        paid or
        payable by the Master Servicer as a result of the losses, claims, damages
        or
        liabilities of the Master Servicer in such proportion as is appropriate to
        reflect the relative fault of the Master Servicer on the one hand and the
        Company on the other in connection with a breach of the Company's obligations
        under this Subsection 6.07 or the Company’s negligence, bad faith or willful
        misconduct in connection therewith.

       

      (c) Section
        9.01 of the Purchase Agreement is hereby amended by adding the word “or” at the
        end of clause (ix) thereof and inserting the following as clause
        (x):

       

      (x) failure
        by the Company to duly perform, within the required time period, its obligations
        under Subsection 6.04, 6.05 or 6.07 which failure continues unremedied for
        a
        period of ten (10) days after the date on which written notice of such failure,
        requiring the same to be remedied, shall have been given to the Company by
        any
        party to this Agreement or by any Master Servicer.

       

      (i) The
        following is added as Subsection 4.05(vii) of the Purchase
        Agreement:

       

      (vii) to
        reimburse itself for any Nonrecoverable Advances;

       

      (j) Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04  Governing
        Law.

       

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York, without regard to principles
        of conflicts of laws other than Section 5-1401 of the New York General
        Obligations Law which shall govern. The obligations, rights and remedies
        of the
        parties hereunder shall be determined in accordance with such laws.

       

      Miscellaneous
        

       

      9.  All
        demands, notices and communications related to the Assigned Loans, the
        Agreements and this AAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered or mailed by registered mail,
        postage prepaid, as follows: 

       

      a. In
        the
        case of Company, 

      

      National
        City Mortgage Co. 

      3232
        Newmark Drive 

      Miamisburg,
        Ohio 45342 

      Attention:
        Mary Beth Criswell

      

      

      b. In
        the
        case of Assignor, 

      

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200 

      Irving,
        Texas 75038 

      Attention:
        Ralene Ruyle 

      Telecopier
        No.: (972) 444-2810 

      

      with
        a
        copy to: 

      

      Bear
        Stearns Mortgage Capital Corporation 

      383
        Madison Avenue 

      New
        York,
        New York 10179 

      Attention:
        Ernie Calabrese

      

      c. In the
        case
        of Assignee, 

      

      U.S.
        Bank
        National Association, as Trustee 

      One
        Federal Street, 3rd
        Floor

      Boston,
        Massachusetts 02110 

      Attention:
        Corporate Trust Services, BSABS I 2006-AC3 

      Telecopier
        No.: (617) 603-6638

      

      

      d.
         In
        the
        case of the Master Servicer,

       

      Wells
        Fargo Bank, National Association

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2006-AC3

      Telecopier
        No.: (410) 715-2380

      

      10.  This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws. 

       

      11.  No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced. 

       

      12.  This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall without the requirement for any further writing,
        be
        deemed Assignor, Assignee or Company, respectively hereunder. Any Master
        Servicer shall be considered a third party beneficiary of this AAR Agreement,
        entitled to all the rights and benefits accruing to any Master Servicer herein
        as if it were a direct party to this AAR Agreement.

       

      13.  This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans as contemplated
        in
        this AAR Agreement. 

       

      14.  This
        AAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument. 

       

      15.  In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Agreements with respect to the Assigned Loans, the terms of this AAR
        Agreement shall control. 

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF,
        the
        parties hereto have executed this AAR Agreement as of the day and year first
        above written.

       

      

      EMC
        MORTGAGE CORPORATION

      Assignor
        

      

      
        By:
          _______________________________

        Name:
          _____________________________

        Title:
          ______________________________

      

      U.S.
        BANK
        NATIONAL ASSOCIATION,

      not
        in
        its individual capacity but solely as Trustee

      for
        the
        holders of Bear Stearns Asset Backed Securities I Trust 2006-AC3, 

      Asset-Backed
        Certificates, Series 2006-AC3, 

      as
        Assignee

      

      

      By:
        _______________________________

      Name:
        _____________________________

      Title:
        ______________________________

      

      NATIONAL
        CITY MORTGAGE CO. 

      Company

      

      By:
        _______________________________

      Name:
        _____________________________

      Title:
        ______________________________

      

      

      Acknowledged
        and Agreed:

      

      WELLS
        FARGO BANK,

      NATIONAL
        ASSOCIATION

      Master
        Servicer

      

      By:
        _______________________________

      Name:
        _____________________________

      Title:
        ______________________________

      

      BEAR
        STEARNS ASSET BACKED SECURITIES I LLC

      

      By:
        _______________________________

      Name:
        _____________________________

      Title:
        ______________________________

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        l

      

      ASSIGNED
        LOAN SCHEDULE

      

      (Provided
        upon request)

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      ATTACHMENT
        2

      

      PURCHASE
        AGREEMENT AND TERM SHEET

      

      (Provided
        upon request)

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-7

    

    WACHOVIA
      ASSIGNMENT AGREEMENT

    

    

    

       

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of April 28, 2006, among EMC Mortgage Corporation (the “Assignor”), U.S. Bank
        National Association, not individually but solely as trustee for the holders
        of
        the Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
        Certificates, Series 2006-AC3 (the “Assignee”) and Wachovia Mortgage Corporation
        (the “Company”).

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the “Assigned Loan Schedule”) purchased by the Assignor from
        Company pursuant to (a) the Purchase, Warranties and Servicing Agreement,
        dated
        as of November 1, 2002 (the “Former Agreement”), and (b) the term sheet dated
        January 20, 2005, between the Assignor and Company (the “Term Sheet”), shall be
        subject to the terms of this AAR Agreement

      

      The
        parties desire that, from and after the date hereof, all of the Assigned
        Loans
        be serviced in accordance with the terms and conditions of that certain Seller’s
        Purchase, Warranties and Servicing Agreement, dated as of July 1, 2005, between
        the Assignor and the Company, as amended by the Regulation AB Compliance
        Addendum to Seller’s Purchase, Warranties and Servicing Agreement (the
“Addendum”), dated as of March 28, 2006 (as amended, the “Purchase Agreement”;
        and together with the Term Sheet and the Former Agreement, the “Agreements”),
        and that with respect to the Assigned Loans, the servicing-related terms
        and
        conditions of the Purchase Agreement supercede and replace in their entirety
        the
        terms and conditions of the Former Agreement. Capitalized terms used herein
        but
        not defined shall have the meanings ascribed to them in the
        Agreements.

      

      
        	 	
                Assignment
                  and Assumption

              

      

       

      Except
        as
        expressly provided for herein, the Assignor hereby grants, transfers and
        assigns
        to the Assignee all of its right, title and interest as in, to and under
        (a) the
        Assigned Loans and (b) the Agreements with respect to the Assigned Loans;
        provided, however, that the Assignor is not assigning to the Assignee any
        of its
        right, title or interest, in, to and under the Agreements with respect to
        any
        mortgage loan other than the Assigned Loans listed on Attachment 1.
        Notwithstanding anything to the contrary contained herein, the Assignor
        specifically reserves and does not assign to the Assignee any right, title
        and
        interest in, to or under the representations and warranties contained in
        Section
        3.01 and Section 3.02 of the Former Agreement and in the Term Sheet, the
        additional repurchase and premium recapture obligations set forth in the
        Term
        Sheet, and any obligation of the Company to cure, repurchase or substitute
        for a
        mortgage loan and to indemnify the Assignor with respect to a breach of such
        representations and warranties pursuant to Section 3.03 and Section 8.01
        of the
        Former Agreement, and the Assignor is retaining the right to enforce the
        representations and warranties and the obligations of the Company set forth
        in
        those sections against the Company. In addition, the Assignor specifically
        reserves and does not assign to the Assignee any right, title and interest
        in,
        to or under Section 2.09 of the Former Agreement. Except as is otherwise
        expressly provided herein, the Assignor makes no representations, warranties
        or
        covenants to the Assignee and the Assignee acknowledges that the Assignor
        has no
        obligations to the Assignee under the terms of the Agreements or otherwise
        relating to the transaction contemplated herein (including, but not limited
        to,
        any obligation to indemnify the Assignee).

       

      
        	 	
                Representations,
                  Warranties and Covenants

              

      

       

      1.
          Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

       

      (a)  Attached
        hereto as Attachment 2 are true and accurate copies of the Agreements which
        agreements are in full force and effect as of the date hereof and the provisions
        of which have not been waived, amended or modified in any respect, nor has
        any
        notice of termination been given thereunder;

       

      (b)  Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Agreements as they relate to the Assigned Loans, free and clear from
        any and
        all claims and encumbrances; and upon the transfer of the Assigned Loans
        to
        Assignee as contemplated herein, Assignee shall have good title to each and
        every Assigned Loan, as well as any and all of Assignor’s interests, rights and
        obligations under the Agreements as they relate to the Assigned Loans, free
        and
        clear of any and all liens, claims and encumbrances;

       

      (c)  There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Agreements;

       

      (d)  Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

       

      (e)  Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

       

      (f)  Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this AAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on the part of Assignor. This AAR Agreement has been duly
        executed and delivered by Assignor and, upon the due authorization, execution
        and delivery by Assignee and Company, will constitute the valid and legally
        binding obligation of Assignor enforceable against Assignor in accordance
        with
        its terms except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby; 

       

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto;

       

      (i)  The
        Assignor has received from Company, and has delivered to the Assignee, all
        documents required to be delivered to Assignor by the Company prior to the
        date
        hereof with respect to the Assigned Loans and has not received, and has not
        requested from the Company, any additional documents; and 

       

      (j)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignor's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignor, would adversely affect
        Assignor's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignor's ability to perform its obligations under this
        AAR
        Agreement.

       

      2.
          Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a)  Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        hold the Assigned Loans as trustee on behalf of the holders of the Bear Stearns
        Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates, Series
        2006-AC3;

       

      (b)  Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this AAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This AAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (c)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby; 

       

      (d)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignee's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignee, would adversely affect
        Assignee's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignee's ability to perform its obligations under this
        AAR
        Agreement; and

       

      (e)  Assignee
        assumes for the benefit of each of the Assignor and the Company all of the
        rights of the Purchaser under the Purchase Agreement with respect to the
        Assigned Loans.

       

      3.
          Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

       

      (a)  Attached
        hereto as Attachment 2 are true and accurate copies of the Agreements, which
        agreements are in full force and effect as of the date hereof and the provisions
        of which have not been waived, amended or modified in any respect, nor has
        any
        notice of termination been given thereunder; 

       

      (b)  Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Agreements;

       

      (c)  Company
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this AAR
        Agreement is in the ordinary course of Company’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Company’s charter or by-laws or any legal restriction, or any material agreement
        or instrument to which Company is now a party or by which it is bound, or
        result
        in the violation of any law, rule, regulation, order, judgment or decree
        to
        which Company or its property is subject. The execution, delivery and
        performance by Company of this AAR Agreement and the consummation by it of
        the
        transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on the part of Company. This AAR Agreement has been duly
        executed and delivered by Company, and, upon the due authorization, execution
        and delivery by Assignor and Assignee, will constitute the valid and legally
        binding obligation of Company, enforceable against Company in accordance
        with
        its terms except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at
        law;

       

      (d)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Company in connection with the execution, delivery or performance by Company
        of
        this AAR Agreement, or the consummation by it of the transactions contemplated
        hereby; 

       

      (e)  The
        Company shall establish a Custodial Account and an Escrow Account under the
        Purchase Agreement in favor of the Assignee with respect to the Assigned
        Loans
        separate from the Custodial Account and Escrow Account previously established
        under the Purchase Agreement in favor of Assignor;

       

      (f)  No
        event
        has occurred from the Closing Date to the date hereof which would render
        the
        representations and warranties as to the related Assigned Loans made by the
        Company in Sections 3.01 and 3.02 of the Former Agreement or in the related
        Term
        Sheet to be untrue in any material respect; and

       

      (g)  Neither
        this AAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by the Company pursuant
        to
        this AAR Agreement contains or will contain any materially untrue statement
        of
        fact or omits or will omit to state a fact necessary to make the statements
        contained therein not misleading.

       

      4.
          The
        Company hereby restates the representations and warranties set forth in Section
        2.02 of the Addendum (with the information pertaining to Section 2.02(a)(vii)
        specified in Attachment 3 hereto) as of the date of hereof. 

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and Bear Stearns
        Asset Backed Securities I LLC (“BSABS I”) in writing of (A) legal proceedings
        pending against the Company, or proceedings known to be contemplated by
        governmental authorities against the Company which in the judgment of the
        Company would be, in each case, material to purchasers of securities backed
        by
        the Assigned Loans, (B) any affiliations or relationships of the type described
        in Item 1119(b) of Regulation AB that develop following the date hereof between
        the Company and any of the above listed parties or other parties identified
        in
        writing by the Assignor or BSABS I with respect to the Securitization
        Transaction and (ii) provide to the Assignor and BSABS I a description of
        such
        proceedings, affiliations or relationships.

      

      Each
        such
        notice/update should be sent to 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

       

      5.
          Assignor
        hereby agrees to indemnify and hold the Assignee (and its successors and
        assigns) harmless against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that Assignee (and its successors and assigns) may sustain in
        any
        way related to any breach of the representations or warranties of Assignor
        set
        forth in this AAR Agreement or the breach of any covenant or condition contained
        herein.

       

      
        	 	
                Recognition
                  of Assignee

              

      

       

      6.
          From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans, and acknowledges that the Assigned Loans will be part of a REMIC,
        and
        will service the Assigned Loans in accordance with the Purchase Agreement
        (as
        modified by this AAR Agreement) but in no event in a manner that would (i)
        cause
        any REMIC to fail to qualify as a REMIC or (ii) result in the imposition
        of a
        tax upon any REMIC (including but not limited to the tax on prohibited
        transactions as defined in Section 860F(a)(2) of the Code and the tax on
        contributions to a REMIC set forth in Section 860G(d) of the Code). It is
        the
        intention of Assignor, Company and Assignee that this AAR Agreement shall
        be
        binding upon and for the benefit of the respective successors and assigns
        of the
        parties hereto. Neither Company nor Assignor shall amend or agree to amend,
        modify, waive, or otherwise alter any of the terms or provisions of the Purchase
        Agreement which amendment, modification, waiver or other alteration would
        in any
        way affect the Assigned Loans without the prior written consent of
        Assignee.

       

      7.
          Notwithstanding
        any term hereof to the contrary, the execution and delivery of the AAR Agreement
        by the Assignee is solely in its capacity as trustee for Bear Stearns Asset
        Backed Securities I Trust 2006-AC3 and not individually, and any recourse
        against the Assignee in respect of any obligations it may have under or pursuant
        to the terms of this AAR Agreement shall be limited solely to the assets
        it may
        hold as trustee of Bear Stearns Asset Backed Securities I Trust
        2006-AC3.

       

      
        	 	
                Modification
                  of Purchase Agreement

              

      

       

      8.
          The
        Company and Assignor hereby amend the Purchase Agreement as
        follows:

       

      (a)  The
        definition of Business Day is deleted in its entirety and replaced with the
        following:

       

      Business
        Day:
        Any day
        other than (i) a Saturday or a Sunday, or (ii) a legal holiday in the States
        of
        New York, North Carolina, Maryland or Minnesota, or (iii) a day on which
        banks
        in the States of New York, North Carolina, Maryland or Minnesota are authorized
        or obligated by law or executive order to be closed.

       

      (b)  The
        following definition is added to Section 1.01 of the Purchase, Warranties
        and
        Servicing Agreement:

       

      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.

       

      (c)  The
        following shall be added as the second paragraph in Section 4.02 of the
        Purchase, Warranties and Servicing Agreement:

       

      “The
        Company shall not waive any Prepayment Charge unless: (i) such waiver is
        standard and customary in servicing similar mortgage loans to the Mortgage
        Loans
        (including any waiver of a Prepayment Charge in connection with a refinancing
        of
        a Mortgage Loan related to a default or a reasonably foreseeable default),
        and
        (ii) such waiver, in the reasonable judgment of the Company, would maximize
        recovery of total proceeds from the Mortgage Loan, taking into account the
        value
        of such Prepayment Charge and the related Mortgage Loan. In no event will
        the
        Company waive a Prepayment Charge in connection with a refinancing of a Mortgage
        Loan that is not related to a default or a reasonably foreseeable default.
        If a
        Prepayment Charge is waived, but does not meet the standards described above,
        then the Company is required to pay the amount of such waived Prepayment
        Charge
        by remitting such amount to the Master Servicer by the Remittance
        Date.”

       

      (d)  Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04  Governing
        Law.

       

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York without giving effect to
        principles of conflicts of laws and 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.

       

      
        	 	
                Miscellaneous

              

      

       

      9.
          Company
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
        affiliate of the Underwriter, each Person (including, but not limited to,
        the
        Master Servicer) responsible for the preparation, execution or filing of
        any
        report required to be filed with the Commission, or for execution of a
        certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
        Act, each Person who controls the Assignor, BSABS I, the Assignee or the
        Underwriter (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act); and the respective present and former directors,
        officers, employees, agents and affiliates of each of the foregoing (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon: 

       

      
        	(i)  	
                (A)any
                  untrue statement of a material fact contained or alleged to be
                  contained
                  in any information, report, certification, data, accountants’ letter or
                  other material provided under Article II of the Addendum by or
                  on behalf
                  of the Assignor, or provided under Article II of the Addendum by
                  or on
                  behalf of any Subservicer, Subcontractor or Third-Party Originator
                  (collectively, the “Company Information”), or (B) the omission or alleged
                  omission to state in the Company Information a material fact required
                  to
                  be stated in the Company Information or necessary in order to make
                  the
                  statements therein, in the light of the circumstances under which
                  they
                  were made, not misleading; provided,
                  by way of clarification, that
                  clause (B) of this paragraph shall be construed solely by reference
                  to the
                  Company Information and not to any other information communicated
                  in
                  connection with a sale or purchase of securities, without regard
                  to
                  whether the Company Information or any portion thereof is presented
                  together with or separately from such other
                  information;

              

      

       

      
        	(ii)  	
                any
                  breach by the Company of its obligations under Article II of the
                  Addendum,
                  including particularly any failure by the Company, any Subservicer,
                  any
                  Subcontractor or any Third-Party Originator to deliver any information,
                  report, certification, accountants’ letter or other material when and as
                  required under Article II of the Addendum, including any failure
                  by the
                  Company to identify any Subcontractor “participating in the servicing
                  function” within the meaning of Item 1122 of Regulation AB;
                  

              

      

       

      
        	(iii)  	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  2.02(a) of the Addendum or in a writing furnished pursuant to Section
                  2.02(b) of the Addendum and made as of a date prior to the date
                  hereof, to
                  the extent that such breach is not cured by the date hereof, or
                  any breach
                  by the Company of a representation or warranty in a writing furnished
                  pursuant to Section 2.02(b) of the Addendum to the extent made
                  as of a
                  date subsequent to the date hereof;
                  or

              

      

       

      
        	(iv)  	
                the
                  negligence, bad faith or willful misconduct of the Company in connection
                  with its performance under Article II of the
                  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 Section 2.07(a)(ii) of the
        Addendum, the Company shall promptly reimburse the Assignor, BSABS I and
        each
        Person responsible for the preparation, execution or filing of any report
        required to be filed with the Commission, or for execution of a certification
        pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

       

      This
        indemnification shall survive the termination of this AAR Agreement or the
        termination of any party to this AAR Agreement.

       

      10.
          All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this AAR Agreement shall be in writing and shall be deemed
        to have
        been duly given if personally delivered at or mailed by registered mail,
        postage
        prepaid, as follows:

       

      
        	(a)  	
                In
                  the case of Company:

              

      

       

      Wachovia
        Mortgage Corporation

      401
        S
        Tryon St

      Charlotte,
        North Carolina 28202-1934

      Attention:
        Tim Schuck

      Telephone
        No.: (704) 374-4497

       

      
        	(b)  	
                In
                  the case of Assignor:

              

      

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

       

      

       

      with
        a
        copy to:

       

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Ernie Calabrese

                     
        Telecopier No.: (212) 272-5591

       

      
        	(c)  	
                In
                  the case of Assignee:

              

      

       

      U.S.
        Bank
        National Association,

      as
        Trustee

      One
        Federal Street, 3rd
        Floor

      Boston,
        Massachusetts 02110

      Attention:
        Corporate Trust Services - BSABS 2006-AC3

      Telecopier
        No.: (617) 603-6638 

       

      11.
          The
        Company hereby acknowledges that Wells Fargo Bank, N.A. (the “Master Servicer”)
        has been appointed as the master servicer of the Assigned Loans pursuant
        to the
        Pooling and Servicing Agreement, dated as of April 1, 2006, among the Assignor,
        the Assignee, BSABS I, Wells Fargo Bank, N.A. as securitites administrator
        and
        the Master Servicer, and therefor has the right to enforce all obligations
        of
        the Company, as they relate to the Assigned Loans, under the Purchase Agreement.
        Such right will include, without limitation, the right to terminate the Company
        under the Purchase Agreement upon the occurrence of an event of default
        thereunder, the right to receive all remittances required to be made by the
        Company under the Purchase Agreement, the right to receive all monthly reports
        and other data required to be delivered by the Company under the Purchase
        Agreement, the right to examine the books and records of the Company,
        indemnification rights, and the right to exercise certain rights of consent
        and
        approval relating to actions taken by the Company. The Company shall make
        all
        distributions under the Purchase Agreement, as they relate to the Assigned
        Loans, to the Master Servicer by wire transfer of immediately available funds
        to:

       

      BSABS
        2006-AC3 Master Servicer Collection Account

      Wells
        Fargo
        Bank, N.A.

      ABA#
        121000248

      Account
        Name: SAS Clearing 

      Account
        #
        3970771416

      For
        Further Credit to: BSABS 2006-AC3, Account # 50912900

       

      and
        the
        Company shall deliver all reports required to be delivered under the Purchase
        Agreement, as they relate to the Assigned Loans, to the Assignee at the address
        set forth in Section 8 herein and to the Master Servicer at:

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS 2006-AC3

       

      12.
          Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this AAR Agreement.

       

      13.
          This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

       

      14.
          No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

       

      15.
          This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

       

      16.
          This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Agreements to the extent of the Assigned Loans by Assignor to Assignee
        and
        the termination of the Agreements.

       

      17.
          This
        AAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

       

      18.
          In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Agreements with respect to the Assigned Loans, the terms of this AAR
        Agreement shall control. 

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as of
        the
        day and year first above written.

       

      

      EMC
        MORTGAGE CORPORATION

      Assignor

      

       

      By:
        ______________________________

      Name:
        ____________________________

      Title:
        _____________________________

       

      U.S.
        BANK
        NATIONAL ASSOCIATION, not individually but solely as Trustee for 

      the
        Bear
        Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates,
        Series 2006-AC3 

      Assignee

      

       

      By:
        ______________________________

      Name: 
        Maryellen Hunter-------_________ 

      Title: Assistant
        Vice President_____ 

       

      WACHOVIA
        MORTGAGE CORPORATION

      Company

      

       

      By:
        ______________________________

      Name:
        ____________________________

      Title:
        _____________________________

       

      Acknowledged
        and Agreed:

       

      WELLS
        FARGO BANK, N.A.

      

       

      By:
        ______________________________

      Name: Jennifer
        Richardson  

      Title: Assistant
        Vice President 

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      ATTACHMENT
        1

       

       

      ASSIGNED
        LOAN SCHEDULE

       

      (Available
        upon request)

       

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      ATTACHMENT
        2

       

      AGREEMENTS

       

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      ATTACHMENT
        3

       

      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. Bear
        Stearns Asset Backed Securities I Trust 2006-AC3 and any affiliate

       

      4. U.S.
        Bank
        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.
        Cap
        Contract Provider: [Bear
        Stearns Financial Products Inc.]

       

      b.
        Underwriter: Bear, Stearns & Co. Inc.

       

      c.
        Servicers: [American Home Mortgage Corp.; Chevy Chase Bank, F.S.B.; EMC Mortgage
        Corporation; Harbourside Mortgage Corporation; HomEq Servicing Corporation;
        National City Mortgage Co.; Wachovia Mortgage Corporation; CitiMortgage,
        Inc.;
        Wells Fargo Bank, N.A.]

       

      d.
        Master
        Servicer: Wells Fargo Bank, National Association

       

      e.
        Unaffiliated Servicer of 20%: [American Home Mortgage Corp.; EMC Mortgage
        Corporation]

       

      f.
        Originator of 10%: [American Home Mortgage Corp.]

       

      g.
        Securities Administrator: Wells Fargo Bank, National Association

       

      h.
        Custodian: Wells Fargo Bank, National Association

       

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-8

    

    WELLS
      FARGO ASSIGNMENT AGREEMENT

     

     

    

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      THIS
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (the “Assignment and Assumption
        Agreement”), dated as of April 28, 2006, by EMC Mortgage Corporation, a Delaware
        corporation (the “Assignor”), U.S. Bank National Association, not individually
        but solely as trustee for the holders of Bear Stearns Asset Backed Securities
        I
        Trust 2006-AC3, Asset-Backed Certificates, Series 2006-AC3 (the “Assignee”) and
        Wells Fargo Bank, N.A. (the “Company”).

       

      Whereas
        the Assignor and the Company entered into that certain Amended and Restated
        Master Seller’s Warranties and Servicing Agreement dated as of November 1, 2005
        (the “Warranties and Servicing Agreement”), pursuant to which the Company hereby
        agrees to service certain mortgage loans listed on Exhibit A hereto (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 now
        serviced by the Company for the Assignor and its successors and assigns pursuant
        to the Warranties and Servicing Agreement 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 Warranties
        and
        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 Warranties and 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 Warranties
        and
        Servicing Agreement with respect to any mortgage loan other than the Mortgage
        Loans listed on Exhibit
        A.
        Notwithstanding anything to the contrary contained herein, the Assignor
        specifically reserves and does not assign to the Assignee any right, title
        and
        interest in, to or under the representations and warranties contained in
        Section
        3.01 and Section 3.02 of the Warranties and Servicing Agreement, and any
        obligation of the Company to cure, repurchase or substitute for a mortgage
        loan
        and to indemnify the Assignor with respect to a breach of such representations
        and warranties pursuant to Section 3.03 of the Warranties and Servicing
        Agreement, and the Assignor is retaining the right to enforce the
        representations and warranties and the obligations of the Company set forth
        in
        those sections against the Company. 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 Warranties and 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
                  are true and accurate copies of the Warranties and Servicing Agreement
                  and
                  Assignment and Conveyance Agreement, which agreements are 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
                  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 Warranties and Servicing Agreement as they
                  relate to
                  the Mortgage Loans, free and clear from any and all claims and
                  encumbrances; and upon the transfer of the Mortgage Loans to the
                  Assignee
                  as contemplated herein, Assignee shall have good title to each
                  and every
                  Mortgage Loan, as well as any and all of the Assignee’s interests, rights
                  and obligations under the Warranties and 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
                  Company
                  with respect to the Mortgage Loans or the Warranties 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 incorporation, and has all
                  requisite
                  power and authority to acquire, own and sell the Mortgage
                  Loans;

              

      

       

      
        	(f)  	
                The
                  Assignor has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this Assignment and 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 Assignor’s business and will not conflict
                  with, or result in a breach of, any of the terms, conditions or
                  provisions
                  of the Assignor’s charter or by-laws or any legal restriction, or any
                  material agreement or instrument to which the Assignor is now a
                  party or
                  by which it is bound, or result in the violation of any law, rule,
                  regulation, order, judgment or decree to which Assignor or its
                  property is
                  subject. The execution, delivery and performance by the Assignor
                  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 Assignor. This Assignment
                  and
                  Assumption Agreement 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 to the
                  Assignee,
                  all documents required to be delivered to the Assignor by the Company
                  prior to the date hereof pursuant to the Warranties and 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
                  Bear Stearns Asset Backed Certificates I Trust 2006-AC3, Asset-Backed
                  Certificates, Series 2006-AC3;

              

      

       

      
        	(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 Purchaser under the Warranties
                  and Servicing Agreement with respect to the Mortgage Loans other
                  than the
                  right to enforce the obligations of the Company under the Warranties
                  and
                  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
                  are true and accurate copies of the Warranties and Servicing Agreement
                  and
                  Assignment and Conveyance Agreement, which agreements are 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 Warranties and 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 Warranties and 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 Warranties and
                  Servicing
                  Agreement in favor of Assignor; and

              

      

       

      
        	(f)  	
                Pursuant
                  to Section 9.01 of the Warranties and Servicing Agreement, the
                  Company
                  hereby restates the representations and warranties set forth in
                  Section
                  3.01 of the Warranties and Servicing Agreement with respect to
                  the Company
                  as of the date hereof.

              

      

       

      5.  Company
        warrants and represents to, and covenants with, Assignor and Bear Stearns
        Asset
        Backed Securities I LLC 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 Warranties and
                  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 Warranties and 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,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that Assignee (and its successors and assigns) may sustain in any way related
        to
        any breach of the representations or warranties of Assignor set forth in
        this
        Assignment and Assumption Agreement or the breach of any covenant or condition
        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 Bear Stearns Asset Backed
        Securities I LLC, the Assignor, the Assignee and the Master Servicer, and
        therefore has the right to enforce all obligations of the Company under the
        Warranties and Servicing Agreement. Such right will include, without limitation,
        the right to receive all remittances required to be made by the Company under
        the Warranties and Servicing Agreement, the right to receive all monthly
        reports
        and other data required to be delivered by the Company under the Warranties
        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 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 Warranties and
        Servicing Agreement and the Assignee shall have the right to terminate the
        Company as servicer under the Warranties and 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 Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
        Certificates, Series 2006-AC3 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 Bear Steans Asset Backed Securities I Trust
        2006-AC3, Asset-Backed Certificates, Series 2006-AC3.

       

      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 Warranties and Servicing Agreement (as
        modified herein), the terms of which are incorporated herein by reference.
        Notwithstanding anything to the contrary contained herein or in the Warranties
        and 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 Warranties and 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
        Warranties and Servicing Agreement

       

      10.  The
        Company and Assignor hereby amend the Warranties
        and Servicing Agreement as follows:

       

      The
        following definitions shall be added to Article I of the Warranties and
        Servicing Agreement:

       

      Assignee:
        U.S.
        Bank National Association, as trustee for the holders of Bear Stearns Asset
        Backed Securities I Trust 2006-AC3, Asset-Backed Certificates, Series
        2006-AC3.

       

      Master
        Servicer:
        With
        respect to any Securitization Transaction, the “master servicer,” if any,
        identified in the related transaction documents.

       

      Nonrecoverable
        Advance:
        Any
        advance previously made by the Company pursuant to Section 5.03 or any Servicing
        Advance which, in the good faith judgment of the Company, may not be ultimately
        recoverable by the Company from Liquidation Proceeds or otherwise. The
        determination by the Company that it has made a Nonrecoverable Advance, shall
        be
        evidenced by an Officer’s Certificate of the Company delivered to the Purchaser
        and the Master Servicer and detailing the reasons for such
        determination.

       

      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.

       

      Securities
        Administrator:
        With
        respect to any Securitization Transaction, the “securities administrator,” if
        any, identified in the related transaction documents.

       

      Trustee:
        U.S.
        Bank National Association.

       

      (b) The
        definition of Principal Prepayment in Article I of the Warranties and Servicing
        Agreement is deleted in its entirety and replaced with the
        following:

       

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan which is received
        in
        advance of its scheduled Due Date, including any Prepayment Charge and which
        is
        not accompanied by an amount of interest representing scheduled interest
        due on
        any date or dates in any month or months subsequent to the month of
        prepayment.

       

      (c) The
        definition of “Qualified Depository” in the Warranties and Servicing Agreement
        shall be modified by deleting the word “A-1” and replacing it with the word
“A-1+”.

       

      (d) Article
        III of the Warranties and Servicing Agreement is hereby amended effective
        as of
        the date hereof as follows:

       

      
        	 	
                (1)

              	
                Section
                  3.01(b) is amended by replacing the “,” after the word “loans” in the
                  third line, with a “.”, and deleting the remainder of the
                  sentence.

              

      

       

      
        	 	
                (2)

              	
                Section
                  3.01(c) is amended by deleting, “the sale of the Mortgage Loans to the
                  Purchaser”.

              

      

       

      
        	 	
                (3)

              	
                Section
                  3.01(f) is amended by adding a “.” after, “The Company is solvent.” And
                  deleting the remainder of the
                  paragraph.

              

      

       

      
        	 	
                (4)

              	
                Section
                  3.01(h) is amended by deleting, “or the sale of the Mortgage Loans as
                  evidenced by the consummation of the transactions contemplated
                  by this
                  Agreement.

              

      

       

      (5) Section
        3.01(i) is deleted in its entirety.

       

      (6) Section
        3.01(k) is deleted in its entirety.

       

      
        	 	
                (7)

              	
                by
                  deleting Section 3.01(l) in its entirety and replacing it with
                  the
                  following:

              

      

       

      (l) No
        Material Change. 

       

      There
        has
        been no material adverse change in the servicing policies and procedures,
        business, operations, financial condition or assets of the Company since
        the
        date of the Company’s most recent financial statements that would have a
        material adverse effect on its ability to perform its obligations under this
        Agreement;

       

      (8) Section
        3.01(m) is deleted in its entirety; and

       

      (9) Section
        3.02 is not applicable to the Mortgage Loans.

       

      (e) Article
        IV of the Warranties and Servicing Agreement is hereby amended effective
        as of
        the date hereof by adding “, other than Servicing Advances,” after “future
        advances” in the second paragraph of Section 4.01.

       

      (f) Article
        IV of the Warranties and Servicing Agreement is hereby amended effective
        as of
        the date hereof by deleting “, and the Company shall not commence foreclosure
        proceedings if the Purchaser objects to such action within three (3) Business
        Days of receiving such notice” in first paragraph of Section 4.02.

       

      (g) Article
        IV of the Warranties and Servicing Agreement is hereby amended effective
        as of
        the date hereof by adding the following paragraph to Section 4.03:

       

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

       

      With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a premium upon a prepayment prior to maturity, such Prepayment Charge shall
        not
        be imposed in any instance where the Mortgage Loan is accelerated or paid
        off in
        connection with the workout of a delinquent mortgage 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.

       

      (h) Article
        IV of the Warranties and Servicing Agreement is hereby amended by replacing
        the
        second paragraph of Section 4.04 with the following:

       

      The
        Company shall deposit in a mortgage clearing account on a daily basis, and
        in
        the Custodial Account within (2) Business Days after the Company’s receipt of
        such funds, 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) The
        following is added as Subsection 4.05(x) of the Warranties
        and
        Servicing Agreement:

       

      “(x)
        to
        reimburse itself for any Nonrecoverable Advances;”

       

      (j) Article
        IV of the Warranties and Servicing Agreement is hereby amended by replacing
        the
        second paragraph of Section 4.06 with the following:

       

      The
        Company shall deposit in a mortgage clearing account on a daily basis, and
        in
        the Escrow Account or Accounts within two (2) Business Days after the Company’s
        receipt of such funds, and retain therein:

       

      (k) Article
        IV of the Warranties
        and Servicing Agreement is hereby amended by replacing Section 4.25 with
        the
        following:

       

      The
        Company shall not hire or otherwise utilize the services of any Subservicer
        to
        fulfill any of the obligations of the Company as servicer under this Agreement
        or any Reconstitution Agreement unless the Company complies with the provisions
        of paragraph (a) of this Section 4.25. The Company shall not hire or otherwise
        utilize the services of any Subcontractor, and shall not permit any Subservicer
        to hire or otherwise utilize the services of any Subcontractor, to fulfill
        any
        of the obligations of the Company as servicer under this Agreement or any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (b) of this Section 4.25.

       

      (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 4.25 and with Sections 6.04, 6.06, 9.01(e)(iii), 9.01(e)(v),
        9.01(e)(vi), 9.01(e)(vii), 9.01(e)(viii) and 9.01(f) of this Agreement to
        the
        same extent as if such Subservicer were the Company, and to provide the
        information required with respect to such Subservicer under Section 9.01(e)(iv)
        of this Agreement. The Company shall be responsible for obtaining from each
        Subservicer and delivering to the Purchaser and any Depositor any servicer
        compliance statement required to be delivered by such Subservicer under Section
        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 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 6.06 and 9.01(f) of this
        Agreement to the same extent as if such Subcontractor were the Company. The
        Company shall be responsible for obtaining from each Subcontractor and
        delivering to the Purchaser and any Depositor any assessment of compliance
        and
        attestation and the other certifications required to be delivered by such
        Subservicer and such Subcontractor under Section 6.06, in each case as and
        when
        required to be delivered.

       

      (l) Article
        V
        of the Warranties and Servicing Agreement is hereby amended effective as
        of the
        date hereof by deleting Section 5.02 in its entirety and replacing it with
        the
        following:

       

      Section
        5.02 Statements
        to the Purchaser.

       

      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
        I,
        which
        data shall reflect information as to the period ending on the last day of
        the
        preceding month, Exhibit
        J
        with
        respect to defaulted mortgage loans and Exhibit
        K,
        with
        respect to realized losses and gains, with each such report. 

       

      (m) Section
        6.02 (Satisfaction of Mortgages and Release of Mortgage Loan Documents) is
        hereby amended by adding “(other than as a result of a modification of the
        Mortgage pursuant to this Agreement or a liquidation of the Mortgaged Property
        pursuant to the terms of this Agreement)” after “secured by the Mortgage” in the
        second paragraph.

       

      (n) Section
        6.04 (Annual Statements as to Compliance) is hereby amended as
        follows:

       

      (1) delete
        paragraph (i) in its entirety;

       

      (2) delete
        the reference to “(ii)” at the beginning of the section paragraph;
        and

       

      (3) Delete
        the references to “the Purchaser and any Depositor” and replace each with “the
        Master Servicer”.

       

      (o) Section
        6.05 (Annual Independent Public Accountants’ Servicing Report) is deleted in its
        entirety.

       

      (p) Section
        6.06 (Report on Assessment of Compliance and Attestation) is hereby amended
        by
        replacing the references to “the Purchaser and any Depositor” with “the Master
        Servicer”, “the Purchaser and such Depositor” with “the Master Servicer”,
“Section 425(b)” with “Section 4.25(b)” and “”paragraphs (a) and (b)” with
“paragraphs (i) and (ii)”.

       

      (q) Section
        6.07(i) is hereby amended by replacing the reference to “Section 9.01(e)(iv)(A)”
with “Section 9.01(e)(vi)(A)”, “Section 9.01(e)(iv)(B)” with “Section
        9.01(e)(vi)(B)” and deleting the reference to “Section 6.05”.

       

      (r) Section
        6.07(ii) is hereby amended by replacing the references to “Purchaser or
        Depositor” with “Purchaser, any Master Servicer or any Depositor”, “Subcontract”
with “Subcontractor” and deleting the reference to “Section 6.05”.

       

      (s) The
        following are added as the second, third and fourth paragraphs of Section
        6.09
        of the Warranties
        and Servicing
        Agreement:

       

      “Notwithstanding
        anything in this Agreement to the contrary, the Company (a) shall not permit
        any
        modification with respect to any Mortgage Loan that would change the Mortgage
        Interest Rate and (b) shall not (unless the Mortgagor is in default with
        respect
        to the Mortgage Loan or such default is, in the judgment of the Company,
        reasonably foreseeable) make or permit any modification, waiver or amendment
        of
        any term of any Mortgage Loan that would both effect an exchange or reissuance
        of such Mortgage Loan under Section 1001 of the Code (or Treasury regulations
        promulgated thereunder).

       

      Prior
        to
        taking any action with respect to the Mortgage Loans which is not contemplated
        under the terms of this Agreement, the Company will obtain an Opinion of
        Counsel
        reasonably acceptable to the Securities Administrator with a copy to the
        Trustee
        with respect to whether such action could 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) (either such event, an “Adverse
        REMIC Event”), and the Company shall not take any such action or cause the Trust
        Fund to take any such action as to which it has been advised that an Adverse
        REMIC Event could occur.

       

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in the REMIC. The Company shall not enter into
        any
        arrangement by which the REMIC will receive a fee or other compensation for
        services nor permit the 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.”

       

      (t) Article
        IX of the Warranties
        and Servicing
        Agreement is hereby amended effective as of the date hereof by deleting in
        their
        entirety Sections 9.01(d), 9.01(e)(i) and 9.01(e)(ii).

       

      (u) Article
        IX of the Warranties
        and Servicing
        Agreement is hereby amended effective as of the date hereof by replacing
        Section
        9.01(e)(iv) with the following:

       

      (iv) For
        the
        purpose of satisfying the reporting obligation under the Exchange Act with
        respect to any class of asset-backed securities, the Company shall (or shall
        cause each Subservicer to) (1) provide prompt notice to the Purchaser, any
        Master Servicer and any Depositor in writing of (A) any material litigation
        or
        governmental proceedings involving the Company or any Subservicer, (B) any
        affiliations or relationships that develop following the closing date of
        a
        Securitization Transaction between the Company or any Subservicer and any
        of the
        parties specified in Section 9.01(e)(iii)(J) (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
        (2) provide to the Purchaser and any Depositor a description of such
        proceedings, affiliations or relationships.

       

      Each
        such
        notice/update pursuant to this Section 9.01(e)(iv) should be sent by e-mail
        to
        regABnotifications@bear.com. Additionally, all notifications pursuant to
        this
        Section 9.01(e)(iv), other than those pursuant to Section 9.01(e)(iv)(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 9.01(e)(iv)(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

      

       

      (v) Section
        9.01(e)(v) of the Warranties and Servicing Agreement is hereby amended effective
        as of the date hereof, by replacing the references to “the Purchaser and any
        Depositor” with “the Purchaser, the Master Servicer and any Depositor” and “the
        Purchaser and such Depositor” with “the Purchaser, the Master Servicer and such
        Depositor”.

       

      (w) The
        third
        paragraph of Section 9.01 of the Warranties
        and Servicing
        Agreement is hereby amended effective as of the date hereof by replacing
        such
        section with the following:

       

      The
        Purchaser and the Company acknowledge and agree that the purpose of Section
        9.01(e) is to facilitate compliance by the Purchaser and any Depositor with
        the
        provisions of Regulation AB and related rules and regulations of the Commission.
        Although Regulation AB is applicable by its terms only to offerings of
        asset-backed securities that are registered under the Securities Act, the
        Company acknowledges that investors in privately offered securities may require
        that the Purchaser or any Depositor provide comparable disclosure in
        unregistered offerings. References in this Agreement to compliance with
        Regulation AB include provision of comparable disclosure in private offerings.
        

       

      Neither
        the Purchaser, the Master Servicer 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,
        the 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.

       

      (x) Section
        9.01(e)(vii) of the Warranties and Servicing Agreement is hereby amended
        effective as of the date hereof by replacing such section with the following:
        

       

      (vii)
        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
        (10)
        days prior to the deadline for the filing of any distribution report on Form
        10-D in respect of any Securitization Transaction that includes any of the
        Mortgage Loans serviced by the Company or any Subservicer, the Company or
        such
        Subservicer, as applicable, shall, to the extent the Company or such Subservicer
        has knowledge, provide to the party responsible for filing such report
        (including, if applicable, the Master Servicer) notice of the occurrence
        of any
        of the following events along with all information, data, and materials related
        thereto as may be required to be included in the related distribution report
        on
        Form 10-D (as specified in the provisions of Regulation AB referenced
        below):

       

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

       

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

       

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

       

      (y) Article
        IX of the Warranties and Servicing Agreement is hereby amended effective
        as of
        the date hereof by inserting the following new Section 9.01(e)(viii) as
        follows:

       

      (viii)
        The Company shall provide to the Purchaser, any Master Servicer and any
        Depositor, evidence of the authorization of the person signing any certification
        or statement, copies or other evidence of Fidelity Bond Insurance and Errors
        and
        Omission Insurance policy, financial information and reports, and such other
        information related to the Company or any Subservicer or the Company or such
        Subservicer’s performance hereunder.

       

      (z) Article
        IX of the Warranties and Servicing Agreement is hereby amended effective
        as of
        the date hereof by inserting the following after Section 9.01(e)(iii)(H)
        in its
        entirety as follows:

       

      (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.

       

      (aa) Article
        IX of the Warranties and Servicing Agreement is hereby amended by replacing
        Section 9.01(f) with the following:

       

      
        	 	
                (f)

              	
                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 Sections 4.25,
        6.04, 6.06 or
        9.01(c) or (e) by or on behalf of the Company, or provided under Sections
        9.01(c) or (e) by or on behalf of any Subservicer, Subcontractor or Third-Party
        Originator (collectively, the “Company Information”), or (B) the omission or
        alleged omission to state in the Company Information a material fact required
        to
        be stated in the Company Information or necessary in order to make the
        statements therein, in the light of the circumstances under which they were
        made, not misleading; provided,
        by way of clarification, that
        clause (B) of this paragraph shall be construed solely by reference to the
        Company Information and not to any other information communicated in connection
        with a sale or purchase of securities, without regard to whether the Company
        Information or any portion thereof is presented together with or separately
        from
        such other information;

       

      
        	(ii)  	
                any
                  breach by the Company of its obligations under this Section 9.01(f),
                  including 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 Sections 4.25, 6.04, 6.06 or 9.01(c) or (e), including any
                  failure
                  by the Company to identify any Subcontractor “participating in the
                  servicing function” within the meaning of Item 1122 of Regulation AB;
                  

              

      

      

      
        	(iii)  	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  9.01(e)(vi)(A) or in a writing furnished pursuant to Section
                  9.01(e)(vi)(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
                  9.01(e)(iv)(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 Sections 4.25, 6.04, 6.06, 6.07 or
                  9.01.

              

      

      

      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
        ins
        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 sub-clause (ii) of this Section
        9.01(f), 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.

       

      (bb) Article
        X
        of the Warranties and Servicing Agreement is hereby amended effective as
        of the
        date hereof by replacing the reference to “Custodial Agreement” in Section
        10.01(ii) with “Custodial Agreement (if no specific grace period or notification
        requirement is applicable therein)”.

       

      (cc) Article
        X
        of the Warranties and Servicing Agreement is hereby amended effective as
        of the
        date hereof by adding the following at the end of the last paragraph of Section
        10.01:

       

      If
        the
        Company is terminated pursuant to this Section 10.01, the Company shall promptly
        reimburse the Purchaser (or any designee of the Purchaser, such as a master
        servicer) and any Depositor, as applicable, for all reasonable expenses incurred
        by the Purchaser (or such designee) or such Depositor, as such are incurred,
        in
        connection with the termination of the Company as servicer and the transfer
        of
        servicing of the Mortgage Loans to a successor servicer. The provisions of
        this
        paragraph shall not limit whatever rights the Purchaser or any Depositor
        may
        have under other provisions of this Agreement and/or any applicable
        Reconstitution Agreement or otherwise, whether in equity or at law, such
        as an
        action for damages, specific performance or injunctive relief.

       

      (dd) The
        first
        sentence of Section 12.03 of the Warranties and Servicing Agreement is deleted
        in its entirety and replaced with the following:

       

      Section
        12.03  Governing
        Law.

       

      This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York without giving effect to principles of conflicts of laws
        (other than Section 5-1401 of the New York General Obligations Law) and except
        to the extent preempted by Federal law and the obligations, rights and remedies
        of the parties hereunder shall be determined in accordance with such
        laws.

       

      (ee) A
        new
        Section 12.12 (Third Party Beneficiary) is hereby added to the Warranties
        and
        Servicing Agreement.

       

      Section
        12.12 Third
        Party Beneficiary.

       

      For
        Purposes of this Agreement, each Master Servicer shall be considered a third
        party beneficiary to this Agreement, entitled to all the rights and benefits
        hereof as if it were a direct party to this Agreement.

       

      (ff) The
        Warranties
        and Servicing
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        I,
        a copy of which is annexed hereto as Exhibit C.

       

      (gg) The
        Warranties
        and Servicing
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        J,
        a copy of which is annexed hereto as Exhibit D.

       

      (hh) The
        Warranties
        and 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 E.

       

      (ii) The
        Warranties
        and Servicing
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        D,
        a copy of which is annexed hereto as Exhibit F.

       

      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.  Distributions
        shall be made by wire transfer of immediately available funds to:

       

      Bear
        Stearns BSABS I 2006-AC3 Master Servicer Collection Account

      Wells
        Fargo Bank, N.A.

      ABA#
        121000248

      Account
        Name: SAS Clearing

      Account
        #
        3970771416

       

      For
        Further Credit to: BSABS I 2006-AC3, A/C#
        50913800

       

      and
        the
        Company shall deliver all reports required to be delivered under the Warranties
        and Servicing Agreement to the Master Servicer at:

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2006-AC3

      Telecopier
        No.: (410) 715-2380

       

      13.  Notices:

       

      The
        Assignor’s
        address for purposes of all notices and correspondence related to the Mortgage
        Loans and this Assignment and Assumption Agreement is:

       

      EMC
        Mortgage Corporation

      Mac
        Arthur Ridge Illinois

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ralene Ruyle, President

       

      With
        a
        copy to:

       

      Bear
        Stearns Mortgage Capital Corporation 

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Ernie Calabrese

       

      The
        Assignee’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and this Assignment and Assumption Agreement is:

       

      U.S.
        Bank
        National Association,

      as
        trustee

      One
        Federal Street, 3rd
        Floor

      Boston,
        MA 02110

      Attention:
        Corporate Trust Services

       

      BSABS
        I
        2006-AC3

       

      Telecopy:
        (617) 603-6413

       

      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:

       

      14.  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.

       

      15.  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.

       

      16.  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.

       

      17.  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.

       

      18.  This
        Assignment and Assumption Agreement shall survive the conveyance of the Mortgage
        Loans and the assignment of the Warranties
        and Servicing Agreement to the extent of the Mortgage Loans by Assignor to
        Assignee and the termination of the Warranties and Servicing
        Agreement.

       

      19.  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.

       

      20.  In
        the
        event that any provision of this Assignment and Assumption Agreement conflicts
        with any provision of the Warranties and Servicing Agreement with respect
        to the
        Mortgage Loans, the terms of this Assignment and Assumption Agreement shall
        control.

       

      21.  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.

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      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.

       

      U.S.
        BANK
        NATIONAL ASSOCIATION, not individually but solely as trustee for the holders
        of
        Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
        Certificates, Series 2006-AC3

       

      By:

      Name:
        

      Title:

       

      EMC
        MORTGAGE CORPORATION

       

      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:

              

      

      No
        Material Change.

       

      There
        has
        been no material adverse change in the servicing policies and procedures,
        business, operations, financial condition or assets of the Company since
        the
        date of the Company’s most recent financial statements that would have a
        material adverse effect on its ability to perform its obligations under this
        Agreement;

       

      (e) Article
        IV of the Warranties and Servicing Agreement is hereby amended effective
        as of
        the date hereof by adding the following paragraph to Section 4.03:

       

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

       

      (f) The
        following is added as Subsection 4.05(x) of the Warranties and Servicing
        Agreement:

       

      “(x)
        to
        reimburse itself for any Nonrecoverable Advances;”

       

      (g) Article
        IV of the Warranties and Servicing Agreement is hereby amended by replacing
        Section 4.25 with the following:

       

      The
        Company shall not hire or otherwise utilize the services of any Subservicer
        to
        fulfill any of the obligations of the Company as servicer under this Agreement
        or any Reconstitution Agreement unless the Company complies with the provisions
        of paragraph (a) of this Section 4.25. The Company shall not hire or otherwise
        utilize the services of any Subcontractor, and shall not permit any Subservicer
        to hire or otherwise utilize the services of any Subcontractor, to fulfill
        any
        of the obligations of the Company as servicer under this Agreement or any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (b) of this Section 4.25.

       

      (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 4.25 and with Sections 6.04, 6.06, 9.01(e)(iii), 9.01(e)(v),
        9.01(e)(vi), 9.01(e)(vii), 9.01(e)(viii) and 9.01(f) of this Agreement to
        the
        same extent as if such Subservicer were the Company, and to provide the
        information required with respect to such Subservicer under Section 9.01(e)(iv)
        of this Agreement. The Company shall be responsible for obtaining from each
        Subservicer and delivering to the Purchaser and any Depositor any servicer
        compliance statement required to be delivered by such Subservicer under Section
        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 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 6.06 and 9.01(f) of this
        Agreement to the same extent as if such Subcontractor were the Company. The
        Company shall be responsible for obtaining from each Subcontractor and
        delivering to the Purchaser and any Depositor any assessment of compliance
        and
        attestation and the other certifications required to be delivered by such
        Subservicer and such Subcontractor under Section 6.06, in each case as and
        when
        required to be delivered.

       

      (h) Article
        V
        of the Warranties and Servicing Agreement is hereby amended effective as
        of the
        date hereof by deleting Section 5.02 in its entirety and replacing it with
        the
        following:

       

      Section
        5.02 Statements
        to the Purchaser.

       

      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
        I,
        which
        data shall reflect information as to the period ending on the last day of
        the
        preceding month, Exhibit
        J
        with
        respect to defaulted mortgage loans and Exhibit
        M,
        with
        respect to realized losses and gains, with each such report.

      (i) Section
        6.04 (Annual Statements as to Compliance) is hereby amended as
        follows:

      (1) delete
        paragraph (i) in its entirety;

      (2) delete
        the reference to “(ii)” at the beginning of the section paragraph;
        and

       

      (3) Delete
        the references to “the Purchaser and any Depositor” and replace each with “the
        Master Servicer”.

       

      (j) Section
        6.05 (Annual Independent Public Accountants’ Servicing Report) is deleted in its
        entirety.

       

      (k) Section
        6.06 (Report on Assessment of Compliance and Attestation) is hereby amended
        by
        replacing the references to “the Purchaser and any Depositor” with “the Master
        Servicer” and “the Purchaser and such Depositor” with “the Master
        Servicer”.

       

      (l) Section
        6.07(ii) is hereby amended by replacing the references to “Purchaser or
        Depositor” with “Purchaser, any Master Servicer or any Depositor.”

      (m) The
        following are added as the second, third and fourth paragraphs of Section
        6.09
        of the Warranties and Servicing Agreement:

      “Notwithstanding
        anything in this Agreement to the contrary, the Company (a) shall not permit
        any
        modification with respect to any Mortgage Loan that would change the Mortgage
        Interest Rate and (b) shall not (unless the Mortgagor is in default with
        respect
        to the Mortgage Loan or such default is, in the judgment of the Company,
        reasonably foreseeable) make or permit any modification, waiver or amendment
        of
        any term of any Mortgage Loan that would both effect an exchange or reissuance
        of such Mortgage Loan under Section 1001 of the Code (or Treasury regulations
        promulgated thereunder).

       

      Prior
        to
        taking any action with respect to the Mortgage Loans which is not contemplated
        under the terms of this Agreement, the Company will obtain an Opinion of
        Counsel
        reasonably acceptable to the Securities Administrator with a copy to the
        Trustee
        with respect to whether such action could 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) (either such event, an “Adverse
        REMIC Event”), and the Company shall not take any such action or cause the Trust
        Fund to take any such action as to which it has been advised that an Adverse
        REMIC Event could occur.

       

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in the REMIC. The Company shall not enter into
        any
        arrangement by which the REMIC will receive a fee or other compensation for
        services nor permit the 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.”

       

      (n) Article
        IX of the Warranties and Servicing Agreement is hereby amended effective
        as of
        the date hereof by replacing Section 9.01(e)(iv) with the
        following:

       

      (iv) For
        the
        purpose of satisfying the reporting obligation under the Exchange Act with
        respect to any class of asset-backed securities, the Company shall (or shall
        cause each Subservicer and Third-Party Originator to) (1) provide prompt
        notice
        to the Purchaser, any Master Servicer and any Depositor in writing of (A)
        any
        material litigation or governmental proceedings involving the Company, any
        Subservicer or any Third-Party Originator, (B) any affiliations or relationships
        that develop following the closing date of a Securitization Transaction between
        the Company, any Subservicer or any Third-Party Originator and any of the
        parties specified in Section 9.01(e)(i)(D) (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
        (2) provide to the Purchaser and any Depositor a description of such
        proceedings, affiliations or relationships.

       

      Each
        such
        notice/update pursuant to this Section 9.01(e)(iv) should be sent by e-mail
        to
        regABnotifications@bear.com. Additionally, all notifications pursuant to
        this
        Section 9.01(e)(iv), other than those pursuant to Section 9.01(e)(iv)(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 9.01(e)(iv)(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

       

      (o) Section
        9.01(e)(v) of the Warranties and Servicing Agreement is hereby amended effective
        as of the date hereof, by replacing the references to “the Purchaser and any
        Depositor” with “the Purchaser, the Master Servicer and any Depositor” and “the
        Purchaser and such Depositor” with “the Purchaser, the Master Servicer and such
        Depositor”.

       

      (p) The
        third
        paragraph of Section 9.01 of the Warranties and Servicing Agreement is hereby
        amended effective as of the date hereof by replacing such section with the
        following:

       

      The
        Purchaser and the Company acknowledge and agree that the purpose of Section
        9.01(e) is to facilitate compliance by the Purchaser and any Depositor with
        the
        provisions of Regulation AB and related rules and regulations of the Commission.
        Although Regulation AB is applicable by its terms only to offerings of
        asset-backed securities that are registered under the Securities Act, the
        Company acknowledges that investors in privately offered securities may require
        that the Purchaser or any Depositor provide comparable disclosure in
        unregistered offerings. References in this Agreement to compliance with
        Regulation AB include provision of comparable disclosure in private
        offerings.

       

      Neither
        the Purchaser, the Master Servicer 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,
        the 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.

       

      (q) Section
        9.01(e)(vii) of the Warranties and Servicing Agreement is hereby amended
        effective as of the date hereof by replacing such section with the
        following:

      (vii)
        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
        (10)
        days prior to the deadline for the filing of any distribution report on Form
        10-D in respect of any Securitization Transaction that includes any of the
        Mortgage Loans serviced by the Company or any Subservicer, the Company or
        such
        Subservicer, as applicable, shall, to the extent the Company or such Subservicer
        has knowledge, provide to the party responsible for filing such report
        (including, if applicable, the Master Servicer) notice of the occurrence
        of any
        of the following events along with all information, data, and materials related
        thereto as may be required to be included in the related distribution report
        on
        Form 10-D (as specified in the provisions of Regulation AB referenced
        below):

       

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

       

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

       

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

       

      (r) Article
        IX of the Warranties and Servicing Agreement is hereby amended effective
        as of
        the date hereof by inserting the following new Section 9.01(e)(viii) as
        follows:

       

      (viii)
        The Company shall provide to the Purchaser, any Master Servicer and any
        Depositor, evidence of the authorization of the person signing any certification
        or statement, copies or other evidence of Fidelity Bond Insurance and Errors
        and
        Omission Insurance policy, financial information and reports, and such other
        information related to the Company or any Subservicer or the Company or such
        Subservicer’s performance hereunder.

       

      (s) Article
        IX of the Warranties and Servicing Agreement is hereby amended effective
        as of
        the date hereof by inserting the following after Section 9.01(e)(iii)(H)
        in its
        entirety as follows:

       

      (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.

       

      (t) Article
        IX of this Agreement is hereby amended by replacing Section 9.01(f) with
        the
        following:

       

      
        	 	
                (f)

              	
                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 Sections 9.01(c) and (e) by or on behalf of the Company, or
        provided under Sections 9.01(c) and (e) by or on behalf of any Subservicer,
        Subcontractor or Third-Party Originator (collectively, the “Company
        Information”), or (B) the omission or alleged omission to state in the Company
        Information a material fact required to be stated in the Company Information
        or
        necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; provided,
        by way of clarification, that
        clause (B) of this paragraph shall be construed solely by reference to the
        Company Information and not to any other information communicated in connection
        with a sale or purchase of securities, without regard to whether the Company
        Information or any portion thereof is presented together with or separately
        from
        such other information;

       

      
        	 	
                (ii)

              	
                any
                  breach by the Company of its obligations under this Section 9.01(f),
                  including 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 Sections 9.01(c) and (e), including any failure by the Company
                  to
                  identify any Subcontractor “participating in the servicing function”
                  within the meaning of Item 1122 of Regulation AB;
                  or

              

      

       

      
        	 	
                (iii)

              	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  9.01(e)(iv)(A) or in a writing furnished pursuant to Section
                  9.01(e)(iv)(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
                  9.01(e)(iv)(B) to the extent made as of a date subsequent to such
                  closing
                  date.

              

      

       

      
        	 	
                (iv)

              	
                the
                  negligence, bad faith or willful misconduct of the Company in connection
                  with its performance under this
                  Section.

              

      

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        ins
        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 sub-clause (ii) of this Section
        9.01(f), 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.

       

      (u) Article
        X
        of the Warranties and Servicing Agreement is hereby amended effective as
        of the
        date hereof by adding the following at the end of the last paragraph of Section
        10.01:

       

      If
        the
        Company is terminated pursuant to this Section 10.01, the Company shall promptly
        reimburse the Purchaser (or any designee of the Purchaser, such as a master
        servicer) and any Depositor, as applicable, for all reasonable expenses incurred
        by the Purchaser (or such designee) or such Depositor, as such are incurred,
        in
        connection with the termination of the Company as servicer and the transfer
        of
        servicing of the Mortgage Loans to a successor servicer. The provisions of
        this
        paragraph shall not limit whatever rights the Purchaser or any Depositor
        may
        have under other provisions of this Agreement and/or any applicable
        Reconstitution Agreement or otherwise, whether in equity or at law, such
        as an
        action for damages, specific performance or injunctive relief.

      (v) The
        first
        sentence of Section 12.03 of the Warranties and Servicing Agreement is deleted
        in its entirety and replaced with the following:

       

      Section
        12.03 Governing
        Law.

       

      This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York without giving effect to principles of conflicts of laws
        (other than Section 5-1401 of the New York General Obligations Law) and except
        to the extent preempted by Federal law and the obligations, rights and remedies
        of the parties hereunder shall be determined in accordance with such
        laws.

       

      (w) A
        new
        Section 12.12 (Third Party Beneficiary) is hereby added to the Warranties
        and
        Servicing Agreement.

       

      Section
        12.12 Third
        Party Beneficiary.

       

      For
        Purposes of this Agreement, each Master Servicer shall be considered a third
        party beneficiary to this Agreement, entitled to all the rights and benefits
        hereof as if it were a direct party to this Agreement.

       

      The
        Warranties and Servicing Agreement is hereby amended as of the date hereof
        by
        inserting a new Exhibit I, a copy of which is annexed hereto as Exhibit
        C.

       

      (x) The
        Warranties and Servicing Agreement is hereby amended as of the date hereof
        by
        inserting a new Exhibit J, a copy of which is annexed hereto as Exhibit
        D.

       

      (y) The
        Warranties and 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
        E.

       

      (z) The
        Warranties and Servicing Agreement is hereby amended as of the date hereof
        by
        inserting a new Exhibit D, a copy of which is annexed hereto as Exhibit
        F.

       

      22.  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.

       

      23.  Distributions
        shall be made by wire transfer of immediately available funds to:

       

      Bear
        Stearns BSABS I 2006-AC3 Master Servicer Collection Account

      Wells
        Fargo Bank, N.A.

      ABA#
        121000248

      Account
        Name: SAS Clearing

      Account
        #
        3970771416

       

      For
        Further Credit to: BSABS I 2006-AC3, A/C#
        50913800

       

      and
        the
        Company shall deliver all reports required to be delivered under the Warranties
        and Servicing Agreement to the Master Servicer at:

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2006-AC3

      Telecopier
        No.: (410) 715-2380

       

      24.  Notices:

       

      The
        Assignor’s
        address for purposes of all notices and correspondence related to the Mortgage
        Loans and this Assignment and Assumption Agreement is:

       

      EMC
        Mortgage Corporation

      Mac
        Arthur Ridge Illinois

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ralene Ruyle, President

       

      With
        a
        copy to:

       

      Bear
        Stearns Mortgage Capital Corporation 

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Ernie Calabrese

       

      The
        Assignee’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and this Assignment and Assumption Agreement is:

       

      U.S.
        Bank
        National Association,

      as
        trustee

      One
        Federal Street, 3rd
        Floor

      Boston,
        MA 02110

      Attention:
        Corporate Trust Services

      BSABS
        I
        2006-AC3

      Telecopy:
        (617) 603-6413

       

      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:

       

      25.  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.

       

      26.  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.

       

      27.  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.

       

      28.  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.

       

      29.  This
        Assignment and Assumption Agreement shall survive the conveyance of the Mortgage
        Loans and the assignment of the Warranties
        and Servicing Agreement to the extent of the Mortgage Loans by Assignor to
        Assignee and the termination of the Warranties and Servicing
        Agreement.

       

      30.  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.

       

      31.  In
        the
        event that any provision of this Assignment and Assumption Agreement conflicts
        with any provision of the Warranties and Servicing Agreement with respect
        to the
        Mortgage Loans, the terms of this Assignment and Assumption Agreement shall
        control.

       

      32.  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.

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

             

          

        

      

      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.

       

      U.S.
        BANK
        NATIONAL ASSOCIATION, not individually but solely as trustee for the holders
        of
        Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
        Certificates, Series 2006-AC3

       

      By:

      Name:
        

      Title:

       

      EMC
        MORTGAGE CORPORATION

       

      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:

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

             

          

        

      

      Exhibit
        A

       

      Mortgage
        Loans

       

      

       

      [Provided
        upon request]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

             

          

        

      

      Exhibit
        B

       

      Amended
        and Restated Master Seller’s Warranties and Servicing Agreement dated as of
        November 1, 2005, between the Wells Fargo and EMC

       

      [Provided
        upon request]

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

             

          

        

      

      Exhibit
        C

       

      EXHIBIT
        I

       

      

       

      REPORTING
        DATA FOR MONTHLY REPORT

       

      

       

      
        	
                Standard
                  File Layout - Master Servicing

              
	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	 	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	 	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	 	 	 	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	 	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

             

          

        

      

      Exhibit
        D

       

      EXHIBIT
        J

       

      REPORTING
        DATA FOR DEFAULTED LOANS

       

      

       

      Standard
        File Layout - Delinquency Reporting

       

      

       

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

      

       

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting

       

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

       

       

      
        	·  	
                ASUM-Approved
                  Assumption

              

      

       

      
        	·  	
                BAP-Borrower
                  Assistance Program

              

      

       

      
        	·  	
                CO-
                  Charge Off

              

      

       

      
        	·  	
                DIL-
                  Deed-in-Lieu

              

      

       

      
        	·  	
                FFA-
                  Formal Forbearance Agreement

              

      

       

      
        	·  	
                MOD-
                  Loan Modification

              

      

       

      
        	·  	
                PRE-
                  Pre-Sale

              

      

       

      
        	·  	
                SS-
                  Short Sale

              

      

       

      
        	·  	
                MISC-Anything
                  else approved by the PMI or Pool
                  Insurer

              

      

      

       

      NOTE:
        Wells
        Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

       

      The
        Occupant
        Code
        field
        should show the current status of the property code as follows:

       

       

      
        	·  	
                Mortgagor

              

      

       

      
        	·  	
                Tenant

              

      

       

      
        	·  	
                Unknown
                  

              

      

       

      
        	·  	
                Vacant

              

      

       

      The
        Property
        Condition
        field
        should show the last reported condition of the property as follows:

       

      
        	·  	
                Damaged

              

      

       

      
        	·  	
                Excellent

              

      

       

      
        	·  	
                Fair

              

      

       

      
        	·  	
                Gone

              

      

       

      
        	·  	
                Good

              

      

       

      
        	·  	
                Poor

              

      

       

      
        	·  	
                Special
                  Hazard

              

      

       

      
        	·  	
                Unknown

              

      

      
 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

       

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      The
        FNMA
        Delinquent Reason Code
        field
        should show the Reason for Delinquency as follows: 

       

       

      

       

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of property

              
	
                009

              	
                FNMA-Distant
                  employee transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell property

              
	
                013

              	
                FNMA-Inability
                  to rent property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

       

      The
        FNMA
        Delinquent Status Code
        field
        should show the Status of Default as follows: 

       

       

      

       

      
        	
                Status
                  Code

              	
                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7 Bankruptcy

              
	
                66

              	
                Chapter
                  11 Bankruptcy

              
	
                67

              	
                Chapter
                  13 Bankruptcy

              

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        E

       

      EXHIBIT
        K

       

      REPORTING
        DATA FOR REALIZED LOSSES AND GAINS

       

      Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

       

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

       

      The
        numbers on the 332 form correspond with the numbers listed
        below.

       

      Liquidation
        and Acquisition Expenses:

       

      1. The
        Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      2. The
        Total
        Interest Due less the aggregate amount of servicing fee that would have been
        earned if all delinquent payments had been made as agreed. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      3.
         Accrued
        Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
        Loan
        as calculated on a monthly basis. For documentation, an Amortization Schedule
        from date of default through liquidation breaking out the net interest and
        servicing fees advanced is required.

       

      4-12. Complete
        as applicable. Required documentation:

       

      *
        For
        taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period

      of
        coverage, base tax, interest, penalty. Advances prior to default require
        evidence of servicer efforts to recover advances.

       

      *
        For
        escrow advances - complete payment history 

      (to
        calculate advances from last positive escrow balance forward)

       

      *
        Other
        expenses -  copies of corporate advance history showing all payments

       

      *
        REO
        repairs > $1500 require explanation

       

      *
        REO
        repairs >$3000 require evidence of at least 2 bids.

       

      *
        Short
        Sale or Charge Off require P&L supporting the decision and WFB’s approved
        Officer Certificate 

       

      *
        Unusual
        or extraordinary items may require further documentation. 

       

      13.  The
        total
        of lines 1 through 12.

       

      Credits:
        

       

      14-21. Complete
        as applicable. Required documentation:

       

      *
        Copy of
        the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow Agent / Attorney

      Letter
        of
        Proceeds Breakdown.

       

      *
        Copy of
        EOB for any MI or gov't guarantee 

       

      *
        All
        other credits need to be clearly defined on the 332
        form            

       

      
        	 	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      Please
        Note: For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      23. The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show
        the
        amount in parenthesis ( ). 

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        Calculation
          of Realized Loss/Gain Form 332

        

         

        Prepared
          by: __________________   Date:
          _______________

        Phone:
          ______________________ Email Address:_____________________

         

        
          	
                  Servicer
                    Loan No.

                	 	
                  Servicer
                    Name

                	 	
                  Servicer
                    Address 

                   

                

        

         

        WELLS
          FARGO BANK, N.A. Loan No._____________________________

         

        Borrower's
          Name: _________________________________________________________

        Property
          Address: _________________________________________________________

         

        Liquidation
          Type: REO Sale  
          3rd
          Party Sale  
Short
          Sale 
Charge
          Off 

         

        Was
          this loan granted a Bankruptcy deficiency or cramdown  Yes                            
          No

        If
“Yes”,
          provide deficiency or cramdown amount
          ________________________________________

         

        Liquidation
          and Acquisition Expenses:

        

          
            	
                    (1)

                  	
                    Actual
                      Unpaid Principal Balance of Mortgage Loan

                  	
                    $
                      ______________

                  	
                    (1)

                  
	
                    (2)

                  	
                    Interest
                      accrued at Net Rate

                  	
                    ________________

                  	
                    (2)

                  
	
                    (3)

                  	
                    Accrued
                      Servicing Fees

                  	
                    ________________

                  	
                    (3)

                  
	
                    (4)

                  	
                    Attorney's
                      Fees

                  	
                    ________________

                  	
                    (4)

                  
	
                    (5)

                  	
                    Taxes
                      (see page 2)

                  	
                    ________________

                  	
                    (5)

                  
	
                    (6)

                  	
                    Property
                      Maintenance

                  	
                    ________________

                  	
                    (6)

                  
	
                    (7)

                  	
                    MI/Hazard
                      Insurance Premiums (see page 2)

                  	
                    ________________

                  	
                    (7)

                  
	
                    (8)

                  	
                    Utility
                      Expenses

                  	
                    ________________

                  	
                    (8)

                  
	
                    (9)

                  	
                    Appraisal/BPO

                  	
                    ________________

                  	
                    (9)

                  
	
                    (10)

                  	
                    Property
                      Inspections

                  	
                    ________________

                  	
                    (10)

                  
	
                    (11)

                  	
                    FC
                      Costs/Other Legal Expenses

                  	
                    ________________

                  	
                    (11)

                  
	
                    (12)

                  	
                    Other
                      (itemize)

                  	
                    $________________

                  	
                    (12)

                  
	
                    Cash
                      for Keys__________________________

                  	 	
                    ________________

                  	 
	
                    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

       

      Exhibit
        D

      

       

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       

      The
        assessment of compliance to be delivered by [the Servicer] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

       

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                General
                  Servicing Considerations

              	
                 

              
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	
                X

              
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                 

              	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              
	 	 	 
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	
                X

              
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	
                X

              
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	
                X

              
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                X

              
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	
                X

              
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	
                X

              
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	
                X

              
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.Exhibit 10.1 

Annex A 

 

CIT GROUP INC.
                            
LONG-TERM INCENTIVE PLAN 

1. Purposes of the Plan 

        The
purposes of the Plan are to (a) promote the long-term success of the Company and its
Subsidiaries and to increase stockholder value by providing Eligible Individuals with
incentives to contribute to the long-term growth and profitability of the Company by
offering them an opportunity to obtain a proprietary interest in the Company through the
grant of equity-based awards and (b) assist the Company in attracting, retaining and
motivating highly qualified individuals who are in a position to make significant
contributions to the Company and its Subsidiaries. 

        Upon
the Effective Date, no further Awards will be granted under the Prior Plan. 

2. Definitions and
Rules of Construction 

        (a)
Definitions. For purposes of the Plan, the following capitalized words shall have the
meanings set forth below: 

	  	        “Affiliate”
means any Parent or Subsidiary and any person that directly or indirectly through
one or more intermediaries, controls, is controlled by, or is under common control
with, the Company. 

	  	        “Award”
means an Option, Restricted Stock, Restricted Stock Unit,       Stock Appreciation Right,
Performance Stock, Performance Unit or Other       Award granted by the Committee
pursuant to the terms of the Plan. 

	  	       “Award
Document” means an agreement, certificate or other type or       form of document or
documentation approved by the Committee that sets       forth the terms and conditions of
an Award. An Award Document may be in       written, electronic or other media, may be
limited to a notation on the       books and records of the Company and, unless the
Committee requires       otherwise, need not be signed by a representative of the Company
or a       Participant. 

	  	        “Beneficial
Owner” and “Beneficially Owned” have the meaning set forth in Rule 13d-3 under the
Exchange Act. 

	  	        “Board”
means the Board of Directors of the Company, as constituted from time to time. 

	  	        “Change
of Control” means: 

	  	        (i)
Any Person becomes the Beneficial Owner, directly or             indirectly, of
securities of the Company representing thirty-five             percent (35%) or more of
the combined voting power of the Company’s             then outstanding securities; or 

	  	        (ii)
The following individuals cease for any reason to             constitute a majority of
the number of directors then serving:             individuals who, on the Effective Date,
constitute the Board and any             new director (other than a director whose
initial assumption of             office is in connection with an actual or threatened
election             contest, including, but not limited to, a consent solicitation,
            relating to the election of directors of the Company) whose
            appointment or election by the Board or nomination for election by
            the Company’s stockholders was approved or recommended by a vote of
            at least a majority of the directors then still in office who either
            were directors on the Effective Date or whose appointment, election
            or nomination for election was previously so approved or
            recommended; or 

	  	        (iii)
There is consummated a merger or consolidation of the             Company or any
Subsidiary with any other corporation, other than (A)             a merger or
consolidation which would result in the voting             securities of the Company
outstanding immediately prior to such             merger or consolidation continuing to
represent (either by remaining             outstanding or by being converted into voting
securities of the             surviving entity or any parent thereof), in combination
with the             ownership of any trustee or other fiduciary holding securities under
            an employee benefit plan of the Company or any Subsidiary of the
            Company, more than fifty percent (50%) of the combined voting power
            of the securities of the Company or such surviving entity or any
            parent thereof outstanding immediately after such merger or
            consolidation, or (B) a merger or consolidation effected to
            implement a recapitalization of the Company (or similar transaction)
            in which no Person is or becomes the Beneficial Owner, directly or
            indirectly, of securities of the Company representing thirty-five
            percent (35%) or more of the combined voting power of the Company’s
            then outstanding securities; or 

 
	 	
A-1	 

	  	        (iv)
The stockholders of the Company approve a plan of             complete liquidation or
dissolution of the Company or there is             consummated an agreement for the sale
or disposition by the company             of all or substantially all of the Company’s
assets, other than a             sale or disposition by the Company of all or
substantially all of             the Company’s assets to an entity, more than fifty
percent (50%) of             the combined voting power of the voting securities of which
are             owned by stockholders of the Company in substantially the same
            proportions as their ownership of the Company immediately prior to
            such sale. 

        Notwithstanding
the foregoing, with respect to an Award that is       subject to Section 409A of the Code
and the payment or settlement of the       Award will accelerate upon a Change of
Control, no event set forth herein       will constitute a Change of Control for purposes
of the Plan or any Award       Document unless such event also constitutes a “change in
ownership,”       “change in effective control,” or “change in the ownership of a
      substantial portion of the Company’s assets” as defined under Section 409A       of
the Code. 

	  	        “Code”
means the Internal Revenue Code of 1986, as amended, and the       applicable rulings and
regulations promulgated thereunder. 

	  	        “Committee”
means the Compensation Committee of the Board, any       successor committee thereto or
any other committee appointed from time to       time by the Board to administer the
Plan, which committee shall meet the       requirements of Section 162(m) of the Code,
Section 16(b) of the Exchange       Act and the applicable rules of the NYSE; provided,
however, that, if any       Committee member is found not to have met the qualification
requirements       of Section 162(m) of the Code and Section 16(b) of the Exchange Act,
any       actions taken or Awards granted by the Committee shall not be invalidated
      by such failure to so qualify. 

	  	        “Common
Stock” means the common stock of the Company, par value       $0.01 per share, or such
other class of share or other securities as may       be applicable under Section 13 of
the Plan. 

	  	        “Company”
means CIT Group Inc., a Delaware corporation, or any       successor to all or
substantially all of the Company’s business that       adopts the Plan. 

	  	        “EBITDA”
means earnings before interest, taxes, depreciation and       amortization. 

	  	        “Effective
Date” means the date on which the Plan is adopted by the       Board. 

	  	        “Eligible
Individuals” means the individuals described in Section       4(a) of the Plan who are
eligible for Awards under the Plan. 

	  	        “Exchange
Act” means the Securities Exchange Act of 1934, as       amended, and the rules and
regulations promulgated thereunder. 

	  	        “Fair
Market Value” means, with respect to a share of Common Stock,       the fair market value
thereof as of the relevant date of determination, as       determined in accordance with
the valuation methodology approved by the       Committee. In the absence of any
alternative valuation methodology       approved by the Committee, the Fair Market Value
of a share of Common       Stock shall equal the closing selling price of a share of
Common Stock on       the trading day immediately preceding the date on which such
valuation is       made as reported on the composite tape for securities listed on the
NYSE,       or such national securities exchange as may be designated by the
      Committee, or, in the event that the Common Stock is not listed for       trading
on the NYSE or such other national securities exchange as may be       designated by the
Committee but is quoted on an automated system, in any       such case on the valuation
date (or, if there were no sales on the       valuation date, the average of the highest
and lowest quoted selling       prices as reported on said composite tape or automated
system for the most       recent day during which a sale occurred). 

	  	        “Incentive
Stock Option” means an Option that is intended to comply with the requirements of
Section 422 of the Code or any successor provision thereto. 

	  	        “Non-Employee
Director” means any member of the Board who is not an officer or employee of the
Company or any Subsidiary. 

	  	        “Nonqualified
Stock Option” means an Option that is not intended to comply with the requirements
of Section 422 of the Code or any successor provision thereto. 

	  	        “NYSE”
means the New York Stock Exchange. 

	  	        “Option”
means an Incentive Stock Option or Nonqualified Stock Option granted pursuant to
Section 7 of the Plan. 

	  	        “Other
Award” means any form of Award other than an Option, Restricted Stock, Restricted
Stock Unit or Stock Appreciation Right granted pursuant to Section 11 of the Plan. 

 
	 	
A-2 	 

	  	        “Parent”
means a corporation which owns or beneficially owns a majority of the outstanding
voting stock or voting power of the Company. Notwithstanding the above, with
respect to an Incentive Stock Option, Parent shall have the meaning set forth in
Section 424(e) of the Code. 

	  	        “Participant”
means an Eligible Individual who has been granted an Award under the Plan. 

	  	        “Performance
Period” means the period established by the Committee and set forth in the
applicable Award Document over which Performance Targets are measured. 

	  	        “Performance
Stock” means a Target Number of Shares granted pursuant to Section 10(a) of the
Plan. 

	  	        “Performance
Target” means the performance measures established by the Committee, from among the
performance criteria provided in Section 6(g), and set forth in the applicable
Award Document. 

	  	        “Performance
Unit” means a right to receive a Target Number of Shares or cash in the future
granted pursuant to Section 10(b) of the Plan. 

	  	        “Permitted
Transferees” means (i) a Participant’s family member, (ii) one or more trusts
established in whole or in part for the benefit of one or more of such family
members, (iii) one or more entities which are beneficially owned in whole or in
part by one or more such family members, or (iv) a charitable or not-for-profit
organization. 

	  	        “Person”
means any person, entity or “group” within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, except that such term shall not include (i)
the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any of its Affiliates,
(iii) an underwriter temporarily holding securities pursuant to an offering of such
securities, (iv) a corporation owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of
stock of the Company, or (v) a person or group as used in Rule 13d-1(b) under
the Exchange Act. 

	  	        “Plan”
means this CIT Group Inc. Long-Term Incentive Plan, as amended or restated from
time to time. 

	  	        “Plan
Limit” means the maximum aggregate number of Shares that may be issued for all
purposes under the Plan as set forth in Section 5(a) of the Plan. 

	  	        “Prior
Plan” means the CIT Group Inc. Long-Term Equity Compensation Plan, as amended from
time to time. 

	  	        “Restricted
Stock” means one or more Shares granted or sold pursuant to Section 8(a) of the
Plan. 

	  	        “Restricted
Stock Unit” means a right to receive one or more Shares (or cash, if applicable) in
the future granted pursuant to Section 8(b) of the Plan. 

	  	        “Shares”
means shares of Common Stock, as may be adjusted pursuant to Section 13(b). 

	  	        “Stock
Appreciation Right” means a right to receive all or some portion of the
appreciation on Shares granted pursuant to Section 9 of the Plan. 

	  	        “Subsidiary”
means (i) a corporation or other entity with respect to which the Company, directly
or indirectly, has the power, whether through the ownership of voting securities,
by contract or otherwise, to elect at least a majority of the members of such
corporation’s board of directors or analogous governing body, or (ii) any other
corporation or other entity in which the Company, directly or indirectly, has an
equity or similar interest and which the Committee designates as a Subsidiary for
purposes of the Plan. For purposes of determining eligibility for the grant of
Incentive Stock Options under the Plan, the term “Subsidiary” shall be
defined in the manner required by Section 424(f) of the Code. 

	  	        “Substitute
Award” means any Award granted upon assumption of, or in substitution or exchange
for, outstanding employee equity awards previously granted by a company or other
entity acquired by the Company or with which the Company combines pursuant to the
terms of an equity compensation plan that was approved by the stockholders of such
company or other entity. 

	  	        “Target
Number” means the target number of Shares or cash value established by the
Committee and set forth in the applicable Award Document. 

	  	        (b)
Rules of Construction. The masculine pronoun shall be deemed to include the feminine
pronoun, and the singular form of a word shall be deemed to include the plural form,
unless the context requires otherwise. Unless the text indicates otherwise, references to
sections are to sections of the Plan. 

 
	 	
A-3 	 

3. Administration 

        (a)
Committee. The Plan shall be administered by the Committee, which shall have full power
and authority, subject to the express provisions hereof, to: 

	  	        (i)
select the Participants from the Eligible Individuals; 

	  	        (ii)
grant Awards in accordance with the Plan; 

	  	        (iii)
determine the number of Shares subject to each Award or the       cash amount payable in
connection with an Award; 

	  	        (iv)
determine the terms and conditions of each Award, including,       without limitation,
those related to term, permissible methods of       exercise, vesting, cancellation,
payment, settlement, exercisability,       Performance Periods, Performance Targets, and
the effect, if any, of a       Participant’s termination of employment with the Company
or any of its       Subsidiaries or, subject to Section 6(d), a Change of Control of the
      Company; 

	  	        (v)
subject to Sections 16 and 17(e) of the Plan, amend the terms       and conditions of an
Award after the granting thereof; 

	  	        (vi)
specify and approve the provisions of the Award Documents       delivered to Participants
in connection with their Awards; 

	  	        (vii)
construe and interpret any Award Document delivered under the       Plan; 

	  	        (viii)
make factual determinations in connection with the       administration or interpretation
of the Plan; 

	  	        (ix)
adopt, prescribe, amend, waive and rescind administrative       regulations, rules and
procedures relating to the Plan; 

	  	        (x)
employ such legal counsel, independent auditors and consultants       as it deems
desirable for the administration of the Plan and to rely upon       any advice, opinion
or computation received therefrom; 

	  	        (xi)
vary the terms of Awards to take account of tax and securities       law and other
regulatory requirements or to procure favorable tax       treatment for Participants; 

	  	        (xii)
correct any defects, supply any omission or reconcile any       inconsistency in any
Award Document or the Plan; and 

	  	        (xiii)
make all other determinations and take any other action       desirable or necessary to
interpret, construe or implement properly the       provisions of the Plan or any Award
Document. 

        (b)
Plan Construction and Interpretation. The Committee shall have full power and authority,
subject to the express provisions hereof, to construe and interpret the Plan.  

        (c)
Determinations of Committee Final and Binding. All determinations by the Committee in
carrying out and administering the Plan and in construing and interpreting the Plan shall
be made in the Committee’s sole discretion and shall be final, binding and conclusive for
all purposes and upon all persons interested herein.  

        (d)
Delegation of Authority. To the extent not prohibited by applicable laws, rules and
regulations, the Committee may, from time to time, delegate some or all of its authority
under the Plan to a subcommittee or subcommittees thereof or other persons or groups of
persons as it deems necessary, appropriate or advisable under such conditions or
limitations as it may set at the time of such delegation or thereafter; provided,
however, that the Committee may not delegate its authority (i) to make Awards to
employees (A) who are subject on the date of the Award to the reporting rules under
Section 16(a) of the Exchange Act, (B) whose compensation for such fiscal year may be
subject to the limit on deductible compensation pursuant to Section 162(m) of the Code or
(C) who are officers of the Company who are delegated authority by the Committee
hereunder, or (ii) pursuant to Section 16 of the Plan. For purposes of the Plan,
reference to the Committee shall be deemed to refer to any subcommittee, subcommittees,
or other persons or groups of persons to whom the Committee delegates authority pursuant
to this Section 3(d).  

        (e)
Liability of Committee. Subject to applicable laws, rules and regulations: (i) no member
of the Board or Committee (or its delegates) shall be liable for any good faith action or
determination made in connection with the operation, administration or interpretation of
the Plan and (ii) the members of the Board or the Committee (and its delegates) shall be
entitled to indemnification and reimbursement in the manner provided in the Company’s
Certificate of Incorporation as it may be amended from time to time. In the performance
of its responsibilities with respect to the Plan, the Committee shall be entitled to rely
upon information and/or advice furnished by the Company’s officers or employees, the
Company’s accountants, the Company’s counsel and any other party the Committee deems
necessary, and no  

 
	 	
A-4 	 

member
of the Committee shall be liable for any action taken or not taken in reliance upon any
such information and/or advice. 

        (f)
Action by the Board. Anything in the Plan to the contrary notwithstanding, subject to
applicable laws, rules and regulations, any authority or responsibility that, under the
terms of the Plan, may be exercised by the Committee may alternatively be exercised by
the Board.  

4. Eligibility 

        (a)
Eligible Individuals. Awards may be granted to officers, employees, directors,
Non-Employee Directors, consultants, advisors and independent contractors of the Company
or any of its Subsidiaries or joint ventures, partnerships or business organizations in
which the Company or its Subsidiaries have an equity interest; provided, however, that
only employees of the Company or a Parent or Subsidiary may be granted Incentive Stock
Options. The Committee shall have the authority to select the persons to whom Awards may
be granted and to determine the type, number and terms of Awards to be granted to each
such Participant. Under the Plan, references to “employment” or “employed” include the
engagement of Participants who are consultants, advisors and independent contractors of
the Company or its Subsidiaries and the service of Participants who are Non-Employee
Directors, except for purposes of determining eligibility to be granted Incentive Stock
Options.  

        (b)
Grants to Participants. The Committee shall have no obligation to grant any Eligible
Individual an Award or to designate an Eligible Individual as a Participant solely by
reason of such Eligible Individual having received a prior Award or having been
previously designated as a Participant. The Committee may grant more than one Award to a
Participant and may designate an Eligible Individual as a Participant for overlapping
periods of time.  

5. Shares Subject to
the Plan 

        (a)
Plan Limit. Subject to adjustment in accordance with Section 13 of the Plan, the maximum
aggregate number of Shares that may be issued for all purposes under the Plan shall be
seven million five hundred thousand (7,500,000) plus any Shares that are available for
issuance under the Prior Plan or that become available for issuance upon cancellation or
expiration of awards granted under the Prior Plan without having been exercised or
settled. Shares to be issued under the Plan may be authorized and unissued shares, issued
shares that have been reacquired by the Company (in the open-market or in private
transactions) and that are being held in treasury, or a combination thereof. All of the
Shares subject to the Plan Limit may be issued pursuant to Incentive Stock Options.  

        (b)
Rules Applicable to Determining Shares Available for Issuance. The number of Shares
remaining available for issuance will be reduced by the number of Shares subject to
outstanding Awards and, for Awards that are not denominated by Shares, by the number of
Shares actually delivered upon settlement or payment of the Award. For purposes of
determining the number of Shares that remain available for issuance under the Plan, (i)
the number of Shares that are tendered by a Participant or withheld by the Company to pay
the exercise price of an Award or to satisfy the Participant’s tax withholding
obligations in connection with the exercise or settlement of an Award and (ii) all of the
Shares covered by a stock-settled Stock Appreciation Right to the extent exercised, will
not be added back to the Plan Limit. In addition, for purposes of determining the number
of Shares that remain available for issuance under the Plan, the number of Shares
corresponding to Awards under the Plan that are forfeited or cancelled or otherwise
expire for any reason without having been exercised or settled or that is settled through
issuance of consideration other than Shares (including, without limitation, cash) shall
be added back to the Plan Limit and again be available for the grant of Awards; provided,
however, that this provision shall not be applicable with respect to (i) the cancellation
of a Stock Appreciation Right granted in tandem with an Option upon the exercise of the
Option or (ii) the cancellation of an Option granted in tandem with a Stock Appreciation
Right upon the exercise of the Stock Appreciation.  

        (c)
Special Limits. Anything to the contrary in Section 5(a) above notwithstanding, but
subject to adjustment under Section 13 of the Plan, the following special limits shall
apply to Shares available for Awards under the Plan:  

	  	        (i)
the maximum number of Shares that may be issued pursuant to       awards of Restricted
Stock, Restricted Stock Units, Performance Stock,       Performance Units and Other
Awards that are payable in Shares granted       under the Plan shall equal four million
five hundred thousand (4,500,000)       Shares in the aggregate; 

	  	        (ii)
the maximum number of Shares that may be issued pursuant to       Options and Stock  

 
	 	
A-5 	 

	  	        Appreciation
Rights granted to any Eligible Individual in any calendar       year shall equal three
million (3,000,000) Shares; and 

	  	        (iii)
the maximum amount of Awards (other than those Awards set       forth in Section
5(c)(ii)) that may be awarded to any Eligible Individual       in any calendar year is
ten million dollars ($10,000,000) measured as of       the date of grant (with respect to
Awards denominated in cash) or       four-hundred thousand (400,000) Shares measured as
of the date of grant       (with respect to Awards denominated in Shares). 

        (d)
Any Shares underlying Substitute Awards shall not be counted against the number of Shares
remaining for issuance and shall not be subject to Section 5(c). 

6. Awards in General 

        (a)
Types of Awards. Awards under the Plan may consist of Options, Restricted Stock,
Restricted Stock Units, Stock Appreciation Rights, Performance Stock, Performance Units
and Other Awards. Any Award described in Sections 7 through 11 of the Plan may be granted
singly or in combination or tandem with any other Award, as the Committee may determine.
Awards under the Plan may be made in combination with, in replacement of, or as
alternatives to awards or rights under any other compensation or benefit plan of the
Company, including the plan of any acquired entity.  

        (b)
Terms Set Forth in Award Document. The terms and conditions of each Award shall be set
forth in an Award Document in a form approved by the Committee for such Award, which
Award Document shall contain terms and conditions not inconsistent with the Plan.
Notwithstanding the foregoing, and subject to applicable laws, the Committee may
accelerate (i) the vesting or payment of any Award, (ii) the lapse of restrictions on any
Award or (iii) the date on which any Award first becomes exercisable. The terms of Awards
may vary among Participants, and the Plan does not impose upon the Committee any
requirement to make Awards subject to uniform terms. Accordingly, the terms of individual
Award Documents may vary.  

        (c)
Termination of Employment. The Committee shall specify at or after the time of grant of
an Award the provisions governing the disposition of an Award in the event of a
Participant’s termination of employment with the Company or any of its Subsidiaries.
Subject to applicable laws, rules and regulations, in connection with a Participant’s
termination of employment, the Committee shall have the discretion to accelerate the
vesting, exercisability or settlement of, eliminate the restrictions and conditions
applicable to, or extend the post-termination exercise period of an outstanding Award.
Such provisions may be specified in the applicable Award Document or determined at a
subsequent time.  

        (d)
Change of Control. (i) The Committee shall have full authority to determine the effect,
if any, of a Change of Control of the Company or any Subsidiary on the vesting,
exercisability, settlement, payment or lapse of restrictions applicable to an Award,
which effect may be specified in the applicable Award Document or determined at a
subsequent time. Subject to applicable laws, rules and regulations, the Board or the
Committee shall, at any time prior to, coincident with or after the effective time of a
Change of Control, take such actions as it may consider appropriate, including, without
limitation: (A) providing for the acceleration of any vesting conditions relating to the
exercise or settlement of an Award or that an Award shall terminate or expire unless
exercised or settled in full on or before a date fixed by the Committee; (B) making such
adjustments to the Awards then outstanding as the Committee deems appropriate to reflect
such Change of Control; (C) causing the Awards then outstanding to be assumed, or new
rights substituted therefor, by the surviving corporation in such Change of Control; or
(D) permit or require Participants to surrender outstanding Options and Stock
Appreciation Rights in exchange for a cash payment equal to the difference between the
highest price paid for a Share in the Change of Control transaction and the Exercise
Price of the Award. In addition, except as otherwise specified in an Award Document (or a
Participant’s written employment agreement with the Company or any Subsidiary):  

	  	        (1)
any and all Options and Stock Appreciation Rights outstanding as       of the effective
date of the Change of Control shall become immediately       exercisable, and shall
remain exercisable until the earlier of the       expiration of their initial term or the
second (2nd) anniversary of the       Participant’s termination of employment with the
Company; 

	  	        (2)
any restrictions imposed on Restricted Stock and Restricted       Stock Units outstanding
as of the effective date of the Change of Control       shall lapse; 

	  	        (3)
the Performance Targets with respect to all Performance Units,       Performance Stock
and other  

 
	 	
A-6 	 

	  	performance-based
Awards granted pursuant to Sections 6(g) or 10       outstanding as of the effective date
of the Change of Control shall be       deemed to have been attained at the specified
target level of performance;       and 

	  	        (4)
the vesting of all Awards denominated in Shares outstanding as       of the effective
date of the Change in Control shall be accelerated. 

        (ii)
Subject to applicable laws, rules and regulations, the Committee may provide, in an Award
Document or subsequent to the grant of an Award for the accelerated vesting,
exercisability and/or the deemed attainment of a Performance Target with respect to an
Award upon specified events similar to a Change of Control. 

        (iii)
Notwithstanding any other provision of the Plan or any Award Document, the provisions of
this Section 6(d) may not be terminated, amended, or modified upon or after a Change of
Control in a manner that would adversely affect a Participant’s rights with respect to an
outstanding Award without the prior written consent of the Participant. Subject to
Section 16, the Board, upon recommendation of the Committee, may terminate, amend or
modify this Section 6(d) at any time and from time to time prior to a Change of Control. 

        (e)
Dividends and Dividend Equivalents. The Committee may provide Participants with the right
to receive dividends or payments equivalent to dividends or interest with respect to an
outstanding Award, which payments can either be paid currently or deemed to have been
reinvested in Shares, and can be made in Shares, cash or a combination thereof, as the
Committee shall determine; provided, however, that the terms of any reinvestment of
dividends must comply with all applicable laws, rules and regulations, including, without
limitation, Section 409A of the Code. Notwithstanding the foregoing, no dividends or
dividend equivalents shall be paid with respect to Options or Stock Appreciation Rights.  

        (f)
Rights of a Stockholder. A Participant shall have no rights as a stockholder with respect
to Shares covered by an Award (including voting rights) until the date the Participant or
his nominee becomes the holder of record of such Shares. No adjustment shall be made for
dividends or other rights for which the record date is prior to such date, except as
provided in Section 13.  

        (g)
Performance-Based Awards. (i) The Committee may determine whether any Award under the
Plan is intended to be “performance-based compensation” as that term is used in Section
162(m) of the Code. Any such Awards designated to be “performance-based compensation”
shall be conditioned on the achievement of one or more Performance Targets to the extent
required by Section 162(m) of the Code and will be subject to all other conditions and
requirements of Section 162(m). The Performance Targets will be comprised of specified
levels of one or more of the following performance criteria as the Committee deems
appropriate: net income; cash flow or cash flow on investment; pre-tax or post-tax profit
levels or earnings; operating earnings; return on investment; earned value added expense
reduction levels; free cash flow; free cash flow per share; earnings per share; net
earnings per share; return on assets; return on net assets; return on equity; return on
capital; return on sales; growth in managed assets; operating margin; total stockholder
return or stock price appreciation; EBITDA; adjusted EBITDA; revenue; revenue before
deferral, in each case determined in accordance with generally accepted accounting
principles (subject to modifications approved by the Committee) consistently applied on a
business unit, divisional, subsidiary or consolidated basis or any combination thereof.
The Performance Targets may be described in terms of objectives that are related to the
individual Participant or objectives that are Company-wide or related to a Subsidiary,
division, department, region, function or business unit and may be measured on an
absolute or cumulative basis or on the basis of percentage of improvement over time, and
may be measured in terms of Company performance (or performance of the applicable
Subsidiary, division, department, region, function or business unit) or measured relative
to selected peer companies or a market index. In addition, for Awards not intended to
qualify as “performance-based compensation” under Section 162(m) of the Code, the
Committee may establish Performance Targets based on other criteria as it deems
appropriate.  

        (ii)
The Participants will be designated, and the applicable Performance Targets will be
established, by the Committee within ninety (90) days following the commencement of the
applicable Performance Period (or such earlier or later date permitted or required by
Section 162(m) of the Code). Each Participant will be assigned a Target Number payable if
Performance Targets are achieved. Any payment of an Award granted with Performance
Targets shall be conditioned on the written certification of the Committee in each case
that the Performance Targets and any other material conditions were satisfied. The
Committee may determine, at the time of Award  

 
	 	
A-7 	 

grant,
that if performance exceeds the specified Performance Targets, the Award may be settled
with payment greater than the Target Number, but in no event may such payment exceed the
limits set forth in Section 5(c). The Committee retains the right to reduce any Award
notwithstanding the attainment of the Performance Targets. 

        (h)
Deferrals. In accordance with the procedures authorized by, and subject to the approval
of, the Committee, Participants may be given the opportunity to defer the payment or
settlement of an Award to one or more dates selected by the Participant; provided,
however, that the terms of any deferrals must comply with all applicable laws, rules and
regulations, including, without limitation, Section 409A of the Code. No deferral
opportunity shall exist with respect to an Award unless explicitly permitted by the
Committee on or after the time of grant.  

        (i)
Repricing of Options and Stock Appreciation Rights. Notwithstanding anything in the Plan
to the contrary, an Option or Stock Appreciation Right shall not be granted in
substitution for a previously granted Option or Stock Appreciation Right being canceled
or surrendered as a condition of receiving a new Award, if the new Award would have a
lower exercise price than the Award it replaces, nor shall the exercise price of an
Option or Stock Appreciation Right be reduced once the Option or Stock Appreciation Right
is granted. The foregoing shall not (i) prevent adjustments pursuant to Section 13 or
(ii) apply to grants of Substitute Awards.  

7. Terms and
Conditions of Options 

        (a)
General. The Committee, in its discretion, may grant Options to Eligible Individuals and
shall determine whether such Options shall be Incentive Stock Options or Nonqualified
Stock Options. Each Option shall be evidenced by an Award Document that shall expressly
identify the Option as an Incentive Stock Option or Nonqualified Stock Option, and be in
such form and contain such provisions as the Committee shall from time to time deem
appropriate.  

        (b)
Exercise Price. The exercise price of an Option shall be fixed by the Committee at the
time of grant or shall be determined by a method specified by the Committee at the time
of grant. In no event shall the exercise price of an Option be less than one hundred
percent (100%) of the Fair Market Value of a Share on the date of grant; provided,
however, that the exercise price of a Substitute Award granted as an Option shall be
determined in accordance with Section 409A of the Code and may be less than one hundred
percent (100%) of the Fair Market Value.  

        (c)
Term. An Option shall be effective for such term as shall be determined by the Committee
and as set forth in the Award Document relating to such Option, and the Committee may
extend the term of an Option after the time of grant; provided, however, that the term of
an Option may in no event extend beyond the seventh (7th) anniversary of the date of
grant of such Option. 

        (d)
Exercise; Payment of Exercise Price. Options shall be exercised by delivery of a notice
of exercise in a form approved by the Company. Subject to the provisions of the
applicable Award Document, the exercise price of an Option may be paid (i) in cash or
cash equivalents, (ii) by actual delivery or attestation to ownership of freely
transferable Shares already owned by the person exercising the Option, (iii) by a
combination of cash and Shares equal in value to the exercise price, (iv) through net
share settlement or similar procedure involving the withholding of Shares subject to the
Option with a value equal to the exercise price or (v) by such other means as the
Committee may authorize. In accordance with the rules and procedures authorized by the
Committee for this purpose, the Option may also be exercised through a “cashless
exercise” procedure authorized by the Committee from time to time that permits
Participants to exercise Options by delivering irrevocable instructions to a broker to
deliver promptly to the Company the amount of sale or loan proceeds necessary to pay the
exercise price and the amount of any required tax or other withholding obligations or
such other procedures determined by the Company from time to time.  

        (e)
Incentive Stock Options. The exercise price per Share of an Incentive Stock Option shall
be fixed by the Committee at the time of grant or shall be determined by a method
specified by the Committee at the time of grant, but in no event shall the exercise price
of an Incentive Stock Option be less than one hundred percent (100%) of the Fair Market
Value of a Share on the date of grant. No Incentive Stock Option may be issued pursuant
to the Plan to any individual who, at the time the Incentive Stock Option is granted,
owns stock possessing more than ten percent (10%) of the total combined voting power of
all classes of stock of the Company or any of its Subsidiaries, unless (i) the exercise
price determined as of the date of grant is at least one hundred ten percent (110%) of
the Fair Market Value on the date of grant of the Shares subject to such Incentive Stock
Option and (ii) the Incentive Stock Option is not  

 
	 	
A-8 	 

exercisable
more than five (5) years from the date of grant thereof. No Participant shall be granted
any Incentive Stock Option which would result in such Participant receiving a grant of
Incentive Stock Options that would have an aggregate Fair Market Value in excess of one
hundred thousand dollars ($100,000), determined as of the time of grant, that would be
exercisable for the first time by such Participant during any calendar year. No Incentive
Stock Option may be granted under the Plan after the tenth anniversary of the Effective
Date. The terms of any Incentive Stock Option granted under the Plan shall comply in all
respects with the provisions of Section 422 of the Code, or any successor provision
thereto, as amended from time to time. 

8. Terms and
Conditions of Restricted Stock and Restricted Stock Units 

        (a)
Restricted Stock. The Committee, in its discretion, may grant or sell Restricted Stock to
Eligible Individuals. An Award of Restricted Stock shall consist of one or more Shares
granted or sold to an Eligible Individual, and shall be subject to the terms, conditions
and restrictions set forth in the Plan and established by the Committee in connection
with the Award and specified in the applicable Award Document. Restricted Stock may,
among other things, be subject to restrictions on transferability, vesting requirements
or other specified circumstances under which it may be canceled.  

        (b)
Restricted Stock Units. The Committee, in its discretion, may grant Restricted Stock
Units to Eligible Individuals. A Restricted Stock Unit shall entitle a Participant to
receive, subject to the terms, conditions and restrictions set forth in the Plan and the
applicable Award Document, one or more Shares. Restricted Stock Units may, among other
things, be subject to restrictions on transferability, vesting requirements or other
specified circumstances under which they may be canceled. If and when the cancellation
provisions lapse, the Restricted Stock Units shall become Shares owned by the applicable
Participant or, at the sole discretion of the Committee, cash, or a combination of cash
and Shares, with a value equal to the Fair Market Value of the Shares at the time of
payment.  

9. Stock Appreciation
Rights 

        (a)
General. The Committee, in its discretion, may grant Stock Appreciation Rights to
Eligible Individuals. A Stock Appreciation Right shall entitle a Participant to receive,
upon satisfaction of the conditions to payment specified in the applicable Award
Document, an amount equal to the excess, if any, of the Fair Market Value on the exercise
date of the number of Shares for which the Stock Appreciation Right is exercised over the
grant price for such Stock Appreciation Right specified in the applicable Award Document.
The grant price per share of Shares covered by a Stock Appreciation Right shall be fixed
by the Committee at the time of grant or, alternatively, shall be determined by a method
specified by the Committee at the time of grant, but in no event shall the grant price of
a Stock Appreciation Right be less than one hundred percent (100%) of the Fair Market
Value of a Share on the date of grant; provided, however, that the grant price of a
Substitute Award granted as a Stock Appreciation Rights shall be in accordance with
Section 409A of the Code and may be less than one hundred percent (100%) of the Fair
Market Value. Payments to a Participant upon exercise of a Stock Appreciation Right may
be made in cash or Shares, having an aggregate Fair Market Value as of the date of
exercise equal to the excess, if any, of the Fair Market Value on the exercise date of
the number of Shares for which the Stock Appreciation Right is exercised over the grant
price for such Stock Appreciation Right. The term of a Stock Appreciation Right settled
in Shares shall not exceed seven (7) years.  

        (b)
Stock Appreciation Rights in Tandem with Options. A Stock Appreciation Right granted in
tandem with an Option may be granted either at the same time as such Option or subsequent
thereto. If granted in tandem with an Option, a Stock Appreciation Right shall cover the
same number of Shares as covered by the Option (or such lesser number of shares as the
Committee may determine) and shall be exercisable only at such time or times and to the
extent the related Option shall be exercisable, and shall have the same term as the
related Option. The grant price of a Stock Appreciation Right granted in tandem with an
Option shall equal the per-share exercise price of the Option to which it relates. Upon
exercise of a Stock Appreciation Right granted in tandem with an Option, the related
Option shall be canceled automatically to the extent of the number of Shares covered by
such exercise; conversely, if the related Option is exercised as to some or all of the
shares covered by the tandem grant, the tandem Stock Appreciation Right shall be canceled
automatically to the extent of the number of Shares covered by the Option exercise.  

 
	 	
A-9 	 

10. Terms and
Conditions of Performance Stock and Performance Units  

        (a)
Performance Stock. The Committee may grant Performance Stock to Eligible Individuals. An
Award of Performance Stock shall consist of a Target Number of Shares granted to an
Eligible Individual based on the achievement of Performance Targets over the applicable
Performance Period, and shall be subject to the terms, conditions and restrictions set
forth in the Plan and established by the Committee in connection with the Award and
specified in the applicable Award Document.  

        (b)
Performance Units. The Committee, in its discretion, may grant Performance Units to
Eligible Individuals. A Performance Unit shall entitle a Participant to receive, subject
to the terms, conditions and restrictions set forth in the Plan and established by the
Committee in connection with the Award and specified in the applicable Award Document, a
Target Number of Shares or cash based upon the achievement of Performance Targets over
the applicable Performance Period. At the sole discretion of the Committee, Performance
Units shall be settled through the delivery of Shares or cash, or a combination of cash
and Shares, with a value equal to the Fair Market Value of the underlying Shares as of
the last day of the applicable Performance Period.  

11. Other Awards 

        The
Committee shall have the authority to specify the terms and provisions of other forms of
equity-based or equity-related Awards not described above that the Committee determines
to be consistent with the purpose of the Plan and the interests of the Company, which
Awards may provide for cash payments based in whole or in part on the value or future
value of Shares, for the acquisition or future acquisition of Shares, or any combination
thereof. 

12. Certain
Restrictions 

        (a)
Transfers. No Award shall be transferable other than pursuant to a beneficiary
designation under Section 12(c), by last will and testament or by the laws of descent and
distribution or, except in the case of an Incentive Stock Option, pursuant to a domestic
relations order, as the case may be; provided, however, that the Committee may, subject
to applicable laws, rules and regulations and such terms and conditions as it shall
specify, permit the transfer of an Award, other than an Incentive Stock Option, for no
consideration to a Permitted Transferee. Any Award transferred to a Permitted Transferee
shall be further transferable only by last will and testament or the laws of descent and
distribution or, for no consideration, to another Permitted Transferee of the Participant.  

        (b)
Award Exercisable Only by Participant. During the lifetime of a Participant, an Award
shall be exercisable only by the Participant or by a Permitted Transferee to whom such
Award has been transferred in accordance with Section 12(a) above. The grant of an Award
shall impose no obligation on a Participant to exercise or settle the Award.  

        (c)
Beneficiary Designation. The beneficiary or beneficiaries of the Participant to whom any
benefit under the Plan is to be paid in case of his death before he receives any or all
of such benefit shall be determined under the Company’s Group Life Insurance Plan. A
Participant may, from time to time, name any beneficiary or beneficiaries to receive any
benefit in case of his death before he receives any or all of such benefit. Each such
designation shall revoke all prior designations by the same Participant, including the
beneficiary designated under the Company’s Group Life Insurance Plan, and will be
effective only when filed by the Participant in writing (in such form or manner as may be
prescribed by the Committee) with the Company during the Participant’s lifetime. In the
absence of a valid designation under the Company’s Group Life Insurance Plan or
otherwise, if no validly designated beneficiary survives the Participant or if each
surviving validly designated beneficiary is legally impaired or prohibited from receiving
the benefits under an Award, the Participant’s beneficiary shall be the Participant’s
estate.  

13. Recapitalization
or Reorganization 

        (a)
Authority of the Company and Stockholders. The existence of the Plan, the Award Documents
and the Awards granted hereunder shall not affect or restrict in any way the right or
power of the Company or the stockholders of the Company to make or authorize any
adjustment, recapitalization, reorganization or other change in the Company’s capital
structure or business, any merger or consolidation of the Company, any issue of stock or
of options, warrants or rights to purchase stock or of bonds, debentures, preferred or
prior preference stocks whose rights are superior to or affect the Shares or the rights
thereof or which are convertible into or exchangeable for Shares, or the dissolution or
liquidation of the Company, or any sale or transfer of  

 
	 	
A-10 	 

all
or any part of its assets or business, or any other corporate act or proceeding, whether
of a similar character or otherwise. 

        (b)
Change in Capitalization. Notwithstanding any provision of the Plan or any Award
Document, the number and kind of Shares authorized for issuance under Section 5 of the
Plan, including the maximum number of Shares available under the special limits provided
for in Section 5(c), may be equitably adjusted in the sole discretion of the Committee in
the event of a stock split, reverse stock spit, stock dividend, recapitalization,
reorganization, partial or complete liquidation, reclassification, merger, consolidation,
separation, extraordinary cash dividend, split-up, spin-off, combination, exchange of
Shares, warrants or rights offering to purchase Shares at a price substantially below
Fair Market Value, or any other corporate event or distribution of stock or property of
the Company affecting the Shares in order to preserve, but not increase, the benefits or
potential benefits intended to be made available under the Plan. In addition, upon the
occurrence of any of the foregoing events, the number and kind of Shares subject to any
outstanding Award and the exercise price per Share (or the grant price per Share, as the
case may be), if any, under any outstanding Award may be equitably adjusted (including by
payment of cash to a Participant) in the sole discretion of the Committee in order to
preserve the benefits or potential benefits intended to be made available to
Participants. Such adjustments shall be made by the Committee. Unless otherwise
determined by the Committee, such adjusted Awards shall be subject to the same
restrictions and vesting or settlement schedule to which the underlying Award is subject.  

14. Term of the Plan 

        Unless
earlier terminated pursuant to Section 16, the Plan shall terminate on the tenth (10th)
anniversary of the Effective Date, except with respect to Awards then outstanding. No
Awards may be granted under the Plan after the tenth (10th) anniversary of the Effective
Date. 

15. Effective Date 

        The
Plan shall become effective on the Effective Date, subject to approval by the
stockholders of the Company. 

16. Amendment and
Termination 

        Subject
to applicable laws, rules and regulations, the Board may at any time terminate or, from
time to time, amend, modify or suspend the Plan; provided, however, that no termination,
amendment, modification or suspension (i) will be effective without the approval of the
stockholders of the Company if such approval is required under applicable laws, rules and
regulations, including the rules of NYSE and (ii) shall materially and adversely alter or
impair the rights of a Participant in any Award previously made under the Plan without
the consent of the holder thereof. Notwithstanding the foregoing, the Board shall have
broad authority to amend the Plan or any Award under the Plan without the consent of a
Participant to the extent it deems necessary or desirable (a) to comply with, take into
account changes in, or interpretations of, applicable tax laws, securities laws,
employment laws, accounting rules and other applicable laws, rules and regulations, (b)
to take into account unusual or nonrecurring events or market conditions (including,
without limitation, the events described in Section 13(b)), or (c) to take into account
significant acquisitions or dispositions of assets or other property by the Company. 

17. Miscellaneous 

        (a)
Tax Withholding. The Company or a Subsidiary, as appropriate, may require any individual
entitled to receive a payment of an Award to remit to the Company, prior to payment, an
amount sufficient to satisfy any applicable tax withholding requirements. In the case of
an Award payable in Shares, the Company or a Subsidiary, as appropriate, may permit or
require a Participant to satisfy, in whole or in part, such obligation to remit taxes by
directing the Company to withhold shares that would otherwise be received by such
individual or to repurchase shares that were issued to the Participant to satisfy the
minimum statutory withholding rates for any applicable tax withholding purposes, in
accordance with all applicable laws and pursuant to such rules as the Committee may
establish from time to time. The Company or a Subsidiary, as appropriate, shall also have
the right to deduct from all cash payments made to a Participant (whether or not such
payment is made in connection with an Award) any applicable taxes required to be withheld
with respect to such payments.  

        (b)
No Right to Awards or Employment. No person shall have any claim or right to receive
Awards under the Plan. Neither the Plan, the grant of Awards under the Plan nor any
action taken or omitted to be taken under the Plan shall be deemed to create or confer on
any Eligible Individual any right to be retained in the employ of the Company or  

 
	 	
A-11 	 

any
Subsidiary or other affiliate thereof, or to interfere with or to limit in any way the
right of the Company or any Subsidiary or other affiliate thereof to terminate the
employment of such Eligible Individual at any time. No Award shall constitute salary,
recurrent compensation or contractual compensation for the year of grant, any later year
or any other period of time. Payments received by a Participant under any Award made
pursuant to the Plan shall not be included in, nor have any effect on, the determination
of employment-related rights or benefits under any other employee benefit plan or similar
arrangement provided by the Company and the Subsidiaries, unless otherwise specifically
provided for under the terms of such plan or arrangement or by the Committee. 

        (c)
Securities Law Restrictions. An Award may not be exercised or settled, and no Shares may
be issued in connection with an Award, unless the issuance of such shares (i) has been
registered under the Securities Act of 1933, as amended, (ii) has qualified under
applicable state “blue sky” laws (or the Company has determined that an exemption from
registration and from qualification under such state “blue sky” laws is available) and
(iii) complies with all applicable foreign securities laws. The Committee may require
each Participant purchasing or acquiring Shares pursuant to an Award under the Plan to
represent to and agree with the Company in writing that such Eligible Individual is
acquiring the Shares for investment purposes and not with a view to the distribution
thereof. All certificates for Shares delivered under the Plan shall be subject to such
stock-transfer orders and other restrictions as the Committee may deem advisable under
the rules, regulations, and other requirements of the Securities and Exchange Commission,
any exchange upon which the Shares are then listed, and any applicable securities law,
and the Committee may cause a legend or legends to be put on any such certificates to
make appropriate reference to such restrictions.  

        (d)
Section 162(m) of the Code. The Plan is intended to comply in all respects with Section
162(m) of the Code; provided, however, that in the event the Committee determines that
compliance with Section 162(m) of the Code is not desired with respect to a particular
Award, compliance with Section 162(m) of the Code will not be required. In addition, if
any provision of this Plan would cause Awards that are intended to constitute “qualified
performance-based compensation” under Section 162(m) of the Code, to fail to so qualify,
that provision shall be severed from, and shall be deemed not to be a part of, the Plan,
but the other provisions hereof shall remain in full force and effect.  

        (e)
Section 409A of the Code. Notwithstanding any contrary provision in the Plan or an Award
Document, if any provision of the Plan or an Award Document contravenes any regulations
or guidance promulgated under Section 409A of the Code or would cause an Award to be
subject to additional taxes, accelerated taxation, interest and/or penalties under
Section 409A of the Code, such provision of the Plan or Award Document may be modified by
the Committee without consent of the Participant in any manner the Committee deems
reasonable or necessary. In making such modifications the Committee shall attempt, but
shall not be obligated, to maintain, to the maximum extent practicable, the original
intent of the applicable provision without contravening the provisions of Section 409A of
the Code. Moreover, any discretionary authority that the Committee may have pursuant to
the Plan shall not be applicable to an Award that is subject to Section 409A of the Code
to the extent such discretionary authority would contravene Section 409A of the Code or
the guidance promulgated thereunder. 

        (f)
Awards to Individuals Subject to Laws of a Jurisdiction Outside of the United States. To
the extent that Awards under the Plan are awarded to Eligible Individuals who are
domiciled or resident outside of the United States or to persons who are domiciled or
resident in the United States but who are subject to the tax laws of a jurisdiction
outside of the United States, the Committee may adjust the terms of the Awards granted
hereunder to such person (i) to comply with the laws, rules and regulations of such
jurisdiction and (ii) to permit the grant of the Award not to be a taxable event to the
Participant. The authority granted under the previous sentence shall include the
discretion for the Committee to adopt, on behalf of the Company, one or more sub-plans
applicable to separate classes of Eligible Individuals who are subject to the laws of
jurisdictions outside of the United States.  

        (g)
Satisfaction of Obligations. Subject to applicable law, the Company may apply any cash,
Shares, securities or other consideration received upon exercise or settlement of an
Award to any obligations a Participant owes to the Company and the Subsidiaries in
connection with the Plan or otherwise, including, without limitation, any tax obligations
or obligations under a currency facility established in connection with the Plan.  

 
	 	
A-12 	 

        (h)
No Limitation on Corporate Actions. Nothing contained in the Plan shall be construed to
prevent the Company or any Subsidiary from taking any corporate action, whether or not
such action would have an adverse effect on any Awards made under the Plan. No
Participant, beneficiary or other person shall have any claim against the Company or any
Subsidiary as a result of any such action.  

        (i)
Unfunded Plan. The Plan is intended to constitute an unfunded plan for incentive
compensation. Prior to the issuance of Shares, cash or other form of payment in
connection with an Award, nothing contained herein shall give any Participant any rights
that are greater than those of a general unsecured creditor of the Company. The Committee
may, but is not obligated, to authorize the creation of trusts or other arrangements to
meet the obligations created under the Plan to deliver Shares with respect to awards
hereunder.  

        (j)
Successors. All obligations of the Company under the Plan with respect to Awards granted
hereunder shall be binding on any successor to the Company, whether the existence of such
successor is the result of a direct or indirect purchase, merger, consolidation, or
otherwise, of all or substantially all of the business and/or assets of the Company.  

        (k)
Application of Funds. The proceeds received by the Company from the sale of Shares
pursuant to Awards will be used for general corporate purposes. 

        (l)
Award Document. In the event of any conflict or inconsistency between the Plan and any
Award Document, the Plan shall govern and the Award Document shall be interpreted to
minimize or eliminate any such conflict or inconsistency.  

        (m)
Headings. The headings of Sections herein are included solely for convenience of
reference and shall not affect the meaning of any of the provisions of the Plan.  

        (n)
Severability. If any provision of this Plan is held unenforceable, the remainder of the
Plan shall continue in full force and effect without regard to such unenforceable
provision and shall be applied as though the unenforceable provision were not contained
in the Plan.  

        (o)
Expenses. The costs and expenses of administering the Plan shall be borne by the Company.  

        (p)
Arbitration. Any dispute, controversy or claim arising out of or relating to the Plan
that cannot be resolved by the Participant on the one hand, and the Company on the other,
shall be submitted to arbitration in the State of New Jersey under the National Rules for
the Resolution of Employment Disputes of the American Arbitration Association; provided,
however, that any such submission by the Participant must be made within one (1) year of
the date of the events giving rise to such dispute, controversy or claim. The
determination of the arbitrator shall be conclusive and binding on the Company and the
Participant, and judgment may be entered on the arbitrator’s award in any court having
jurisdiction. The expenses of such arbitration shall be borne by the Company; provided,
however, that each party shall bear its own legal expenses unless the Participant is the
prevailing party, in which case the Company shall promptly pay or reimburse the
Participant for the reasonable legal fees and expenses incurred by the Participant in
connection with such contest or dispute (excluding any fees payable pursuant to a
contingency fee arrangement).  

        (q)
Governing Law. Except as to matters of federal law, the Plan and all actions taken
thereunder shall be governed by and construed in accordance with the laws of the State of
Delaware.  

 
	 	
A-13

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